Could You Pay For A $1000 Emergency? WFMY News 2
Greensboro, NC -- Money is tight for a lot of families and budgets have no wiggle room, even when there's an emergency.
A survey by the National Foundation of Credit Counseling found a majority of Americans don't have enough cash on hand to handle a $1,000 emergency expense like a car problem or unexpected health issue.
Only 36 percent said they would tap into their rainy day fund in an emergency. The rest of the people surveyed said they have to go to extremes to cover an unexpected expense.
That's why News 2 enlisted the help of Shenell Thompson, a Certified Credit Counselor in Forsyth County, to take a closer look at a family budget and see where they can find some extra cash.
Thompson sat down with Tammy Hill, a mother of three. Her husband works hard and she's a busy mom, so they live on just one income. The Hills have a tight budget with no room for extras. In fact, she and her husband can't afford health insurance.
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Should I cosign a refinanced mortgage with father in law when I have bad credit?
We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $50k a year with combined pensions and social security. The bank was only willing to give him $350k and we actually need $390k. They said the only way they'd allow him the $390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc...). The bank told him they would just really like my income there (I make $60k a year), but I'm afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $550k in the current market.
Thanks for your feedback.
We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $50k a year with combined pensions and social security. The bank was only willing to give him $350k and we actually need $390k. They said the only way they'd allow him the $390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc...). The bank told him they would just really like my income there (I make $60k a year), but I'm afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $550k in the current market.
Thanks for your feedback
eta: Thanks for the replies. Another question. I really don't want to explain my situation to him unless I really need to. Can the bank(s) discuss my information with him without my consent?
Did anyone actually read this question?
They are looking for a refinance with cash bank not a purchase so down payment is not even a factor.
Since you have bad credit the bank will not be able to make a decision on the loan until you actually apply and since you father in-law has already been turned down you have nothing to lose.
Now one of the other posters did point out something you have to take into consideration, if your name is going to be on the title and you have creditors coming after you for the repossessions or back taxes they can take you to court, get a judgment and file a lien on the home.
They can't take it but they can force you to pay them back out of any profits if you sell it.
Perhaps you could loan him some money since you have
good income. He can use it to increase the down payment and then ultimately doesn't need to borrow as much.
However a potential problem could occur later. Typically, when you are on the loan, you are also on the title. If you get sued by one of your creditors, then they could place a lien on the house. This essentially makes your father-in-law responsible for your debt.
Finally, the current real estate market sucks. If you can't be on the loan, talk to the seller about reducing the price of the house to something your father-in-law can afford. If the seller is motivated and has no other options, this might actually happen. Ironically, the fact that you can't help him with the loan might actually help him get a lower price.
If they don't lower the price your father-in-law can't lose what he doesn't have. Therefore, he will not be in worse shape.
how essential is a credit score?
is a credit score still essential? in what sense? there are lot's of advertisments saying "0% APR and after that is 8.9% for bad credits." and then whenever i check my yahoomail there is always an ad that says, 'sour credit? sweet card." there are also cars, loans, credit cards, mortgages, refinance that requires no downpayment plus good APR rates. how essential are credit scores nowadays?
Good credit reports / scores help in many different ways - lower interest rates for credit cards, loans, etc., lower rates on insurance, a better chance at being approved for a job or rent house / apartment, not having to pay, or pay a lesser amount, of a down payment on utilities, etc., etc., etc.
Keep your information safe, never apply for credit through those offers you receive in your email or on clearinghouse types of credit sites. Those emails are spam, ignore them.
If you apply for credit cards online, only apply on the creditors website.
If you are looking for a car loan, mortgage, etc., deal with your bank or credit union.
http://badcredits.awardspace.com/creditscore.htm
In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports-->you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
Is it a bad time to refinance your car when you just purchased a house?
Husband applied for one but was denied for a reason of a 'high debt ratio'. Well, that is true cuz we just bought a house!! He doesn't have a lot of credit card debt(about1k) and has good credit score(720). Debts has gotten high ONLY because of our new mortgage loan. Is now NOT a good time to refinance your car? :(
,Too many hits on your credit will effect your credit score and lower it eliminating your credit availability somewhat.
Mortgage refinance?
Yesterday our mortgage lender called to give us details on a possible refinance opportunity. We aren’t sure if we want to do this or not. Would you look at the facts and figures and give us your opinion?
Right now we have a 5.875% 30 year fixed rate loan with a balance of $134,700. Our monthly payment is $1,113.87. This includes insurance and taxes.
We can get a refinance at 5.625% 30 year fixed rate for $161,000. Our monthly payment will be $1,250.
Another option is to take a 15 year fixed rate at 5.25% with a monthly payment of $1,611.
Both of these options will be 90% of our home value and will then incur mortgage insurance until our balance drops below the 90 % value of the home.
We would get a cash out of $34,000 to pay off credit card debts. These credit card debits are at a low 2.99%, 3.99% and 4.99% fixed life of loan rate. We have been paying off about $700 to $1000 a month on this debt. In the last year, we paid off about $12,000, bringing the debt down from $36,000 to $24,000. This is the only debt we have, other than the mortgage.
Here’s the question: Should we continue to pay off the credit card debt and be done with it in about two years? Of course, this is assuming that there are no other emergencies that require us to charge more debt. I am wary of the credit card market being able to change your percentages without much reason. We have co-signed for a car for a family member and she often makes late payments. I understand the credit card mongers can change your contract if you are delinquent on any bill, not just their own bills. That would be bad.
It would be lovely to have only one mortgage bill to pay instead of five credit card bills and one mortgage payment. And not to worry that the terms might change without much warning. Plus it would all be a tax break.
On the other hand, we could be done with that $34,000 credit card debt in two years if all goes well. Then we could double up on our mortgage payment and get that paid off sooner.
What do you think? What would you do if it was your choice? We are going to ask our accountant friend the same questions. Just gathering opinions now. Thanks for taking the time to help us think this one through. We will be anxiously awaiting your answers!
If you miss a credit card payment, they'll scream and yell.
If you refinance your credit card debt by attaching it to your house, you'll be paying off your credit cards for the next 30 years, and then if you miss a payment, they take the house.
Get a copy of "The Total Money Makeover" by Dave Ramsey.
He explains a plan to never need credit cards again.
I'll summarize:
STEP 1: You're worried about emergencies. Good! Save up for them. Pay only the minimums on your credit cards for a month or two, until you get $1,000 cash saved. Withdraw the $1,000 as ten $100 bills, and buy a picture frame and get it engraved: "In Case of Emergency, Break Glass". Then put the Benjamins in the picture frame, and hide it in the back of the closet.
STEP 2: Once you have that cash saved, cut up your credit cards. Pay off the cards, just like you have been planning to. If you need to break your pretty picture frame, then go back to paying the minimums until you're back to $1,000 saved.
STEP 3: Finish your emergency fund. Continue saving the $700-$1000, and put it in a separate bank account (or buy a very large picture frame). When you have 6-months expenses saved (roughly $25,000), you'll be ahead of most people in the country.
STEP 4: Start saving for retirement. 15% of your income.
STEP 5: The kids' college fund.
STEP 6: Pay down the mortgage, until the house is paid in full.
STEP 7: Live like you're rich, because now you are.
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News.Check it out here:
http://shurl.net/5oX
Is it possible to refinance an auto loan that is at 19% if you have "bad" credit?
I want to buy a house with my husband but HE recently purchased a 2007 Dodge Magnum (only 8K miles) but it was at 19% interest rate. The payments are almost $500 per month. That payment will be hard to manage with a new mortgage. He's only got a credit score of only 599 is it possible to refinance at a lower rate? The loan is only 3 months old and we've got to try to make it through the next 5 years some kind of way. Hopefully, with your help, it will be with a lower car payment. Any advice??
I don't know if he will improve his situation.
He needs to look at why his credit is bad. I would have been looking for a less expensive car with lower payments with an interest rate that high. You deserve a better car when you have earned it and can afford it. Meaning you have built good credit and are not skimping for money.
I worked with a guy that made considerably less than I did. He was complaining that he had to move to a cheaper apartment. His new Camaro payments were $550, my two year old Corolla payments were $210. I still have the Corolla after 9 years. A new car would cost me higher insurance rates, higher registration fees and car payment. The money I saved allows me to buy another car for cash if I want.
If he got the loan directly from the dealer, he almost CERTAINLY get can a better deal by refinancing on the open market. Search the Internet for deals. The dealer is the worst place to get an auto loan with the worst terms.
If I refinance my home to cash out equity and end up foreclosing in the future, what can happen to me?
I like many others am in financial trouble and am having problems paying my mortgage.
I'm thinking about refinancing my home (for no more than it's current market value) and taking my equity so I can pay off my car and a credit card.
If I do that, and still end up facing foreclosure in the future - what can happen to me besides having my credit ruined?
I live in Arizona - the law here states that - "A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure provided the property is a single one-family or a single two-family dwelling."
I fall into that catagory. Basicly, I'm wondering about future pit-falls if the worst case scenerio happens and I do end up foreclosing after I do a cash-out refi.
That is not the law here in Texas but it sounds like you will be OK there except....if you do this and somehow they can tell you planned it all along...I bet that falls into the category of defrauding a bank (bank fraud).
If you innocently have hard times though, your credit is ruined, but it doesn't sound like you can have a deficiency filed against you.
The federal government is discussing passing a law that might protect you against the "phantom income" problem. "Phantom income" is when a mortgage company turns any shortfall into the IRS and you owe taxes on that amount of the mortgage you didn't pay back.
There is often a clause in mortgage applications and the promissory notes itself that require you to notify the lender of any condition that may tend to make repayment of the loan more difficult in the future, or words to that effect. So, the fact that you say you "are in financial trouble" and "having problems paying your mortgage" but you think you will be approved for the refinance loan, make me wonder if you are thinking of not disclosing material information to the lender.
Don't do that, instead, contact the lender and try to work out a better deal. You don't want fraud in your background, that will hamper you for a long long time.
Basically the only thing that will happen to you is when the bank sells your home for less than is owed, you will get a 1099-S from the lender for the difference in what was owed and what the bank could get for the property.
If you can prove financial hardship, the I.R.S. will forgive the taxes owed.
Hope this helps.
Terry S.
Http://www.Welcome2Arizona.com
P.S. Be grateful you live in Arizona! Many states DO NOT allow the homeowner to walk away from their property without paying the bank back what they lost on the foreclosure sale.
If you are having difficulty making the current loan ,
There is a snow balls chance in helll of them letting you have a Larger Loan .
So all of this is probably just fantasy on your part .
Maybe time to get a 2nd job for awhile to get your $$$$$ issues on track ?
>
I seriously doubt that law exists in Arizona because if it did, banks would refuse to underwrite in a state that basically takes away all legal recourse.
What are the chances of me getting approved to refinance my car tomorrow?
Im w/ HSBC for my autoloan& HATE em!My hubby has auto loan w/ Redstone 6% apr.Owe $5k on the loan ('06 Ford Focus).I have a '05 Scion still owe $8,300. I've made OVER my monthly pymt every time on this loan &have 11.9% apr. we've never been late on anything:credit, cable, etc. & I've paid 13 payments on the car. I hate HSBC cust. service &happy to lower apr even just a little w another comp. We owe $87k on our mortgage-which we've had for 15 mos, a $400 bal. on my $2000 limit on capital one visa, a $500 limit from hsbc discover card (paid off and still open),$300 on furniture from 0% apr fr 12mo w 1st comm credit corp-orig. loan was $600, $2800 bal on my $4000 kay jeweler card (0%apr).Im 20- had credit since i was 16 & hubby is 22 had credit since was 18), normal bureaus no bad credit hist. Hes been at job for 1 yr bfr that was at one fr 3yrs. he makes $600/wk i make $800/ev 2 wks only at job 6mo but bfr ws at job 2yrs. Hes a tattoo artist no taxes yet only check stubs will this work
If you think that you are paying a higher repayment amount for your existing car loan<!--then you can bring it down. With the help of refinance car loans, you can switch the loan plan with effective loan management.
http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm
If you think your lender is charging a higher interest rate on your car loans then you can look at the refinance car loans option. With the help of a refinance car loan, you can avail multiple benefits. Firstly, you may reduce-->your monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.
I'm pleased to hear someone else hates HSBC. I think there should be a board dedicated to HSBC Haters. They are the most unreasonable credit agency I have ever had the displeasure of dealing with. I will NEVER use HSBC again.
Other than that my day is going well.
What should or can I do about a Bad (low) appraisal on my house?
OK, so I wanted to refinance my mortgage. Everything was going fine, even for having a lower credit score. The closing was set, all we were waiting for was the appraisal. Well, when it came in, it was over $30,000 less than comps near by. It seems that the appraiser decided that the Family Room, which was enclosed from a carport in the mid 1980's, should not be included as living space. "The garage was converted by sealing the opening with T-111 siding, carpet on floor, it is under central a/c, this area is calculated seperate from the living sf for comparative purposes of this appraisal, and is typical and not adverse as it may be readily converted back to car storage purposes at minimal cost." The problem with this is that it never was a garage. There was actually a block foundation attached to the concrete slab, that would not be easy to tear up! He used 936 sq. ft. as the living space, when all the other appaisals stated it was 1183 sq. ft. What do I do to fix this?? Or am I stuck?
I bought the house in 2002. That appraisal included the room as a family room. When I got a home equity loan in 2005, the room was listed as a fourth bedroom, and included as living space. So, I just don't know if I can fight this or not? Any ideas?
The mortgage company I am refinancing with is Countrywide. They currently hold my mortgage. The state I live in is Florida.
Country wide has ALL records pertaining to your property since the beginning. The appraisal is ONE MANS OPINION. Call for another appraisal and lets hope he gets it Right this time considering CW has all the previous appraisals.
whenever a website 404's, I get an annoying search page?
I've wanted to fix this forever, and have tried recently, but there doesn't seem to be any information on removing this small problem when I search google.
The contents of this search page:
Sorry, the page you have requested cannot be found.
Please re-enter a search term:
or click on the of the popular category links below:
Popular Categories
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[/end quote]
Does anybody know how I can remove this, so I can actually stay on the website when it 404's instead of redirecting to this below mediocre search page?
If this same page appears on any website that 404s, either your ISP or a browser plugin/toolbar is hijacking the page. First try disabling any toolbars you have on the browser, and if that doesn't work, try contacting your ISP.
Why can a person who went bankrupt get loans, but I can't?
My credit is fair. I earn over 50K a year. It was so easy to get a mortgage. Then, I was in an accident and my job didn't want to go by my doctor's orders. I couldn't go back. Now my credit is worse, because I am behind with my bills. No one will give me a loan to refinance my car, or just to be able to catch up. What gives?
Most of all of my friends went bankrupt. They still are able to get loans. It seems like bankrupcy is better than being in debt these days. What gives?
When I first got into the auto finance business I asked the exact same question and was told that from a lenders point of view a person that has just been discharged from bankruptcy is a better risk than someone who is struggling to pay their bills because they have no debt and can not file again for 7-years.
I agree it is not right to penalize people just because they are trying and having a hard time of it, but that's just the way it is.