Trouble getting a loan

Wednesday, May 26, 2010

Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

Just some quick background info: My mom has a home on about 1-2 acres of land. We were hoping to order a manufactured home to put directly behind her house on HER property. The bank says that the land must be in OUR name in order to get a loan. Meaning my mom would have to deed us part of her property (which she doesn't necessarily want to do). My question is, in order to get ANY kind of mortgage loan, does the land HAVE to be in our name? Or is there some kind of provision my mom can sign giving us permission to do this?

Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

Technically, a loan for a mobile home is not a 'mortgage' if land is not part of the collateral. Credit unions and banks will sometimes lend money for the purchase and setup of a mobile home, but they're usually reluctant to do so because mobile homes, like cars, depreciate... unlike land (usually). Call around to local banks and credit unions to see if one will help you...but expect to borrow only about 75% to 80% of the NADA value of the mobile home. (NADA is the yellow valuation book used by bankers to determine the values of cars and mobile homes, as well as boats and motorcycles.)

Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

No I don't think so

Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

Contact a mortgage broker. A mortgage broker may have a contact who would be willing to make a loan to you, but it would be at a higher rate than you want and for a shorter time.

The reason for the high rate is that the value of the manufactured home would start depreciating right away. Normally when you have a mortgage, your house sits on solid ground that you are also buying, and the value of the house and land are considered together. The value of both together tend to rise over time, making it less risky for the bank to lend money.

What's the worst experience you have had with a client when processing and closing their loan?

My husband just had a client, whose loan was ready to go into closing, call him and request that he stop everything and turn over the appraisal to him so he could have his neighbor, who is also a loan officer, resubmit almost the same exact deal through the same bank. He's doing this because he doesn't want to p-off the neighbor. My husband has been doing this work for 15 years and says he's never had a client bend him over like that. Ofcourse my husband is asking for reimbursement for incurred expenses (I think he should be asking for origination fee too!), but who knows what's going to happen next.

What's the worst experience you have had with a client when processing and closing their loan?

I've been a broker now for over 7 years, and I've learned that buyers are not going to tell you if they don't like the service you are giving them. They are very touchy, and emotional. And whether you know it or not, they are always talking to someone else to get advice on the deal until they are completely comfortable with you. And if they do tell you they are going with someone else (which your lucky they didn't just stop answering the phone), they will never tell you the truth. It is more likely that the neighbor looked at the deal and said %26quot;they are ripping you off%26quot;. I find it important to be the 2nd opinion when it comes to a buyer, not the 1st. If a buyer brings me paperwork from another broker, believe you me I'm going to beat that deal. That is most likely what happened.

You can't take it personally, it's going to happen. If he's been doing it 15 years, I'd be suprised if this is honestly the worst thing that's happened to him. And it is illegal to collect an origination fee if the deal isn't closed. That is RESPA guidelines, which don't vary state to state when it comes to origination. I've worked tons on deals that never closed, had some fall apart right at the closing table!! But I've also had plenty of deals close that took little or no effort which makes up for the wasted time on the other one's. If your husband is good at what he does, then loans are not that hard to do. Nor do they take a lot of time if your dilligent and get everything you need up front.

As far as the appraisal goes, tell him to pound salt and get another one. If he stiffed you on the appraisal (since you were talking about money invested), then let it be a lesson to you that you should NEVER invoice appraisals. I don't ever! And it has yet to kill a deal for me. If anything, the buyer is less likely to disappear since THEY will have money invested.

Since your deal was all the way to closing, I can almost gaurantee that the neighbor told the borrower he could beat the deal. Maybe offer to drop the closing costs, or the rate to save the deal. The lender shouldn't let another broker send the same deal through a different company, and if they do, stop using that lender!!

What's the worst experience you have had with a client when processing and closing their loan?

I have had a few loans like that. The client should know that it will cost him whatever fees you husband has incurred and then I would sit on it for a awhile. That appraisal cant be transferred without your husbands approval. It would sit on my desk . By the time I released it the client would either go through with the loan with me or wish he had because of the frustration it will cause him.

What's the worst experience you have had with a client when processing and closing their loan?

*update*

For the person that gave me a thumbs down sorry.

What fees did you incure? Let me think? ZERO. only time.

I totally disagree with you. If your neighbor can do a better job on the loan, maybe your husband shouldnt be doing them.

I actually feel sorry for you that your husband sucks so bad at his job that this would ever happen.

What's the worst experience you have had with a client when processing and closing their loan?

That happens. Clients can be fickle. Your husband should tell the client that not p-ing off the neighbor is not a good reason to cancel the deal. The client should leave ONLY if he is getting a better deal, better service, or a more reputable company. If I were the client I wouldn't want to go with the neighbor anyway because I wouldn't want my neighbor to know all of my personal financial information.

If you qualify for a Stafford Loan of 3500...do you?

For sure get that amount when you pick the bank you are going to use?? This is my first time for a loan...

If you qualify for a Stafford Loan of 3500...do you?

Not sure what your question is. But hopefully this will help.

If you qualify for a Stafford Loan of 3500...do you?

They deposit it into your bank account and you have total control of it from that point.

If you qualify for a Stafford Loan of 3500...do you?

If I were you, I would Google Stafford Loan to find out how it works.

Auto loan possible?

I need an $11,000 car loan but have not so great credit(Equifax 610, Experian 617, Transunion 627). I'm planning on trying to get one at my local bank tomorrow but need some advise before I go. I do have 3 grand to put down. Any advise??

Auto loan possible?

If the bank won't the F%26amp;I department at the dealer will. Those aren't horrible scores, I've seen people get financed with much less. And you have 3k to put down. I would offer up 1k at first and negotiate from there

Auto loan possible?

Bring documentation of your income.

Auto loan possible?

its possible.. you might just have to pay a high rate for your loan. Have you tried to pre qualify for a loan to see how much credit you can get? Its a good way to know exactly how much u can get without affecting ure credit score. When you apply for a loan and get denied ure credit score drops a little bit.

http://www.finance-experts.com/car-loans...

Auto loan possible?

Try Richartds Loan Agency.

They give out home loans and Auto-loans with bad crdit.\

reach them through their email,Richards_loan_agency@yahoo.com

Auto loan possible?

I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $2,400.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46, 000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email: macroloans@gmail.com

Auto loan possible?

Hello,

My names are lisa Dave i live in united state of america i work in an industried i have two kids and i am christan,the good news here is that i get loan from simoni harry i have been scamm before until i met mr simoni harry then my case was over i advise every one to get there loan from mr simoni harry is a nice man.you can reach him at.Email: simoni_agency@yahoo.com

He is a Private Loan Officer for the above named company and he can be of Help to you. He can help you get the loan you require. His Interest rate of 0.4% is fair enough.

Mr simoni harry

Tel;447045769629

I get housing loan in instalments over 6 months;?

Bank says they will tell EMI (Equated Monthly Instalment) only when i get the last loan disbursement. How can i know in advance how much will be my EMI after the last instalment date? Please help %26amp; thanks in advance.

I get housing loan in instalments over 6 months;?

This is out of my range of experience. I have never dealt with the kind of loan that you are currently in.

My advice comes in three parts...

The first is to consult with a professional financial adviser who has the first hour consult appointment free.

A mortgage loan officer is likely who you would need to contact to answer this question with any capability.

Your bank should be able to give you some idea of what you need to have. I would go in and wait to talk to a loan officer, that is what they are there for.

I deal with people on the verge of filing bankruptcy, and people who are trying to get out of homeless / battered women's shelters. I am more of a social worker / financial adviser than what you would need with this complex loan agreement.

I am so sorry that I couldn't give you more help.

I get housing loan in instalments over 6 months;?

May be....

What is the statute of limitations on a federally backed home loan?

I defaulted on a federally backed (FHA) loan in 1997. The house was sold and I assumed the bank got their money. A collection agency called today on behalf of the USDA, and told me that I owed the difference from the sale plus interest. This is the first that I heard of this in almost ten years, and I figured that if I owed the govt, they would have tracked me through my tax returns and contacted me directly if some sort of limitation has not expired...

What is the statute of limitations on a federally backed home loan?

There is no statue of limitations on a default payment issued by the government . You defaulted and now you are going to get whacked with fees , interest , and the difference in what your house was sold for . Ouch . Will e-mail you some K-Y jelly cause they will come after you and burn you for the whole thing . Your credit report has got to be hurting too .

What is the statute of limitations on a federally backed home loan?

Not sure read smoe tips on loans on this site

What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

I have two banks. In writing a check, I mistakenly grabbed the wrong check book and bounced a check (1st bad check in 14 years).

I immediately called the bank and spoke with a sales executive. He advised me to sign up for check protection so that this wouldn't happen again. Nothing else was discussed, no papers signed, nothing sent to me in writing.

I thought this was a gratuity by the bank for being a loyal customer, so I said ok; I had no idea this was actually a line of credit with finance charges, interest, and my personal credit report accessed (which lowers your credit score).

I didn't catch it on the first statement as I travel extensively, but I did catch it on the second statement. I called the bank. They refused to help me when I asked for a letter of deletion for the credit bureaus. I stated that there was no disclosure of any loan.

I took this up the chain of command. I feel that since there was no disclosure, this is illegal, and the bank refuses to help .

What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

Sorry, but ONE hard inquiry does not lower your credit score

What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

According to the representative at TransUnion, ONE hard inquiry does lower a person's score, and, it stays on a person's inquiry list for two years. Report It

What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

If you did in fact agree to it it is completely legal, but you still should have received disclosures about the service and it should have been explained better. Generally the bank would require your signature for a line of credit, unless it is a credit card. Also when anyone pulls your credit it only affects your score by fractions of a point.

Bank financed real estate investments?

question: With the housing market in a slump and a record number of foreclosures do you think that it would be possible to maybe go to the bank and asked them to sell you lets say 10 forclosure property's and give you a loan for rehab? i would like to do this i currently flip houses and its true houses are not moving as fast but i have been selling and instead of doing one house at a time i would rather do a lump sum do you think this would fly and if so who would i pitch this to any help would be helpful... i mean its not like the houses are going anywhere anyways

Bank financed real estate investments?

I don't think so, because the banks have to follow equal opty lending laws. you could do it with different banks if you qual, of course.

How to finance my higher education, how much loan can I get...???

I am planning to do MBA soon. The tuition fee for the college is around $60K total . If I have around 10K in savings account. what is a better way to pay for fee.

1. to take a full loan or

2. to pay some with this saving and take rest as loan

and in both cases can I get the required amount as loan..??

what are the terms and conditions I would be required to fulfill to get the loan.

and do I need to show that I have $60k as a backup in bank accounts (mine / any relatives)in case I wouldn't be able to payback.

I think that I should keep the 10K safe aside for some other unforeseen purposes. Is it fine..

what do you think.

Thanx in advance for sharing ur knowledge.

How to finance my higher education, how much loan can I get...???

Talk to some other people in your field that have MBA's and see if it is paying off for them.

I work at a college and I am getting a lot of MBA's and even lawyers coming back to get certified to teach. The MBA never panned out for them.

How to finance my higher education, how much loan can I get...???

take a loan, im sure when you graduate and get a good job you'll be able to pay it back in a few years. (hopefully), but thats what im gonna do. and also work part-time on the side if you can. helps out a lot.

How to finance my higher education, how much loan can I get...???

I would first talk to the financial aid department at your school. They will have all the specifics and details.

I would save/invest the 10K for exactly what you said ... unforeseen purposes.

Students loans have a low interest. If you use you savings to take out a smaller and then later have some large bill that you decide to pay with your credit card that would be bad.

Now if you're talking about non-student loans, then I would want to kept that as small as possible. So in that case use your savings.

How to finance my higher education, how much loan can I get...???

Every lender and every loan will have slightly different criteria, terms, and conditions. Some lenders won't require you to prove that you have income or savings -- many just want to know that you have good credit (i.e. a history of paying on-time, few missed payments, and no more debt that you can handle).

*Some* lenders may require you to prove that you have income, sure, but they generally won't expect you to prove that you [or parents/friends] have the savings to pay off the loan (in other words, if you applied for $60K, they won't expect you to prove that you then *have* $60K.. that seems counterintuitive).

Get a copy of your credit report and see where you stand. Look on some lenders' websites to see what factors they consider when deciding whether to approve or deny an application. Then pick a lender whose terms/conditions play to your strengths. You might want to start with the list of private loan lenders on FinAid's website: http://www.finaid.org/loans/privatestude... .

If you feel more comfortable keeping your $10,000 in savings, do so -- how you spend your money is up to you. If you borrow the full cost of your education and *later* find out that you didn't use your $10K, consider paying off a lump sum of your loan. If you are that disciplined (financially), that may be the best way to make sure that you borrow only what you need while leaving yourself a %26quot;safety net.%26quot;

How to finance my higher education, how much loan can I get...???

Sallie Mae has loans for MBAs....you can find all the info on loan limits, eligibility, payment terms, etc. at http://www.salliemae.com/get_student_loa...

It's usually a good idea to get federal loan money first (typically the lowest interest rates) and then get private loan money, particularly if you have a co-signer with a good credit rating.

There's never a guarantee that you'll get a raise with an MBA....so borrow as little money as possible.

Good luck.

How to finance my higher education, how much loan can I get...???

You only have to demonstrate financial position if you are studying in the U.S. and are not a citizen or resident national. Basically, we don't want to have impoverished students stuck here.

By the price tag, I see you're going with one of the top twenty schools. Excellent. This is well worth going full-time to finish more rapidly and get more out of the degree.

If you decide to go full-time,take the loan and keep the savings, using a little bit to pay down interest every month.

If you decide to go part-time, let your employer take care of it.

What is the best type of installment loan for someone that only has credit cards?

I am rebuilding my credit and trying to improve my credit score. I have an SUV that I bought outright and only have credit cards ( A bank Visa, Mastercard, a couple of retail credit cards, gas card. I have no installment loans and I rent a home. I just added a Home Depot card to the mix and of course my credit score dropped. I use Wamu and they give you ways to rebuild your credit and analyze your score every month. This month it told me for the first time one of the reasons my score is the way it is is because I have no installment loans and I should have a good mix.. My credit score is still just below 680 which is required to get a decent loan interest rate so I don't want to really go into more debt until my big ugly repo from 2001 falls off next year which I%26quot;m sure will raise it considerably..( I made some mistakes when I was young) Can someone give me some advice?

What is the best type of installment loan for someone that only has credit cards?

That's a big question and hard to answer in a few words. Your credit score is calculated based on over 40 different items that are looked at, such as: too many inquiries, too many lines of credit, to FEW lines of credit, and so on. If you have large available balances on your credit cards that you don't need, you might have them reduced. This will lower your outstanding credit, as unused revolving credit balances count against you, as if you had used them, already. Credit inquiries lower it temporarily, if you applied for more credit from different sources. Possibly, a small furniture payment that reports to credit agency would help, if you opened the account and pay it off quickly, but be sure to look at how much the account origination fee is, in addition to the stated interest rate, as you don't want to pay too much for the item. Your interest rate will be higher, as it is an indication of risk from the loan extender, but a quick and favorable conclusion to the agreement should help. Obviously, after your repo is removed, you will get a boost, too. Hope that helps. Good luck.

What is the best type of installment loan for someone that only has credit cards?

Sorry, was trying to save words. If you have low balances on cards, but have a high credit limit, lenders consider that against you because you could quickly charge it all the way up AFTER they offer you credit terms, which would increase their risk in case you were unable to pay. Report It

What is the best type of installment loan for someone that only has credit cards?

THE BEST TIME OF INSTALLMENT IS A CAR NOTE!!!

I borrow money from loan companys online i they ripp people off they go in my account every time i g

loan companys keep taking more than what they supost to take out of my account every time i get paid my question is if i change my bank account numbers would they be able to take money out of there because these loans doesn't go to the credit report

I borrow money from loan companys online i they ripp people off they go in my account every time i get paid?

What you need to do id dispute this with your bank. They are not supposed to take out what ever they want. Tell your bank to cancel the auto draft payments. You send them a check every month for the correct amount. Or get a loan from the back to pay them off and be done with it.

Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

Whats best? To pay off the auto loan and save approx 700$ over the period of 2 years, or just leave that money in the bank in my savings for emergency?

Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

If you got an auto loan there's a good chance it was made under the rule of 78s - this is hard to explain but it basically means that much more interested is paid off during the first 21/2 of a loan term than the end - usually about 75% of interested is paid even though 50% of the time has gone by. They pack the interest payments into the beginning of the loan.

You will want to ask the company who gave you the loan if they were using the rule of 78s when they came up with the loan and payments schedule. It that rule is in effect for your loan you should just keep it and pay it off on schedule. It isn't worth it to pay early because you would in effect be paying a penalty.

The rule of 78 is totally legal for them to do.

I put search in for it and came up with a few links you may want to look into. this way you can kinda get an idea of what the rule of 78's is. Most consumers have no clue it's even out there. but it IS. We should ALL ask about this when purchasing a vehicle.

Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

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Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

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Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

whats the APR

can you get a better APR on investments

theres obviously some break even point I dont know what that is and theres never an easy answer on what the future will be for rate of return

id pay off the loan and then you could take the money that you would use to pay off the car to put into an investment, thats just me

Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

Do you need the $8500 for emergencies more, or is the $700 going to make a difference in your life?

The normal solution: High interest rates means invest, low interest rates means borrow.

I wouldn't blow my savings just to save $700 personally. What if a crisis happens tomorrow, and you need emergency cash? What if a tornado hits your house and takes the car also?

Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

It always depends on your personal situation. I like to payoff the vehicles. It gives yourself a raise as far as cash flow. You have that payment as free cash. Unless it is a business vehicle there are no tax advantages. If you keep paying the loan your making your lienholder richer. Each person must decide. I would pay it off.

Auto Loan: Should I pay my 8500 from my savings or just keep making payments until dec 2008?

paying off car loans will drop insurance (if required in your state) premiums and take away the payment each month. some banks have a penalty for paying off loans early, so i would check and see if your bank has one and if they do how much it is, and decide if it's worth it from that

I've not been charged for a loan?

I took out a loan nearly a year ago and, although there was a three month payment 'holiday', the bank hasn't taken any of the repayments out since. Will I get away with paying nothing? Have you ever had experience of a bank coming after you for repayments after they've made a similar error?

I've not been charged for a loan?

You need to contact them as soon as possible, I used to work for a credit card company (among other financial services companies) and it will be in your credit agreement for the loan that the payments have to be made as specified, it is their mistake if they haven't taken the direct debit but in the eyes of the law it is your responsibility to make sure that the payments are coming out when they are supposed to even if a direct debit is set up to cover it.

I had a friend whose car insurance came out of his account via direct debit and one month when the insurance company didn't request the direct debit (there was sufficient money in the account) they cancelled his insurance due to non payment, and as always happens that was two days before he had a bad crash, the insurance company refused to pay out and he was prosecuted for driving without insurance, the fact that it was down to the insurance company's mistake made no difference.

Banks have to pay out direct debits by law (as long as there is enough money to cover it in the account) but if the loan company doesn't request the payment (which is what will probably have happened here, even if your loan is from the same bank as your account it will usually still behave as if it was from a seperate company, and may even be from a separate company) then your bank isn't at fault and you won't have much legal backing to cover you.

If you contact them before they contact you, then you will be in a much better position to ask them to refund any charges/penalties that they have applied to the account, and it will show as missed payment's on your credit record so the longer you leave it the worse it will look. A few missed payments on your record are not really a problem, especially if you add a note explaining why they were missed and that it was down to a bank error (visit the experian or equifax websites to do this, and also to check your record) but if it goes on for a while it will count against you when you are trying to obtain credit in future.

The sooner you contact them the better, it will save you a lot of time and money in the long run, because if you miss a certain number of payments they can request that the loan be repaid in full immediately (this is a standard clause, check your credit agreement as it may not apply but you can bet it will), and although you should still be able to sort it out, it will be a lengthy and stressful process.

Hope this helps, and good luck getting it sorted out.

James.

I've not been charged for a loan?

No they'll let interest keep piling up until they take your house away. No pressure.

I've not been charged for a loan?

Sorry to say, but they will eventually figure it out...leave it be for now and let sleeping dogs lie.

I've not been charged for a loan?

put the money away for now, in case someone remembers... you'll get interest and your credit rating will soarrrrrrrr....

on your 65th have a blow out? sounds good to me :-)

I've not been charged for a loan?

in my experience they always find you eventually and it's usually better for you if you go to them first

I've not been charged for a loan?

Sooner or later the bank will realise it's mistake and then you are going to suffer!!!

It will be your fault. You should have paid anyway. You should have told them.

I hope you have been saving enough money for the repayments you have missed, because they will want these, plus penalties for not warning them, plus blood, no doubt, eh?

I've not been charged for a loan?

i would be honest about the loan and call them so you wouldn't have to worry about sudden surprises

I've not been charged for a loan?

just do what i do, deal with it when the time comes, when those robbing B****rds figure out there mistake just blame them!

Its up to them to take the money

As far as your concerned, you thought the money was being taken out!

Good luck.

I've not been charged for a loan?

lucky guy- but karma will catch up. There is the fact that when a loan is taken out that they do take your bank details to make sure direct debits get taken out. So i would try and blame the bank for not taking the payments as instructed by the dd- by law they are to take the money on order of a dd so you're still safe in terms of blame. They cannot downgrade your credit scoring based on an error they've failed to recognise on time. So long as you have been putting away the money that you were supposed to have been paying them on a monthly basis in a high interest account- i think you'll be good to pay it back and you'll have accumulated some interest on the 'free' money you got from the loan. You're safe for now unless the british banking code of practice has other little things that read between the lines.

I've not been charged for a loan?

it will catch up with you.contact the bank.

I've not been charged for a loan?

I would be sorely tempted to not say anything,after all they make millions off us,but I would be worried about them charging me interest on all the missed payments.

Its up to you,if you come clean you will always wonder if you may have got away with it.

I've not been charged for a loan?

why worry babe keep your mouth shut and say nothing, its time someone got something from the banks. Lets face it they cant charge you anymore if they realise , it was there fault. lolol good on you.

I've not been charged for a loan?

banks never forget. put so much by each month.or contact them and tell them

I've not been charged for a loan?

When they do an audit they will ask for all the overdue repayments at once.

I've not been charged for a loan?

I would tell them has the interest will be mounting up.When they do discover the error they will come after you.Plead ignorance %26amp; tell them you have only just realised that way you can fight any added interest they will slam on.Good Luck

Can't pay higher home loan payment but willing to sell?

My interest only loan rate is jacking up a ton in a few weeks and I'm working on refinancing right now. My credit rating is 618 and the refinancer is still looking at options but I have a feeling it's not going as smoothly as possible. I want to prep myself for the worst. I'd like to talk to my bank and ask them to work with me next month and I'll speak to my real estate agent next week and start putting my place up for sale. If there are any bankers out there, what are my options with the bank? What do I say to them? How do I go about this? Can I get a reprieve until I sell my place (I'm going back to renting for a while)?

Can't pay higher home loan payment but willing to sell?

Many feel your pain. Here, locally, many of our foreclosures are a result from adjustable rate mortgages and mortgage brokers initiating escrows on unimproved property taxes, then a year later, when mortgage companies have to adjust taxes calculated against improved property tax assessments, the adjustment raises their monthly mortgage out of budget, hence, foreclosure results. The worst part is that it could have been avoided had the unaware buyer not fallen prey to predator lending.

While I don't know the particulars of your situation, it doesn't hurt to ask your mortgage company if they'll accept a Short Sale. Basically, it's an upside down sale collecting less than what's due, but it'll save your credit and save you from filing bankruptcy. Only your mortgage company can say whether or not you can do a short sale.

Personally, if I don't get a satisfactory answer, I'd call again and speak with someone else, preferrably someone in authority at your mortgage company. If after calling enough times you continue to get the same answer, then you'll know you've gotten the right answer. I only suggest this because your situation is life altering and you're in dire need of getting set in the right direction.

Bless your heart. I sincerely hope you can re-finance..

Always keep in mind for future reference: 1) adjustable rate mortgages are often best left to the transferees who know they'll only have the property for a short period; 2) if one day you're buying a newly constructed home and financing with escrows, make sure they've calculated your taxes on improved property taxes upfront; 3) get educated first on the different loans before financing or even re-financing, and get the one best suited to your current and future status and lifestyle.

Best of luck. I sincerely hope, whatever the outcome, that it all works out to your benefit.

Can't pay higher home loan payment but willing to sell?

Your troubles are affecting millions of Americans today and the banks don't like it any more than you do,yes call your mortgage company and talk with them.Explain you want to keep your home and ask them to refinance you in a loan that's a fixed rate.Most company's will work with you and honestly a credit score of 618 is good enough to qualify you a new mortgage.

Can't pay higher home loan payment but willing to sell?

I agree with that answer.

Question about applying for a small business loan?

I am currently overseas in Iraq. I am unable to come home anytime soon. My Godfather and i are trying to get a small business loan. He has a Power of Attorney and he went down to the bank and basically the told him they cant do it cause I'm not there. Please if there is anything anyone knows please let me know. Thanks

Question about applying for a small business loan?

He could apply for a loan himself. And if the loan is actually for you, you should be able to do it through the mail, as in signing and stuff.

Personal loan APR issue?

Can anybody tell me how the APR is applied on loans, I know it stands for Annual Percentage Rate.

I'm fixing to get a $5000 loan with an APR of 14.99% with a 24 month term paying $243 a month.

My main concern is that if on my first payment I do $600, my balance will be $4400, Will the bank be applying the 14.99% to that amount making it come up to $5,059.56 and then the next month I pay another $600 - $5,059.56= $4,459.56. So now I've paid the annual APR so on my third bill will be for $4,459.56 I'll be making a payment for the same amount $600 to have a balance of : $4,459.56 - $600 = $3,859.56.

HAVE I UNDERSTOOD IT WELL ?

AM I STILL WRONG?

Please if any of you have better knowledge about how this is applied yearly, monthly, etc. Do not hesitate to give me some briefing.

Thank you very much

Joshua.

Personal loan APR issue?

Whether the interest rate is applied on a daily or monthly basis depends on the terms of your loan.

If it is applied monthly, for your first payment (assuming that it is 1 month after you got the money), you would take 14.99%/12 = 1.24917%, multiply that times $5000 = $62.46. So for your first payment of $600, $62.46 would be applied to interest and the remaining $537.64 would pay off principal. So you would have a new balance of $4462.46

Then, for your next payment, the interest calculated the same way, would be $55.74, and your new balance would be $3918.20. After 3 payments, your balance would be $3367.14. You would have the loan paid off in 9 months.

Even if the loan is compounded on a daily basis, using the monthly basis should get you pretty close, and it's a lot less work. To calculate using a daily basis, you need to divide the 14.99% by 365, and build a spreadsheet that adds the interest to the balance each day, figure out the exact day your payment will be credited and then use the spreadsheet to determine how much of the payment is principal vs. interest.

If you use the monthly method to determine your approximate interest, and then update your exact balance every month, it will be a lot less work, and you should still be within a few dollars one way or the other.

Personal loan APR issue?

You take the balance and multiply it by .0125 to see what the interest is for that month. (1.25 is 14.99/12*100 )

For Instance:

$5000 - 600 = 4400

$4400*.0125 = $55

$4400 +$55 = $4455

Personal loan APR issue?

the hiddne idea here is the annual yield which takes into account compound interest. The yield is always a bit more than the actual rate...good news if you are saving and bad news if you are paying off

If you were a member of Congress, would you support the concept of a national bank today?

In support of your choice, use an example such as the Chrysler loan to illustrate the benfits or dangers of a national bank.

If you were a member of Congress, would you support the concept of a national bank today?

Well, the Constitution gives Congress the direct authority to mint money, and a national bank was determined as the most effective way to handle the distribution.

It's not an issue of whether there is a national bank. It's a question of who can authorize loans like that.....

If you were a member of Congress, would you support the concept of a national bank today?

No, there are plenty of %26quot;national%26quot; banks already. We also have the Fed.

The %26quot;Chrysler loans%26quot; from the government were loan guarentees in case Chrylser went out of business. The gov didn't actually loan money to Chrylser. They don't do that.

If we have a national bank, doesn that mean all private banks and CU go away? No way would that fly.

the gov has no business running a retail bank or any offshoots of such a concept. The federal reserve is a different story and has more to do with currency and monetary policy than pure banking/lending etc.

If you were a member of Congress, would you support the concept of a national bank today?

There already IS a national bank. That is the bank that handles all of the money transactions between banks that citizens normally use, and also handles the federal governments own banking needs. It exists in the District of Columbia (DC) and is exempt from all normal banking laws since DC is not a state, nor is it even a part of the US officially.

If you were a member of Congress, would you support the concept of a national bank today?

I would support anything that ousted twisted Federal Reserve System. Witch is not even part of the government!