Posts Tagged ‘student loans’
Sunday, August 22nd, 2010
I live in SW Florida where I owe 5,000 for a house surrounded by homes forecloure specialists are enjoying profits from selling at 5,000 (in much better condition than mine), and at least another thousand brand new unoccupied homes nearby. Flood insurance just became mandatory and rates went up.
I bought in ‘06, it was the best I could get then, but in very poor shape compared to the quality of currently available homes. It would take another ,000 just to make it marketable to sell for 5,000.
In ‘06 I had to have two loans on teacher pay, did not have enough reserves for a down payment, assumed value would continue escalating and would refinance/consolidate both loans, with increased equity in a few years, and live here another ten years, retire and go home and live in Texas in a modest, low cost home, for the rest of my life.
Disaster struck.
I modified loan 1 (SAXON) under HAMP – that one payment is 31% of my gross income – one of my 2 "take home" paychecks a month.
I modified Loan 2 (,000 balance) directly with OCWEN, who only gave me a reduced rate (14% TO 2%) for 5 years.
My entire 2nd paycheck is that payment, utilities, food, clothes, car, gas, credit cards, student loans, and other living expenses.
I live hand to mouth and see now that I will never be able to retire/sell this house/move home, etc.
I didn’t want to get rich, but I didn’t expect to pay every dime I make for the rest of my life for basic living because of what I perceive as a national financial disaster – obviously not just a "natural real estate cycle" – evolving from poor economic planning and oversight on the part of the politicians who have been paid by my taxes from my hard work for the last 35 years to assure my (at least basic) quality of life – for life.
Ethics?
It is hard to specify ethical boundaries under such extreme, outlying conditions.
I do know one thing about this crisis:
Ethcial boundaries were crossed at every stage, by many people, over many years.
The argument for the end consumer to suffer – in such an exaggerated way – in order to affirm their ethics – seems profoundly hypocritical.
On the other hand, I am still here, paying my mortgage, even though every other homeowner who purchased a home in this HOA between ‘05 and ‘08 has walked away, so I AM demonstrating ethics.
My question is, "What would you do?"
I wish I could put up a poll and ask every expert what they would do.
Walk away entirely? What then… ? Rent for life…?
Stop paying 2nd lien? What then…? Credit ruined…for how long…? What else….?
Swallow and pay every dime they earn to live a restricted (since ‘06: never go out, no travel, no vacations, no gift giving at holidays, drive old cars, buy used clothes, etc.) life for the next ten or fifteen years, fearing job loss or pay cut daily, only to find out at retirement that I have to walk away from it then, can’t sell it, perhaps have to file bankruptcy, then, and live in government housing for my retirement…?
That seems awfully bleak.
I make too much, they say, to file bankruptcy. hmmm…what would you do?
Thanks for any wisdom you could share.
Synthia
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Tags: 35 years, car gas, economic planning, ethical boundaries, financial disaster, flood insurance, gross income, hamp, hand to mouth, life ethics, living expenses, ocwen, oversight, paycheck, paychecks, poor shape, rest of my life, saxon, student loans, sw florida
Posted in 125 home equity loan | 1 Comment »
Friday, August 13th, 2010
Hi,
About three years ago we refinance our home, and took some cash out to pay bills mainly student loans. Sounded like a good deal at that time, well it was one of those inflating rates.. we tried to refinance and found out that we owed alot more then the place was worth. We talked to a realitor and he advise that the way over inflated the value of condo. We hired on attorney and discovered they forged the value and our income. He gave them the opportuntiy to refinance our home at todays value or else court time, plus but the intrest charges twards the equity of the home. The mortgage company did that with out any question, they told us they will "eat the diffrence" this was about 56k they "ate". There was no disscussion of tax during this. Will we get at W-2 for this, how ugly will it be during tax time. The lawyer fee was 5k for this. We live in Ca.
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Tags: accident lawyer, attorney firm, court grants, court time, custody dispute, disscussion, flood rescue, future of real estate, lawyer attorney, lawyer fee, midwifes, mortgage company, mortgage rate, opinon, opportuntiy, personal injury lawyer, realitor, refco inc, student loans, summer vacation packages, tax time
Posted in Home Equity Loan Refinancing | 1 Comment »
Thursday, August 12th, 2010
Sorry i have asked this question before, account trouble I am asking this in a diffrent account.
About three years ago we refinance our home, and took some cash out to pay bills mainly student loans. Sounded like a good deal at that time, well it was one of those inflating rates.. we tried to refinance and found out that we owed allot more then the place was worth. We talked to a realtor and he advise that the way over inflated the value of condo. We hired on attorney and discovered they forged the value and our income. He gave them the opportunity to refinance our home at todays value or else court time, plus but the interest charges towards the equity of the home. The mortgage company did that with out any question, they told us they will "eat the difference" this was about 56k they "ate". There was no discussion of tax during this. Will we get at W-2 for this, how ugly will it be during tax time. The lawyer fee was 5k for this. We live in Ca.
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Tags: auto accident, california dui, comca, court time, credit score, david nalbandian, disability claim, Home Equity Loan, interest charges, lawyer fee, los angeles dui lawyer, monetary recovery, mortgage company, novak djokovic, personal injury case, rate hikes, realtor, social security disability, student loans, tax time, vehicle loan, wise option
Posted in home equity loan refinancing interest rate | No Comments »
Monday, May 24th, 2010
since if the house was not for sale, the bank might have to force the sale of the house to get their money. And since the house is for sale, that is "how" they are guaranteed to get their money.
why or why not?
amounts you can borrow?
payback periods?
not looking to delay payments until house is sold, just looking for a loan so I can buy the smaller home before the other one sells. I’ll basically have two deeds, stocks and other cash as collaterol.
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Tags: affiliate marketing, affiliate marketing tips, budgets, buying stocks, commodities, deferment period, energy solutions, fish stocks, free profits, furnace, giant leap, government tax, marc faber, marketing system, mobile advertising, money, money manager, payback periods, policy education, real people, retrofitting, selling stocks, solar companies, stable income, stocks, student loans, tax breaks, troubleshooting guide
Posted in Home Equity Loan | 3 Comments »
Sunday, May 9th, 2010
I have ,000 in my Auto loan and ,000 in Home equity loan. I have ,000 in cash which I wan to use to payoff one of these loans. Which one should I payoff?
I am not sure about investing this money as it is risky.
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Tags: auto loan, auto loan payment, blemished credit, car auto loan, cheap loans, debt consolidation loans, equity line of credit, federal student loan, federal student loan consolidation, home equity line, home equity line of credit, Home Equity Loan, indian money market, loans, loans bad credit, micro loans, money, money clip, money program, new question, student loan consolidation, student loans, unsecured loans
Posted in Home Equity Loan | 5 Comments »
Saturday, May 8th, 2010
So I applied with Wells Fargo bank, and well knowing that this bank is very strict, I went ahead and applied for which ever I could qualify for. Heres a little about what they saw: I had a fico of 688 they said was average.
I work as a tutor making 2,500/month
financing a 17k car
credit card balance: 5,600
credit card balance: 500.
credit card balance: 500.
Student loans that are still deffered. Thats it. I dont pay rent or own a house yet, but I was trying to borrow some money from parents equity. Why did I not qualify? One thing I am only on the deed of house, not on mortgage. And I applied by my self. I asked another representative, and he said that the primary loan person had to apply with me?
I want to apply again with a different bank or maybe go through a broker I know, meanwhile I building my credit back to at least 740
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Tags: 0 apr balance transfers, bad credit home equity loans, best way to make money online, car credit, car loan with bad credit, car loans, credit card balance, credit card balance transfers, credit card debt, credit card debt settlement, credit score, dvdrip, fico, free proof, good sports, home equity loans, loan with bad credit, money, money internet, money loans, money sex, mortgage, mortgage loans, parents, student loans, tutor, wells fargo, wells fargo bank
Posted in Home Equity Loan | No Comments »
Saturday, March 20th, 2010
are they types of loans?
what makes them different from other loans?
i’m sorry guys, i hav a project in economics on banking so i dont know what half of you are even talking about.. i just want maybe an economics for dummies type answer haha
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Tags: acorn, auto car, auto finance, auto loan rates, auto loans, bankruptcy, behavioural economics, blockbuster, blog archive, business international, christian science monitor, dummies, easy auto, economics, economics of money, economics of money banking, filing bankruptcy, financial markets, free movies, international monetary and financial economics, law and order, link exchange, loan loans, loans, moulding, payday loan, pontifications, portrait photography, student loans, type answer
Posted in Home Equity Loan Refinancing | No Comments »
Wednesday, March 10th, 2010
Need advice from lawyer/person with experience – I live in Texas where they cannot garish wages. I am married, have 1 daughter and another on the way and make just enough to get by. My wife does not work. We have 30,000 in student loans, 10-15 thousand in credit debts, 25,000 for our 2 cars and over 80,000 on our house. We have literally 0 equity in any of these because our interest rates were so high when we got the house/cars. I am currently being sued by a plumber that we couldn’t afford to pay after he completed the job and it is the first of several probably to come as we cannot afford to pay our credit cards anymore because we don’t want to be late on mortgage and cars. When the court claims a judgment on me, what happens n
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Tags: approval credit cards, bankruptcy laws, buying cars, cars, citroen cars, classmates, consolidation credit card debt, credit card approval, credit card debt, credit cards, credit cards credit, credit debts, deposit interest rate, free cars, home loan interest, how to manage your finances, instant credit card, instant credit card approval, interest rates, job, judgment, lawyer, mortgage, mortgage interest rates, plumber, repossessed used cars, sentinel school, student loans, vietnam business, wages
Posted in equity loans texas | 1 Comment »
Tuesday, February 16th, 2010
Husband: multiple student loans, most were co signed by his parents, he has a job that pays about 41,000 after taxes, and is in the military. (In august he gets a raise to 51,000 after taxes) Approx credit score of 650
Me: I have far fewer student loans, all under just my name. Stay at home, take on line classes. Approx credit score 720. One credit card limit of 1000, pay it off to zero balance every month.
Together: Have one loan for a car
Total in loans: approx 39,000
-is this a reasonable spot to be in, the loans were for two 4 year college educations, and 2 cars, we’re 23, just 1 1/2 years out of college.
-Is it wiser for me to pay off those loans as much as I can not putting back much money into savings, or should I concentrate more on saving the money for a down payment?
-We don’t plan on buying a house for about 1 1/2 more years, but with my current stats, would we be likley to be approved for a mortgage?
-Also we do currently have saved Approx 5,000 for that down payment.
Any advice to get us on the right path now would be greatly appreciated.
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Tags: alfa romeo, buying a house, buying a new home, cars, college educations, credit card limit, credit score, dilemas, electric cars, gm retirees, hertz, home cap, home refinancing, hybrid cars, job, medical service, model trains, mortgage, much money, new cars, parents, phoenix arizona, price breaks, star realty, student loans, tank cars
Posted in zero down home loans | No Comments »
Sunday, January 17th, 2010
i’m having my condo appraised for a home equity loan and there is a realtor (not affiliated with the bank) that said she will be taking pictures of the inside of my condo. it seems a strange that she can’t just estimate the value of the home by looking at it… and i’m a little suspect about her taking pictures of my stuff.(i don’t want her to have pictures of what is in my home) is it absolutely necessary for a home appraisal??
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Tags: bacon, bad credit equity loan, cincinnati realtor, current real estate, decent money, deerfield twp, diana, fha mortgage, foreclosure, good job, grou, hinckley real estate, home appraisal, Home Equity Loan, home equity loans, home equity loans bad credit, home exchange, koss, loans bad credit, mortgage lenders, moyers, real estate news, realtor, san francisco, second mortgage, selling your home, sportster, student loans, white woman
Posted in best home equity loans | No Comments »
Related ‘student loans’ sites :
 | National Student Loan Data System (NSLDS) U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, the Pell Grant ... www.nslds.ed.gov |
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 | Sallie Mae Provider of federal and private student loans for undergraduate and graduate programs. Sallie Mae offers comprehensive information and resources to assist students, ... www.salliemae.com |
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 | Private Student Loans | PrivateStudentLoans.com Private student loans help college students finance their university education and pay for college ... Private student loans can supplement federal financial aid and help ... www.privatestudentloans.com |
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 | Discover Student Loans Apply online for college loans, research and apply online for Federal Stafford loans, Federal PLUS loans, and certified private loans. discoverstudentloans.com |
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 | William D. Ford Direct Loan Program One of the Federal Student Aid (FSA) programs provided by the Department of Education ... Welcome to the homepage of the U.S. Department of Education's Direct Loan Program. ... www.ed.gov/DirectLoan |
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 | Chase Student Loans Includes education loan information, application materials, repayment tips, and more. www.chasestudentloans.com |
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