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Money Management

~15200 answered questions
Parent Category: Personal Finance
The allocation of savings between different investment options with varying levels of risk.
One thing to keep in mind is a lease, most new cars are allowed to finance more than the new car is worth I.E. our dealership can finance 115% of the new cars MSRP note that you can by a car well below MSRP there for hiding your neg balance keep in mind this is carried over into the next loan so you…
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%DETAILS% Answer This is certainly something that can be negotiated with a dealer. It will depend on how much equity you have in the deal, how much money you may be borrowing on your new vehicle, etc. But if you make a it a condition of the deal, yes, it can be done under the right circumstan…
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I wouldn't. Contact the bank who you have the loan with before you try selling the car so you can get all of the details about how to handle the pay-off when you sell it.Find out what car dealers don't want you to know at www.dealertricks.com
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Answer No. Home equity loans are revolving credit lines. In simple terms, that means you could pay on that for three years and not even touch the principal. I wouldn't do it. Maybe rolling it into a consolidation loan if you have enough equity in your home, but not a HELOC. Answer No. You want…
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Yes - but before you pay it off in full you can try get the finanance company to change what it says on your credit bureau by holding the payoff money up in their face - I would get any promises in writing.After you pay it off - your credit bureau says Repoed then paid off. It could look to another …
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You must get the finance company to agree to terms. You can't get the car back by any means other than getting the finance company to agree to something. You do have a certain # of days to pay it off in full, but after than and other than that, it's their car. I filed bankruptcy, Chp 13, 2days af…
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As the vehicle owner, you can sell the car whenever you choose. You are liable for the car loan. If you are selling the vehicle for less than the loan (especially when you are upside-down on the loan - you owe more than the car is worth), you need to pay the difference to your lender. When trading …
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Answer Mainly, it's like trading in your old car for a new one. You'll have to be approved for a car and they may give you certain choices to choose from. And another thing is that your car note is most likely to go up, but you know what you're able to afford. And remember if you're thinking abou…
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The other person would need to apply for a new loan to pay off your existing loan. You cannot simply switch the names on your loan. But check with your lender for details.   You just simply cannot switch the names on your loan.
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Yes a person with very bad credit can get a car loan . If you do not happen to have enough money to buy a vehicle, then low car loan rates are easy options for helping you buy the car without having to pay from money directly out of your pocket. It's simply just a form of credit by lending party of…
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Without seeing the sales agreement and/or loan agreement, it's impossible to answer your question with any certainty. But assuming that both agreements are fairly standard, boilerplate sorts of things, then here's the basic situation: If your husband, as co-signer, was smart enough to insist on fina…
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Arranged payments In my experience they will repo your car, if you dont make other arrangements.
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Keeping a monthly budget is a good way to help a person to save money. Here are steps and ideas for doing so: A. Make a detailed list of all monthly expenses; B. Have at hand monthly income; C. On the monthly expenses list check off items that can be bought for less or not used every month. He…
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There are no "requirements" as in you are required to get it unless you mean Private Mortgage Insurance. 2 different things.I'll assume that you mean mortgage insurance since that is how your question is phrased. The requirement for mortgage insurance is set by the lender at the time you originate y…
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Harper. even though Anne`s stori is something, on sunday I got themselves a Honda from bringing in $6672 this last 5 weeks and just over ten/k last munth. without a doubt it is the nicest job I have ever had. I actually started 5 months ago and practically straight away made myself minimum $78... pe…
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Credit Scores For years, creditors have been using credit scores to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scores have been used to help creditors evaluate your ability to repay home mortgage loans. Here's how scoring works. Scoring is a system cred…
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Credit Report - If you've ever applied for a credit card, loan, insurance, or a job, there's a file about you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Companies that gather and sell this inf…
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Fair Credit Reporting ActThe Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer credit reports.Recent amendments to the Act expand your rights and place additional requirements on cred…
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Denied Credit If you are denied credit, federal law requires that the creditor give you a notice that tells you the specific reasons your application was rejected or the fact that you have the right to learn the reasons if you ask within 60 days. Indefinite and vague reasons for denial are illegal, …
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Building a Credit History On your first attempt to get a loan or credit card, you may face a common frustration: you don't have a credit history. Some creditors will look only at your salary and job and the other financial information that you put on the application. But most also want to know about…
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No. Some creditors only report to one or another. You must dispute with each one what you feel is incorrect.
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Bounced checks A bounced check does not report to your credit report, so long as you make good on the check with the company you made it out to in a timely manner. If you do not, then the company may turn over your unpaid debt to a collection agency, which WILL show up on your credit report. Most…
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Do not send the credit reporting agencies the same dispute letter if is has already been determined to be correct from the bureaus point of view. You must utilize a different tactic if you wish to have the disputed item corrected. FIRST of all, please understand that the credit bureaus do not work f…
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%DETAILS% The person that makes the most money is the FICO score that will be used to determine your interest Rate.   Mortgage lenders will ALWAYS use the person who has the highest income as the primary borrower. Sometimes in the case of married couples it is better to only use one spouse…
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Stopping Unsolicited Credit Card Applications Here is advice: The Fair Credit Reporting Act also entitles you to contact each or all of the major credit bureaus (and Innovis, a fourth credit bureau) and request them to stop sending you card solicitations and related offers. For more inform…
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Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortga…
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Write to the CRA that has the error on your report (more than likely all three). Giving them the exact details, the name of the company, acct#, amount, etc. And your reason for disputing the charge. Be prepared to have proof however, in the form of a paid off receipt or letter from the creditor sayi…
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Letters of Dispute Check your statements and get the address. Or check the back of your credit card and call the 800 number. One way or the other,get the address and simply write to them. You have the right to dispute any item in question with any original company. In fact, if you choose to dispute…
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The calculation is truly dependent on the type of loan, the compounding period and the duration of the loan. Basic (simple) interest is calculated as follows: I = P * r * t where: I = interest owed P = principal balance (original amount borrowed) r = annual interest rate t = loan duration …
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The first step that most U.S. banks require to begin the settlement negotiation process is that the customer must be delinquent in his or her monthly payments. So, initially, yes is the answer, as missing monthly payments will reduce your credit score. The longer the payments are missed, the more th…
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%DETAILS% Answer It's harder b/c credit cards have a very tough time collecting on bad debts. Car loans usually have a lien on your vehicle, so that's their collateral. Credit card co.'s do, but very rarely, repo goods, but only if they can trace actual goods purchased.
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Transferring balances Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinq…
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I'm not a lawyer and I can't give you anything close to a definitive answer, but I do know that your credit rating will be affected if your spouse includes a joint debt in her bankruptcy. That is, if you owe back taxes or have a joint loan and this debt is included in the filing it will end up inclu…
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From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long as the payments are kept up they will not take action against the house and if they do, their interest is solely in the house, not contents.
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Most likely.If you file before the vehicle is sold, the Automatic Stay that gets imposed stops the sale. You can then go back and work on how to pay the arrears. If its a Chapter 13, then they are simply in the plan.If the car has already been repoed, then make sure you call the bank (or whomever yo…
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The Bankruptcy Code used to say that student loans could be discharged if they were more than 7 years old AND some other criteria were met. In the past few years, the Code was changed and now the Bankruptcy Code says (in 11 USC 523): "(a) A discharge ... does not discharge an individual debtor from …
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Answer It can be but I have found that if you have good rental history you should be able to rent. Answer My husband and I filed bankruptcy about a year ago. He then left and I lost everything, now trying to start over with a recent bankruptcy is challenging. I have found no one that will ren…
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Spouse's bankruptcyIt can.Since even a quit-claimed mortgage loan continues to show on your personal credit report, it MAY get a notation "included in bankruptcy" (if it was included). This will cause you problems because creditors will be looking at Your public records trying to justify that notati…
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i think its better you first ask help your friend or relatives before you get loan so you do not have to pay the interest. if you are Looking for legitimate online loans i heard good about it : www.bestpaydayloancompanies.com
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Payday Loans Equal Very Costly Cash: Consumers Urged to Consider the Alternatives "I just need enough cash to tide me over until payday." "GET CASH UNTIL PAYDAY! . . . $100 OR MORE . . . FAST." The ads are on the radio, television, the Internet, even in the mail. They refer to payday lo…
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An installment loan is a good idea,where you don't have to make guesses what payment one has to make every month.
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Many check cashing businesses offer small sum, short-term, high-rate, unsecured personal loans. These go by many names, including: payday loan cash advance loan post-dated check loans deferred deposit In a payday loan transaction, the borrower will provide to the lender items such as …
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Loan-by-phone companies Yes, but not all of them. *Make sure to see if they're registered with the state, and are with the BBB
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Answer The loan must be repaid however the debtor and the LENDER agree. Negotiate with the lender. Good faith offers in bulk (CASH) are usually very persuasive. You natirally WONT agree to a term that you cannot fulfill, and the lender wont agree to a term that doesnt meet their requirements.…
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Advance-Fee Loan Scams: 'Easy' Cash Offers Teach Hard LessonsLooking for a loan or credit card but don't think you'll qualify? Turned down by a bank because of your poor credit history?You may be tempted by ads and websites that guarantee loans or credit cards, regardless of your credit history. The…
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You can't legally collect on another individual.You can however take them to court: You will need proof that the person took a loan from you, this can be a written and signed document or a verbal agreement with a third party witness. You can then take the person to a small claims court.
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Here are some tips for saving money on your home loan:Although your monthly payment may be higher, you can save tens of thousands of dollars in interest charges by shopping for the shortest-term mortgage you can afford. On a $100,000 fixed-rate loan at 8% annual percentage rate (APR), for example, y…
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A balloon mortgage is a short-term, fixed rate home loan with fixed monthly payments for a set number of years (usually 5-10) followed by a final payment of the principal.Payments are usually lower with a balloon mortgage because only the interest is paid each month. For example, borrowing $10,000 i…
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Answer If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you if they believe you're acting in good faith and the situation is temporary. Some lenders may reduce or suspend your payments for a short time. When you resum…
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I am a Loan Originator for a Mortgage Company and to answer your question, you must go off the purchase price in a Sale no matter the appraised value, but there are so many different loans in my market you may not have to put a down payment at all. And the seller can pay all of your closing costs. I…
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Most conventials lenders want to see at least 2 years employment and prefer it to be in the same industry. It's not high priority. We've been married 18 years and owned 4 houses. We put very little down, and I know that at least twice when we were buying a home, my husband was changing jobs or i…
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A co-signer/co-borrower will not overcome your bad credit. You must get your credit straight first. Then, a relative can co-sign with you and help you with the income issue. My husband and I co-signed for our son and his wife two years ago. They were told to give us a copy of each payment. We have …
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Designed for seniors, a reverse mortgage is a loan that allows the homeowner to convert some of the equity in their home into cash or monthly income, while retaining home ownership. A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mort…
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You can only receive DPA through FHA, and not conventional. HUD repos only require 100 bucks down
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Congratulations. 733 is an excellent credit score and should allow you to obtain the absolute best interest rate on your mortgage.   A 733 FICO is about as good as it gets, you should without a doubt be able to get the best loan possible.Loans are basically broken up into two categories, prim…
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30 days, if you have the property already. Once a complete workout package* has been received, the turnaround time on a decision is approximately 30 days. If the workout package was not complete, we will send a letter requesting the missing documentation and provide a deadline for receipt of the mis…
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NO but if one persons score is over 600 you could do a stated income loan and get a house that way the interest rate would be slightly higher than a conventional loan but it's better than throwing away all your money renting each month and getting nowhere.
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Stafford loans Schools generally participate in one of these Stafford Loan programs: The Federal Family Education Loan (FFEL) Program The William D. Ford Federal Direct Loan Program. Under the Direct Loan Program, the funds come directly from the federal government. Funds for your FFEL will com…
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A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. A Federal Perkins Loan is made through a school's financial aid office. Your school is your lender, and it is made with government funds. You must repay this loan.Your school w…
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Likewise, I received tons of offers in the mail to consolidate my loans for a lower interest rate. Well, I only had ONE large loan. I was told, NO. I think that's because they take an average of your current loan interest rates to determine your new interest rate...... or it was the lowest interest …
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Student Loan Money Suggestions below may be helpful(financially), but they are advising you to commit fraud. I have yet to read an education loan agreement (including private/alternative loans) that does not stipulate that the proceeds of the loan are for educational use only. For federal stu…
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Student Loans Covering Off-Campus Housing Student loans are to be used for Cost of Attendance, which can include off-campus housing and living expenses. HOWEVER, your financial aid office at your school is the ultimate arbiter of what is legit. Most would agree that off-campus housing is legit. Now,…
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Answer It depends on the type of loan: -Stafford: 6 months after you graduate, withdraw, or drop below half-time. This loan type is eligible for subsequent deferment if you later return to school at least half-time, but there is only 1 six-month grace period. -Perkins: Same as above, but grace …
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First, you can check online whether your income tax refund was applied to the loan by going to https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp. If your refund was applied to an outstanding debt to the government, the refund query will give you a number to call to check on the status of y…
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Absolutely. There are numerous scholarships out there, which are non-restrictive on age, background, education, religion, grades, etc. They are simply out there to promote education across the global community.
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i am on a BTEC National Diploma Course in fish husbandary at brooksby college, and i was woundering if i could be eligable for a student loan?   The way I believe it works is whether the diploma is classed as further education or higher education. I did a BTEC National Diploma in Foundation S…
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Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this p…
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It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature. If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans a…
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Your student loans are yours. You have to repay them later, so you do what you want to with them now. Yes, they are supposed to be for help in your education, but I am raising two kids and going to school only with my student loans.The only demand by the lenders is to payoff your loans on time, othe…
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yes, the private or federally guaranteed student loans will show up on your credit report. If you are delinquent or in default on your loans, you can get help with consolidating the loans at www.defaultms.com The loans will show up on your credit report, even if they are still designated as defer…
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There are no income limits for unsubsidized Stafford loans.Subsidized Stafford loans are awarded based on need.There are two types of Stafford LoansStafford (Subsidized) - The interest portion of the loan is borne by the federal government. You can apply provided you spent at least half the time in …
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Provide proof you already paid the loan in full. That means front/back copy of canceled check or paid in full letter from the loan holder.
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A consolidation loan will allow you to get an income sensitive payment that will fit your budget, or you can file for deferment or forbearance. CALL THE DEPARTMENT OF EDUCATIONS LOAN FINDER LINE. THE NUMBER IS 800 621 3115 If they are federal student loans, you can also check the National Student…
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Well that's a tricky question it depends. There are 5 major types of loans to fund an education. Stafford Loans (sub and unsub) No credit checks are required but they have certain loan limits. 3500 Freshman 4500 2nd year 3rd and beyond $5500 per year. But if your are older than 24, married, in the…
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Hey, Why dont you go for FAFSA assistance.. they provide good guidance in regards to federal student loan and are legit as well. One of my friend studying at http://www.northclevelandhighschool.com/ applied for loan through their online process and was able to pay it off on time due to the proper gu…
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Eligibility for Federal Stafford loans are not based on your credit so yes, it is possible to get a student loan even with "frightening" credit. The exception to that is if you have previously defaulted or are significantly past due on a previous student loan. Even in this case, there are options to…
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Hi thereIf you have not reached your aggregate loan limit ($23,000 for a dependant undergraduate) and if the school considers that you are still make satisfactory academic progress, then you should be able to take our federal loans for your final year. If your GPA is adequate and you haven't had to …
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Don't know what kind of student loan you have but I know federal student loans approve you for the amount of living expenses (regardless of where) in addition to your tuition. I would think you would be able to get a private loan to cover this too, as it is a part of your school expenses.   Y…
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If you were a full-time teacher for five consecutive academic years in a "low-income" school, you could qualify for a federal loan forgiveness program. The forgiveness amount is 5k-17.5k.To qualify, you must:have taught full time for five consecutive complete academic years in an elementary or secon…
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Yes, you would simply accept more loan money than you are going to need for school (I always accept the max). Then your school will send you a check for the amount your lender pays over what is owed to them. Use the money to be a pilot!   i think that previous answer is only valid if the stud…
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Many lenders have a co-signer release option! Just ask them.ADDED: most lenders that offer this option require a history of 2-5 years of consecutive, on-time payments.
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%DETAILS% Answer Only if you are getting a private loan. If you get a government loan it will not affect it since they will only hold govenment debt against you.
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Filing bankruptcy on Federally guaranteed Student Loans will not help you 99% of the time. Consolidate the delinquent or defaulted loans instead at www.defaultms.com . A student loan can be discharged in bankruptcy through an adversary proceeding in which you must prove repayment would cause "un…
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Answer Subsidized means it is need-based and therefore the govenment pays the interest while you are in school, during a six-month grace period after graduation or otherwise separating from school, and during authorized deferment. Unsubsidized is not need-based and therefore the government charge…
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Federal loans (such as the Stafford loan) are not based on your credit history. You will not need a co-signer, or good credit. With private loans there is no way around needing a good credit history. Here is more input and advice: If you're in foster care, talk to the people. There is a program whi…
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The IEFC (International Education Financing Corporation offers loans in varying increments with and without a cosignee.Visit them at www.IEFC.com for further details.
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Answer Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner's notice states: You are being asked to guarantee this debt. Think carefully before you do. If the borrower does not pay the debt, you will have to. Be sure you can afford t…
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Yes you can. But when you refinance your 2nd mortgage you have to inform your 1st lender and 2nd lender both.
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If you are considering refinancing your home loan, you'll find that the process reminds you of what you went through in obtaining the original mortgage. That's because, in reality, refinancing a mortgage is simply taking out a new mortgage. You will encounter many of the same procedures, and the sam…
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If you're refinancing your mortgage or applying for a home equity installment loan, you should know about the Home Ownership and Equity Protection Act of 1994, especially if you have bad credit and are considering a high-rate, high-fee loan. This law addresses certain deceptive and unfair practices…
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Answer Watch out for this situation: A contractor offers to do some work on your home, saying he can also arrange the financing through a lender. Once you agree, the contractor begins work. The lender then appears with papers to sign. He may rush you into signing a document before you have tim…
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In deciding whether to refinance an adjustable rate mortgage (ARM) you should consider these questions: Is the next interest rate adjustment on your existing loan likely to increase your monthly payments substantially? Will the new interest rate be two or three percentage points …
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How Soon You Can Refinance You can refinance as soon as a lender is willing to offer you a loan. The guidelines that lenders follow change almost daily. Most banks require seasoning of at least 12 months before you can refinance a mortgage. Here is more input: I am a Realtor, and I have researc…
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You do not need perfect trustee payment history to be approved for a refinance of a Chapter 13. With a dismissed Chapter 13 I can go to 75% LTV Full Doc. The information I see proliferating on the internet is erroneous. If you have perfect payment history to your trustee this improves your LTV(loan …
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Yes, you can obtain a home equity loan or line of credit through the Bank of New York. They also offer mortgage loans on cooperatives. Yes, you can obtain a home equity loan or a line of credit on co-ops through the Bank of NY.   It's true that Bank of New York offers home equity loans or l…
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All you have to do is submit a request to refinance to the trustee. The lawyer stands nothing to gain. They would rather you refinance because they know they will get their money.
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A budget is simply an analysis of how much money comes in and how much money goes out. Start by listing your income from all sources. Then, list your "fixed" expenses - those that are the same each month - such as your mortgage payments or your rent, car payments or insurance premiums. Next, list …
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Bond Rating A credit rating is an independent assessment of the creditworthiness of a bond (note or any security of indebtedness) by a credit rating agency. It measures the probability of the timely repayment of principal and interest of a bond. Generally, a higher credit rating would lead to a mor…
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Yes you may, as long as it does not exceed the value of the property. You can not obviously finance 200% of the value of your property with 2 separate loans but you can apply for a first lien mortage and a second lien mortgage, it's done very frequently with purchases to avoid PMI by splitting a 100…
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Student Loans and Credit They do not help you establish credit. You have borrowed, but don't owe, so there's no information about the way you'll handle payments over time.
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