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A financial institution has made an offer to combine all of my credit card debt (,000), my mortgage (0,000) and my second mortgage (,000) for a total loan value of 4,000. I believe that my home is only valued around 165,000-170,000. The offer is for a 15 year loan at 8.89% APR. (My current mortgage is 6% and the second mortgage is 6.4%). It would only reduce my monthly payments by a couple hundred dollars, but the thought of having my home paid for in 15years is appealing. They are charging a pre-paid finance charge of 00, which I really don’t understand. They are adding that to the value of the loan making the total principal to be 4,000. I am really leaning towards going forward on this, but would really appreciate any advice. I am a little uneasy about the fact they are offering the loan for more than the value of my house. I realize that I will have to change my spending habits and get rid of my credit cards or this is useless. Thanks!
Tags:couple hundred, credit card debt, Credit Cards, current mortgage, finance charge, financial institution, loan value, second mortgage, spending habits
Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” He has told my father to immediately seize all payments, even though he is not his lawyer yet. However, my father is determined to give him the 00 and sign a contract with this guy, soon. I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash…
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Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. He has also told him to immediatelly stop paying everything, regardless of my father’s situation. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash… I have a gut feeling that this guy is not well intentioned…
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I’m a 23 year old single female at a loss…Here is a rundown of my debt. A ,000 FHA loan that got foreclosed on, ,000 second mortgage, i’m guessing about 25k in credit card debt and another 30k at least in hospital bills. And here’s a kicker. One of the credit card companies is suing me.
The house is already foreclosed on and i don’t have a car so i don’t need to do the one where they save your house and car.
I’ve heard that a bankruptcy on you credit follows you for the rest of your life, but a foreclosure will fall off in a certain number of years. I want to eventually be able to buy a house again and have credit!
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At the April 2006 Conference, Pres. Monson gave a talk with the following quote:
"The final maka-feke I wish to mention today is one which can crush our self-esteem, ruin relationships, and leave us in desperate circumstances. It is the maka-feke of excessive debt. It is a human tendency to want the things which will give us prominence and prestige. We live in a time when borrowing is easy. We can purchase almost anything we could ever want just by using a credit card or obtaining a loan. Extremely popular are home equity loans, where one can borrow an amount of money equal to the equity he has in his home. What we may not realize is that a home equity loan is equivalent to a second mortgage. The day of reckoning will come if we have continually lived beyond our means.
My brothers and sisters, avoid the philosophy that yesterday’s luxuries have become today’s necessities. They aren’t necessities unless we make them so. Many enter into long-term debt only to find that changes occur: people become ill or incapacitated, companies fail or downsize, jobs are lost, natural disasters befall us. For many reasons, payments on large amounts of debt can no longer be made. Our debt becomes as a Damocles sword hanging over our heads and threatening to destroy us.
I urge you to live within your means. One cannot spend more than one earns and remain solvent. I promise you that you will then be happier than you would be if you were constantly worrying about how to make the next payment on nonessential debt. In the Doctrine and Covenants we read: “Pay the debt thou hast contracted. … Release thyself from bondage.”
You can read the talk in it’s entirety here:
http://www.lds.org/ldsorg/v/index.jsp?vgnextoid=2354fccf2b7db010VgnVCM1000004d82620aRCRD&locale=0&sourceId=d358e2270ed6c010VgnVCM1000004d82620a____&hideNav=1
I was reminded of this talk today in Relief Society and thought about how relevant it was after the last week’s financial crisis that will continue into next week.
Any thoughts?
*NOTE* This is a fairly specific question directed to a specific group of people. Do not use this as an opportunity to attack a faith, or you will be in violation of Y!A Community Guidelines.
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I need to borrow 25k. My bank doesnt give unsecured loans for that amount. I just bought my house and am pretty sure I dont have 25k equity in it. So, a second mortgage is out. Are there any legit companies out there that will lend that kind of money to a person with good (not excellent) credit? If need be I have a co signer with excellent credit willing to help me. The purpose of this loan is for debt consolidation. I just want to pay off all those credit cards, have one monthly payment and start over. Bankruptcy is not an option. My credit is decent and I want to keep it that way. Serious advise only please.
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Last year, Delta Airlines lost over billion. They have a huge debt as high as billion. Its balance sheet does not balance because its net worth is minus billions. They have been in bankruptcy for awhile and just recently borrowed billion dollars. If Delta was a house, the owner does not have any equity in the house and continues to pay its loan without building an equity because on top on the mortgage loan, the owner pays a second mortgage. They are like more of an apartment that pays rent and doesn’t get back anything from it. I decided to bring up this issue here because of the visibility and popularity of the Yahoo Answers website, and with the hope that somehow a member of Delta management would come forward and explain why Delta believes it can survive. Delta operates seventy (70) 727 airplanes, with oldest delivered in 1972. These airplanes consume fuel like army tanks on steroids. How does anyone expect Delta to make money? I hope this message will save many people a lot of money by not buying Delta stocks.
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My wife and I have approx k in unsecured debt and second mortgage already. We’re paycheck to paycheck paying min payments now and its pretty uncomfortable.
I don’t want to shirk my responsibilities but we’re in a rut, treading water and not going anywhere. What type of professional should I trust? I’d like to sit down face to face with somebody. My research in different debt consolidation services scares me as does the thought of bankruptcy but for all I know, those are viable choices but I’d really like to talk to a neutral party to help me decide what to do.
A CFP would be more investment oriented right? Are there any government sponsored organizations statewide that are good?
Thanks,
We have a budget already and have cut down monthly expenses (tv, phone etc)to a minimum, living modestly. We analized a debt repayment plan but based on our surplus cash were looking at 4-5 years to get out by using the debt snowball thing. That is also assuming no financial hardships popping up.
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I’m looking to refinance for debt consolidation. Is it better to refi my first mortgage which is at 5.625% or obtain a second mortgage?
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