Comments for Ethical Foreclosures

Comment on Q&A: Does a student loan and a bank loan affect your credit the same way? by dolly blaine

dolly blaine — Wed, 28 Jul 2010 15:18:40 +0000

Credit card debt affects the studies seriously. Lack of concentration, focusing on excessive debts can lead to lower scores and GPA.

Lack of proper attention to studies, lower GPA’s, increased debt pressure can all lead to a point where student drops out from the college.

A high credit card debt can force a student to take up a part time or regular job, which often has a degrading effect on studies.

Though the student credit card is designed to give a good beginning to a person’s credit history but, excessive debt can cause a serious dent to credit score this factor alone can cause serious problems for students.

Due to a bad credit score which is the result of credit card debt, a student can face difficulties in finding apartments for rent.

Same factor can make insurance rates higher or unaffordable for students, because insurance companies find it risky to insure people with poor credit.

Getting a job also becomes difficult when a credit card debt causes poor credit history. The employer also shy away from people with poor financial skills and money management. Read more from: http://www.credit-card-gallery.com/article/273,10_ways_how_student_credit_card_debt_can_turn_your_college_life_into_hell

Comment on What is a good loan consolidation program for Federal and Private student loans? by Suddenly Human

Suddenly Human — Sun, 25 Jul 2010 14:25:55 +0000

Unfortunately you can’t consolidate your federal loans with your private loans. Be wary of any loan consolidation outside the federal direct program, most of the benefits of loan consolidation is just hype and doesn’t save you any money. Instead of repaying your loans over a 10 year payment you pay on them for 25 years or more… and they loan company gets MORE of your money since you are paying on it for so much longer. For what? Just a few bucks less a month and usually not much better of an interest rate.

Comment on Q&A: How does a home equity loan work? by Chris M

Chris M — Thu, 22 Jul 2010 15:45:53 +0000

Pulling equity out of your house does not sound like a good option to refinance your student loans. You said you are trying to pay your bills off, what you will actually be doing is trading out student loan debt for home equity debt, which is a bad trade off and is not paying off your bills since you won’t be reducing your debt. Most likely the student loans will carry a lower interest rate than the home equity loan, but more importantly, if you can’t afford to make student loan payments at some point in your life your lender will work with you because it is unsecured debt. If you fall on hard times and can’t pay your ORIGINAL purchase money mortgage, the lender can foreclose on your home since that was the collateral but (in most cases) can’t come after your other assets. When you refinance your home, pull equity out of your home, or accrue any non-purchase money debt against your home you are exposing the rest of your assets to your lender. If you elect to do what you suggest and you are unable to make payments at some point in your life, your lender can come after all of your assets as opposed to none, with the student loan.

Also, student loan interest is tax deductible.

Comment on Q&A: How does a home equity loan work? by PCL-R

PCL-R — Thu, 22 Jul 2010 15:00:21 +0000

I’m not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.

Comment on Is student loan still tax deductable when refinancing a student loan with a personal loan? by mechbasket

mechbasket — Sat, 10 Jul 2010 14:27:49 +0000

It wasn’t that very clear, but from what I understood your co-signing on the loan. She’ll pay for the loan’s premium and interest. and that’s about it …

Remember: Who ever pays the student interest, that person will have the right to deduct those interest payments on their tax return (up 2,500).

The only thing that I can figure that will absolutely confirm that you are paying a student loan is that if at the beginning of the tax season, you receive a 1098-E “Student Loan Interest Statement” from your Lender.

Comment on Can I take out a home loan for land and a manufactured loan? by Peter F

Peter F — Wed, 07 Jul 2010 16:09:47 +0000

Want a mobile Home Loan? If the home is in a park on rented land financing will be MUCH easier.

In Park / Rented Land:

JCF Acceptance
Refi.Net
MH Loans
Origen Financial
Aaron Financial
Mountainside Financial

Land/Home Loan:

Amy Leshner – FCM
Countrywide Financial

Good Luck,

Peter

Comment on Can I take out a home loan for land and a manufactured loan? by thinking-guru

thinking-guru — Wed, 07 Jul 2010 15:25:57 +0000

To have a mortgage loan you must have land involved, so no trailer park rentals. Lender’s are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.

If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won’t get out what you put into a mobile. That said, there are some very nice mobile homes out there.

Comment on Can I take out a home loan for land and a manufactured loan? by catchmeha

catchmeha — Wed, 07 Jul 2010 14:47:02 +0000

no/yes

Comment on What loan companies will give you a loan for a motorcycle if your credit is really bad? by appenzellar

appenzellar — Sun, 04 Jul 2010 16:09:27 +0000

Most loan companies and bank’s won’t loan money for an item that is considered a luxury item. A car you can usually get with bad credit because it gets you to work. Motorcycles, Atv’s, etc are basically considered man toy’s. And yes you can drive a motorcycle to work, but most people don’t consider this their primary transportation.

Comment on What loan companies will give you a loan for a motorcycle if your credit is really bad? by jsfnita

jsfnita — Sun, 04 Jul 2010 15:24:39 +0000

All I can say is, if you own the motorcycle, take it back. If he does, tell him to get a title loan. He can make payments but depends on what he still owes you.