Archive for May, 2011

Should I refinance my mortgage loan?

I’m 56 years old. I owe about $ 117,000 and I’ve got 21 years left on my 6 % loan.My house is worth about $ 235,000.

walking out on a mortage vs filing for bankruptcy on the mortgage?

We moved out of state and could not sell our home so it is now rental property. NOW, the main sewer line needs to be replaced at a cost of $ 9500.00 which we do not have.

If we just walk out on our loan, can we eventually be sued and sent to jail? Would it be better to claim bankrupty?

I realize the credit issues with bankruptcy and foreclosure etc..

FHA mortgage loan and offer?

I am putting an offer on a bank owned REO. It needs a new roof and the electrical is a nightmare. As these are safety issues, I can not get a FHA 203k loan because they would have to be fixed. I have been reading that banks do not like to deal with fixing this stuff and just want the best offer. There are a couple other offers that are not up to asking price. This property is valued well above listing price. Should I offer listing price and add these to be fixed, or should I go a little bit above? Please help!

About what can I expect to be looking at for a Tax return this year?

I want to know what my Income tax refund would be if 2007 ended with my last paycheck, I a 21 year old SWM with a 7 month old child am in NY but am withholding 0-0 from my paycheck,
1040

gross pay 20,152.39

Deductions
Statutory:
federal inc tax, 2248.93
Social sec tax 1180.20
Medicare tax, 276.01
NY state income tax
573.86
NY SUI SDI tax 26.40

Deductions
Other:
CNA addl, D&D 22.00

CNA life, 35.20

Dental, 128.70

Health, 899.80

Monthly Charity, 50.00

Vision, 88.44

3rd party W/H child support,
1384.00

401k, 1215.55

Possible additional Deductible expenses,

root canal + Crown,
455 $

about 2,000 in fuel to and from work,

no student loans or mortgage,

as of yet, no daycare expenses.

based off of that information, what can I do to maximize my $ returned to me, and what may that amount be, rough estimates are welcome,…

thanks

So Confused pls help regarding who should I deal with? Mortgage Question.?

okay so I need some advice as far as our 350k, FHA loan with 3 % down goes. The first deal I received was thru some loan officer located out of Arizona who gave me a 6.5% rate with 2 points. I heard this was a horrible deal so I decided to shop around especially after hearing that you have 14 days from the first mortgage inquiry to shop around and have other lenders pull your report without it harming your credit because it will be considered one.

I then received a quote yesterday thru quickenloans.com but after reading some of the questions and answers that were posted about others experiences I was very skeptical even though they gave me what seemed like a good or better rate than the first guy. For example they gave me a 5.6…% (there were two more numbers after the 6 can’t remember) with 2 points or a 6.25% w no points. I am also interested in seller concession so closing cost and points wont be paid out of pocket.

Not only am I skeptical about the stuff I read here about quickenloans but they are also asking for $ 350 committment fee that will be refunded at closing if we decide to close with them. So if we dont close with them then basically that money is non refundable, which has me feeling trapped and I dont really like feeling that way. What I dont want to happen is I agree to pay that committment fee and then at closing theres a whole bunch of other fees that I did not agree or know about and I back down and they keep my $ 350 fee. Which $ 350 is not going to kill me but who wants to give away money?

So I decided to not pay that fee but I still have them in mind just in case. I called JP Morgan Chase bank and they approved me with different rates. They offered me 5.875% with 2.3..( theres two more numbers after the 3, forgot…again!) points and a 6.125% with 1.5 points. I know Chase is a reputable bank that has been around for a long time and I kind of trust them better then quicken loans but quicken loans does have the better rates so basically im stuck???? I would like some type of advice on what I should do if worst case senerio where it’s either one or the other I have to choose from. I am still going to shop around because I know I can probably do better.

Here are the basics:

-annual combined income: a little over 100k yearly.
-401k combined: 17,364
-been at our jobs over 2 years both.
-combined monthly bills: a little under 1000.00 monthly.
-all three credit scores for him: experian: 643, transunion: 634, equifax: 610
-mine: experian: 684, equifax: 672, transunion: 649

Thanks so much!

is my husband worth keeping? i love him but…?

1. he’s an alcoholic – loves alcohol/beer
2. loves going out on a beach by himself without me
3. loves staring and fantasizng at women, loves porn
4. loves being the centre of attention, gets sensitive when people say something bad about him
5. doesnt care about my feelings but he says he do
6. he’s a liar – he would say he didnt smoke but i would find tons of lighter and cig butts in his car everywhere
7. has already cheated on me twice – one on a strip club and second, through craigslist ad
8. has posted ads asking women to have casual sex with him
9. has already stole money from my bank account
10. stole my government tax refund
11. tried to get a loan using my mortgage/house
12. has already filed for creditor proposal because he turned his back to all his financial obligations with creditor
13. quit school – never finished any education other than high school
14. has lied to his parents about paying them back whenever he owes money but never did
15. has lied to me about finances
16. always trashes me to his family and whenver we fight he would tell them about it
17. he wouldnt want me telling his family about his court summons, our financial problems and all his other problems – porn, impotence
18. he said he likes thrill and entertainment thus he resorted to cheating; he said there’s something missing with our sex life
19. he likes talking bad about his friends, colleagues — vents his frustrations about them on me
20. has already lifted his hands a lot and slapped me in the face
21. doesnt want to talk to my parents and if ever he does, he asks so nice but my parents dont know about my misery
22. he cries to his entire family whenever i tell him im considering filing for divorce if he doesnt change
23. he used weed a lot before but he said he quit coz of me
24. he never does anything special during our anniversaries — would not take me out for dinner… he would just bring a gift– a picture frame or a tshirt with a certain country in it

fannie mae and freddie mac student loan story on 60 minutes?

Sometime in the 2005-06 season 60 Minutes had a story about the laws that favor the mortgage and student loan institution Fannie Mae and Freddie Mac when the payback of student loans comes due.

I am looking for a link to the website that has either 1) viewable video of that 60 Minutes segment or 2) a transcript of that 60 Minutes segment.

Do Joe Conservatives need cry baby Liberals?

Joe gets up at 6 a.m. and fills his coffeepot with water to prepare his morning coffee.

The water is clean and good because some tree-hugging liberal fought for minimum water-quality standards.

With his first swallow of water, he takes his daily medication. His medications are safe to take because some stupid commie liberal fought to ensure their safety and that they work as advertised.

All but $ 10 of his medications are paid for by his employer’s medical plan because some liberal union workers fought their employers for paid medical insurance – now Joe gets it too.

He prepares his morning breakfast, bacon and eggs. Joe’s bacon is safe to eat because some girly-man liberal fought for laws to regulate the meat packing industry.

In the morning shower, Joe reaches for his shampoo. His bottle is properly labeled with each ingredient and its amount in the total
contents because some crybaby liberal fought for his right to know what he was putting on his body and how much it contained.

Joe dresses, walks outside and takes a deep breath. The air he breathes is clean because some environmentalist wacko liberal fought for the laws to stop industries from polluting our air.He walks on the government-provided sidewalk to subway station for his government-subsidized ride to work. It saves him considerable money in parking and transportation fees because some fancy-pants liberal fought for affordable public transportation, which gives everyone the opportunity to be a conributor.

Joe begins his work day. He has a good job with excellent pay, medical benefits, retirement, paid holidays and vacation because some lazy liberal union members fought and died for these working standards.

Joe’s employer pays these standards because Joe’s employer doesn’t want his employees to call the union.If Joe is hurt on the job or becomes unemployed, he’ll get a worker compensation or unemployment check because some stupid liberal didn’t think he should lose his home because of his temporary misfortune. It is noon time and Joe needs to make a bank deposit so he can pay some bills. Joe’s deposit is federally insured by the FSLIC because some godless liberal wanted to protect Joe’s money from unscrupulous bankers who ruined the banking system before the Great Depression.

Joe has to pay his Fannie Mae-underwritten mortgage and his below-market federal student loan because some elitist liberal decided that Joe and the government would be better off if he was educated and earned more money over his lifetime. Joe also forgets that his in addition to his federally subsidized student loans, he attended a state funded university.

Joe is home from work. He plans to visit his father this evening at his farm home in the country. He gets in his car for the drive. His car is among the safest in the world because some America-hating liberal fought for car safety standards to go along with the tax-payer funded roads. He arrives at his boyhood home.

His was the third generation to live in the house financed by Farmers’ Home Administration because bankers didn’t want to make rural loans. The house didn’t have electricity until some big-government liberal stuck his nose where it didn’t belong and demanded rural electrification.

He is happy to see his father, who is now retired. His father lives on Social Security and a union pension because some wine-drinking, cheese-eating liberal made sure he could take care of himself so Joe wouldn’t have to.

Joe gets back in his car for the ride home, and turns on a radio talk show. The radio host keeps saying that liberals are bad and conservatives are good. He doesn’t mention that the beloved Republicans have fought against every protection and benefit Joe enjoys throughout his day.

Joe agrees: “We don’t need those big-government liberals ruining our lives! After all, I’m a self-made man who believes everyone should take care of themselves, just like. I have.”

can i get a loan without a job, with bad credit?

i was wondering if i could get a loan using my husband’s income?
i don’t have a job myself, and i have bad credit, but i wanted to get a loan to pay off some old bills.
i could probably pay them off now, just slowly cause all together it’s about $ 1000, but i need to build a bit of credit so my husband and i can get a better mortgage rate on our upcoming home purchase.

any tips are helpful. thanks.

How to protect myself if in-laws file bankruptcy?

My in-laws purchased a home and got a loan under my wife’s name prior to us getting married. They used my wife’s name because they weren’t able to get a loan themselves. They make all the payments on the home. My wife and I don’t live there nor do we have any intention of living there as it’s in a bad location. I had no idea about it until after we were already married.

The in-laws are close to losing their business and can barely pay their bills. A bankruptcy seems imminent and i’m pretty sure the house which is mortgaged under my wife’s name will be foreclosed. Is there anything I can do to protect my wife and myself against this? If it makes a difference they just transferred the Deed to my mom in-law, but the loan isn’t. The home is worth $ 180k and they still owe $ 350k since they’ve been making interest only payments.

I worked really hard to get my credit score over 800. I want my own house!!! I couldn’t even qualify for any of the first time home buyer programs because of what my in-laws did under my wife’s name.

Any advice would be greatly appreciated. My brother suggested divorcing my wife (just on paper) so I can at least avoid ruining my credit.