Can you modify your bank loan after a bankruptcy?

September 1st, 2010 by Bank Loan | 1 Comment | Filed in Loans
bank loan
by woodleywonderworks

Question by mikberw: Can you modify your bank loan after a bankruptcy?
i will try to include as much detail as possible. I filed chapter 13 in order to save my home. the deal my lawyer worked out for me actually
increased my monthly payments, for a year i was able to make the
payments with no problem, however my monthly payments kept
increasing due to a lack of funds in escrow. needless to say the bankruptcy fail through and the bank is proceeding with the foreclosure. Is it to late to broker a deal with the bank or should i just give up and walk away from the thousands of dollars already invested ?

Best answer:

Answer by wisegirl74
If you are broke and cannot afford your home your best bet is to try to sell your house at whatever price you can get. Try to move in with family or to save up as much as you can so you can move in to a bigger condo or house and rent for as long as you can there is nothing wrong with that. Save as much as you can to buy everything you need cash including savings for a big down payment for a house. I will suggest a very good reading. The Total Money Makeover by Dave Ramsey, if you don’t like to read you hear him for free online. http://www.daveramsey.com

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Q&A: What is the insurance called that when one spouse dies the home loan is automatically paid off?

August 29th, 2010 by Bank Loan | 4 Comments | Filed in Loans

Question by reilly: What is the insurance called that when one spouse dies the home loan is automatically paid off?

Best answer:

Answer by pay it forward
http://en.wikipedia.org/wiki/Mortgage_insurance this is actually for the sake of the loan company so the spouse living can’t use this money & just make the monthly payments it is only to pay off the loan.

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How to have your mortgage payments at a lower rate when shopping for a loan for a property?

August 29th, 2010 by Bank Loan | 1 Comment | Filed in News
mortgage
by Mickipedia

Question by jay s: How to have your mortgage payments at a lower rate when shopping for a loan for a property?
What is the tax benefit of home mortgage? Why is there variation in HOA fees? I am looking to have my monthly payments at lowest possible in that range of loan.

Best answer:

Answer by Rachel R
Tax benefits…interests is tax deductible and property taxes etc. HOA, home owners association fees? If so they vary from condo to condo or in some cases subdivisions based on what your getting for it such as lawn and snow care. Swimming pool, gym. I’ve even seen some that cover heat and water.

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Q&A: I am no longer able to make the payments on my auto loan due to medical bills. What are my options?

August 28th, 2010 by Bank Loan | 4 Comments | Filed in Loans

Question by Charles E: I am no longer able to make the payments on my auto loan due to medical bills. What are my options?
I currently have a 6 year auto loan with my credit union. Due to recent medical issues and bills piling up, I can no longer afford to make the monthly payments on the loan. I have had the car for only about a year. What are my options at this time? I know a repossesion will ruin my credit. I need to know what I can do to fix the situation before it gets worse. Please help.

Thanks

Best answer:

Answer by heyteach
You’re right that a repo would be bad. Also you will be hit fees for that. Probably they will sell the car for less than YOU could. Anything you fall short on in paying off the loan will be subject to a deficiency judgment.

Probably what you need to do is to go to a place such as Consumer Credit Counseling services and seek assistance in getting your finances in order.

You’re right to not let this wait.

Good luck and I hope you get healthier soon as well.

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Is getting a loan from a bank to buy a car “cash” from a dealer a good idea???

August 28th, 2010 by Bank Loan | 7 Comments | Filed in Loans

Question by Lucky Guess: Is getting a loan from a bank to buy a car “cash” from a dealer a good idea???
My family an I need a car but we can not afford to pay a big monthly payments. I am a stay home mom and we are living under my husbands income that is fair but not enough. My husband suggested that maybe it would be better to get a bank loan maybe it would be a less monthly payment. Pros and Cons please
Or a better Idea would be appreciated…

Best answer:

Answer by mccoyblues
That’s basically how everyone does it.

Getting your financing from the dealer will cost you more. Always shop for your loan outside of the dealer network. walk into the dealer with a check from the bank to pay off the car in full.

But always get pre-approved first. Go to the bank and they will approve your loan. Tell you how much you can borrow and tell you what the payment will be. Then go shopping within your pre-determined budget.

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How can I lower my monthly student loan payments?

August 27th, 2010 by Bank Loan | No Comments | Filed in Loans

Question by mathwhiz454: How can I lower my monthly student loan payments?
I had to pay for all 4 years of college using student loans, and now I’m paying them back @ $ 700/month.

Obviously, I want this payment reduced, especially while I try to find a better job than the one I got right out of college.

They’re all from Sallie Mae, but they’re multiple loans. Can I consolidate multiple loans from the same company? They all have separate interest rates.

Is there anything else that I can do to lower my monthly student loan payments?

Best answer:

Answer by inostad
if you have been paying them on time. there should be a way. Call them and ask if it would be possible to combine all the loans to gather with one interest rate. and ask them what they can do to lower your Payments. if that dose not work go to a bank or a credit union and ask if they can help you by giving You a loan to pay off the loan and just have one payment to them

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What is the fastest way to get rid of student loan debt?

August 25th, 2010 by Bank Loan | 2 Comments | Filed in Loans
student loan
by Christopher S. Penn

Question by Ubiquitous: What is the fastest way to get rid of student loan debt?
I’m paying off a lot of credit card debt and currently have my student loans in a deferral status. But the big monthly payments will start up again at the end of this year.

Aside from trying to “drop off the radar screen” or looking for a much better-paying job that would quickly burn me out, I’m curious if anybody has any leads on this matter.

Thanks!

PS: Don’t recommend declaring bankruptcy because student loan debt is exempt from that.

Best answer:

Answer by Gem
Work more than one job to pay it off faster.

There is no magic fix and you might as well get used to having to work more than one job to survive.

The days of little work and huge pay are long gone, unless you go to work for the government–and even that is only going to last a little while longer.

Good luck

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Q&A: What can a mortgage company do if I am supposed to be living in a home and I decide to rent it out?

August 25th, 2010 by Bank Loan | 2 Comments | Filed in News
mortgage
by Renegade98

Question by jaysinrd: What can a mortgage company do if I am supposed to be living in a home and I decide to rent it out?
I am buying a home and its with an FHA loan. The monthly payments will be easy for me to pay but I think I can rent it out for way more then the mortgage payments. So I am thinking about renting it but under FHA loans its supposed to be owner occupied. Do they come and check up on you, will they ever even know or find out? What really can they do if I am making all the monthly payments?

Best answer:

Answer by MoneyMonkey
You have to take the mortgage out in “good faith” and they will know if you change your address, and the insurance must be changed for a rental property. So, basically for the first two years you need to live in the house.

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Calculus: A car costs $20,000 and bank loan is 8% compounded continuously interest. What are monthly payments?

August 25th, 2010 by Bank Loan | 1 Comment | Filed in Loans
bank loan
by TheTruthAbout…

Question by Rob T: Calculus: A car costs ,000 and bank loan is 8% compounded continuously interest. What are monthly payments?
A car costs $ 20,000 and the bank loan is 8% compounded continuously interest. What are monthly payments?

The cost of the car is the present value of a constant money stream(dollars per year). The monthly payment is the annual payment divided by 12
for 5 years, forgot to mention it

Best answer:

Answer by masching0n
depends on how many years you are paying for it. you could pay like 10000 a year or less . it may be like 400 a month for 8 yrs

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Q&A: What is the best strategy to pay off my mortgage early?

August 24th, 2010 by Bank Loan | 4 Comments | Filed in News

Question by john: What is the best strategy to pay off my mortgage early?
I have a standard 30 year fixed rate mortgage at around 5%. I am planning for an early mortgage payoff. I am wondering if I should pay the minimum mortgage payment and save my extra cash until I can pay the mortgage off in one lump sum 9-10 years from now or make smaller monthly payments.

Best answer:

Answer by Wayne Z
Pay extra principal each month.

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