Recession leaves many in permanent cutback mode USA Today
The native of Guyana and former Marine carried balances on his credit cards, went out to dinner at least five times a week, and didn't pay attention to the price of gas.
Today, Hariprashad, owner of Ena's Driving School in Queens, N.Y., pays off his credit cards at the end of the month. He's making extra payments on the mortgage for the house he shares with his parents and hopes to pay it off in about 10 years. He shops around for the cheapest gas he can find and pays with cash to get a discount.
Hariprashad, 34, says the recession forced him to change his ways. Business slowed because customers didn't have as much money to spend on driving lessons. Faced with the threat of bankruptcy, he cut back on discretionary spending and used the money to pay off his credit cards. "Now, I have a clean slate," he says.
VIDEO: How to get an accurate credit score COLUMN: More homeowners shorten mortgage terms COLUMN: HowNew rules aim to simplify refinancing for troubled homeowners
If you are a troubled homeowner hoping to refinance, pay attention next Tuesday as details come out on a new federal program that could make it easier starting in late December or early in 2012.
In the meantime, be sure you keep up with your mortgage payments so that you can qualify for the new deal.
Even if you missed payments in the past, it can help to be current going forward, said Kathy Conley, housing specialist for GreenPath Debt Solutions in Farmington Hills.
The revised Home Affordability Refinance Program (HARP) could apply to a broader base of people.
If, for instance, you owe $100,000 on a house that would appraise at just $50,000 – too deep underwater for a conventional refinancing – you might be able to refinance under the new HARP. That was not true under the old HARP, launched in 2009, which had a 125 percent maximum on loan-to-value ratio.
The new plan is expected be a big help for many homeowners in states that have been hard hit by drastic drops in home values, such as Michigan, Florida, California, Arizona and Nevada, according to Greg McBride, senior analyst for Bankrate.com.
Seeing mortgage rates hover near record lows – around 4.23 percent for a 30-year fixed and 3.48 percent for a 15-year – has many folks wondering whether it’s time to refinance.
In this tough housing market, what do you need to know? How can you save money by refinancing and make those low rates work for you?
Even with interest rates low and a revised federal program coming, refinancing is not for everybody who wants – or needs – a better deal on their home and some extra cash.
Some homeowners could face surprising hurdles, even if they’re not underwater and are current on payments.
“Everybody who is really hurting – and everybody who needs the help – can’t take advantage of the rates,” said Kip Kirkpatrick, CEO of Shore Mortgage Services in Birmingham, Mich.
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Simple example of borrowing from equity to fuel consumption
Hi i have a current car loan with my mom as a co-signer. I would like to refinance without her.?
I do not have good credit and i would like to refinance without her.....Is that possible? And if so do u recommend any good banks that will help with bad credit? I live in New York if that helps.
It adds up to a bad deal for you AND the bank.
you cannot rush credit, otherwise you pay
you can get a loan to refinance that will eventually cost you more in the long run, why bother ...
My name is Clara Morris, i saw your question that you are in need of a loan, In the internet they are lot of scams out there.I decided to answer your question to prevent you being scammed.
I got a loan of $45,000 from an agency online and i was so lucky not be scammed. if you will like to contact them, here are their contact: E-mail:peterwhite39@yahoo.com,
car loan new refinance york - News
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MonitorBankRates.com Launches Comparison Shopping for Auto Loans ... - PR Web (press release) MonitorBankRates.com Launches Comparison Shopping for Auto Loans Consumers currently can be matched with providers for home equity loans, new home purchase loans, refinance loans, mobile home loans and car loans. |
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GM's Day of Reckoning - Big Money GM's Day of Reckoning 100-year history " as it seeks to justify its use of the $13.4 billion federal loan package it received back in December, the New York Times reports. Death of a Czar |
Banking Bailout Party: New Details Emerge - The Consumerist
Seattle Post IntelligencerBanking Bailout Party: New Details Emerge Next week, the New York Times says a separate $50 billion program to help homeowners facing foreclosure refinance into fixed rate loans will be announced. Video: Geithner Talks Bank Bailout Plan on Capitol Hill Treasury's Tim Geithner offers tough love to Wall Street but
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Refi 101: Know when break-even point will come - Chicago Sun-Times Refi 101: Know when break-even point will come Much less consensus exists on whether borrowers should refinance into a new loan with a longer or shorter term. Don Frommeyer, senior vice president of |
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Business Right Now - Fox 12 Boise Business Right Now AP - February 11, 2009 3:33 AM ET NEW YORK (AP) - Investors decided to sell as they heard a speech by Treasury Secretary Timothy Geithner on the Obama |