Nov
28
Should I help my parents with the down payment on their new home?
Filed Under Personal Finance | 7 Comments
darshunk asked:
I am in my last year of law school, still searching for a post-graduation job. When my parents filed for bankruptcy, they were allowed to stop paying on their home morgage (around $1200 a month) under the Bankruptcy Code. This “automatic stay” has been in place since my dad filed, a total of 6 months. Hence, for 6 months my parents have been living in their house that is about to be foreclosed by the bankruptcy courts without paying a morgage. You think they would have saved money for moving right? NOPE. They don’t have a dime!
I am a LOT wiser with my money. I have a $5000 mutual fund account, over $3000 in savings, 2 jobs in which I place “extra” money in money market account.
They have paid my car note and insurance ever since I have been in law school. I feel that I should help them with their down payment on their new house but I am scared because they are not financially responsible and I need that money to pay for bar dues, bar classes, the bar itself, moving expenses, etc.
Donald
I am in my last year of law school, still searching for a post-graduation job. When my parents filed for bankruptcy, they were allowed to stop paying on their home morgage (around $1200 a month) under the Bankruptcy Code. This “automatic stay” has been in place since my dad filed, a total of 6 months. Hence, for 6 months my parents have been living in their house that is about to be foreclosed by the bankruptcy courts without paying a morgage. You think they would have saved money for moving right? NOPE. They don’t have a dime!
I am a LOT wiser with my money. I have a $5000 mutual fund account, over $3000 in savings, 2 jobs in which I place “extra” money in money market account.
They have paid my car note and insurance ever since I have been in law school. I feel that I should help them with their down payment on their new house but I am scared because they are not financially responsible and I need that money to pay for bar dues, bar classes, the bar itself, moving expenses, etc.
Donald
Nov
21
can i renegotiate my morgage based on changing my income? please explain?
Filed Under Personal Finance | 2 Comments
didntdoit asked:
I bought my house in mid-2008, my income was high that time (about 120,000 gross per year), I decided to leave my job to persue a higher education and work at same time and my income will be around 50,000 gross per year. I have some savings but not much. i have a home-staying wife, two kids (less than 2 years old), no other income. my monthly mortgage payment is 2300. I was planning to borrow on credit cards if I need to go through the next 3-4 years of education. I just heard that I can negotiate my morgage especially that my house value declined by maybe 8-10%. I’m in Pennsylvania by the way, my credit history is clean. I have some other student loans for me and my wife to pay.
I tried to put all details, so please help me. thanks
thanks. the problem is that I’m going to do full time training, can’t do part time.
I bought my house in mid-2008, my income was high that time (about 120,000 gross per year), I decided to leave my job to persue a higher education and work at same time and my income will be around 50,000 gross per year. I have some savings but not much. i have a home-staying wife, two kids (less than 2 years old), no other income. my monthly mortgage payment is 2300. I was planning to borrow on credit cards if I need to go through the next 3-4 years of education. I just heard that I can negotiate my morgage especially that my house value declined by maybe 8-10%. I’m in Pennsylvania by the way, my credit history is clean. I have some other student loans for me and my wife to pay.
I tried to put all details, so please help me. thanks
thanks. the problem is that I’m going to do full time training, can’t do part time.
SKR would you please tell me about my options if I decide to sell the house? thanks
Arnold
Oct
24
Can you get a Reverse Mortgage with a fixed rate and what is the maximum borrowing amount for a 73 year old?
Filed Under Personal Finance | 3 Comments
Sep
22
dreamwalker2001 asked:
Lately I haven’t been working as many hours because of cutbacks so I’ve fallen behind in a few payments. So I’ve tried to obtain a small loan from a few banks with no luck. I’ve been paying my morgage on time for more than 15 years and never considered home equity. Why are these banks telling me I can’t be approved for a small amount but they’ll let me borrow 10 times as much with a home equity loan?
Ann
Lately I haven’t been working as many hours because of cutbacks so I’ve fallen behind in a few payments. So I’ve tried to obtain a small loan from a few banks with no luck. I’ve been paying my morgage on time for more than 15 years and never considered home equity. Why are these banks telling me I can’t be approved for a small amount but they’ll let me borrow 10 times as much with a home equity loan?
Ann
Sep
13
my son wants to get a job in banking. Without any experience how can he go about this?
Filed Under Personal Finance | 5 Comments
MIss.understood asked:
He’s almost 20 and a college student taking general classes like English, etc. He’s applied a few banks. But so far nothing. Anyone have any advice for him to get his foot in the door? What about morgage companies? Will they train?
Glen
He’s almost 20 and a college student taking general classes like English, etc. He’s applied a few banks. But so far nothing. Anyone have any advice for him to get his foot in the door? What about morgage companies? Will they train?
Glen