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Hi all:I am new to the forum, although i have done some reading on here (still an obvious newb):So my story is I have just graduated with my MBA and will be starting a job in july (salary 107k, 10-15% bonus). So, as a 26 year old, i htink its time i start actively planning my money and funds. I guess I'll start with my monthly fixed expenses
Rent+utilities = about 1000 a month
Student loans (40k total)=around 500/month
Car insurance 65/month
Phone 110/month So thats around 1700/month fixed expenses
I figure (due to paycheck calculators) getting around 3k per check (2 a month) for 6k a month. The way I'd like to do this is to keep it to spending one check for expenses (so add food/entertainment to the 1700, i dont see myself spending 1300 on that a month though hah).So that leaves me with about 3k a month With this i have a few goals.Create a 6 month emergency fund (fixed expenses x 6=10,200)
Max out my 401k (employer matches 4% of pay so I would have to come up with about 12k/ a year)
Invest whats left over in an index fund or mutual fund (any advice here? I was thinking index fund as i am pretty risk averse and would rather have a consistent 3-5% return type fund that i add to as much as i can...Was thinking about a vanguard fund)NOTE: Bonuses will go for the most part into investing as well (should have 10-15k bonus this year and on)Lastly youl want to kill me here, but I really want an audi a5 in 2 years or so......now any saving for this will come from that 1300/month i have for variable expenses (save the money left over for this indulgence of mine)ANy thoughts, critiques? Thanks guys. Look forward to learning from you all

Two months ago, I changed jobs (same industry, same title, etc) which changed me from being a W2 employee to a 1099 consultant. I am basically an employee (40+ hours a week), but it's a start up and everyone except the founders are consultants, so that's why I'm not a W2 (I know it's not okay, legally, but I joined the company knowing this so don't focus on that part). Since I'm making a lot more money (2x+) I thought, hey, I can afford to buy a house now! Alas, I've talked to about 8 lenders (Citi, BoA, a few credit unions, EverBank) and they all say I need 2 years of 1099 history in order to get a loan. I realize I'm basically out of luck, but I was just wondering if there is any other way for me to, while filing as a 1099, get a loan. My options, as I understand them:
1. Wait 2 years.
2. Become W2 employed.
3. ?

Looking for some FWF wisdom regarding my financial situation. I'm pretty confident in my ability to make sound financial decisions, but I like the idea of bouncing questions off the FWF collective of knowledge and hope to get some ideas of what I might be able to do differently.Age: 35, married, 1 kid (19 months), will probably make #2 around the end of the year. Retirement savings: $150k between my wife & I, mostly in Traditional IRAs & Traditional 401(k)/403(b) plans. $26k savings--I consider our emergency fund, would last about 9 months with no HHI.We stay in a house that the bank owns--bought in 2006, nearly no equity CMV ~ $250k. In 2009, I was able to get a HAMP loan modification which reduced the interest rate on our first mortgage to 2.25% for 5 years, in 12/2014 it will increase 1%, in 12/2015 another 1% an so on until it caps at 5%. Balance on that mortgage = $195k. We have a 2nd mortgage @ $47k that is fixed at 5%--also a modified rate, but fixed for the life of the loan. Car loan at 2.24%, $8,500 remaining. Student loan $12,000 at 2.875%. No credit card debt, we pay off a rewards card in full monthly.We have about $300-400 extra per month after contributing to our 401(k)/403(b)s (not maxing out--wife maxes match, I contribute above the match). I'm trying to figure out my best use of funds. I have been paying extra to the 5% second mortgage just because it has the highest interest rate and I would like to pay it aggressively so that I will be in a position to refi my mortgage at lower rates after the primary mortgage rate starts to increase. I'm tempted to pay off my car loan out of my emergency fund since I don't get jack for interest and I take some risk with the emergency fund--it's mostly in Fidelity ST Bond Fund (FSHBX), so if rates were to rise sharply, I could see some downside.What is my best use of funds? Continue to pay on the 2nd mortgage aggressively so I can be in a better position to refi? Pay off my car loan immediately and use the $220 not going to payments to add to paying off the 2nd mortgage faster? Squirrel away more in emergency savings in anticipation of child #2? The car is a 2009 Honda Accord, I'm not going to sell it any time soon. Drove my last car 11 years/190k miles and hope to do the same with this one.

Although there are a number of threads regarding adverse action by credit card companies based upon a variety of issues, no one thread really seems to address the issue of long term or distinct risks that may arise due to churning credit cards for sign up bonuses.There are many different scenarios one could imagine and I would appreciate feedback on all or any, including:
A user who opens, over the course of a short period of time (say 3 months), a card from each issuer (1 chase, 1 citi, 1 capital one, 1 barclays, etc.) to obtain a sign up bonus, then closes those cards within 6 months, and applies for each one again to reap additional sign up bonuses.
A user who opens multiple cards with 1 issuer in a short period of time (chase freedom, chase sapphire, etc.), reaps the rewards, closes the cards, and applies for cards to reap the rewards over again a short time later.
A user who opens and closes one particular card 3 or 4 times within a year in order to reap sign up rewards.
A user who opens cards to reap sign up rewards and either doesn't close them or closes them, but only after a long period of time(a year) of having them open.I'm sure there are more situations we could imagine, but this is at least a start.One obvious risk is adverse action from the issuer in that the issuer reduces or limits the credit limit on one's accounts or even closes one's accounts. Another is the risk of lowering your credit score for constant inquiries. Perhaps even loss of rewards is a risk. I view these all as limited risks worth taking. But one could imagine more serious issues - for example, opening and closing credit cards over and over again results in a lengthy credit report, particularly in the section of closed revolving accounts. One could imagine a user who opens and closes 4 or 5 cards a year over a 5 year span - that's 25 closed accounts reflected on your credit report. Is this a risk in and of itself? What is the risk that a mortgage company could examine this and be concerned with fraud or other issues and deny you a mortgage? How about an auto loan company? How about other credit card companies?What if chase views your credit report and realizes that you've opened and closed 5 chase freedoms over the past 5 years? Do they shut you down altogether? I'm not certain that closed revolving accounts ever fall off your credit report. If they don't (or if it takes a significantly long time), have you ever considered the fact that this kind of activity essentially stays with you forever? I know some of us don't need credit, but many of us plan on obtaining loans for our children for school, buying homes and needing a mortgage or financing vehicles, etc. Are we endangering our future by engaging in these kinds of activities? In any event, please share your feelings on this issue. Thanks!

My wife and I are trying to have a baby. She is not pregnant yet but my belief is she will be within the next 6 months. We both work full time. I won't go into details of our jobs but I will say that our combined income is 190K (80K me, 110K wife). She talks about working part time after giving birth/maternity leave and that she can eventually go back to full time whether at her current company or another company. Given the job market I think she is underestimating how difficult it is to find a new job and once she goes part time who knows if she can go back to full time.Now my income alone would be sufficient to support a child but you never know what can happen. Our only real debts are mortgage and her student loans (her student loans we expect to pay off by end of next year). We pay our credit card bill fully each month and MAX out 401K and Roth IRA and we invest in individual stocks, mutual funds, etfs, you get the drift.So how can I convince my wife to go back to work full time after maternity leave. Daycare is expensive but the loss of income is much more expensive and her company medical insurance is much cheaper than mine. I think she can work weekends and then have 2 weekdays off and I could be able to swing a work from home day once a week at least initially. Unfortunately the grandparents live far away so can't just drop the kid off there or have them come over every day.

Looking for some FWF wisdom regarding my financial situation. I'm pretty confident in my ability to make sound financial decisions, but I like the idea of bouncing questions off the FWF collective of knowledge and hope to get some ideas of what I might be able to do differently.Age: 35, married, 1 kid (19 months), will probably make #2 around the end of the year. Retirement savings: $150k between my wife & I, mostly in Traditional IRAs & Traditional 401(k)/403(b) plans. $26k savings--I consider our emergency fund, would last about 9 months with no HHI.We stay in a house that the bank owns--bought in 2006, nearly no equity CMV ~ $250k. In 2009, I was able to get a HAMP loan modification which reduced the interest rate on our first mortgage to 2.25% for 5 years, in 12/2014 it will increase 1%, in 12/2015 another 1% an so on until it caps at 5%. Balance on that mortgage = $195k. We have a 2nd mortgage @ $47k that is fixed at 5%--also a modified rate, but fixed for the life of the loan. Car loan at 2.24%, $8,500 remaining. Student loan $12,000 at 2.875%. No credit card debt, we pay off a rewards card in full monthly.We have about $300-400 extra per month after contributing to our 401(k)/403(b)s (not maxing out--wife maxes match, I contribute above the match). I'm trying to figure out my best use of funds. I have been paying extra to the 5% second mortgage just because it has the highest interest rate and I would like to pay it aggressively so that I will be in a position to refi my mortgage at lower rates after the primary mortgage rate starts to increase. I'm tempted to pay off my car loan out of my emergency fund since I don't get jack for interest and I take some risk with the emergency fund--it's mostly in Fidelity ST Bond Fund (FSHBX), so if rates were to rise sharply, I could see some downside.What is my best use of funds? Continue to pay on the 2nd mortgage aggressively so I can be in a better position to refi? Pay off my car loan immediately and use the $220 not going to payments to add to paying off the 2nd mortgage faster? Squirrel away more in emergency savings in anticipation of child #2? The car is a 2009 Honda Accord, I'm not going to sell it any time soon. Drove my last car 11 years/190k miles and hope to do the same with this one.

Over the last two months, I have not seen a single E or HR loan available to invest in. Yet there are numerous AA and A loans with what amounts to a very poor interest rate based on how many loans fail. The highest interest rate I have seen recently is 22%. Are they giving institutions earlier access to the higher yielding loans? As it seems the decrease in higher yielding loans coincided with the blocking of seeing who invested in those loans.Is it basically time to move on from this investment as it is becoming the eBay of today.

Would appreciate the advice of any in the mortgage in industry. I'm trying to get PMI taken off my mortgage that I got in May of 2012. I stupidly already dumped the money into the mortgage to reduce it below 80% LTV before ensuring that my PMI would be removed, and now my servicer is refusing to remove it, so I'm interested in learning industry practice in this regard. Pursuant to Fannie Mae rules, I received a disclosure regarding the PMI removal when I closed my loan. Among other conditions, it says that I must have a "good payment history" to request removal of PMI. My servicer says this means I must have at least 2 years of payment history, but the disclosure doesn't actually require that. It says that good payment history means 1) no payments 60 or more days past due within two years and 2) no payments 30 or more days past due within one year of the later of (a) the cancellation date, or (b) the date you submit a request for cancellation. I've satisfied both 1) and 2) because I've never been late on any payment. However, my servicer claims that a 2 year payment history is an implicit requirement to the 2 year payment history because "how can we know if you've never been 60 days late in 2 years if you don't have a 2 year payment history." I think his argument is bogus because the rule is about late payments, not length of history.

Noob to Fat Wallet, so I'm sorry for beating a dead horse. For the last several weeks, I've been trying to figure if I need life insurance or not, and if so, what to get. I was approached by a Northwestern Mutual agent who represents a few colleagues of mine. He wanted to discuss my financial planning and recommended I look into whole life insurance as a mid-long term financial strategy. He seems like a decent guy, but I'm not sure I trust him.A little bit about me: I'm 27 years old, single, no kids, healthy, non-smoker, and my occupation is dentist. I've been working for 1 year now and I'm trying to put all the pieces in place for my financial future. I have been maxing out my Roth IRA since 2012 and have about a 3 month emergency fund saved up with a little over 10k in it. Debt wise, I have a 30k auto loan @ 1.9% and 330k in student loans ( ~255k @ 6.5% and ~75k @ 7.9%).Back to my question: The NML agent recommended I open a mixed term/whole life insurance policy now while I'm young and healthy so that I can get a low premium and accumulate tax-free money to use for any major purchases down the road (house, marriage, buying a dental office, etc). Down the road, as I need less term insurance, I would be able to convert it over to permanent life insurance without undergoing the medical underwriting. It all seemed to make sense in terms of the tax advantages and long term planning. However, after doing a TON of online reading, 99% of what I've read has led me to believe that whole life insurance is a bad situation in general and also that I may not need life insurance at all right now, whether it be term or otherwise.I am looking for a financial avenue to accumulate wealth for mid/long term with minimal risk and effort on my part. I don't have the desire right now to spend time researching different funds/indexes, etc to invest in. I would prefer to simply automatically deposit money into some sort account and let it do it's thing. Is anything out there that fits the bill? Or should I just put as much money as I can into paying back my student loans right now and forget about long term financial planning until it's all paid back? I have a very basic knowledge of the financial world (if that wasn't already made apparent by this post), so I appreciate your patience and help in this matter.

I recently refinanced my personal home and two investment properties (applied between 1/11 18; closed 2/27; 2/28; 4/24). These were bank-offered re-fis through HARP-type programs with no closing costs. At that time, my DH and I had Equifax scores of 758 and 763. Last week, I applied for two new re-fis on investment properties (both were through CitiMortgagenon-qualified loans with two separate credit pulls). These are the other things I want to dosoonand Im looking for advice on the best way to proceed without affecting my credit score any more than necessary:
1.Need to refinance one more investment property (last one!).
2.Want to do a mini AOR to get a few credit cards, with a total net of three free or close-to-free plane tickets to France. Would consider other cards as well, depending on offers out there (havent started research yet).
3.My daughter will need a Europe-friendly credit card this fall while she studies abroad (hence my need for her ticket, leaving in August, and two for DH and I to visit in October). At 20, shes been building credit with Discover, but if she doesnt qualify for another cc on her own, Ill have to get one and add her as a user. Not sure how close I can get to three free tickets (or cash toward them) and how much the spends will be.I think all credit pulls within a certain time frame are seen as one; is that correct? What is that time frame? Should I apply for the third refi now.? How about the credit cards? Any other things to consider? Thanks!

I am 26. Secure job, good income (lower 50s). Been living at my parents paying down student loan debt (21k left). Its starting to get embarrassing to live there. Ia it agreed I should move out?

I know how FW feels about sob stories in the media about people being ripped off paying exorbitant rates. Today on Marketplace on NPR was a story with a FW twist - she drives a Crown Vic and needed money for new brakes: Sutton needed that $207 to fix the brakes on her 1997 Crown Victoria. Its a hand-me-down from her late grandmother, and she needed it to get to work....

...Sutton initially borrowed $207. Add in interest, fees, and credit insurance, shed be paying back $350 to World, in seven monthly installments of $50 each. The annual percentage rate listed on Suttons loan contract (the APR) was 90 percent. Thats already pretty high for a consumer loan. But add in the cost of credit insurance, and the loan has an effective APR of 182 percent, according to an analysis by ProPublica.Link

I recently came into some money via an inheritance and think its probably best to settle my private student loan (appx. $50k) in full as the interest rate is 7,25%. Its gonna be hard to beat that rate that investing the money. I know I'm allowed to make interest payments while a "in school" status, but am I allowed to pay off the balance in full?TYA

I recently cosigned my brother's car and started a Wells Fargo college credit card with plans on buying simple things to establish my credit while I earn my 2 year degree. These both should establish and increase my credit correct?I also have federal student loans for school, will my credit take a hit during college, after, or won't change?My plans would be to ad another credit line after college(car loan) and I would like to steadily increase close to 800 by the time I'm 30?

Looking at foreclosed houses in need of a little repair (need roof, maybe siding, nothing inside the house), the issue of financing comes up.FHA has a higher interest rate, not exactly sure how much but doesn't require too much to qualify. Repairs have to be done by a licensed contractor. Conventional, higher requirements and you can do as you wish.I think I have those right.So my question is whether its ever better to go with the 203k loan over conventional? I want more opinions than just the guy at the bank.

Ok to start, I messed up my student loan repayment. This I totally admit so get your jabs in in the beginning if necessary and then please offer useful advice after. I was under the impression they go into deferment automatically after graduation until repayment began (again my fault for not paying better diligence to them) so basically they went into delinquency 120+ days. I've since put them into deferment. They were recently sold from the Department of Education to some other lender, Great Lakes Borrower Services like 2 weeks ago. I've made my first payment to them yesterday (I know I should've done it sooner) but all this has been overwhelming. These are the only accounts I have ever missed a payment on in a credit history of 9 years (6 student loans out of 20 credit accounts total) I'll attach some images that detail it further.So here's my deal. I'm trying to get a loan for a used car around $6,000 to buy a reliable car not a $1000 junker without involving any cosigner's because they will hold it over me and I'd like to do this on my own. I currently work part time but my job has offered me full time work at the end of summer (prob beginning of August) and I have some interviews with full time positions coming up, which I would take if offered. My only monthly expenses are the few credit cards that have balances, my student loans and a $60 a month phone bill. No more car or car insurance because it died hence why I need a car for work. Living at home saves me money but is obviously why I don't want to involve my parents any further.My Fico score from myfico.com is 629. This says it's my Equifax Fico score. Is that the same as the regular Equifax score? My Experian score is 708. Transunion score is 653. According to the myfico.com site at a 629 score the average interest rate is 10.425% for a 48 month car loan which I'm not willing to pay. I don't mind paying a higher rate than the bottom 3.352% especially since I plan on paying this back within 2 years but over 10% is out of the question.I've read that if you rate shop for auto loans within 14 days it's not as detrimental to your score because it'll be classified in one grouping? Also I've been reading that a credit union is probably the way to go due to willingness to work with people, but I am not currently a member of one and don't have lots of disposable income to open accounts at several, nor pay $25 or $50 application fees for several. I'm trying to line up all my ducks in a row before I proceed which is where you guys come in with any advice.How do you guys think I should proceed? Is there a way to shop for rates for a used auto loan at a credit union without being a member? Are there any highly rated online services that you guys have used and were happy with? I've read some reviews from the site top ten list reviews (i don't trust them) but was hoping members could share some insight to what they used.The bottom line is am I just screwed or do you think explaining my gaffe and showing that I never missed a payment on any of my numerous other accounts EVER will be able to help me?Thanks for reading my long winded post, and thanks in advance for any useful advice. If you need any more info, I'll post accordingly.

I held a GMAC mortgage, which was recently transferred - about 3 months ago - to Ocwen. Smooth, no action required. Now I am receiving calls from a 313 local Michigan number, almost every day, where the caller is saying he or she is from Quicken Loans and they've recently acquired my servicing rights. I finally called back and spoke with someone, who tried to get me transfered to someoen who wanted to refinance my rate.Anyone else? This legit? According to this press release (http://www.advfn.com/nyse/StockNews.asp?stocknews=OCN&article=56... the sale happened, but shouldn't there be something in writing or some other RESPA guidelines? At first I thought it was a phishing scam, but now I think it's just Quicken Loans trying to sell me a refinance?Thanks.

Hello. I'm new here, except that I've been getting the FW Deals email for about a year now. Browsing the forums I noticed someone who had a thread like mine, so I was hoping to get some advice for myself. I had a bankruptcy when I was 20 that kind of haunted me for a long time. Always been terrible about paying my bills on time and so my credit is awful. When we got married she had New credit... not really good or bad. But it has gone down hill over the last several years. The house is in both our names and we have made many late payments and our credit took a hit each time.She's has been with the same company since she got out of college and has a really nice job that offers pretty much unlimited OT opportunities. She always gets 15 hrs OT every week. We have insurance through her company. They offer 401k but she has not activated it yet.I have a new job (less then 3 months) that pays well. No insurance offered. No 401k offered.
Married: YES
Ages: Early 30s.
My Education: HS
Her Education: BoFA
Children: Two (5 and 7 years old)
Job: Both Employed FT
My Take Home: $1,600 (Bi-weekly)
Her Take Home: $1,300 (Bi-weekly, Amount includes 15 hours OT she generates every two weeks, this is guaranteed and does not fluctuate)
Combined Take Home: $5800/mo
Region: Southeast
My 401k: $5,300 (I no longer work at the company where this 401k was started, and no longer contribute to it but I still get quarterly statements.)
Her 401k: $0 (Have not initiated her 401k yet... but her company will match 3% and contribute up to 6%)
Savings: $0
NO OTHER ACCOUNTS OF ANY KINDExpenses
My mortgage was an 80/20 split. Recently Wells Fargo admitted to fraud and I was part of a class action settlement that netted me $300. My interest rates are 7% on each loan. House is small 2 bedroom, 1 bath, 1100sq/ft. I feel like I was ripped off when I bought this house. It had major problems with the roof, the plumbing, etc. It was a rental before I bought it and man was it dirty! But I loved the neighborhood and the house has charm. Still, I feel like a sucker for paying so much monthly on this small house. I know I am not getting any bang for my buck here. Outstanding balance on house is: $75,000
Mortgage #1: $735/mo
Mortgage #2: 135/mo
Electric: $200/mo
Cellular: $187/mo
Auto Insurance: $75/mo (Currently we have 1 vehicle)
Fuel Expenses: $240/mo or $60/wk, sometimes more if go "for a drive".
Groceries: $600/month
Satellite TV: $225/mo. (We just upgraded to premium service for HBO... Game of Thrones is back on!!)
Internet: $70/mo
Netflix: $8/mo
Child School Lunch Program: $30/mo
Other Expenses: $45/mo
Her Student Loan: $150/mo. (Owe $12,000, we haven't been paying this for years and have been doing deferments where they carry the loan over for 6 months)Credit Cards
Bank of America (Closed): $600 Balance (Going on 5 years)
Hospital Bills: $1,500 (Going on 7 years)
2012 Taxes Owed: $500 (Extension filed)
No other debt of any kind.We are all caught up on all monthly bills.Current Spending Priority: New Heat Pump by June 1 or we have NO A/C for summer! Estimated Cost: $2800 installed.4 Year Goal: Improved Credit, Move to Larger House!THANK YOU FROM THE BOTTOM OF MY HEART FOR ALL YOUR COMMENTS!

Another Navy Federal Promotion!LinkThis week is all about our Active Duty, reserve, Guard, and retired military members. To show our appreciation for your service, we're offering the following specialsjust for you! But hurrythese offers are only available May 4-11.Give Membership. Get Money!
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Open a new Navy Federal credit card, and you can save on monthly payments and consolidate payments by transferring your credit card balance for a 0% fixed intro APR for six months. Plus, get a 0% fixed intro APR on purchases for six months. After that, a variable rate between 7.99% APR and 18% APR will apply to both balances transferred and purchases.8 Use Promo Code 24220. Apply NowRefinance and Get $300!6
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My daughter is needing a $16,000 student loan to pay for her 3rd year of pharmacy school. She has $12,000 in student loan debt so far. We had gone through Discover, and I was planning on cosigning for her. My Experian score is 811, I have good income, and I have no negatives on my credit report. My daughter has a credit score of about 750 and makes about $8k/year. Discover lists the best variable rate as 3.25, but they offered us 4.5 with no clear explaination when I called. I noticed there were several more options for different lenders, but I don't want to keep applying and having my credit pulled, only to find we won't be offered the best rate advertised. Should our credit warrant the best advertised rate? Any advice would be greatly appreciated.

Hello all,Thought I should pass on my recent car buying experience to all. Just in case there are others in the same boat... My wife has been in the US for 3 years, but really latched on as an authorized user on all my cards. About 2 months ago, we had to literally force our bank (Chase) to give her the first credit card with $200 credit limit (she has direct deposit with this bank and has been with them since 18 months or so). So this week, we went out to shop for a car, liked a used Outlander from a dealership. Dealership would outright not give her a loan after running her credit. So I shopped around in Credit Karma and was surprised Blue Harbor pre-approved her for 2.19% for 60 months (with a $199 one time processing fee). Crazy enough, looks like they did not pull her credit at all! I am presuming they just relied on CreditKarma info which has her credit limit listed at 50k since she is an authorized user on my cards. Looks like Blue Harbor is a middleman and Patelco is the credit union that is actually providing the loan. Loan is funded now and we are happy! Dont know if it is a mistake, or they genuinely made an exception given that this was a unique case - good annual income, employed for more than 18 months (they did want to see copies of her paystub). One question, should she pay off the loan immediately or pay over 60 months or pay within the next 2 years? THe goal is build some sort of credit history. Thanks for your help.

Please see this archived thread for background: http://www.fullofdeals.com/forums/finance/1139182/The overwhelming consensus was that these "colleges" are scams and that she would be better off not going there. At the time, I agreed.Now, 1.5 years later, she has finished the medical assistant program and has been working for the past 3 months making more than double what she was when she was in school. She took a federal student loan for $10k to get the degree, so she technically doesn't even have to make payments under IBR.Obviously this isn't a "rags to riches" story, but for a girl that failed out of high school and college, who reads at a 5th grade level, this for-profit program seems to be paying off.

I just learned about this trick for those able to pay for a used car in full. The strategy being that sales guys get kickbacks from the finance department if the customer gets a loan through the dealer, and may be more inclined to lower the sale price. On the customer's end, you pay off the loan within a couple days and do not incur any future interest expense, cashing in on the reduction in the sale price you got because of acquiring a loan.Does this actually work? Has anyone had any experience with doing this? What are the "gotchas?"

So our HOA Board is moving ahead with plans to borrow 5+ million dollars for repair work. We have 1m in reserves. As it is, our old condo complex has some of the highest dues and with the new loan we'd have dues comparable to million dollar condos with condo values about an eighth.
The repairs are necessary but the planning is rather extravagant, in my opinion. The 40,000 sq ft roof is going to be replaced at a cost of $2.5 m. Fees to project management team is about 500k.
The Declarations say:
The Board's power hereinabove enumerated shall be limited in that the Board shall have no authority to acquire and pay for out of the maintenance fund capital additions and improvements (other than for purposes of restoring, repairing or replacing portions of the common areas) having a total cost in excess of Ten Thousand Dollars, without first obtaining the affirmative vote of the owners holding a majority of the voting power present or represented at a meeting called for such purpose, or if no such meeting is held, then the written consent of voting owners having a majority of the voting power; provided that any expenditure or contract for capital additions or improvements in excess of Fifty Thousand Dollars must be approved by owners having not less than seventy-five percent of the voting power.No such meeting has been called nor has there been a vote, but my understanding is that the contracts have been signed and work is to begin shortly.Do I have a case to challenge them?TIA

Does anyone have experience buying at a pre-foreclosure auction? I just saw a house I like in zillow. Below is the foreclosure info:Foreclosure auction$299,xxx unpaid balance
The owner of this property has been served a Notice of Sale.
This property is scheduled to be sold at a foreclosure auction on 06/xx/13 at xx a.m.. The auction is scheduled to take place at ROOM xx IN THE COURTHOUSE xx STREET, XX TOWN.
Home in defaultPublic records indicate the owner of this property is in pre-foreclosure.
Loan issuedA loan was issued by WELLS FARGO BANK.
AUG 23 2007Previous sale$388,xxxThis home last sold for $388,xxx.
Foreclosure Est: $228,xxxWhat are the steps in going through this deal? Do we through a realtor, lawyer? Does it have to be a cash transaction? How to figure the contact person at the bank? Any help would be appreciated.

Dear Fatwalleters,I am looking for opinions and advise on possible pitfalls that could come with the following situation:My mother is currently living in a rental because she moved to be closer to the family. She would like to move into a more permanent place but does not qualify for a home loan. To help her out I would like to purchase a home under my name and let her live there. The idea is that she would pay "rent" equal to the cost of mortgage + taxes + insurance. What could go wrong? Obviously she could fail to pay her rent and I would be stuck with the bill but I know she would do whatever she could so that didn't happen.
Random concerns we have:
1. She wishes there would be a way to structure the set up so she could still build some kind of equity that would be hers since this could be a long term deal.
2. The other siblings could feel a little resentment that at the end of 30 years I have a paid off house that wont be part of a shared inheritance.
3. Are there any legal/ownership issues we should worry about? Would it be better if both of us are on the title? Pro's and Con's?As one more bit of info, this house is really too expensive for her which also makes me nervous. $1100 + Utilities and only $1800-1900 in take home pay. Problem is, $1100 is also what rents cost in the area and she has been paying that for two years. She is an older women with two dogs so getting a roommate isn't an easy option. I don't doubt so much that she will pay, it's more that I feel she is sacrificing too much of the rest of life just for housing.What would you do? Buy the house so your mother can have a stable place to live, or keep waiting for a miracle deal that may never come?Thank you for any responses.

I'm looking for some advice.Currently own a townhouse with a 15 year loan (2.875). We also purchased a new construction home that will complete by August 2013. We want to rent out the townhouse in the next 2 months but before that we would like to change the 15 year loan (2.875% to 30 (3.25% to 3.375%) so that the rent can cover the mortgage + some extra cash flow. With the current 15 year loan, it just covers the mortgage payment with no cash flow. questions:
It is a good idea going from 15 years to 30 years just to get some extra money from monthly rental?
How much risk is there to refininace the current mortgage when we are about to shop for mortgage for the new house in about 2 months time? Will it hurt us from getting a mortgage for the new house?We both have over 800 credit scores.Thanks

TextThrough pure determination, fortitude and attitude, Daniel pulled out of impossibly difficult situations. His story is true, his story is a personal inspiration to me and I hope it will inspire you too to maximize your potential and go for the greatest of dreams. - Mark Victor Hansen, Bestselling Author, Chicken Soup for the Soul.Powerful and inspiring, Daniel Milsteins story is a testament to following your dreams and never taking no for an answer. - Seth Green Actor, Writer/DirectorOn a cold December night in 1991, a young boy with seventeen cents in his pocket first set foot in the United States. Twenty years later that young man found himself the founder and CEO of a Multi-Million dollar corporation. Daniel Milsteins harrowing story about how his mother, father and brother escaped the oppressive government of the U.S.S.R and immigrated to the United States and carved out a life for themselves has been described as the quintessential immigrant story of the era. 17 Cents and a Dream begins with a candid, gripping account of the Milstein familys tough life in Kiev, Ukraine under the oppressive government of the former Soviet Union. He recalls how he and his family were affected by the 1986 explosion of the Chernobyl nuclear power plant: Daniel was ten years old, and the disaster took place only 78 miles from their home, killing 100,000 people and spreading poisonous radiation throughout the environment. A few years later the family, struggling against poverty, government oppression, and anti-Semitism, made a secret plan to flee to America. After a narrow escape, the family arrived in Ann Arbor, Michigan with no understanding of English and few belongings. Young Daniel had only seventeen cents in his pocket, given to him by a friend to cover the cost of a postage stamp so Daniel could send him a letter. In the ensuing years, Daniel endured extreme poverty, endless hunger, relentless bullying from his new classmates, and cruel mistreatment while working long hours mopping floors and cleaning toilets. The never-ending sense of hunger in the pit of my stomach, he writes, became a part of me and manifested into the drive to do more, to be more, so my family could eat without worry.That hunger, plus the work ethic instilled in him by his grandfather, fueled Milsteins determination; after graduating from college, he worked for various financial institutions and was consistently promoted because of his strong work ethic.But perhaps most inspiring is Milsteins courage and sheer willpower as he began to build upon his success in the world of finance, working harder and longer than anyone else until eventually opening and growing his own multimillion-dollar company, Gold Star Mortgage Financial Group."17 Cents and a Dream: My Incredible Journey from the USSR to Living the American Dream" is both a true American success story and a manual for anyone who dreams of becoming successful in todays competitive world of finance and sales.DANIEL MILSTEIN is founder, president and CEO of Gold Star Mortgage Financial Group. He has been recognized as the #1 loan officer in the United States; has achieved more than $3 billion in personal mortgage originations; and is one of the top 40 finance professionals in the nation, ranked by National Mortgage Professional Magazine. Milstein led the company to the Inc 500 list and one of the fastest growing companies in the United States. Gold Star has over 500 employees in 43 offices across the U.S. and has been named a Top Workplace in Michigan for three years by the Detroit Free Press. Milstein holds an honorary doctorate and BBA in business management from Cleary University, Ann Arbor, from which he graduated with honors. He is the author of The ABC of Sales: Lessons from a Superstar, which in March 2012 sold 10,000 copies and became the #1 sales book on Amazon.com and the thirty-first top seller of all ebook sales.*Foreword by Mark Victor Hansen

I know its acceptable practice for Lenders to require filling out form 4506-T, however this lender wants me to leave line 5 blank.. When I balked they said if I don't leave it blank they will cancel my loan app! Anyone ever run into this practice before?

Turning to the FW community for help. Here is the situation: I'm in the middle of a refinance on an investment property (condo) based in So. Cal. The appraisal has been done, the lender obtained the "condo questionnaire" from the HOA and submitted the docs to the underwriting. The underwriting dept. needs at least 51% owner occupancy in the complex. The HOA does not keep track of the count of Investor properties and Second Homes. They returned back the following:(1) Number of Units/Homes as Primary Residence (mail received at Unit/Home)? 97
(2) Number of Units/Homes that are 2nd Homes (mail received at address other than Unit/Home)? 103 offsite addresses
(3) Number of Units/Homes reported to the Association as Investor/Rental Properties? DO NOT TRACK.
(4) Percentage of Owner Occupied or 2nd Homes (excludes Investor/Rental Properties as reported to the Association)? DO NOT TRACK.The lender is saying that #3 and #4 above are required for all Freddie Mac loans and they won't be able to proceed ahead. The HOA is saying that they do not have this info and none of the lenders really need this info for the loan.
FW Community: I've been negative on this condo for several years and am trying to break even with this refinance. I REALLY need your advise. The complex has 200 units. How would anyone refi if this is indeed a requirement from Freddie Mac? What can I do, other than going to another lender and re-starting the refi process. In that case I would loose about 1K and time.

Well, I have been doing points for a while and while airline miles have worked great in the past but now Im more into Cash Back at this point. Im looking for any help to maximize Cash Back on remodel purchases. Im doing all the work, so just buying supplies. I figure I will spend $30k or so on supplies. Any pointers?The best I can come up with is buying discount HD/Lowes gift cards, then combining them with a 10% off movers coupon. With Lowes we can stack another 5% off using the fiance's fathers Lowes card for part of the purchase. Also thinking of trying an apporama right after we close the loan in 2 weeks. This might open up some cash availability via 0% promotional rates, large bonuses for spend.

If you didn't have to worry about gift limits, how much money (if any) would you put in your children's names? On one hand, there are some tax advantages to earning at least a modest level of investment income for your kids (~$2k in gains under the kiddie tax threshold). OTOH, 80% of the first ~$500k of any money that stays in their name will get confiscated by the education cartel when they hit college in 15 years, and that would be a shame. I'm assuming that with 15+ years of brainwashing and a strong FWF mentality, I expect i wont have problems instilling the right financial ethics to keep them from wanting to blow it all.I'm coming at this from an active trading perspective, so I'm pretty confident I can earn them some profits if I want (at the expense of my own account). I suppose a bigger tax win might be trading enough they meet the active trader definition and get to treat their profits as ordinary income (which avoids the kiddie tax, they get their own full standard deduction, qualifies for IRAs, etc). Any other considerations I should generally be wary of when it comes to money in their names? If I don't want it to stay in their name, I might make them take loans instead so that at least the principle comes back while still getting the investment tax break.

I have started searching for home and felt my knowledge is very limited on many things likeMortgage Type FHA Loan or Traditional Loan
New Home or Old home advantage and disadvantage
Minimum payment
Other expenses besides bank processing chargesIs there any website which can help me ?

I apologize in advance for using an altID, but when I originally signed up for FW, I made the error of selecting a username that gives away my full name, and I don't want to link together my name, current/former addresses (thanks pipl), income, assets, etc. on a public forum. Plus this username was available.Anyway, I am in a committed relationship where we are considering the option of remaining unmarried. For the record, we are still planning on getting (non-diamond) rings and having a reception/ceremony. It's just that we're also considering not signing any legal paperwork. We live in California. The primary concerns here are the marriage penalty, how that will change in the future based on significant life changes (from what I've calculated, it only gets worse), and how to deal with any rights/benefits we give up by not getting married. It seems we just might be creeping into AMT territory as well. We're 31 and 28, and I expect our salary increases to outpace increases in the AMT deduction, etc., so AMT may matter even more as time goes on. Anyway, here is a snapshot of our current financial situation:My income: $115k salary + $15k bonus + $25k stock options/RSU + $3k ESPP = $158k.
My investment income: $5k interest and dividends, also capital gains, but it's hard to predict what/when I sell.
Her income: $129k salary + $1k bonus = $130k.
Our retirement: I max out my 401(k) at $17.5k/year. She contributes 5% to a pension plan automatically. I believe she has some tax-deferred options available, but they're not set up (new job as of a few months ago). I'll go through her paperwork and make sure it's maxed out by the end of the year. (Also just learned about Backdoor ROTH -- will add this in, but I don't think it has any tax/marriage implications.)
Our assets: ~$750k, mostly in stocks or mutual funds, $25k of which is hers. About $150k of the total is in retirement funds.
Our debt: I have $16k of student loan debt @ 3% that I'm paying the minimum on.We're currently putting aside $6k/month ($3k each) into a joint account as a down payment for a $1M+ home within the next few years. The rest of our finances are separate. We plan to solely rely on "new" money for any joint purchases and to not liquidate any of our existing assets to buy a home, etc. More to the point, if we are in still in the AMT bracket after purchasing a home (mortgage interest might help keep us out for a little while), we will not be able to deduct property tax if married. Additionally, in the future, we're also considering having children (1 or 2), which could mean HoH filing status if we were still legally single.I want to establish a sort of checklist of things to consider that I may have not thought of already in my own external research and from extracting bits and pieces from various similar threads in the FWF archives. So far, this is what I've come up with (there are some things that I've omitted that don't apply to our particular situation):Health insurance: Currently, my company pays 100% of my premium, and allows me to add a spouse/dependents for free. She currently pays $100/month (her employer pays the rest), so this $1200/year would alleviate the marriage penalty somewhat.
Inheritance: She is my current beneficiary on all of my retirement accounts, as I am on hers. I have filed ToD paperwork for all of my brokerage accounts naming her as the sole beneficiary. I have named her as my sole beneficiary on my Group Life (hmm, I haven't checked hers... I'll make a note to look into this) and all stock awards.
SS/Pension Survivor Benefits: Only available if married. My thought here was that we could get married when we are at/near retirement age if we wanted to have access to this. We'd still be uncovered in the case of an early accidental death.
Capital gains (if > $250k) exclusion for sale of a home: Currently we do not own a home, but it seems that we could just get married if we found ourselves in this situation.
No bereavement leave from our employers with respect to each other's families: I don't see a way around this.
Lower insurance rates: Not a big concern because our insurance rates are very low to begin with (currently driving older/used cars, so liability only). While we admire fancy cars, neither of us really wants to purchase one.
Durable PoA (both healthcare and finance) and living will: Needs to be done.
Will: Seems redundant since she's already the beneficiary of all of my accounts/assets. But I guess it can't hurt. Also allows me to name an executor, although that in itself isn't related to being married or not.
So that's about everything I've pieced together. I'd be really interested in seeing if I missed anything. And if you made it all the way to the end of my post, thanks.

Anything I need to be looking out for?I had all of my federal stafford loans refinanced through Direct Loan Servicing a few years ago. They've been fantastic to work with.
I hated Sallie Mae. You call Direct Loans and you get someone on the phone in 2 minutes and they are from the US. You call Sallie Mae and you get "John" from "Chicago" with an Indian accent so thick I can't understand a damn thing he says.Has anyone dealt with CoStep before? I've never heard of them.

Ok so here is my situation. I have considerable amount of cc debt. Around $35k all together. I am paying well over the minimums and maxing my 401k match as well as maxing my Roth IRA. I get a $4000 bonus from my emplyer this and the following two years because I have student loans, but there is no stipulation that this money must be used towards the student loans and it is paid into my paycheck (and withheld accordingly) on my anniversary pay period. Since I am actively paying this debt down now I recently applied for the Chase card offering BT for 0% for 18 months to pay it off. Got the further review message so I called recon and spoke to someone. His response was that they could not offer me the card, not do to my credit score which was very good, but due to the fact that my utilization is approximately $30k on a card with a $36k limit, leading to an 80% utilization on that card. As well, he said my dti for my salary of mid $60s was too high. Now I agree that is high utilization on one card, but my overall utilization is much lower, with around $60k in credit limits (still too high, but working on that). The reason most of my utilization on that cad is high is because the interest on that card is 5.15%, and that is not a promo rate. However it is tied to prime so can conceivably go up in the future. Other credit cards range 9-13%. Kind of a no brainier where to charge things when one compares the numbers. My plan, before being denied this card, was to use my bonus and a few grand of bonds I own which are past maturity and still earning, but well less than market rates to pay off all the smaller, higher interest debts and apply any overage to the large single debt, while transferring as much as possible to the 0% card in order to pay down faster and then wash rinse repeat with another 0% BT either concurrently or consecutively. Now, I also have a little over $12k in a mutual fund, aside from my retirement accounts. Obviously I could cash this out, pay a larger chunk on the big balance card and that would hopefully then qualify for better and multiple 0% BT offers, pay down the debt faster and be freer to add more back into my investments. I apologize for bringing up several issues. I am sure I left some things out, but ask and I can provide. My basic questions are there good 0% BT cards I can get in my current situation? Does it make sense to take money out of a fund performing better than 5.15% in order to qualify for more 0% bts to save the interest and be able to put more money back into my investments quicker. Gut says no but I am open to other perspectives. Thanks in advance. Will be checking up on this thread routinely.

Me: Single 24 year old male looking to purchase first home in AZ.Let me start by saying I've been reading many rent vs. buy threads on this forum. I would appreciate feedback on my specific situation.Finance situation:
ZERO debt (No car payment, credit cards (PIF each month), or student loans - NOTHING) Credit score is about 780.
Salary is $49,300 plus $5,000 yearly bonus at a very stable fortune 500 company. Job security is high (recently promoted). Have a BS in Finance (Please don't bash me about this post).
$25,000 in scottrade account (Index Funds)
$6,000 in roth IRA
$13,300 in 401k
Working on building liquid savings . I know I should have some liquid savings but I simply continue to stock away in my Scottrade account.Currently, my living situation involves renting a room from a friend who owns a house out in Peoria, AZ. I pay $450 rent and half utilities (~$120 ish) which amounts to about $570 total per month. So far, this situation has worked out okay. I'm fine with staying here a little longer, but I want to start thinking of my next move.I've been browsing properties online and the houses in the area I would like to live range from about $130K - $150K, although I would like to stay closer to the $130K range. I'm not looking for a house so much as an investment, but a place to live and make my own. I would like to possibly rent one of the rooms out, however, I am not considering this as an ideal situation just yet. I'm the mechanical type, so a man cave garage is definitely calling my name for my hobbies (cars & quads). I would like to finance this house with a 30 year fixed mortgage, and put as little down as possible (FHA?). I know by not having the 20% down, I'm paying PMI, and that is something I am fine with. I know many people will ask how long I plan on living in this house, truth is, I do not know. I would definitely live in the house for atleat 5-7 years, possibly much longer, I would then look to rent it out or possibly sell it depending on how the market is at that time. However, I've also never lived in an apartment entirely on my own and it's one of this things I sort of want to experience while I'm still young before commiting to home ownership. My fear is if I rent an apartment, interest rates may move against me. Apartments will rent for roughly anywhere from $500 - $750 where I am looking.What do you FWF's think? Should I buy or rent?Thanks.

I am a frequent reader and contributor here, so I am aware of all the caveats with buying vs leasing. That is not what this thread is for. I want to lease because of my low mileage requirement and I get bored with my vehicle(s) after only a couple of years. Details below.Current vehicle is a 2007 BMW X5 4.8 with almost every option available. I bought it in January 2011 as a CPO with 39k miles on it. It has 57k miles now. Great condition aside from two minor door dings (of which I got insurance money and diminished value checks for; the FWF way). I truly enjoy this vehicle but the fact that it's almost six years old (in-service date is 8/15/07) and my extended warranty runs out in August, I am a bit hesitant on keeping it much longer. No mechanical issues with it, yet. New radiator due to a cracked one about six months ago (covered under CPO).Anyway, the lease "down payment" deal is that the dealership will match my down payment, up to $8500. In other words, if I put $8500 down towards cap-cost reduction, the dealer will give me a free $8500 cap-cost reduction on top of that. A total of $17,000. The payment on this Jeep (2012 SRT/8) is approximately 42% higher than my current payment. That is at their asking price, which is the same as a 2014 SRT/8 MSRP, which is insane. I plan on using that as some ammo when approaching them. It's also their last 2012 Jeep on the lot, and they have 2014's surrounding it. One would assume they would be eager to get rid of it.They're asking $63k for the Jeep, and I plan on trying to get them down to approximately $54,000. A pretty big feat, if I do manage it. That puts the new net payment at approximately 18% (or $113) higher than my current one. Over the course of 36 months, that's about $4100. My loan on my X5 has between two and three years left on it. Yeah, I shouldn't have taken a 5-year note out on a 2.5 year old used car, money was cheap--shoot me. I need new tires on the X5 before winter, that's $1300. So just after tires, I'm already $1300 into my $4100 extra. Toss in a brake job and a few other things, and I'm damn-near spending that $4100 on the X5. Justification? Logic? Not sure if I'm tricking myself here.Lease is 36 months. 12k miles per year, which is fine for me since I have a 10-mile round trip commute. Now, I am definitely a vehicle enthusiast and I get much enjoyment out of driving and maintaining my vehicle(s). In other words, in my low-responsibility life, I tend to splurge a bit on vehicles. Some will disagree with that, but to each their own--don't hate.
TL;DR: The ultimate question is, should I get into this SRT/8 to have the peace of mind of a warranty and "new-fast-car" enjoyment factor? The $4100 over 3 years seems worth it to me at the 30,000-foot level. However, laying out $8500+tax+dmv doesn't sound appealing on a lease. Questions, comments, concerns?ETA: The money factor and residual that I used for my rough calculations were from a few hours of research earlier today. I was reading what others have posted in the last couple of months on various forums and the like. It seems like Chrysler no longer services leases and loans, but they outsource to Ally. From what I could find, Ally has a 46% residual for the 2012 Jeep SRT/8 and a .0362 money factor. These variables could change, without a doubt.

Fatwalleters-
I just discovered that Schwab and Schwab Bank has a Pledged Asset Loan program. Basically on a investment account balance of 500K-1M, you can have a credit line up to 160% of the account balance. There is no fee to setup, and you can still trade in the investment account, and write checks out of the account.Here is the link- http://www.schwab.com/public/schwab/banking_lending/pledged_asse...When the Pledged Asset line is opened, the interest rate is fixed 3.4% + 90 Day Libor (.27) for 5 years. I am thinking that this is an easy, relatively inexpensive way for me to add potential liquidity for a remodel project that I am about to start (and will refinance the whole debt when it is completed). They indicated that they want the rate to be competitive with other companies products, so I want to negotiate the rate? Does anyone know of competing products at other brokerages or banks and the rates at those banks. Any comments appreciated.

My wife and I will be building a home from a local builder. The process as presented by the seller seems very straightforward. They will purchase the land, design our custom floorplans, go over any upgrades we desire, then provide to us a estimate on total cost of the home. We then give 2% down as a deposit, with our name included on the construction loan. After the home is finished, the construction loan gets turned into the mortgage, and we go through closing with the title company. We have already been pre-approved by the lender. Here's why I ask the question. I have a friend that I've known for around 15 years. She's upset that we did not retain her as a buyer's agent for building the home. It seemed to my wife and I that we didn't need one, and we didn't see the need for the expenditure. We verified with the seller that if we retain a buyer's agent, they will not cover her commission, and will add it in as a line item to the cost of our home. Essentially, if we want her, we have to pay for her. This would add approximately $10k to the cost of our home. In a nutshell...do I really need a buyer's agent when building a home? What exactly would they do for me to necessitate an added expense of $10k? Can they catch loopholes in our building contract? Would a real estate attorney, retained as needed, be a better option (no to mention significantly less expensive)? Anyone have a similar experience?

The loan place we used to refi our home loan called and said they had to send someone out to resign and notarize the our loan documents: the email they sent for me to examine said this for the exact reason:please see attached-On your Deed of Trust the document date is incorrect. It is supposed to read June XX, 2012 to match you Note date. Once you have reviewed all your paper work please let me know when you are available to sign so I can send a notary out to you home. Should you have any questions or concerns please let me know.Is this fishy and whats this mean for the person that doesn't know all the effects from this.Thanks for any inputDil

Fatwalleters-
I just discovered that Schwab and Schwab Bank has a Pledged Asset Loan program. Basically on a investment account balance of 500K-1M, you can have a credit line up to 160% of the account balance. When the Pledged Asset line is opened, the interest rate is fixed 3.4% + 90 Day Libor (.27) for 5 years. I am thinking that this is an easy, relatively inexpensive way for me to add potential liquidity for a remodel project that I am about to start (and refinance when it completed). Does anyone know of competing products at other brokerages or banks and the rates at those banks? Any comments appreciated.

I am seeking advice on how to meet the goals that my wife and I have set for ourselves. I am 23 and she is 22. We both are one year out of college and live in a low COL area. We are currently saving $1000.00 a month after our bills. I expect our income will increase 7% annually.We currently have $18,000.00 sitting in a high interest savings which we say is our emergency fund. This is approximately 6 months worth of expenses. We have been married for almost 1.5 years and within this time both of our cars died. We have two car loans which sit at $9500.00 @ 2.75% and $15,000.00 @ 1.99%. These are our only debts.We would like to buy a house within the next few years, but our struggling with the fact that we would like 20% down to avoid PMI. We need to save $32,000.00 to purchase a house that would meet our future needs.My question is how would one go about saving for the future? Would you start investing now or wait until all debts are paid? Would you keep things the way that they are and invest as well as save for a home? I feel like we are doing well, but want to stay ahead of the game.Any advice would be well appreciated it.Thanks,John

I'm applying for a mortgage and am being asked to request that the IRS send my last 2 years' tax returns to the lender.

I am not, never have been, self employed.
I've provided W-2s and bank statements that are beyond sufficient for the ratios.
Is this going too far? There's no use for the tax returns in underwriting my loan. Would you tell this lender to pound sand? What's the weirdest privacy-invading request you've gotten from a mortgage lender?

Hi everyone,I'm going to be doing another mini AOR and would like some suggestions on cards I should look at.The last one I did is coming to a close and I will have the balance on the remaining cards paid off in the next 2-3 months prior to interest kicking in.Results from previous AOR:12-21 interest free cycles
money saved invested in stocks/bonds
~$500 in sign up bonuses
~$1500 total return from stock/bond investment to dateI'm looking to do round 2. Not too worried about credit as I refinanced my condo last year, so I don't foresee needing any loans any time soon.3-4 cards is what I'm shooting for, with the following:maximum interest free cycles (no less than 12, but shooting for at least 15)
cash sign on bonuses (spend X by Y date for $Z Cash Back)
no feesSuggestions?TIA

I'm doing a bit of research for my folks who live and own property in California.One of the houses in my parents name is a house they put their names on in the 80s for my mom's brother. They were new immigrants to the country and couldn't get the loan, so my mom got one in her name. They are about to pay off the loan on the house entirely. While I think it would be best to probably engage with an estate attorney(?), just trying to do some background work to understand the issue more and would like to see if any of the folks here could offer insight. What would be the best tax efficient way to do this transfer? Quick Claim Deed?My mom would like to avoid gifting the property because her brother's family doesn't want to pay the taxes on the transfer (the reasonableness of this is a separate question) and because she did it as a favor, my mom doesn't want to take on that burden either. My parents have a few properties and also will be attempting to transfer those to my sister/my name in a will/estate planning. Another concern is that gifting this property will impact the amount of lifetime gifting available.

Thought about posting using an alt ID but decided not to since I was too lazy to make one.Took in a loan to open a taco stand. Wasn't able to procure an SBA loan due to my short work history so had to go with a health professional loan with Wells Fargo. Was pretty easy to get a loan approved. It is amazing the amount of money they hand over when you ask for it.Here is the original loan details:
Principle: $183,000
Annual Interest Rate with Computing Payment Schedule: 7.59%
# of payments: 120
Capitalized Finance Charge: $1011Installments:
3 @ 100
9 @ 1236
12 @ 1854
96 @ 2472The business did better than I expected and we started churning a profit much earlier. Gross profit for first year was higher than expected so money that was borrowed for working capital wasn't touched too much. I took some of that profit and capital portion of the loan and gave it back to WF (about $100k). Loan right now is sitting at close to 100k which I expect to pay off aggressively over the next 2 years or so unless I can get a lower finance rate at which point I will concentrate on paying off my $80k in student loans sitting at 6.8%. What do you guys/gal think?Maybe it is due time for me to write up one of those "Help me with my finances thread" where people tell me that I cannot afford my cell phone and sodas.

Hi,Our offer has been accepted for a house in bay area. We are putting 30% down payment for that house. Our appraisal has come 25K less than sale price, just enough that deal does not fall apart. Our broker said that loan will still be the same, interest rate is also the same. Only loan to value ratio is different. For example, now our down payment which is intended to be 30% will be counted as 28%. I have the feeling that our appraisal was set up. Appraiser and broker/lender had a number in their mind so that they could get maximum out of us without breaking the deal. As we are putting 30% so deal does not fall apart, we still get the same rate which is for above 25% down payment but bank owns our house a little more.Appraisal report is completely wrong, I can't begin to tell errors and inconstancies in the appraisal. We have filed an appeal for the appraisal with detailed comments on errors in the report. It looks completely bogus. Comps are not really comps, all of them belongs to 7/10 school rather than 10/10 school our house is tied to. All of them are towards south of our place, different neighborhood. and sale dates are older than 3 months. Market has gone 15% up in last 3 months in this area. Are we being deceived by lender? Is it possible that appraisal was fixed by lender to own our house a little more? Another bank is willing to give us loan on same conditions but obviously there will be a new appraisal. Should we stick with this bank or go to the second bank? Suggestions are welcome.

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Hello. I went on a small app-o-rama last week. I got 5 new cards on 6 apps. I was 710 on Credit Karma, the pulls took me down to 700. I had 2 pulls on report before.I will be using all of the cards quite a bit. I have a business that spends a lot. I picked each card carefully to make sure I maximized the rewards. I messed up on one though.I got the AMEX Blue Sky card which I thought was going to get me the best travel rewards for how I spend and what I want. I totally missed the Starwood Preferred card. Now that I have read up on it I would about double my yearly rewards if I had of gotten that card instead.I have read about people having their card switched to a different card withing the same bank/credit card company. Is this possible with AMEX? If so, would they need to pull my credit again? And is the Starwood card more difficult to get?If I can't switch the cards, how hard is it to get 2 AMEX cards? I'm guessing my credit will bounce back a bit when all the new cards starts reporting. I do not carry a balance on any of my cards. No other debt besides some student loans.Any advice would be great, and if you have one of these cards I'd love to hear what you think if them. Thanks!

My wife has about 60K in student loans, and we have the means to pay them off in full. She has one more semester before she graduates, so they don't necessarily start accruing interest till then. But were in the process of fixing her credit and we want to buy property in the near future. I was wondering if she should go ahead and try to pay them off early or wait and leave a portion unpaid for other reasons, such as, tax benefits. If anyone has any experience, appreciate the help.

Hi all--New FW user but longtime follower. Have used many of your tips in the past but haven't been on the forum in awhile. I'm looking for some advice on my wife and my financial situation, specifically with two things in particular- our home and our desire for children (more later).My wife(29) is a Registered Nurse and I am a Bakery Manager(30) for a high-volume location in a mid-size grocery store chain. Her W2 income last year was $62,000 and mine was $55,000. We have a 3bed/2 bath townhome we bought for 105k in May 2010, with a 30yr mortgage at 4.5% with a payment of $447.50 per month but we generally send an additional $500 towards prinicipal. Our balance is around $68,000~. The current value of the home is around 90k~ due to a few foreclosures and many up for sale in the neighborhood. My 401k is 50% in company stock and 50% in bond funds, with a balance of $60k. My contributions are 6% of salary, and 3% are matched at 100%. My wife has a 403b contributing 5% with a 50% company match, all in growth funds (Fidelity), with a $35k balance. We both have 100k life insurance through our employer.We have no credit card debt and she has $36k remaining in student loans and I have $55k for a degree I have no use for. Mine is at 2.5% and hers is around 4%. One car loan with a year left of $430 payments at 0%. Other car paid for.
My questions:
1) We'd like to move into a single family home because I will be moved to a new location soon, which is closer to her work. 3 bedroom homes generally range from 200-300k in that area. My concern is because of the depressed home values in our neighborhood (specifically the townhome community) we'd be taking a loss on the home around 35k after all is said and done. And who knows how long it would take to sell? Is renting an option? The HOA dues are $130 and we could probably rent for $900~ (booming town and community college nearby), so that is positive cash flow. However I am completely new to owning rental property. What liability would I be taking on and what is recommended for screening tenants? Should I hire a manager/management company?2) My wife suffers from infertility and we have spent $20k on three rounds of IVF to no avail (no insurance coverage despite a very good policy). We are now considering other options, including adoption. We are in the process of reading up on that...is a lawyer necessary? Should we do anything financially to prepare?3) Even though we have no kids or debts, how is our life insurance? Should we supplement with a term life policy (I know whole life and annuity/life blends are frowned upon here)? I know if my wife quits working to take care of potential children that I should get a much higher policy.4) Consider starting an IRA? Anything else we should be worried about?We have significant net income after our mortgage, car, and expenses. Our "guilty pleasures" are good vacations 2-3 times a year. That being said, we have a good amount in checking and savings, as well as a separate 6 month emergency reserve. Vacations will be cut once we have children.

Good afternoon. I am writing today to try to give full disclosure of all my finances and desperately seeking some good advice to get the ship back on course. I'm recently out of a LTR that left my finances in absolute ruin. I have an abnormally high car payment due to personal bankruptcy in 2008. Due to the recent break up I had to run for cover and am currently living at a friends house which isn't ideal. I'm not asking for a lecture, but that doesn't mean that I don't know I need some DRASTIC changes if I ever plan to be on a good financial path. I do not have access to any family members that can afford to loan or help me in any fashion. So I'm on my own to dig myself out of this hole. I know that there are some very smart people on this site and I would appreciate your valuable insights and suggestions. Age: early 30's
Job status: employed full time, 3 years
Education: B.S.
Income: $1640.56 gross/every two weeks, one 2k bonus at end of fiscal.
Region: Midwest
401k balance: low 5 figures
401k contribution: 5%
Company Match: 5%
No other retirement accounts
Savings: $0 Expenses:
Rent: $450 + 1/2 utilities (usually $100)= $550/month
Verizon cell + netbook internet: $150 (450 minutes, internet 5GB mobile netbook)
Auto ($9.5k remaining): $551.70/ month (13.10%)
Auto Insurance: $65/month
Auto Registration: $307/annually
Fuel Expense: $160/month
Food Expense: $180/month
Student Loan 1 ($20k): $214.62 month (private loan due to parents high income and little FASFA love: blended mix of 8.00%)
Student Loan 2 ($45k): $440/ month (Direct loans: fixed rate: 3.75%)
Entertainment Expense: $160 monthCredit Card Debt: (Note: most are near the limits so no room for balance transfers)
1. Merrick Bank $307 balance 16.45% /$35 a month
2. BB Rwd ZNE MC: $494.89 balance: 25.99%/ $18 a month
3. Captial One: $1517.68 balance: 16.90%/ $46 a month
4. Capital One: $751 balance: 19.80%/ $23 a month
5. Navy Fed CC: $1032 balance: 14.90%/ $25 a month
6. Navy Fed LOC: $632 balance: 15.99%/ $20 a monthBack Taxes:
2011:
Fed: $500 + interestNote: I work nights so will be responding most questions towards the early morning. I say this so you don't think I am MIA

I have been paying the student loans off aggressively. Brought them down from $40,000. I am now comfortable with what I owe on them. My monthly payment is a reasonable $230. Im 26 and making $54,000. I own a 2008 model car outright, which I plan on keeping for several more years. My job is very secure. Have like $4000 and a 675 credit score. Is 10% downpayment possible? Or do I need 20%? Wanna get in on the housing market while the gettings good

A friend of mine is applying for a job and was asked to sign a non-disclosure agreement that stated she could not share her salary with any entity under any circumstances.First of all, when I read that I started to chuckle because there are numerous entities that one is required to release salary information to by law (a requirement this agreement clearly could not survive). There was also no statement anywhere that she could release information to entities that are required to similarly keep it confidential.She isn't taking the job because she thinks the people are just crazy, but I was curious if anyone has seen a non-disclosure agreement like this before (I would assume the salary part is because they don't want employees discussing salaries with each other, but it was drawn up significantly broader than that). Would something like this prohibit you from stating your annual income on a credit card or loan application? Would it prohibit you from renting an apartment?

I started looking into doing a HARP refi about 7 weeks ago or so on my primary home and my investment property. They're both serviced by Bank of America. As far as I know I had to try through them since my DTI was calculated currently at around 70%.The 1 I wanted done the most I'm so happy to report has been done, which was the investment property.Now I just need to get my primary done but as luck would have it, right when I called B of A to do a HARP on it, they had just transferred my mortgage over to Green Tree!!!! **bleep** NOOOOOOOOooooooooooooo!!!!!!It's crazy because my investment property was with B of A, and when I called to do a HARP on both properties, it had turned out that they had just transferred my loan to Green Tree not more than a couple of days ago!My timing was horrible.Anyways, I have a 1st and 2nd on my primary, and they both happen to be with Green Tree. B of A sold my 2nd to them a couple of years ago, and just recently, starting this month my 1st is now with Green Tree.So I was only able to do a HARP with B of A since they owned my mortgage, because my DTI is right around 70%, so it's too high to go with anyone else. So I'm stuck. I'm getting by, and paying it down, but it won't be down to the 50% level till around January or so.Thank fully they just extended the HARP deadline another 2 years though. So I no longer have to worry about trying to do a HARP refi by the end of this year.So that's a HUGE relief!So anyways, since I have no other choice it seems at least right now, I've tried contacting Green Tree about a HARP refi, but all the horror stories I've read about them are true. No 1 answers their phone. And when you're waiting for them to pick up the call drops. And if you do get through they tell you you need to apply online for a HARP refi.Which I've done 4 times now. And each time I get an email back saying there is no program for me!! WTH? I clearly qualify for a HARP refi and even specified as such, but their web sites and everything about them is so generic.Even the emails I get back saying they don't have any program for me is signed with the same exact looking signature from 3 different people. It's a signature that looks like it was just stamped on there. The font looks the same for everyone's signature. Name is just different is all.....! Kind of like those robo signing schemes we've all heard of.So I've given up on Green Tree for a harp refi since they seem to be pathetic, and I will just proceed to lower my DTI to an acceptable level so that I can just ditch them and go with someone else in 8 months or so.Quicken offered me a great rate and closing costs, but like I said my DTI at around 70% is too high. So they can't work with me. But it occurred to me and this is my new worry...If you have a 2nd, the lender you're trying to do a HARP refi through, they have to go get the holder of the 2nd loan to do a subordinate right?MY new worry now is what if I'm able to get a HARP through a different lender like Quicken for example, but once they contact Green Tree on my 2nd, Green Tree won't answer their phone or whatever else, and my new potential HARP refi will go nowhere. And if they do happen to answer their phone, what's to stop them from saying no, since they own both the 1st and 2nd on my home?Green Tree HAS GOT TO subordinate my 2nd loan since they hold it right? If they don't, my HARP refi will fall through? Correct?So I'm hoping some of you have had experience doing a HARP refi with Green Tree as the servicer of your mortgage.Hopefully some of you here had been able to get away from Green Tree to another bank, with Green Tree having been the holder of your 2nd mortgage.What really worries me is now that Green Tree holds both my 1st and 2nd mortgage, that they're probably not going to agree to do a subordinate on my 2nd since if they did that, they'd lose out on me with them being the holder of my 1st mortgage as well.It seems to me and looks like now that Green Tree holds both my mortgages, their trifecta is complete, and now I have no hope at all at getting a HARP refi done at all.I can't help but wonder if this was Green Tree's master plan all along. Buy up everyone's 2nd's on their homes, and then later on down the line buy up their 1st's as well. That way people can't do a HARP refi either with Green Tree, or with some one else! So people get trapped in their high interest loans, unable to refi. Any input would be awesome.Thanks everyone.

Hi guys, I have multiple credit cards, but I have been using only one on a regular basis.
I have 3 Visa Credit cards and 2 AMEX. I have about 20k worth in Credit limits in total.
My auto loan has a balance of about $2800 left off (4.9%APR) Should be paid off by this summer.What should I do? Should I keep those credit cards or close some of them?
Should I consider using those credits cards once in a while or can I just leave them be?I hope not using the credit cards will not hurt my credit.

I would appreciate recommendations for lenders that will do a HomeStyle conventional renovation loan in Washington, DC. I already know about Wells, I'm looking for other options. Thanks!

In the interests of providing some food for thought to the FWF community I thought I would post this for investors here curious about ideas on how to position themselves going forward. I know a lot of smart people right now are looking at the current situation realizing that just about every investment out there is loaded with uncompensated risk and that even includes assets like cash which historically haven't had that much uncompensated risk associated with it. Now I by no means have a crystal ball and if you don't care about the thoughts of some guy on the internet then by all means don't read this. I wouldn't be posting if I didn't think there was some valuable insights in here, but feel free to take everything with a big grain of salt. And sorry for the book, but honestly something as complicated as capital markets requires length otherwise it's not even worth reading or writing.In this I'll address strategy going forward for both more active participants as well as for the Boglehead passive investors(yes I think even you guys have always had a small amount of decision making, it's just a lot smaller than most people; I'll explain it below). The basic fundamental problem that I see among investors today is that just about everything they're relying upon for how to invest for the future is predicated on falling interest rates and falling inflation rates. For 30 years falling interest rates have been the name of the game, and I think the typical investor out there does not understand how Crucial interest rates are to everything they invest in. It is likely a more important factor than any other factor in the entire marketplace and runs through everything. Everything from the valuation of the bond market to the discount rate that equity investors use to value equities to the input costs of firms relying upon short term debt to factoring receivables to sovereign financing to mortgage and home buying/building activity, etc. To give retail investors an idea think about how much you've heard about the impact of higher gasoline prices has on the economy individually and commercially and multiply that concept in your head by at least 10 times and you'll have an idea. Now this isn't some big bearish case at all, clearly economies can function alright with higher gasoline prices and the same is the case for higher interest rates or higher inflation for that matter. The point is that the way the economy and capital markets function under that paradigm shift is very different than what you've grown accustomed to, but while that is the case the vast majority of the 'rules of thumb', assumptions, etc. that all of you and practically every investor out there rely upon involve past history that stretches back 5 years, 10 years, 20 years, or 30 years that all share falling interest rates as a key component in the data you are seeing. Hell if you even go back 50 years most of that data is still colored by a falling interest rate environment and so that is what you'll receive back to confirm these notions that may no longer hold true.
Now I want to be clear about one thing and that is that I'm not predicting US rates to rise in the very near future. I honestly believe I have several rather strong arguments as to why that is probably some time off yet(and quite potentially further falls in US rates before that even happens), but in order for a person to invest wisely over the short term(if desired--obviously not applicable to passive investors) they need to have a good 'home base' or a reliable investment paradigm for the long term in order to feel comfortable with the way they are positioned. So that is why I'm bringing this up. The long term assumptions you're operating off of are likely flawed, and 30 years of pro-cyclical behavior has stacked the quantity of possible bad investments at many multiples of the quantity of good possible investments. And how are you going to deal with that likely reality?
The fundamental underpinning of my argument is that if you bought 50% bonds and 50% equities in the 1980s forgot about it and woke up in 2013 you would have done pretty well over that period of time. On the flip side if you did the same in the early 1960s you probably woke up 30 years later with a *loss* in real terms. That's 30 years and you had a loss. You're fixed income positions took continued capital losses in higher interest rates, the stock market wasn't much of a help, and the purchasing power of your earnings was devalued. There is a term for this; confiscation by the public and private printing press and for the most part it does not discriminate based on what type of financial instrument you own. Again before you accuse me of being an inflation hawk that isn't the only possibility in such an environment there are 2 others(which I'll get into) and I'm not writing this to say which one is the most likely only that you have 3 possible scenarios that are all not ideal for investors long term from where we sit today.
The next assumption that I operate off is a general conceptual way that I believe the world's key policy makers are approaching problems today. And it's not very complicated. Basically, whenever presented with a problem they need to fix they always seem to choose to stack massive quantities of different types of tail risk onto the system for the future in exchange for only a marginal benefit today. For the financially astute, central bankers and politicians have basically made the determination to be sellers of black swan derivatives thinking they can take the small economic benefit today in exchange for taking on the risk of an unlikely event in the future and whenever they find a problem they just add to that position(like a person paying their credit card bills by selling options). For the less financially astute think of a gambler who show's up at the race track and bets against the worst horse every single time and treats the proceeds as income. They might be able to get away with that for a while, but likely not forever(and guessing when is extremely hard). That is your policy makers around the world and they do that because they feel their citizenry demands it(like a boss saying give us earnings no matter where you get them from).
Now lastly in terms of the assumptions I operate off of(and you can feel free to disagree) I alluded to basically 3 possibilities going forward. And these are from where you stand when you're currently at the lower bound of interest rates.
1) Higher inflation
and/or
2) Higher interest rates
and/or
3) Sustained low growthYou can have any combination of these with the exception of a combination of higher growth without higher interest rates or higher inflation. You can have higher growth and higher inflation. You can have higher growth and higher interest rates. You can have higher interest rates and lower growth. You can have all 3 of any of the above. The only thing I would argue is impossible to last is high growth without a rise in interest rates or inflation or both. To believe otherwise is to believe that wealth is unlimited and free(wealth is different than money). If you want to believe that then ignore everything I've said and will say below and knock yourself out and good luck. If you believe like I do that wealth isn't unlimited and isn't free than feel free to continue.
Passive InvestorsFirst off, what passive investors need to realize is that they still have some decision making they make even if they don't realize it. Basically, you're investing by a physical and theoretical definition of asset class. You're just limiting decision making about what's inside of those assets classes, right? So a person that invests 70% S&P 500 index fund and 30% bond index and another person that invests in 40% total market stock index and 60% in a high yield international bond index are still both index investors. So what I just want to remind you of is that:
A) You're still exercising some limited decision making because if you weren't and you really wanted to 'own an index of the entire market' you would end up with something like(and this just a guess I haven't looked this up) 50% currency, 30% bonds with an average maturity of probably 10 years, 15% equities, and 4% commodities, and 1% other. If that is what what you want to own today by all means be my guest and good luck, but I think most people would say that is insane as a long term allocation with the way the future is shaping up.
B) That the real principals of passive investing are just low cost, low turnover, broad diversification, etc. and are not something inherent in using a particular physical or theoretical allocation.
I'll also repeat again. If you bought 50% bond index and 50% equity index in the 1980s no problem 30 years later you wake up and did great. You did the same in the 1960s and whoopsy 30 years later you wake up with an inflation adjusted loss. Now you know maybe the fact that even the average active investor lost as well makes you feel better about it and you're just content taking the loss then by all means don't concern yourself with it and ignore everything else I say.If instead you're of the mindset that you want to position yourself so that this doesn't happen to you while still maintaining a passive investment philosophy than I might have a solution for you. Basically(and again feel free to take this with a grain of salt), it just requires a challenge of the idea of only buying by the 2 main asset classes and instead looking at still using passive investing while utilizing allocation based on some other concept of a similar nature. First of all, without getting deep into the weeds the way people define asset class doesn't have too much basis in reality anyway. Is a junk bond more bond like or more equity like? Answer: Probably more the latter. Is a stock of a company that primarily holds fixed income more like a growth stock or a bond ETF? Answer: Again probably more the latter. Is preferred stock more like a bond or a stock? Answer: It depends upon how consistent and reliable the cash flows are.So let me propose other alternatives:
1) You can buy "index's" of other asset classes(outside of bonds or stocks) that either historically or conceptually would do better in a higher inflation or higher interest rate environment which may include alternative assets, commodities, precious metals(although I have my reservations about them going forward that I wont get into for the sake of length), etc. and that might provide you some relief from a potential lose, lose proposition in just broad stocks and broad bonds. You might want to be careful in the commodity space I mean you have carry cost in there that you're either directly or indirectly paying for and some of them might be predicated on a very ugly supply and demand profile right now.
2) You can recreate your own index around some theoretical concept or theoretical asset. -->
Personally, if I was to create an index today for the environment of the next 30 years I would recategorize everything based upon their environmental characteristics and use things like capital structure and duration to do it. So instead of saying I'm passively investing x% in stocks and y% in bonds. I would say I'm passively invested in x% on higher interest rates, y% on higher inflation, and z% on sustained low economic growth even if there is some overlap between these(which there is theoretical overlap between bonds and stocks anyway), and I would disregard asset labels going forward because they aren't going to help anybody better understand what they actually own going forward.And how I would do that is recategorize everything like the following:
1) Long duration fixed income = sustained low economic growth
2) Short duration fixed income = higher interest rates
3) TIPS = Obviously higher inflation
4) Leveraged loan funds or other sources variable fixed income = higher interest rates
5) Equities with high long term fixed debt = higher inflation(although they would also do better than peers who borrowed shorter term and had higher interest costs in a high interest rate environment as well)
6) Equities who borrow short term = sustained low economic growth
7) Companies that have a higher ability to pass on higher input costs to their customers = higher inflation
8) Companies who's revenue is more static in inflation adjusted terms, but have variable input costs = sustained low economic growth.
9) Commodities that have high consumer or industrial demand = higher inflation
10) The list goes on and on. Granted it's more work, but you just take a look at everything you own or indirectly own and just do your best to blink test it if you need to and given your overall diversification if you blink test enough of the assets on these 3 categories you should accurately categorize in most cases(again it's not like asset class type is perfect either as I explained above).Now you might notice that you currently hold a lot of allocation towards a particular one of these 3 categories that you think is to high(some of you might notice that you're 80%+ invested in a way opposed to higher interest rates and higher inflation--that shouldn't surprise anyone 30 years of pro-cyclicality has created a lot of assets that did better in lower interest rates and lower inflation because those were the ones that did well) and you just have to figure the lowest cost way to alter that to stay within the percentages you want and allows you to stay passive even if that means recreating your own index from scratch and letting that run. Use of sector ETFs might be able to keep the ticket charges down for example.Once when you have your recreated indexes in place you just behave the same way you always have. If low interest rates and low inflation prevail for a while and those positions do better than just periodically rebalance like you would today if an asset class was doing better and that way you keep yourself in the allocation you prefer and makes sure that you don't by default take on a higher position opposed to rising interest rates or higher inflation rates right before that paradigm shifts likely for a long time.
Active investorsFor the smart investors out there today who get that just about every market seems riddled with uncompensated risk(and that includes cash, bonds...everything) I don't blame anyone who just says, "Look if I can't find a safe place to invest without risk of devaluation on one end and market correction on overvalutaion in another than I'm just going to rely on myself to protect my money best I can." I think it's one of those markets where relying upon some of your own talent is pretty justified especially when it comes from a "how do I protect my money against devaluation risk on one end and systemic on the other" instead of "how do I make the most money possible type of mentality". But just keep in mind you're sitting in a world where markets are so dependent upon the personalities and ideas of only a handful of people. You can try to get in the head of people like Bernanke or Kuroda or a Draghi or a Dijsselbloem, but what if you misjudge their reactions to different things? I mean on one end you could see a guy that when massive risks are right around the corner he finally just cuts his losses and deals with the problem and if you were positioned 100% the opposite way you take massive losses. And if you think some policy maker is going to just take his hits to end the length of suffering and finally deal with a glaring problem that you think he's going to finally deal with...well maybe he decides to paper over it for 10 years and devalue you out. I mean if you're active out there you have to keep one foot out that you might be wrong about what these guys are going to do under pressure and how long it even takes them to realize they're under pressure.The other thing is to just always have in the back of your mind the available possibilities of how this thing shapes out once either certain countries kicking the can and/or low inflation and/or zero bound ends. I mean so let's say you're going with the trend today betting that Europe and China will blow over for now and printing will continue for a while with no consequences in the foreseeable future. And let's say you were doing this because you feel that the risk of being devalued out it in the future is the bigger problem right now then you better A) Still be positioned in a way where if that didn't work you wouldn't take such a large lump that you have no dry powder to redeploy to get back in the black with and B) Just make sure you realize that on the other end of that there are some rather large bulldozers(both in terms of purchasing power, discount rate to value everything you hold, and systemic risks in kick the can the countries) that you need to be ever aware of and cautious of if you're not positioned in a way conducive to that particular bulldozer.

In the interests of providing some food for thought to the FWF community I thought I would post this for investors here curious about ideas on how to position themselves going forward. I know a lot of smart people right now are looking at the current situation realizing that just about every investment out there is loaded with uncompensated risk and that even includes assets like cash which historically haven't had that much uncompensated risk associated with it. Now I by no means have a crystal ball and if you don't care about the thoughts of some guy on the internet then by all means don't read this. I wouldn't be posting if I didn't think there was some valuable insights in here, but feel free to take everything with a big grain of salt. And sorry for the book, but honestly something as complicated as capital markets requires length otherwise it's not even worth reading or writing.In this I'll address strategy going forward for both more active participants as well as for the Boglehead passive investors(yes I think even you guys have always had a small amount of decision making, it's just a lot smaller than most people; I'll explain it below). The basic fundamental problem that I see among investors today is that just about everything they're relying upon for how to invest in the future is predicated on falling interest rates and falling inflation rates. For 30 years falling interest rates have been the name of the game, and I think the typical investor out there does not understand how Crucial interest rates are to everything they invest in. It is likely a more important factor than any other factor in the entire marketplace and runs through everything. Everything from your confidence in the bond market to the discount rate that equity investors use to value equities to the input costs of firms relying upon short term debt to factoring receivables to sovereign financing to mortgage and home buying/building activity, etc. To give retail investors an idea think about how much you've heard about the impact of higher gasoline prices has on the economy individually and commercially and multiply that concept in your head by at least 10 times and you'll have an idea. Now this isn't some big bearish case at all, clearly economies can function alright with higher gasoline prices and the same is the case for higher interest rates or higher inflation for that matter. The point is that the way the economy and capital markets function under that paradigm shift is very different than what you've grown accustomed to, but while that is the case the vast majority of the 'rules of thumb', assumptions, etc. that all of you and practically every investor out there rely upon involve past history that stretches back 5 years, 10 years, 20 years, or 30 years that all share falling interest rates as a key component in the data you are seeing. Hell if you even go back 50 years most of that data is still colored by a falling interest rate environment and so that is what you'll receive back to confirm these notions that may no longer hold true.
Now I want to be clear about one thing and that is that I'm not predicting US rates to rise in the very near future. I honestly believe I have several rather strong arguments as to why that is probably some time off yet(and quite potentially further falls in US rates before that even happens), but in order for a person to invest wisely over the short term(if desired--obviously not applicable to passive investors) they need to have a good 'home base' or a reliable investment paradigm for the long term in order to feel comfortable with the way they are positioned. So that is why I'm bringing this up. The long term assumptions you're operating off of are likely flawed, and 30 years of pro-cyclical behavior has stacked the quantity of possible bad investments at many multiples of the quantity of good possible investments. And how are you going to deal with that likely reality?
The fundamental underpinning of my argument is that if you bought 50% bonds and 50% equities in the 1980s forgot about it and woke up in 2013 you would have done pretty well over that period of time. On the flip side if you did the same in the early 1960s you probably woke up 30 years later with a *loss* in real terms. That's 30 years and you had a loss. You're fixed income positions took continued capital losses in higher interest rates, the stock market wasn't much of a help, and the purchasing power of your earnings was devalued. There is a term for this; confiscation by the public and private printing press and for the most part it does not discriminate based on what type of financial instrument you own. Again before you accuse me of being an inflation hawk that isn't the only possibility in such an environment there are 2 others(which I'll get into) and I'm not writing this to say which one is the most likely only that you have 3 possible scenarios that are all not ideal for investors long term from where we sit today.
The next assumption that I operate off is a general conceptual way that I believe the world's key policy makers are approaching problems today. And it's not very complicated. Basically, whenever presented with a problem they need to fix they always seem to choose to stack massive quantities of different types of tail risk onto the system for the future in exchange for only a marginal benefit today. For the financially astute central bankers and politicians have basically made the determination to be sellers of black swan derivatives thinking they can take the small economic benefit today in exchange for taking on the risk of an unlikely event in the future and whenever they find a problem they just add to that position(like a person paying their credit card bills by selling options). For the less financially astute think of a gambler who show's up at the race track and bets against the worst horse every single time and treats the proceeds as income. They might be able to get away with that for a while, but likely not forever(and guessing when is extremely hard). That is your policy makers around the world and they do that because they feel their citizenry demands it(like a boss saying give us earnings no matter where you get them from).
Now lastly in terms of the assumptions I operate off of(and you can feel free to disagree) I alluded to basically 3 possibilities going forward. And these are from where you stand when you're currently at the lower bound of interest rates.
1) Higher inflation
and/or
2) Higher interest rates
and/or
3) Sustained low growthYou can have any combination of these with the exception of a combination of higher growth without higher interest rates or higher inflation. You can have higher growth and higher inflation. You can have higher growth and higher interest rates. You can have higher interest rates and lower growth. You can have all 3 of any of the above. The only thing I would argue is impossible to last is high growth without a rise in interest rates or inflation or both. To believe otherwise is to believe that wealth is unlimited and free(wealth is different than money). If you want to believe that then ignore everything I've said and will say below and knock yourself and good luck. If you believe like I do that wealth isn't unlimited and isn't free than feel free to continue.
Passive InvestorsFirst off, what passive investors need to realize is that they still have some decision making they make even if they don't realize it. Basically, you're investing by a physical and theoretical definition of asset class. You're just limiting decision making about what's inside of those assets classes, right? So a person that invests 70% S&P 500 index fund and 30% bond index and another person that invests in 40% total market stock index and 60% in a high yield international bond index are still both index investors. So what I just want to remind you of is that:
A) You're still exercising some limited decision making because if you weren't and you really wanted to 'own an index of the entire market' you would end up with something like(and this just a guess I haven't looked this up) 50% currency, 30% bonds with an average maturity of probably 10 years, 15% equities, and 4% commodities, and 1% other. If that is what what you want to own today by all means be my guest and good luck, but I think most people would say that is insane as a long term allocation with the way the future is shaping up.
B) That the real principals of passive investing are just low cost, low turnover, broad diversification, etc. and are not something inherent in using a particular physical or theoretical allocation.
I'll also repeat again. If you bought 50% bond index and 50% equity index in the 1980s no problem 30 years later you wake up and did great. You did the same in the 1960s and whoopsy 30 years later you wake up with an inflation adjusted loss. Now you know maybe the fact that even the average active investor lost as well makes you feel better about it and you're just content taking the loss then by all means don't concern yourself with it and ignore everything else I say.If instead you're of the mindset that you want to position yourself so that this doesn't happen to you while still maintaining a passive investment philosophy than I might have a solution for you. Basically(and again feel free to take this with a grain of salt), it just requires a challenge of the idea of only buying by the 2 main asset classes and instead looking at still using passive investing while utilizing allocation based on some other concept of a similar nature. First of all, without getting deep into the weeds the way people define asset class doesn't have too much basis in reality anyway. Is a junk bond more bond like or more equity like? Answer: Probably more the latter. Is a stock of a company that primarily holds fixed income more like a growth stock or a bond ETF? Answer: Again probably more the latter. Is preferred stock more like a bond or a stock? Answer: It depends upon how consistent and reliable the cash flows are.So let me propose other alternatives:
1) You can buy "index's" of other asset classes(outside of bonds or stocks) that either historically or conceptually would do better in a higher inflation or higher interest rate environment which may include alternative assets, commodities, precious metals(although I have my reservations about them going forward that I wont get into for the sake of length), etc. and that might provide you some relief from a potential lose, lose proposition in just broad stocks and broad bonds. You might want to be careful in the commodity space I mean you have carry cost in there that you're either directly or indirectly paying for and some of them might be predicated on a very ugly supply and demand profile right now.
2) You can recreate your own index around some theoretical concept or theoretical asset. -->
Personally, if I was to create an index today for the environment of the next 30 years I would recategorize everything based upon their environmental characteristics and use things like capital structure and duration to do it. So instead of saying I'm passively investing x% in stocks and y% in bonds. I would say I'm passively invested in x% on higher interest rates, y% on higher inflation, and z% on sustained low economic growth even if there is some overlap between these(which there is theoretical overlap between bonds and stocks anyway), and I would disregard asset labels going forward because they aren't going to help anybody better understand what they actually own going forward.And how I would do that is recategorize everything like the following:
1) Long duration fixed income = sustained low economic growth
2) Short duration fixed income = higher interest rates
3) TIPS = Obviously higher inflation
4) Leveraged loan funds or other sources variable fixed income = higher interest rates
5) Equities with high long term fixed debt = higher inflation(although they would also do better than peers who borrowed shorter term and had higher interest costs in a high interest rate environment as well)
6) Equities who borrow short term = sustained low economic growth
7) Companies that have a higher ability to pass on higher input costs to their customers = higher inflation
8) Companies who's revenue is more static in inflation adjusted terms, but have variable input costs = sustained low economic growth.
9) Commodities that have high consumer or industrial demand = higher inflation
10) The list goes on and on. Granted it's more work, but you just take a look at everything you own or indirectly own and just do your best to blink test it if you need to and given your overall diversification if you blink test enough of the assets on these 3 categories you should accurately categorize in most cases(again it's not like asset class type is perfect either as I explained above).Now you might notice that you currently hold a lot of allocation towards a particular one of these 3 categories that you think is to high(some of you might notice that you're 80%+ invested in a way opposed to higher interest rates and higher inflation--that shouldn't surprise anyone 30 years of pro-cyclicality has created a lot of assets that did better in lower interest rates and lower inflation because those were the ones that did well) and you just have to figure the lowest cost way to alter that to stay within the percentages you want and allows you to stay passive even if that means recreating your own index from scratch and letting that run. Use of sector ETFs might be able to keep the ticket charges down for example.Once when you have your recreated indexes in place you just behave the same way you always have. If low interest rates and low inflation prevail for a while and those positions do better than just periodically rebalance like you would today if an asset class was doing better and that way you keep yourself in the allocation you prefer and makes sure that you don't by default take on a higher position opposed to rising interest rates or higher inflation rates right before that paradigm shifts likely for a long time.
Active investorsFor the smart investors out there today who get that just about every market seems riddled with uncompensated risk(and that includes cash, bonds...everything) I don't blame anyone who just says, "Look if I can't find a safe place to invest without risk of devaluation on one end and market correction on overvalutaion in another than I'm just going to rely on myself to protect my money best I can." I think it's one of those markets where relying upon some of your own talent is pretty justified especially when it comes from a "how do I protect my money against devaluation risk on one end and systemic on the other" instead of "how do I make the most money possible type of mentality". But just keep in mind you're sitting in a world where markets are so dependent upon the personalities and ideas of only a handful of people. You can try to get in the head of people like Bernanke or Kuroda or a Draghi or a Dijsselbloem, but what if you misjudge their reactions to different things? I mean on one end you could see a guy that when massive risks are right around the corner he finally just cuts his losses and deals with the problem and if you were positioned 100% the opposite way you take massive losses. And if you think some policy maker is going to just take his hits to end the length of suffering and finally deal with a glaring problem that you think he's going to finally deal with...well maybe he decides to paper over it for 10 years and devalue you out. I mean if you're active out there you have to keep one foot out that you might be wrong about what these guys are going to do under pressure and how long it even takes them to realize they're under pressure.The other thing is to just always have in the back of your mind the available possibilities of how this thing shapes out once either certain countries kicking the can and/or low inflation and/or zero bound ends. I mean so let's say you're going with the trend today betting that Europe and China will blow over for now and printing will continue for a while with no consequences in the foreseeable future. And let's say you were doing this because you feel that the risk of being devalued out it in the future is the bigger problem right now then you better A) Still be positioned in a way where if that didn't work you wouldn't take such a large lump that you have no dry powder to redeploy to get back in the black with and B) Just make sure you realize that on the other end of that there are some rather large bulldozers(both in terms of purchasing power, discount rate to value everything you hold, and systemic risks in kick the can the countries) that you need to be ever aware of and cautious of if you're not positioned in a way conducive to that particular bulldozer.

I recently signed up to get my FICO score every month through my bank. The first report came in last week and it was surprisingly good. I'm only down about 10 points from when I bought my house.Last week I also got a Prosper.com loan offer. I've been thinking about consolidating some cards so I checked it out today...and got denied on the basis of my credit score not meeting their required minimum. Aside from the questions of why anybody would seek out alternative lenders if their credit was good enough to go to a bank or why they'd send anything to people whose scores they knew were bad...How can my bank go through Experian and get a score 60 points higher than what Prosper says it got through Experian?

Long story short, I have about $52,000 in federal student loans (Stafford Unsub 6.8%) and $30,000 in other loans (Parents, Credit Cards).I'm fortunate to be in a position to aggressively pay off this stuff, but I wanted the FWF take on it.I gross $97,500 per year. Company automatically puts in 3% in a 401k per year w/ a stock options plan to purchase at a 15% discount. Company is a large, stable healthcare testing organization.Based on my spreadsheet analysis, I can be free and clear in 24 months. I have projected expenses of about $1,600/mo which includes $200/mo for savings. I could potentially shorten the duration to 18 months, but it would make life a little uncomfortable. I am 25, so I would expect to slightly upgrade my lifestyle (i.e. Moving into a townhouse vs. an apartment) rather than live like a pauper. Another piece of the equation is that my fiancee is a decent wage earner. She works at a software company and makes $40,000 + bonuses (upto another $40,000). We were planning on having her sock away her bonuses to save for a down payment on a home in a few years.What are your thoughts?

From their site:
navyfederal.org said: If you didn't finance your auto loan at Navy Federal, now's your chance! Refinance with us, and we'll give you $250. Plus, with refinance rates on auto loans as low as 1.49% APR2 for up to 36 months, you could greatly lower your monthly payment. But hurry! This offer won't last long. Click the button below, call 1-888-842-6328, or visit your local branch and mention our $250 refinance promotion.https://www.navyfederal.org/membership-benefits/offers-discounts...I applied last night. They said I should see the $250 credit 30 days after my first payment.
(Plus I lowered my rate by 0.5%!)

I just found the Finance thread over here and have been voraciously reading everything I can.
This is my first post in this forum. I have a lot to learn but I thought you all would enjoy a laugh this morning!http://online.wsj.com/article/SB10001424127887323646604578403191...
If you google: Introducing the 97-Month Car Loan
Should take you to the article.

This is more of a "contact" for a good deal on an extended warranty on your mercedes (if you have one). Hopefully this is "ok" for the FW staff...I have a kid carrier 2007 R500 (seats 7 comfortably) that is perfect for family hauling (3 kids, parents, babysitter) and costs me about $4000 in depreciation and extended warranty costs (insured by MB) per year to keep on the road. It's a relative bargain for a M-B that is going strong at 75k miles and certified under MB warranty until 135k miles.Why I think this is a hot deal:
- the M-B certified warranty is really very inclusive, and if you have a good local dealer, there are almost "no questions asked"- including a free loaner M-B when your car is in the shop.
- The original certified warranty includes 5 years / 100k miles (which requires an inspection), but extending this warranty to 6 years / 120k miles or 7 years / 135k miles is quite inexpensive ($1500-300)
- You ARE pre-paying for stuff that might or might not break, but the warranty is quite comprehensive, and you are paying insurance based on what MB corporate is paying the dealer for the repairs, not what YOU would have to pay for the repairs.
- Expensive things tend to break on M-B cars with 100k miles, and a free, brand-new MB loaner really eases the pain.The contact is -
Teastman@mbofelmbrook.com
262-821-5000 ext349Just bought a 2 year extension from him of my CPO warranty. Took 2 minutes. Need the VIN and the exact mileage of the car. Only cars currently under the CPO warranty are eligible, but cars under the mfg warranty are also eligible.
Saved about 25%.

Hi FatWallet,I am not N00B but I have not posted but read much on here. I've seen similar threads on here before and my finances have been on my mind lately. I am posting on here just to get feedback as to how I've done so far in my life and if I need to make ay changes. I work in financial services industry so I am pretty personal finance savvy, but I am human.Income: $44000 with bonuses last year. Not likely to increase much but lots of advancement opportunities within the company. Fortune 20 company. Graduated with BS in Business Management from University of Illinois at Chicago in Dec 2009. Been with this co since October 2011, prior income was roughly $30k/yr. NAge: 27, seeing someone, no kids, no student loans, no cc debt, no mtg, no car note. Contribute 15% to my 401k per pay period. 3% co match.Checking: keep minimal, maybe $200
Savings: TIAA-Creff earning .90 %--$10,000**--was at almost 20k a month ago, moved $5k to the IRA and $4600 to pay off the remainder of the car loan that was at 1.9%Stocks: FLWS 50 Shares, Cost for all shares $111.15, Market Value: $256
AOBI 41, $50, MV: 18.86
AVTI: 25,000, $61.45, MV: $2.50
ACLS: 9, $14.67, MV: $10.35
BAC: 6.0048, $47.89, MV: $73.32
CBOE: 16, $526.87, MV: $584.64
DHT: 3, $28.79, MV: $13.56
FB: 1,000, $4177.90, MV: $2684.90
GM: 10, $348.85, MV: $275.90
GGRN: 1000, $93.95, MV: $5
NEWN: 79, $54.51, MV: 30.81
V: 5.031, $314.86, MV: 836.46
WYY: 18, $14.22, MV: $10.44
BBY:107.565, $2915.18, MV: 2792.38My 401K: $27063 as of today.
Just opened Transnational IRA: $5k--Invested OIEAX, SEEGX, JPTBX, JMVSX, JVASX. 1k each no sales charges.Assets:A 2BR 1Bath condo with a garage. Purchased 2010 foreclosure, $58k CASH. No HELOC. Current Value: Would not sell for less than $90k.
Comps do not include garage space.2012 Hyundai Sonata GLS with 10 yr warranty (close to bumper to bumper). Purchased new Dec 2011. Just paid it off. Had about $23k in the savings prior to buying the car.Expenses:Roughly $2300 annual property taxes. $1500 annual for condo and car insurance (250k/500k coverage) and a $2MM umbrella policy for $200 a year.
Monthly:
Condo Assessment $209
Gas/Electric $40-60
Cellphone $45
Groceries $200
Eating out $350
Gym $20
Gasoline $100There are probably things which I'm missing but I'll add if they come up. Please do not be afraid to be harsh or to question anything I wrote or failed to mention.As you can see, I have no debt other then revolving credit paid in full end of month. Credit score 775. I really dont budget myself but I am deal-hunter and FATWALLET at heart and real life.
My income fluctuates a bit month to month due to monthly bonuses, but alas I can try.

Yes, yet another should I buy/upgrade to a new car. Please read and let me know if my situation makes this one different/unique in any way.Back in July-2010 I purchased a 2010 Altima Hybrid with an MSRP of $26-27k from a CT dealer for $19.7k total after seeing this thread about certain Nissan dealerships that were trying to clear out their 2010 NAHs.
$19.7k includes IL t/t/l, a $4k Nissan rebate, a $2,350 Fed tax credit (that I received in 2011) and shipping costs as follows:$22,798
($4,000) Nissan rebate
$498.25 Dealer conveyance fee
$1,738 IL State tax
$270 Title
$25 Registration
$10 Lemon law something or other
$3 Lien something or other
($2,350) Fed tax credit received in 2011
------------------------------------------
$18,992
+ $703 to have it shipped from CT to the Midwest
-------------------------------------------
$19,695 TotalAlmost forgot:
$845 total interest paid on a 3-yr loan ($18k financed @ 3% resulting in a $525 monthly payment)
The car will be paid off in 3 more months.
So the true all-in cost of my 2010 Nissan Altima Hybrid is right around $20.5k
Fast forward 2 years, 8 months later. I haven't put too many miles on it...it's about to cross 37k.
I've been very happy with the car overall. It's my daily commuter and gets great MPG: rated 35 city and 33 hwy and I have averaged 34.28 overall...would be higher in a warmer climate...I get upper 20s/lower 30s in the winter and mid/upper 30s in the summer.
But I'm really missing some of the creature comforts: heated/power seats/steering wheel, remote start, back-up cam, nav, etc.So...
Since the used car market is (supposedly) so strong right now would it be terribly foolish to trade the car in for a new 2013 Altima?
There is no hybrid option currently.
I'd be looking for a 2013 Altima SV which includes 17" alloy wheels, Nissan Intelligent Key with Remote Engine Start, and a 5" color display audio system.
MPG is better than non-hybrids from 2010: 27 city and 38 hwy, but I doubt I'd be getting 34 combined anymore as I do 60-70% city/traffic driving which works out well with the Hybrid.MSRP is $25-26k but as you can see above I'm not one to pay retail, I prefer to jump on specials. I used one of those anonymous new car buying websites to have dealers send me offers for a 2013 Nissan Altima SV. I got 3, the lowest was for about $21k (I can see the car on their website for a couple hundred more than his offer, it's one of their specials)
Nav would be an extra $500 or so (I could live without it)
So tax, title, license would be another $2k resulting in an OTD price around $23k for a 2013 Nissan Altima SV.My car is in very good-excellent condition with 37k miles as noted above.
KBB shows a trade-in value of approx $13.5-14k (seems low to me...MSRP for my 2010 NAH was $26-27k after all, but I suppose few paid that).
So I guess best case scenario I get the dealer to give me $15-16k for my trade-in and pay $8-9k to upgrade?
Or maybe get a little more from a private party sale, i.e. the buyers that are going to pay the dealer $16-17k for my 2010 mint NAH?
Or buy a stock Altima S for a couple grand less, pay for the heated/power seats/steering wheel (if possible) and go aftermarket for the remote start/backup cam/nav etc.Often I start a thread like this and end up answering my own question! I think I should probably hold onto my car and enjoy no car payments for a while starting this summer...
I wish I could install a remote start, but the push-button ignition/hybrid combo make it difficult from what I've read online. I'm guessing heated/power seats upgrade is not going to happen. Back-up cam would be easy, but that's not really essential by itself without the other upgrades.Any thoughts (besides buying a crown vic or downgrading my car for a new Toyota Corolla, etc..)?

I thought about creating an alt ID to post this, but I hate when other people do that, so I decided to post on my real username. This involves my GF of several years, whom I am likely to get married to (thus why this might become "my problem"). She was sick a few years ago and racked up huge medical bills during a two year time frame when she did not have any health insurance. She used CCs to live off of and paid off her medical bills with her (meager) salary. She now knows this is a bad idea, as she could have negotiated down the medical debt easily and never had to use CCs, but thats not something that can be fixed now. The CC debt over the period of a few years was large but not insanely large until she could no longer float it on 0% or low interest cards, now its exploded to about ~80k. She has never missed a payment on any CC and everything is current. Her job situation is that shes a graduate student and isn't expected to get her PhD for 3-4 more years. She now is under the university health plan so while she still has some medical expenses, the cost is now manageable even on a TA salary.Once she graduates she will probably start at 70-85k, but she also has about 55k in student loans from undergraduate (subsidized stafford). However, she will almost certainly get a tenure track job at a public university, so those will be forgiven after 10 years through the public service forgiveness program (thanks taxpayers!). I am aware of three options:
(1) Bankruptcy - Wipe it all clean, deal with the 10 years bad credit. My question is - if she does something like gets a secured credit card that reports to the bureaus and keeps it at $0 balance, will the credit recover enough to where its impact will be more manageable in a few years? Or is the 10 years of bad credit basically just that - no credit of any kind from anyone until its off the credit report?
(2) Stop Paying - This will from my understanding result in 7 years of bad credit or so once the balances get charged off. However, in the mean time she gets to deal with debt collectors and given that some of the individual balances are large (1 card is a 20k balance) - will she be sued for the larger amounts?
(3) PAY YOUR BILLS DEADBEAT - Always the preferred (and in my opinion, the best option) but realistically not feasible. She would not even be in the position to negotiate a pay off for deletion type strategy until she gets a job, which again is at least 3-4 years down the road. She is currently throwing every dime she has from her $20k/year TA salary at keeping current, her only other expenses are rent and food, and its not enough to decrease the debt at all. She called all the CC companies a few months ago to ask if they would be willing to lower interest rates or work out some sort of lower payment plan, but all of them refused to do so until she was delinquent with the payments. Which option is best here? I am leaning towards recommending she pursue bankruptcy (cost: 1.5k, according to the lawyer she talked to) just to get it over with, but it may be better dealing with debt collectors for 7 years if it means 3 years sooner where she can get credit (and use it responsibly, this time). We are of course both reading credit boards about this, but I wanted to get the FWF opinion (with all the negative that will include) as well.

Hello. I have a business and buy a ton of stuff at Costco. I would like to get the Costco AMEX to start getting more CashBack (I have the executive card and get the full CB every year). I have a few negs on my credit I wanted to go over and see what you all thought.I signed up for an Experian account about a month ago. I had 2 old medical bills in collection from 6 years ago that I didn't know about. I moved around a bunch after college and apparently my insurance didn't cover a few things from when I was in school. So I called the companies and paid both of them off. I looked at my Experian credit report today and they are both gone and my credit score jumped from 591 to 648.One problem I see with my credit report is I have a student loan that is repeated. The DOE sold my loan with them to a different company. Now it shows the loan twice and says I have 40k in student loans instead of 25k. I've read that student loans aren't a big problem so I'm not sure if I need to do something here or not.Other than that I have 1 CC that I pay off monthly. It's a Wells Fargo card with a limit of $4700 that I have had for 8 years. I have 2 inquiries in the last year, and 2 CCs that I closed about 4 years ago.Any advice would be great. I have cash and anything I can do raise my score would be awesome to know, I did read that I should probably have more than 1 CC. Any AMEX that pays CB would work. I want the most limit I can get as I spend about 20k at Costco a month. Also, anybody have any idea on how quickly you can get your limit raised if you use the card a lot and never keep a balance? Thanks!

I'm 28 years old, male, and I work as a teacher. I'm equivalent to tenured, and my job is pretty safe. I make $31,700 a year at that job (low cost of living area). I work another part-time job on the side (IT work), and I make about $57,000 a year total between both jobs.I max out my 403(b) at school. It will be the full $17,000 this year, and I've maxed it out for the past couple of years. I also max out my individual HSA every year.My housing costs $240 monthly with all bills included (I rent a room in a house in a safe neighborhood). I have paid off most of my 2013 Kia Soul (only $13,800 brand new), and I just pay $125 monthly to PenFed for the car note on a 36 month loan at 1.49%. Full auto insurance with comprehensive/collision runs me $698 annually, prepaid through late 2013.My FICO credit score was 751 last I checked. I take advantage of various bonus offers that we all know about from the forums (Hyatt free nights from their CC, Southwest 2 free RT flights from their CC, AA miles credit card, etc.). I have just over $127,000 in available revolving credit. I'm at $0 CC balances except one $2900 BT at 0% with a 0% fee (courtesy of Commerce Bank).I have saved up $117,000 in the past few years, mostly in 401k, 403b, or IRA accounts (but some in taxable accounts).I'm fairly happy with my income and my lifestyle -- content, I suppose. I'm single. I spend time with friends. I volunteer to fill my extra time (volunteer with the IRS, volunteer firefighter, and volunteer casa).Is there a point that I should be spending more money and "enjoying life" more? There are various things that would be nice -- I've been contemplating a new Ford Mustang car -- but I find it hard to justify the costs when what I drive (a 2013 Kia) is reliable and inexpensive. Do I need to let go and be willing to spend more money? I've confided this to a few of my close friends, and some of them contend that I should be "enjoying" the fruits of my labor more. I'm torn on it, so I wanted to seek advice from FW. I feel like I've followed much of the FW playbook, if one can call it that, but have I focused too much on the frugality aspect?

Hello FW Family,I'm looking for some life saving advice because you don't know what you don't know. My goal of this post is to access my current saving plan and make proper adjustments. I'm "stingy" with cash and feel like I MUST save although I'm not really saving for anything specific. I just worried that just cause I make more money now that I should spend it.BACKGROUND:I graduated college in 2006 and a friend told me about the Fatwallet community. I actually joined just to save a few bucks and turned out to buy stuff I didn't really need from the "hot deals" forum. Since then I've spent lots of time in the "finance" forum shadowing post on "buying houses" and learned about the basics of getting out of debt, got scared to get in debt, and really learned from a lot of you all. I bought my first condo with the help of fatwallet, turned into a landlord with the purchase of my second property, paid of all my CC debt, and saved $90k in cash. Hell you all saved me hundreds in my last post when I got screwed by a water heater company.Debt:
$40K College loans at 3% rate
$1500 (Monthly) - Rent + Parking (Recently moved to San Francisco)
$300 (Monthly) - Bills (Cell phone, cable, electric, etc) My current saving strategyAt the start of the month I get paid and immediately pay my rent $1500 and put $1500 away in my ING account. When I get paid on the 15th, I put away $1500 in ING and have $1500 to pay bills, eat, live etc. This $1500 typically covers me for the next time I get to the middle of the month. I treat it as a "game" kinda but I've been sticking to my plan of $3000 saved in ING monthly. I'm not saying this is a good plan and I do purchase items and go out to eat here and there. I just graduated my master's program and will have to start paying back on my loans in 6 months. I currently invest 12% in my 401K and do not contribute to my ROTH IRA anymore since I'm not much a good stock investor.Questions
1) I know my saving plan isn't sophisticated so ANY advice on other alternative saving plans would be greatly appreciated. Tips?
2) What is a good amount I should be saving per month?
3) I plan on buying a car in the next year? What is the best way to finance it? I could pay cash but I've also heard you could borrow against your 401K or do a HELOC. Any advice there?
4) Is there any place I should be putting the money other than ING?
5) What moves did you use while 30 (Question assumes you're over 30 years old)Thanks in advance. This post in no way is to come across as a d*uche or another what should I do with 6 figures of saving kinda post. I'm generally asking for help because I have trust issues going to a personal advisor at Merril Lynch or something along those lines. In a weird way I feel you guys are my extended family.

I'm posting this because I value FWF unique perspective and think that FWF might be able to present creative solutions to a problem my family is facing.My sibling accumulated nearly $180k worth of debt pursuing an MBA from a top-5 business school. My father was required to sign as a cosigner so that my sibling could secure the loans. At the time, my father had the pristine credit score and my sibling had the high income (top-3 bank) from his job in NYC. My sibling attended school full-time for the year and a half that the program mandated.Now that the education is complete, my sibling is struggling to find a job (sibling is trying to transition from finance to tech). The student loans are past due, and the loan originators are coming after my father. My father has been unemployed for nearly 5 years now (parents are divorced), has no assets (i.e. home, retirement, etc), and is finally eligible for social security payments. Although my father is nearly destitute, social security payments would help alleviate his financial burden (rent, food, gas). My father has fallen in and out of depression over the course of his unemployment stemming primarily from factors of self-worth (i.e. inability to find a job).Is there anything my father can do to protect the social security payments from garnishment?I understand that there are a number of other considerations here - i.e. why doesn't sibling just get a high-paying finance job, why hasn't father been able to find a job, etc, but please focus on the single question posted.Thank you for the help and advice in advance.

My parents took out loans to help me pay for college many years ago. After my graduation, they paid toward them a little, but then decided to attempt to forbear indefinitely. This was "successful" for many years until Sallie Mae recently purchased the loan. Years of accrued interest have brought the total to $90,000.The payment level Sallie Mae is requiring wasn't budgeted for by my parents, who had basically mentally written the loan off. They believe that paying the monthly payments would bring them to a subsistence existence; this could be close to the truth.They've requested my help, understandably. I could put about $20,000 toward the debt before falling into debt myself. Given my parent's total debt level and income, however ($125k total vs. $30k/yr, respectively), I'm not sure that even $20k would be particularly impactful over the long term.I don't know that a consolidation loan would be available given their middling credit scores and the large debt size, but we haven't yet looked into it. Both are at retirement age, so I'm trying to come up with a sustainable situation without taking on unsustainable debt myself. Those two situations may be mutually exclusive, I fear.Any ideas would be greatly appreciated, thanks.

I was preapproved for a $250,000 mortgage by a local bank only to be denied later because they were given wrong tax information. Taxes and HOA fees amount to about $500 a month and it threw me off the edge after being reviewed by the lender. I am the only bread earner in our household and hate to lose this home which seems to be a great deal for a 3000 square feet foreclosure. I would ask the fellow Fw'ers to see what my options might be as far getting the loan. I have tried two other private mortgage lenders but with only my w-2 income of approx. $50,000, what do you suggest I should do ? also, I have until end of this month with this contract but as of right now, I have no financing in place. When do I tell my realtor I can't do this ? also, the bank ordered appraisal without consulting me. Now, the girl at the bank refuses to give me the copy of the appraisal that was paid for by me because the loan has not been underwritten yet but if i paid for it, should i not get a copy ? please help. thanks

I would like to to thank the fatwallet posters in advance for reading this and providing me with years worth of good advice. I recently had a pleasant surprise from my tax preparer and will be receiving a hefty sum (for me anyway) from my federal income tax return. Yes I know that I should not have given the government an interest free loan but I was going through a divorce and didn't want any surprises come tax time. My question is: What is the best way for me to invest this money ~$4000?. I know leaving it in a savings account is useless and I don't want to buy a Crown Vic and use the rest cruising for H&B.

My situation: Single father of 1 (I have him >9 months out of the year). No credit card debt (I pay it off every month). No student loans. I have a mortgage (~$160k owed, 25 out of 30 years on the mortgage at 6.5% interest rate (It is a USDA not an FHA loan). I have a car loan ~$3K at 5.5% interest. I have been scraping by each month and have little emergency savings. I was thinking of paying off the car loan and using the $300 a month I would be paying in car loans to keep as my emergency funds. I would love to refinance my mortgage down to 4% but since it's not an FHA loan and I don't have very much equity in the house I'm pretty sure I can't refinance.... I would love to hear what the fatwalleters out there would do in my place.

Everywhere I've read says that if you're pretty much equally financially, a pre nup is more trouble than it's worth. Wanted to get some light on the subject from the FWF community which has generously helped me in the past. Currently engaged, planning the wedding for September 2014. My (26 yo) assets:
75k/yr salary (with overtime usually total ~80k)
20k Roth IRA
28k TSP
12k liquid savingsMy debts:
6k car loan - 1.9%
55k student loan - 3.49% (being paid to my brother, who took ownership of the loan with a HELOC)
Her (27 yo) assets:
75k/yr salary (with fairly steady annual bonus total ~80k)
5k Roth IRA (just made 2012 contribution)
30k 401k
12k liquid savingsHer debts:
1k car loan
20k student loan - 0% (being paid to her father)
The only thing I can see in terms of income inequality is our family's incomes. Her parents have a significant amount more money than my parents do.

So I've been putting a lot of money towards my debt, and my credit cards will all be paid off next week. This will bring my credit score from a tragic 620 back up to around 730. The next things I want to do are apply for a rewards credit card best suited for my lifestyle, and refinance my car to get a lower rate.I have two questions:1. Should I apply for the new credit card or the car loan first? How will one affect the other? (okay that might be two questions in one)
2. How long should I wait after my credit card debt is paid off before I take step 1?

We are looking to buy our first home in Chicago suburbs. We both are recent graduates and our combined take home pay after taxes and health insurance, etc. is around $120,000. Maximum we want to spend on home is $300,000 and want to take loan for $250,000. We do not have any children and hoping to save $50,000 per year for paying off home loan and want to pay off the loan as soon as possible. I have been trying to figure out the best type of loan for my situation. I tried few online mortgage calculators but did not yet find a comprehensive one (e.g. option to include points). I am hoping to get some advice from FW community. I have credit card and car loan with Penfed. So thinking of going with Penfed for mortgage and I am looking at the rate information here: https://penfed.mortgagewebcenter.com/CheckRates/GreatRates.asp?P... . Mainly I am considering two scenarios.1. 10 years fixed rate loan with 2.5% rate (with 0 points). Penfed estimate for closing fees is $5721.2. 5/5 ARM with 2.75% initial rate (with 0 points). With their current promotion, Penfed pays closing costs, and gives credit for first month payment. Obviously, I do not know the interest rate after 5 years. If everything goes as expected we may pay off the loan in 6 years. The main reason I am looking at ARM is because of no closing costs and first month payment credit.Do you guys see any flaw in my thinking?. am I missing something or are there any better options than the above two?. Thank you very much in advance.

I've seen similar post on here a while back so I wanted to post my situation (strikingly similar)I'm 26 years old white male: I want a good life, a family, etc etc. but I am now in an extreme situation.Attended a Private Dental School w/ high tuition and was kicked out (w/ chance to reapply) due to "unprofessionalism" 4 months before graduation (message me for more details if you can help)
Appealed, final decision - expulsion w/ chance to reapply. I am now stuck w/ ~$300,000 of government student loans w/ no job/degree (BA in chemistry but no DDS)
I believe the school's decision was way to harsh, but at this point all I can do is pray that if I reapply (which will cost a few thousand) in a year I can return and finish
No credit card debt, very little money right now - parents are divorced and cannot support me - I will be living at home in my mom's apartment - Still looking for any sort of income for the time beingOPTIONS: I am looking for suggestions on what to do - Here are some options I came up w/1. Most important, find a job (hopefully dental related) get psychologist to help w my emotional problems - Then reapply and pray I can get back in
2. Look into other vocations (I have though of medicine podiatry, pharmacy, chiropractor, or any advanced degree) - Pray they would give me a shot and take the necessary tests - I would love to go to med school, but that would seem out of reach - others, not sure may be easier to gain admittance to.
3. Option 2. would involve me taking out even More Government loans ( would I be eligible) - But at least I would live like a student and not be totally out of money and it would give me a clear path - and I can do Public service loan forgiveness or Income based relief programs after
4. Start a business - I have a very strong idea and my friend said he would invest - Q: Would I be eligible for SBA loans if i write up a business plan even w/ my debt
5. Join army or navy if they would take me - this would count toward public service loan forgiveness and I would be eligible to have my loans wiped away after 10 yrs
6. Find any non profit or public service job (ie cop EMT librarian etc) - work 10 years and public service loan forgiveness again
7. Dental Sales Rep - I am good looking and stand up guy but I am having trouble getting into sales due to my little experience in sales/lack of jobs
8. Leave the country - go to somewhere nice start all over (pretty extreme, but this is an extreme situation)
9. Stock broker (not the best idea)
10. Any chance I can file hardship or bankruptcy in this case
I'm just looking for HELP/ADVICE) Thank you. I really appreciate any other suggestions or comments

I purchased a new car in April 2012; at that time, the dealer offered me 1.84% vs the Credit Union's 1.99%. The loan was for about $21,000. The loan is with Wells Fargo. Since then, I paid an even $500 every month which was more than the monthly installment amount. The payoff quote from Wells Fargo looks like this as of today: Payoff Amount $15,797.32
Current Balance $15,767.11
Interest Due $30.21Now Alliant Credit Union is offering 1.74% for refinancing it, plus a $100 deposit in the savings account. In this case, will switching to Alliant CU be worth it? I have other accounts with Alliant prefer to move this account with them but only if doesn't add additional $$ to what is owed. I don't mind going through the process. Please share your experience FW friends. Thank you.

Welcome Fellow Fatwalleters,I'm 28, I had a very questionable early 20's where I ran up around ~50k in credit card debt & got a car repo'd due to really bad financial decisions and a girl that broke my heart. I am within 1 year of all of those date of last activity dates to roll around and those bad items to fall off my credit report. Placing me in a better financial situation to purchase my own home for myself & my new family (24 yr old GF & her young girl). We've been in a relationship for 3 years now and she's also relocated to northern CA to be with me (ie: it's serious). My goal is to limit my debt & build enough capital to purchase a home worth 250-300k (ie: something I could see myself in long term with enough space to accommodate a couple children & a guest) while also having enough space in my income to regularly deposit some of my money into some sort of investment (lendingclub, brokerage account, etc.)My current credit (~690-700) is good enough to acquire a FHA Loan but I would rather do it the conventional way to acquire a better interest rate & get rid of those pesky fees involved with putting less than 20% down on a home. Below is my current financial picture.Income: (base salary of $110,000)
2012 ~175k
2013 44,000, so far. I'm a desk jockey in the electric industry that works regular overtime, I averaged about 52 hrs/week last year.
My monthly take home is variable, anywhere from $4600 after my maxed 401k contributions, to $12,000 in very rare circumstances.ACCTs:BoA Savings: ~$27,000
SJPECU: ~$10,000
401k: ~$66,000
Lending Club: $250 (it was easily funded via paypal, seemed like fun.. so I took a teeny tiny bite, what little research I did do seems to lead me to believe that it's worth tossing some extra funds into if only to diversify that much more)Debt:Credit Card Debt: ~$2,000, I normally keep my credit card balances at zero, not sure how this crept up this high, must have a talk with the GF!
Car Loan: ~16,500 %4.00 interest rate, originally 32,500 but paid it down 16,000 in the last year. Next payment due date is April 2014. I shouldn't have bought used by I really love my GF and she came from a poor upbringing and has never had anything really nice that she could call her own. I splurged and I shouldn't have necessarily.Monthly Payments:
Rent: $900 (I currently live with my parents as I'd rather pay rent to someone I know will benefit from it as opposed to a stranger, also the price is pretty good for this area considering it's 2 bedrooms in a 5,000 sq. ft. household, another year here is going to be achy since my GF would like to jump ship and jump right into a house this instant regardless of our financial situation. I'd very much like to wait the extra year for the huge bump in my credit score and be able to put 20% down on a house as mentioned above.)
Cell Phones: $140/month, grandfathered in unlimited data plan w/ AT&T. I know I'm going to get crap for this but I don't want to lose that unlimited data, and we both have AT&T Iphones, and I'm locked into their 2 yr. contract.
Car & Truck Insurance: $240/month I have a lousy driving record, that's why this is so high.
I Own:
A truck I'd like to sell this if possible 19.6k trade in, 23.7k private party (good category via kbb.com) as I only use to to commute to and from work. It's had around 4k in engine repairs done to it recently and runs like a charm now but I'd like to sell it with a clear conscience and I'm unaware of the best way to do this as I've never sold a vehicle before.Feel free to leave your generic comments (ie: trolling etc.) but what I'd really like is just some recommendations as to... *Whether or not to pay off that car loan now or to take a large chunk of my savings and place it into something that would garner me some interest (above 4% to counteract the interest incurred from my car loan) if so how much & where?
*Whether or not keeping that 10k in SJPECU is a good idea or whether it should be moved as well. If so how much and where?
http://sjpecu.org/wp-uploads/2013/03/dividend-rates.pdf <---SJPECU Dividend Rates can be shown here. A detail that should be mentioned is that they cap their deposits per customer to $500/monthly. So if I take this out and put it somewhere else and their dividend rates go higher back to 1983 rates perhaps?.. I would not be able to place the 10k back.
*Where I can sell my truck easily.
*What type of service I can use to get all those negatives off my credit report once my date of last activity has reached 7 years, possibly talk to someone that has gone through a situation like mine to find out if they have had to continually go back and clean it up every once in awhile to keep the negatives off?I know I'm asking a lot of from this community and I appreciate every comment I garner negative or positive!Thanks!

I just graduated from graduate school, I'm 25 and will be starting a new job soon which pays $80k/yrI've paid off my student loans, and have $50k saved up in the bank (20k in my checking account, 30k in a 1 year cd earning 1.25%)Only expenses currently are:
Rent $800/month
Food ~$200/month
Electric bill ~ $150/monthDon't have a car and cell phone is paid by my companyI'm really not sure what actions I should take as I'm just starting to make my own financial decisionsAny advice from the FWF crowd?

I am a UK resident.In June 2009 I was asked (by email) by a Nevada resident to lend ~$7500 repayable in 90 days, plus 7.5%. I sent the money by wire transfer. He BSed me for a while and then just ignored me and never repaid anything.Obviously this was a stupid thing for me to do.....But.....Is this debt enforceable in the courts, or now outside the statute of limitations? Can I file a small claim in the Nevada Court to get this money back?

Hey everyone,According to the whole Credit Karma report card, the only real part that can increase my credit that I can make a difference on is increasing the number of accounts. It really is bitching up a storm giving me an F or a D on that. I'm trying to do the best I can to get my credit score in the top range (no, not shooting for perfect score - just want the best financing/loans when I need them).I'm looking to add to my arsenal, but I could really use some better help from experience. The only one that I am contemplating at the moment has been the Citi rotating 5% - which currently gives a 100$ opening bonus for spending $500 in the first 3 months. To be honest, that is pretty lame for opening bonus. My Chase gave me a $300 opening - so I guess my question is... What is good enough to add to my arsenal that should be a no-brainer? I love cash opening bonus' - but sadly those seem to be a bit on the down low lately.
My current portfolio of finance is:
-Discover Card (5% Categories)
-Chase Freedom (5% Categories)
-Bank of America Cash Rewards (2% Groceries, 3% Gas)
-American Express Cash Back (3% Gas, 2% Travel, 2% Restaurants - only through Costco)
-Credit Union Bank accounts (Will have to close soon since I no longer work there)
-BOA checking
-401k

Three years ago, my brother 'lent' money ($32K) to a relative who lives abroad and is not a U.S. citizen/resident, and has no ties to the U.S. in any way. This relative is ready to pay back debt to my brother by wiring (bank to bank) money. My brother did not charge any interest and he is not making a profit from it - he will be getting back exactly what he gave.Would he be liable for any taxes to the IRS? I understand that the IRS allows 'Gifts' up to a certain amount, but this is not really a gift by definition, or is it?
Would either party have to file any IRS form.Addtl info:
- money lent was used towards the purchase of a house by the relative - brother has no interest in it.
- Brother will be purchasing a house in the next three months.
- Brother has never received any kind of 'gifts' before.

I was supposed to get $1200 back from refinance closing and now they emailed me and said they made a mistake saying I actually OWE $1200 - do they have legal ramifications to do so? HUD papers I signed show I should receive $1200 back. I believe loan is already funded(?) so if I don't agree shouldn't it not matter since the loan is already in the new bank? Title lawyer says to call bank to fix HUD mess, and bank says to call title lawyer. My line of thinking - if the bank already has my mortgage, why pay the title lawyers for their goof (PS their HUD numbers don't make any sense since they included property taxes even though I never escrowed).Thanks.

I need some advice. Our Realtor and mortgage agent at the bank are pretty well stumped. I am trying to purchase an old house in PA for 80k. We're going for a FHA loan from PNC Bank and we're supposed to close in 10 days. We had a Home inspection done and PNC sent out an appraiser 4 weeks ago. The appraiser came back 2 weeks ago and said it needed some repairs: Peeling paint, roof inspection, and a beam in the basement was showing rot and needed to be inspected and replaced.2 weeks ago we sent PNC the home inspection report to show the roof was checked and was fine, and the joist in the basement was structurally fine. Yesterday (after 2 weeks) the PNC gets back to us and rather than look and tell us if the joist was fine or not, they add all the repairs the inspector found needed to be done and this is where it gets ridiculous.They want:
Vines on exterior walls trimmed
Electrical inspection, replace main panel and outlets to be grounded
Loose toilet to be secured
Leaking bathroom draintrap to be repaired
Trim Molding to be repaired and replaced
Repair carpet
Replace cracked window
Foundation Cert is also required (water in basement)Some of these aren't that big of a deal, we can repair a window, tighten a toilet.. but some of these are ridiculous. Why does PNC Care if there's vines on the house? The electrical panel was replaced after the inspection, but the electrician said the couple outlets that weren't showing up as grounded cant be fixed without ripping the walls and rear foundation, so it'd be something around 20k to do it. I know they can be replaced with GFI outlets to meet code, but is that even enough.Why the hell do they care about trim molding or a tear in the carpet? I plan on painting and fixing the molding and replacing the carpet, but they current owner lives there, and that's something that cant be done until they move out. What is a Foundation Cert? There's a sump pump because there's some water during heavy rains, but it's mitigated. Do they want me to get a structural engineer out there??I really don't know what to do now. I'm supposed to close in 10 days, and it seems like PNC is trying everything to sabotage this. Do I walk away and start all over with another bank? Is this perfectly normal, and we just have to suck it up and I have to paint and pay to re-carpet someone elses house?

I need some advice. Our Realtor and mortgage agent at the bank are pretty well stumped. I am trying to purchase an old house in PA for 80k. We're going for a FHA loan from PNC Bank and we're supposed to close in 10 days. We had a Home inspection done and PNC sent out an appraiser 4 weeks ago. The appraiser came back 2 weeks ago and said it needed some repairs: Peeling paint, roof inspection, and a beam in the basement was showing rot and needed to be inspected and replaced.2 weeks ago we sent PNC the home inspection report to show the roof was checked and was fine, and the joist in the basement was structurally fine. Yesterday (after 2 weeks) the PNC gets back to us and rather than look and tell us if the joist was fine or not, they add all the repairs the inspector found needed to be done and this is where it gets ridiculous.They want:
Vines on exterior walls trimmed
Electrical inspection, replace main panel and outlets to be grounded
Loose toilet to be secured
Leaking bathroom draintrap to be repaired
Trim Molding to be repaired and replaced
Repair carpet
Replace cracked window
Foundation Cert is also required (water in basement)Some of these aren't that big of a deal, we can repair a window, tighten a toilet.. but some of these are ridiculous. Why does PNC Care if there's vines on the house? The electrical panel was replaced after the inspection, but the electrician said the couple outlets that weren't showing up as grounded cant be fixed without ripping the walls and rear foundation, so it'd be something around 20k to do it. I know they can be replaced with GFI outlets to meet code, but is that even enough.Why the hell do they care about trim molding or a tear in the carpet? I plan on painting and fixing the molding and replacing the carpet, but they current owner lives there, and that's something that cant be done until they move out. What is a Foundation Cert? There's a sump pump because there's some water during heavy rains, but it's mitigated. Do they want me to get a structural engineer out there??I really don't know what to do now. I'm supposed to close in 10 days, and it seems like PNC is trying everything to sabotage this. Do I walk away and start all over with another bank? Is this perfectly normal, and we just have to suck it up and I have to paint and pay to re-carpet someone elses house?

Okay I've known about this for a very long time and I don't know why I haven't just come out and shared it with the FWF crowd this whole time.The AOR happy crowd on here is always looking for good safe yield that they drop short term money in right?What if I told you that I was aware of a way to put down unlimited quantities of capital on something safer than a money market account that depending on your age paid out 2-3% guaranteed after a year and likely to yield 4% after a couple of years and didn't have any yield curve risk(like a MMA and deposit account)? This product also has cash available on about 2-5 weeks notice(if you're smart on how you handle it likely 2 weeks).The low interest rate environment has created an anomaly in the single premium life insurance market. Interest crediting to permanent insurance policies is based on longer duration rates which are higher than short duration rates. There are numerous single premium products that back load their expenses allowing you to have a policy that turns positive almost immediately. You can abuse these vehicles as a short term place to drop cash and get higher yields than what you can get out of a deposit account. And this is all before taking into account that you also have a death benefit in case you pass away during the few years you're holding it.Basically the game works like this. Due to interest rate environment strong early cash value products are getting interest rates associated with long term fixed income. You take out one of them drop in your cash and either when you need the money in the future or when short term rates(deposit rates) move up high enough to close the gap you surrender the contract and take your money out.The counterintuitive part is that when you surrender assuming your under 59.5 you'll pay ordinary income taxes and 10% penalty *on the gain*. But if you were going to be putting money in a reward checking account, CD, etc. you would be paying ordinary income taxes anyway. Under this deal you get those deferred until surrender. So the key difference here is the 10% penalty, but since it only applies to earnings even after you apply account for that it's still a pretty good deal. If you're earning 3.5% on your money and surrender paying a 10% penalty the yield only drops from 3.5% to 3.15%. Still better than what you can get out of a normal deposit account. Furthermore unlike a deposit account the yield keeps on getting better year after year. If deposit rates stay low for a while that could result in some rather lucrative interest spreads over deposit rates.Also, unlike a medium term bond fund you have no yield curve risk. If rates rise the bond fund falls. Instead the insurance carrier retains the yield curve risk on it's own balance sheet just like a deposit account and money market account.For those of you asking 'Why don't I just take out policy loans instead of surrendering and paying taxes' the answer is that a single premium is practically guaranteed to be a MEC. That means that policy loans are still taxed as ordinary income. So since that is already baked in the smarter move is either surrender or combo of withdrawal and reduced death benefit. The small problem with the latter is that it becomes MECs are taxed on a LIFO basis which means that you would be withdrawing earnings first and basis would remain in the policy.For those asking 'Why don't you take out a policy that has a long enough pay period to no longer be a MEC so you can get tax free loans?' well those things A) don't turn positive right away so you're taking a risk that short interest rates will rise canceling out the anomaly before you've had a chance to capitalize on it and B) If you use policy loans you have to keep rather large chunk in the contract long term to keep it in force; that weds you to holding it over the long term and if that's the case most people would be better off holding fixed income inside of qualified account negating any perceived benefit.
Few notes:
1) Make sure you don't take any product with surrender charges because you might be in and out within a few years.
2) The standard hold up for a surrender is that most carriers delay it and inform the agent of your intent to surrender allowing him to try to 'rescue' the policy by convincing you to not surrender if he wants. You can have that agent waive his right to hold up the surrender by a couple weeks. I'm not positive that every carrier will accept this, but when taking out a policy having a letter signed by the agent waiving his right to hold of the surrender should make the time period to withdraw your funds much shorter.
3) Particularly among products very competitive in the short term the commissions on doing this are very low. Usually it's in the 2-4% of lump sum amount and nothing recurring. That is low for any advisor used to either a lot more up front or an AUM fee that is paid out annually. You might notice agents not particularly that excited about doing this.
4) Increasingly insurance carriers have been increasing their commission 'clawback' periods. That means that an agent could have almost all of his commission clawed back if you surrender within a couple years meaning he now owes the insurance carrier. You may want to weigh whether it's worth it to inform the agent of your likely surrender down the road. If you're not it's likely you wont be able to ask for the letter I mentioned in #2, and just be stuck calling him to expedite the surrender down the road. Maybe you can work out some other arrangement so he isn't worried about doing all this work for you only to have his small commission clawed back in a couple years.
So essentially we're talking about arbitraging the interest rate market through a permanent insurance product. You get the risks of very short duration fixed income(like a money market account) while getting the yields more indicative of longer duration fixed income. The anomaly wont last forever; when interest rates rise the anomaly disappears and you surrender and move your money to something higher yielding.

I was at a dinner last night with our family friends and one guy mentioned about SPL and how big of a fan he was and suggested to me that I should do it. No, he doesn't get any commission as he suggested to go with some big insurance company like New York Life etc. My background, I am a 33 year old guy married and have a 2 year old son, planning for 2nd. Right now I don't have any 529 plans in place but will have one by end of this week. I also have 600K Term Life policy from work and 401k account. Currently I have health savings, have significant equity in our home and 2 car loans. The reason SPL came up was I am looking for some investment options and this came up during the course of dicussion. My relative was suggesting that SPL has cash value at end of the term which we can use for retirement but based on my readings online it's not exactly the case.Have any of you guys had experience with SPL's? What do you recommend for a Life Insurance product? I am looking for something that has death benefit with end of term cashout/withdrawl options.Thanks in advance.

I paid off my car loan with PenFed about 10 days ago. The account has been closed - I have confirmed it. Still don't have the title, called them twice and was unable to get anything more specific than "a few weeks" about the time frame to get the pink slip. I would be fine with this, if planned on keeping the car, but the whole reason for paying the loan off was to sell it.So does anyone have any concrete data on how long it takes to get the title from PenFed? Does it depend on the state where the car is registered?

Hello all, I am looking for some opinions regarding an acceptable level of mortgage debt for someone in my position. Currently we (GF and I) are looking at a small farm where the asking price is $300,000. GF and I have been together for 8 years and are very committed. The reason we are looking at agricultural properties is due to a business we run on the side selling produce at local markets and restaurants. This year we should see 5k-10k of profit from this venture and if this property is purchased we could expand. Regardless of the side business we would desire this type of property anyhow. Mortgage payment would be $1550 a month PITI. This includes a low interest loan from family member for the remainder of the 20% down. Home is REO and would otherwise be unobtainable to me. I feel I need to take advantage of this opportunity while it presents itself. Here are my stats...$100,000 combined income
$70,000 remaining on existing home valued at $115,000
No debt whatsoever besides mortgage
After down payment we will have a 20k safety cushion and 7k to spend on home repairs/updates
Rent of existing home will be $800/month versus a $670 month mortgage (13 years left on loan). House will rent easily.
Combined retirement plans worth $140,000
Age is early thirties
No children (yet) (free daycare down the road)I am seeking input due to the monthly PITI payments exceeding the 24/36 guidelines most people endorse (net or gross???). I am very conservative financially and am concerned about a mortgage payment equaling my biweekly paycheck. My employment is fairly safe.Cheers

Just got a call from ETrade's options desk this morning. Their compliance department made a decision to restrict options trading privileges in 401k accounts down to level 1. Means I'm being downgraded from level 3 to level 1 which is incompatible with my trading strategies.So first of all, if you have a 401k with ETrade and care about options trading, this is bad news. Not sure if it affects IRAs as well but I don't see why not.Second of all, who would you recommend as a new broker? The requirements are support for Individual 401k type of account, level 3 options trading available, ability to take a loan from 401k if needed, reasonable trading fees.

I am faced with a situation, where I am faced with cash shortage of about $20k. I was told by a friend of taking a temporary loan from my 401k that has to be paid within 2 months to avoid penalties and taxes. I have spoken with Fidelity (my brokerage) and they agree. They can tell me exactly when the money has to return to avoid taxes/fees. It will be easy for me pay it back with my next two paychecks (if I time it right) and an anticipated quarterly bonus (if my company times it right). Anybody here that has such an experience and would like to point at potential pitfalls of taking such an approach? Btw, I need the money (a total of $165k besides the $20k I am short of) to invest in a business venture overseas.Thanks

first house not sure what to make of these numbers whether there is anything that can be reduced
it is an FHA loan with minimal downimage to comegirlfriend experience fixed

first house not sure what to make of these numbers whether there is anything that can be reduced
it is an FHA loan with minimal downimage to come

Hi everyone,I am in the process of trying to set up a Roth IRA for myself, an HSA, and I have student loans to pay off. The more reading and number-jiggling I do, the more confused I become, so I was hoping I could get some advice from you on a few topics. I've read through a lot of the older posts and threads on similar topics, but I think I'd understand better if answers were based on my current situation. Please forgive me, but I'm going to unleash a bunch of data and questions here. . . .My Financial Situation:
I am self-employed.
I am ridiculously healthy.
I am single.
I am in the 15% tax bracket and, if my current work gig holds up, I might earn about $34,000 total for the 2013 year (about $3000 a month).
I have a consolidated student loan of $36,669 at 6.125% interest and a Perkins loan balance of $7,250 at 5% interest.
I have about $6k saved up right now ($2k is going to my tax liability for 2012, and I'm going to make a $1600 payment on my quarterly tax in April, too.).
I have a 457(b) I am no longer able to contribute to since I'm no longer working for the entity who set that account up for me, so I am planning on rolling over the $1525 account to a Roth IRA (I know that means I'll have to pay tax on those pre-tax dollars in the account.)My Financial Goals
I'd frikkin' love to be debt-free by age 35 (that's 10 years away, folks)
I want to take advantage of retirement investments in order to manage my annual tax liability and to be able to afford to eat and live when I retire
I want to have about $16,000 in my emergency savingsAnd Now, the Questions:I'm trying to figure out whether I should try to pay off a larger chunk of the student loans now, or if I should start investing. If I only make the minimum payment ($280) on my bigger loan, I'll be chipping away at it for 20 years and will end up paying a horrifying amount in interest. If any of you were in my shoes, would you go ahead and start the retirement and HSA accounts? Would you hold off until the loans were significantly reduced? Pay off the smaller balance with the 5% interest first, then snowball those payments into the larger balance at 6.125%? Or tackle the bigger balance aggressively until I get it to a point that the effects of the extra 1.125% on that balance doesn't hurt so much?If I were to go ahead with the Roth, would you recommend TradeKing or E*Trade? I know TK is the cheaper of the two, but only E*T offers access to foreign markets, which I know are important for diversification. Is it worth the extra fees now to have access to foreign stocks, or should I go the cheaper route and stick to US investments until I have more money available for investments and related commissions and fees? 
I know this is a helluva lot to read and tackle at once, but I'd really appreciate any and all feedback on any portions of this you feel like tackling. And I'm happy to sit around for hours and plug things in via Excel--I'm just so burnt out on research and reading and tabulating I think I could use some good advice and clearer direction. It seems like everything I read, and every person I talk to, offers 100% conflicting advice. I guess there's no "one golden answer", but I'd gladly take a few silver or copper ones.Thanks!
Khee

I've been doing reading all weekend about whole term policies. The consensus seems to be - bad investment vehicle, too expensive for insurance, a possibly good tool for really rich people for estate planning. I recently inherited 3 policies that my dad got on my when I was 6 - I am now 36. Ignoring whether or not it was a good investment of my Dad's (as that cannot be changed), in my shoes I have 3 policies (two 65 Life and one whole life) from NW mutual. The annual premiums combined are about $600. The net death on the 65 Life are about 50k apiece, the whole life is 25k (and seem to rise with age). The kicker - he took some loans out of them to help pay for my college (which seems to be one of the things they tell you when they sell you these things). If I kept them, I would probably pay off the loans (which I can comfortably do) with my HELOC to get the interest rate down from 6% to 2.8% and use them as life insurance - i.e. leave them til I die and my wife or child would receive them. Although it does seem from my reading that at some point the cash value = net death. I realize that whole term is not something 98% of people should ever get and I don't believe I fall into that category of very wealthy that might need them, but if you 'inherited' them after 30 years of payments on them, are they worthwhile? If so at what percentage of cash value/loans should you bail? Should I just get a chunk of term first, cash them out and invest that plus the premiums (seemingly the consensus, but I'm not sure if my situation of taking them 'mid stream' changes things)? I've read these policies don't become worthwhile until after 30 years or so, keep in mind I never made any of those initial payments. I certainly do not trust the NW mutual agent to ask these questions to. I have some projections that show the growth, but those are from the NW mutual agent and I'm sure are a rosy best case scenario.Little help from those much smarter than me on this matter is appreciated

I'm looking to purchase a house for my sister. The house is in a different state than the one I reside in, and I do not plan to move from my state. My sister wouldn't qualify for a mortgage by herself, and the home she's looking to purchase is a HUD-home which requires property to be owner-occupied. While I could get the cash to pay for it outright I rather put 20-40% down and finance the rest, especially if we can get something like the Penfed 5/5 ARM where they'd pay closing. My question is how would I do this? Would she be the one applying for the loan and I would co-sign for it? Would this be considered my second home? Would there be any tax ramifications for me by doing this? My sister would not pay me any rent, so this wouldn't be an income property, she would simply pay the note each month. Also, if she doesn't pay it I am willing to pay it all myself and will never hold it against her.

We used this guy (loan officer A) since he refinanced my parents house two times in the past. Now that we're transferring the house to my name, we came back to him again. Unfortunately after two months, all loan officer A came up with was a 30yr at 6%. We then went with another loan officer B and within 2 weeks he got me 30yrs at 3.625%. I wrote loan officer A a $420 check to him with the memo "appraisal" back in November. An appraisal was not done with loan officer A. After we went with loan officer B, my mom called loA and he said he'll refund the $420 minus the cost of a credit report. Unfortunately he changed his mind 2 weeks later and have been dodging my calls and emails. I spoke to our escrow and they got a hold of loaA and he said he won't refund because he felt he worked hard and wanted to keep it.I'm just upset and angry over this because of the way he handled it. Is it customary for loan officers to charge a fee if they don't get you a loan? I'm under the impression that their incentive is comission based and since he couldn't get me a loan, I don't think he should get anything. I would give him a gift though.tbh, I would be ok with him calling me and explaining why he feels he should keep the $420 appraisal check, but since he is purposely ignoring me, it's a slap in the face IMO.

We used this guy (loan officer A) since he refinanced my parents house two times in the past. Now that we're transferring the house to my name, we came back to him again. Unfortunately after two months, all loan officer A came up with was a 30yr at 6%. We then went with another loan officer B and within 2 weeks he got me 30yrs at 3.625%. I wrote loan officer A a $420 check to him with the memo "appraisal" back in November. After we went with loan officer B, my mom called loA and he said he'll refund the $420 minus the cost of a credit report. Unfortunately he changed his mind 2 weeks later and have been dodging my calls and emails. I spoke to our escrow and they got a hold of loaA and he said he won't refund because he felt he worked hard and wanted to keep it.I'm just upset and angry over this because of the way he handled it. Is it customary for loan officers to charge a fee if they don't get you a loan? I'm under the impression that their incentive is comission based and since he couldn't get me a loan, I don't think he should get anything. I would give him a gift though.tbh, I would be ok with him calling me and explaining why he feels he should keep the $420 appraisal check, but since he is purposely ignoring me, it's a slap in the face IMO.

Have been thinking about this for a while, and would like to buy a house.Have a decent amount of cash ($100k) I've accumulated over the last year or two that I've invested poorly (e.g. not at all). It's sitting in a bank account collecting dust and devaluing as we speak. It's a bit painful to hear of the recent highs on the Dow. Lost a bit in the last bubble bust and have been hesitant to buy back in -- at this point, seems oversold, but who knows -- I've decided I'm not savvy enough to time the market effectively.At this point -- after expenses, current rent, taxes, etc -- have free cash flow that ends up somewhere above the $4.5k range. I'm fairly young (30yo) with a solid 401k, a good amount of earnings potential, and a decently secure job, so I'm OK with a bit of risk.Have spent a while dreaming about various properties I'd like to purchase, but think I need to figure out a price range first. Any suggestions on this?Option #1: If I put 20% down, could buy something in the ~$500k range. A 30yr fixed mortgage for the $400k loan at 3.00% would end up in the neighborhood of ~$1,700/mo. Seems reasonable.Option #2: Alternatively, could stretch a bit and put 10% down, to buy something in the ~$1M range. 30yr fixed for $900k at 3.00% comes out to around $3,800/mo. That'll make things a bit tighter, but would be doable... if I could get a bank to loan me that much (anyone know how likely that would be?)Anyway, that's a big range. Looking for advice...

I have a new car loan that is administered by Chase. I went to make a payment on their website, but the only payment option is ACH (they ask for bank routing number and checking account number). I'd rather pay with my Discover or AMEX and earn rewards for this payment. Is there anything I can do?

Please, everyone, check your bank accounts for fraudulent activity by Loan4uToday.com (775-200-1525)Well, this is a first for me. I just logged into to my credit union and see an unauthorized withdrawl by Loan4uToday for $30.00. The transaction is dated 3/13/2013 and they even went to the trouble to print up a phony check, dated March 11, 2013, with my name and address along with the credit union's address and phone number.My signature is not on it, of course. "NO SIGNATURE REQUIRED"
"This payment has been authorized by your depositor" I have never in my life used a payday loan company so I'm clueless how they got all my banking information.https://www.ripoffreport.com/fastloanfast/loans/internet-interne...http://www.ripoffreport.com/loan4youtoday-com/cash-services/inte...First thing Monday morning, I'm calling the bank and following up with a fraud complaint to my State Attorney General's office.

We're lacking of $2,000 as downpayment to get a 15 years fixed rate mortgage.
We can borrow the money from our parents.
But the loan officer is always trying to persuade us to get the 30 years fixed rate mortgage.
I just don't understand why he is persuading us to get the 30 years fixed rate mortgagte constantly.

I just now found out that my credit score is now 760 when I went to apply for a car loan. Nine months ago when I started to refinance my house it was 806. I'm like what the h*ll happened? I looked at the credit report from Experian and there have been nothing late. Any ideas?

A few months ago, Bank of America lured me with a $25 statement credit to reuse my old credit card that I haven't used for the last three years. $25 credit for $250 spending? sure why not. it's 10% C/B and how can I pass that?Fast forward to a week ago, I came to realize that because I haven't used this card in years, it was the only one without autopay on."crap, crap, crap. hope I am not too late"and there it is BOOM. The dreaded 30-day delinquent.... for $15.In the course of next few days, I begged and begged and begged for a removal, but to no avail.... All Bank of America was saying is "sorry that's not our policy"So i will try to keep track of my scores in the next 18-24 months to see how a one 30-day late item can have impacts on my credit score. As of today, it has not been reported yet.
3/14/13
Transunion:Score: 785
Total Debt: $27,841
Student Loan: $24,167
Credit Card: $3,674
Total Account: 20
Hard Inquiry: 1Experian:
Score: 787
Total Debt: $29,608
Student Loan: $25,934
Credit Card: $3,674
Total Account: 22
Hard Inquiry: 1

Hello FW community,Today, I received an e-mail from Intuit Quicken for 50% off Quicken 2013 for Windows. Also, there is a 6% FW cash back from QuickenOffer applies only to purchase of Quicken Starter Edition, Deluxe, Premier, Home & Business, or Rental Property Manager when you order directly from Intuit by March 18, 2013, 11:59 PM PDT
Quicken Loans Coupons

I've been out of the country traveling for a year. I have no job and I have no permanent address at the moment. Last years W2 was 15k. I only have a virtual mailbox in California. I want to purchase 2 Hyundai Elantra's GLS 2013 using the How to buy a new car, FWF style method. I would buy both cars for cash, but Hyundai has a $750 incentive for using their financing and I don't think the cash method would get me a lower price. One of the buyers would be my girlfriend. I have no debt and 780 credit scores. She has 11k in school loans and 780 credit score. We work in the medical field so getting jobs is not going to be a problem but will take time. We need cars pronto, rental car insurance fees are killing us. We have not been able to find car insurance without owning a car.The problem is: Will Hyandai finance us even if we have no job or verifiable income? Is not having an address for the past year a problem? (I plan on getting a home soon.) Can I just show them my bank statement? Anyone have any experience with buying a car without a job and having good credit? Please FWF Gods. Enlighten Me!

Is it true that you can ONLY get or REQUIRED to get commercial loan for anything 5 units or more of investment properties?I'm thinking of acquiring 6 units, but need $300K loan. Can I get residential conforming loan for this? If so, how?If not, anyway around it? Such as asking seller to split it to TWO 3 units properties and sell it to me that way so I can do 50% loan for each? Is that legal?Thanks

I am a college student and I am trying to purchase my first home (condo). I am new to all these mortgage things. So, I thought could get some tips here from you guys. Sorry, the post is quite longI have been trying to look for a mortgage company with the lowest closing fee (more important) and rate in Central/Clemson, SC region. The condo is about $70k, and I'm planning to put 20% down (I can afford 30% down as well). So, I only need to get $55k loan. In the area, there are condos (1,334 sq ft) and townhouses (1,550 sq ft). I was told that even though it's a townhouse, I don't really own the land since it is connected to the other unit. The prices between the two are quite close. What would be a better option? I personally prefer the townhouse one since it is supposedly bigger and no one lives above your apartment. Condo
http://www.zillow.com/homedetails/148-University-Village-Dr-APT-...Townhouse
http://www.zillow.com/homedetails/205-Campus-Dr-APT-B-Central-SC...
I got excellent credit (>760) as reported by creditkarma.com. Now, the problem is most of the condos in that area are rental properties. So, not many lenders are willing to provide loan for such unit. The other problem would be due to the small amount of loan ($55k). A lot of lenders require a minimum loan of $75k or so. I found two mortgage companies (BBT and Blue Ridge bank) that are willing to provide such loan. However, the rate ranges from 4.5-4.75% with 1% origination fee and $750 lawyer fees (BBT will waive appraisal fee). These are the best choice I got so far (I've only looked for several). I don't want to start the pre-approval process yet since these lenders will do hard inquiries which will hurt my credit. I heard that I can apply for several pre-approvals with different companies within 14 days and be counted as just one inquiry. Is this accurate? Is there a limit to how many I can apply for within the period? How much will my credit score drop? How long will it get back up?I plan to pay it off within 7 years or so (large sum towards the end after I graduate and got a nice job), so I prefer one with the lowest closing fees. But, I want to apply for 30 years fixed rate for now, just in case if I face financial difficulty in the future.I've only been calling local banks to ask for the rates and etc. I thought there might be some credible mortgage companies online that could provide better options for me. Do you any of you guys have any good experience getting loan from online mortgage companies? My case is a little more difficult since it's a condo with mostly rental properties.

Hi everyone, I'm back. I posted before about how my credit was slated to be "fixed" in February; It took a month longer than I expected, but my credit is now good to go, save one paid-in-full collection reporting only on experian that I've been good-willing for a while with no success and will likely remain for a couple more years. This leaves my Experian score at 690, and equifax and transunion are both 715. My only other less than ideal info is my chase slate with 95% utilization because of a 0% balance transfer, but total utilization across all accounts is 23%. I don't have any inquiries in the last 6 months thanks to FWer's talking sense into me when I last posted My goals for this AppORamma: 2) Auto loan: I have an auto loan with capital one auto right now sitting around 17-18%. I've signed up with penfed and plan on applying for a refi, hopefully to 1.49%, though it will very likely depend on if they pull my experian or not. I've thought about having it frozen prior to the AOR, but I think I'd rather not go that route for now. If anyone thinks otherwise, let me know.1) Financing an air conditioner: likely with The Home Depot card from citi due to 18 months at 0%. I have the cash to pay for it, but I've currently got a good churn going and can make about 30% per month on any cash I have in hand, so if I finance it at 0% it makes more sense to carry it at this point, and I can pay it off before the interest comes due.3) Travel: My wife likes to travel, a lot. I want to get the highest points per $ spent cards, as I will likely be spending massive amounts. Also, is there large risk to cycling through my credit limit once a week on mondays, 4 times a month, so long as the spending is easy to justify? If I ever get a financial review I'll be saying the regular charges are for cancer medication where insurance reimburses us, does this sound like a bad idea?4) Get the largest credit lines I can: Right now I'm an authorized user on a card with a 6k limit, but otherwise every other card I have has a 2k limit, and they are not high end cards. I want to improve the overall quality of my portfolio so that in the future I can qualify for signature cards like the USBank Cash+ with higher credit limits. Also, any CL I get I can put into my churn. Finally, here's the list of what I'm looking at. I know at some point I'll start getting auto denied, but I plan on finishing at least this whole list, and then calling to recon every one of them. I've had to recon before when my credit was trashed, and it was fairly painless, and you could usually call back 3 or 4 times to talk to different people until someone says yes, so i'm going to go all the way. If there are any good 2%+ anywhere cards I'm missing from my list, or good cards for drugstores, please let me know, as those are my 2 big ones. Anything with rewards capped at 5k per month or whatever is not worth it to me right now, which is why a few chase cards aren't on here. Thanks for the input, I'll probably be pulling the trigger thursday or friday. 
Citi Home Depot -
may have problem from previous closed account. Looks like 50% Experian, 25% Equifax, 25% TransUnion. Should push out as far as possible for TU to clear, which means App-O-Rama no sooner than 3/13/13. Seems 670+ needed. $2k-5k typical CL.Citi AAdvantage -
700+ needed. 50/50 shot of equifax or experian. 3-5k CL common.Citi Hhonors reserve-
because its bad ass! Order by above by phone just like with chase, attempt to recon AAdvantage as wellChase sapphire (non-preffered)
Apply for this and united over phone, explain EX frozen and ask for EQ pull (hope they believe me). Chase United Mileage Explorer Plus -
Scores above 700 seem to do good. 50/50 EX or EQ. High CLs common.Chase Southwest -
Looks like a 700+ should be good, but often pulls experian. Do not go for signiture level card. Reasonable CLsChase ink bold (business card)AMEX Platinum -
Free Starwood Gold status. call to apply for Hilton and recon thisAMEX Hilton Surpass card
Because diamond status after 40k points, call to recon on same hard pull. also reduces AXON redemption cost from 200k to 145k points. also 6 points per dollar at drugstores makes this card a win. like really want.Capital One Venture Rewards
Barclaycard Arrival world mastercard
Starwood Preferred Guest Business from AMEX OPEN
perkstreet debit
Priceline
fidelityPenfed Platinum Rewards Visa -
Above 700 does will, looks like almost universal EQ with CLs 4k+Fort Knox FCU Platinum Visa-
650+ seems to work, above 700 high CL possible. Pulls EQ almost universally.Suntrust Visa -
Scores above 680 seem to do good. High CLs above 5k, most not instant. Pulls EQ almost universally.Alliant Credit Union Platinum Rewards-
Pulls EQ almost universally, 700+ seems to get High CL above 5K up to 15KDiscoverIT-
Pulls TQ or TU. Because why not a discover card? Should qualify no problem.NFCU Cash Rewards Signature -
Has very high limits, but requires family in military to join. Report online is that a phone call explaining active duty sister worked and only asked for name to verify, must be drawing pension if retired, discharge not good enough. Member of household (a friend is) may work also. Almost always EQ, but reports of 2 hard, one for join, one for card, EQ and TUBank of America - Hawaiian Airlines Visa Signature -
Pulls Experian, likely very difficult to get but has high CLs and points can be used across many airlines

I will be starting a new job at the beginning of April. By the time I start that job, I would have already hit the $113,700 social security withholding cap for 2013 due to a large bonus paid this year. I also hit the cap last year, and when I did my social security withholding stopped so my paycheck increased, however I was with the same employer the whole year.My understanding is that when I move to my new job, my new employer will resume withholding my social security taxes even if I prove to them the max has already been withheld. So in order to minimize my withholding for the rest of the year with my new employee, am I allowed to take a deduction on my W-4? Realistically I have no deductions because I am a single guy with no dependents and don't own a home, so would normally declare a 1.I know I would get it back at the end of the year, but would prefer not to loan money to the government for free if I don't have to.Thanks

Hello,My father-in-law has a commercial loan with some pretty terrible conditions. I have no experience with this so I'm asking some of you experienced folks with loans on commercial properties as to what his best course of action is. I am providing all the details below. If I missed anything let me know and I'll post it.This is a commercial loan that he took out to finance his investment properties (apartment buildings). He is doing fine and can pay the loan as agreed as his finances are in good shape.the information below is from the Final Loan term sheetLoan Closing Date - November 30, 2007Collateral - Mortgage on real propertyLoan Amount - $675,000Term - 20 yearsP&I payment - $5642.01Interest Rate - Declining fixed at 7.875% (0.5% decrease every 5 years with excellent payment history)Prepayment - 5% of unpaid principal balance if prepaid during first 7 yearsLock Out - the loan may not be prepaid in whole or in part during the first 84 months of the term (the "Lockout Period". If borrower makes any prepayment during the lockout period, borrower shall be required to pay the prepayment penalty plus all interest accrued during the Lockout Period of the then outstanding principal balance of the loan.
Lender points - 0% of the loan amountEnvironmental due diligence fee - $1,531Lender fees - $1750Broker Points - 1% of the loan amountQuestions:
1. It appears as though his only choice is to continue paying according to the terms of this loan for another 20 months. Is this his only option?2. Is there any way to refinance or pay off this loan if he has enough access to the cash required to take care of the remaining principal balance: (585,000)?If anyone has experience with this type of loan please let me know what the best option would be. This loan is costing over $20,000 more per year compared to what he could get at today's rates.

This is sort of an offshoot of my own thread detailing the paying off of my mega-debt here [url=[L=http://www.fullofdeals.com/forums/finance/1249914/]here]http://www.fullofdeals.com/forums/finance/1249914/]here[/L][/url], and I sorta discuss it in my unlisted blog, but I think it's a big enough question to warrant its own discussion.So, given these factors:
(1) Income-based repayment caps the max monthly amount you can pay
(2) Forgiveness of remaining principal made after 25 years of on-time IBR payments (or 10 years for federal workers)
(3) Forgiveness of remaining principal in death, but not bankruptcy
(4) Deductible interest
...is it then possible that it makes more sense to pay off student loans slowly rather than quickly?As with everything, the most correct answer is probably, "it depends on your specific situation" or maybe even, "ask your accountant," but what do you guys think?For me, 1, 2, and 4 may not really help. But how does one put a price on 3?

I'm getting ready to buy a second home (and then sell the first) and would like to get pre-qualified. Should I treat this as an app-o-rama and apply to a bunch of lenders at the same time to avoid multiple hits to my credit score? Or are most lenders pretty good on their requirements, meaning based on my credit score, income, and money I put down, I should get a similar rate offering with the only difference being the lender's closing cost fees?

I know this question has been asked before, but would like FW input. Here's my story in short. Graduated from graduate school 4 years ago, have 145K in student loans. Have been making payments for past 4 years, with past 3 years in income based repayment (15% of gross income). My wife recently graduated with her master's this December. She has 44K in student loans. Interest on loans 6.8%. We make 120K annual and currently making $1050 payment for student loans. I work with the federal gov and loan will be forgiven in 7 years and wife works for county, her loans will be forgiven in 10 years. Even after my loans are forgiven, would be making 15% of gross income due to wife's loan. I have been running some basic calculations and can't decide if I want to pay more in student loans, so both loans will be forgiven in 7 years or pay 15% for 3 extra years. The extra payment would be towards wife's loan to pay off in 7 years. If my calculations are correct, I would be paying approx $350 more each month, total difference would be $17.5K

Since I saw a post for Credit Karma for the iphone a few months ago, thought I would share this info for us Android users. Received the email this morning. Available in the Play store.Looks like its only working on Android Phones as per others postsDescription:
Get your truly free credit score and free on-the-go credit monitoring with Credit Karma Mobile.
Become a member for free in-app and get your free credit score in just two minutes.FEATURES✔ Truly free credit scores
✔ Free on-the-go credit monitoring
✔ Notifications when something important changes in your credit report
✔ Credit Report Card, which tells you about factors influencing your credit score
✔ Free membership. No credit card required.
✔ Safe and secure.TESTIMONIALS FROM OUR MEMBERSCredit Karma helped me save over $3,000 on my credit card debt. It was quick and easy! James, MAMy credit score has gone up 43 points in a single month after following some of their advice! Leslie, CACREDIT KARMA HAS BEEN FEATURED IN✔ MSNBC
✔ SmartMoney
✔ USA TODAY
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✔ TechCrunchCredit Karma provides more than 10 million consumers with free credit scores and access to free credit monitoring to help them realize the everyday cost savings of having good credit by offering personalized savings recommendations for credit cards, student, auto, mortgage and home equity loans. It also provides financial education and access to free tools that empower consumers to take charge of their financial health including the free Credit Report Card, Credit Score Simulator and Credit Card Statistics. To learn more, visit www.creditkarma.com.

Ok I have a deal with my son's daycare that if we pay for the entire summer in advance, including all the swim lessons, field trips, etc. that they will give me 10% off.
Since his daycare runs about $200 a week and summer is about 12 weeks long, that runs me about $2400 and saves me about $240. I think they only take MC/Visa.I typically just write them a check but started thinking, hey there are so many credit cards out there that want you to spend X amount of dollars in the first month, or 3 months to get some great bonus. We have done this before with the Chase Sapphire card (don't have any longer) and with the Chase Marriot rewards Chase card (still have it but downgraded from the annual fee version).
I also have a Barclays card I'm getting ready to close/convert as well as a Citibank Preferred card, ditto. I also have a Discover card, same one since college (1988!) and an AMEX Delta Skymiles card we hardly ever use but Delta is our main carrier in my airport so we are saving for a rainy day. We like to travel but prefer to drive than fly. We really don't want too much trouble, like converting strange miles to points to dollars to Cash Back etc. Would prefer a card with a quick Cash Back or statement credit for spending about $3000 in 3 months, max. Never had a Capital One Card, never had a card with any other banks. So, what is out there and what do you recommend. What would pay in cash, Chase Points or maybe, Marriot or Delta Skymile points or be convertible to either? I have a 840 credit score, no open loans except small mortgage, just finished a 0% interest Toyota loan, 0 balance on all these cards and a net worth of over 250k. I can qualify for just about anything. Please point me to some good deals! I checked the threads and a lot of the links are expired already, like the Barclays card is not $400 or $500 anymore, it's just $200. Any help appreciated.

Those who are in the market, this is an excellent opportunity to earn some extra $$$ on one of the fine product in this cateogory.Fine print:Offers available for purchases or external refinances only. Borrower will receive PenFed credit card reward points equivalent to 10% of the 5/5 ARM mortgage loan amount. Reward points will be applied to a qualifying PenFed rewards credit card within thirty (30) business days of the loans funding date, subject to terms and conditions. The mortgage must be for a primary residence or second home. Does not apply to refinances of existing PenFed loans or investment properties. Borrower must have an active qualifying PenFed rewards credit card (PenFed Premium Travel Rewards American Express or PenFed Platinum Rewards Visa) prior to submission of the mortgage loan application or within 90 days of the settlement date. Borrowers mortgage and credit card must be active and not have been in default. All credit card reward points will be added to only one qualifying PenFed rewards credit card. this promotion is only available to the primary borrower and co-borrowers will not be eligible. PenFed credit card reward points are subject to PenFed credit card reward points terms and conditions. Offer applies only to applications received on or after February 21, 2013.Link

I'm soooooooo frustrated! Hubby and I applied for a $10,000 NFCU Auto Loan and were denied. We're actually in the process of rebuilding our credit. My husband has a secured credit card of which I am an authorized user, so the activity is being reported to the credit bureaus on my behalf as well. I wonder what else we could have done to get an approval? Can we submit an appeal? But on what grounds? I mean, we do actually have crappy credit. Also, anyone have any tips on actually building a relationship with NFCU outside of keeping our accounts in good standing? Our closest branch is 2 hours away, so we deal with them exclusively by phone or online -- and the customer service reps don't have extension numbers. So if we really like someone, we can't call and speak with them at will

I'm thinking of buying our first home and don't know anything about mortgage market. I want to lower mortgage rate as much as possible. I'm trying to find if improving my credit score further will help me get better rate.Annual income : $140K
Credit Score : 773
Auto loan debt : $18K @ 0%
Monthly auto loan payment : $710
Expected Mortgage : $200KAccording to Credit Sesame analysis my monthly payments towards debt are $600 more than my peer group.
My credit score used to be 800+ before the auto loan and it took almost 60 point dip and now crawling its way up.
I wonder if I pay off my 0% auto loan with the hope going back to 800+ credit score. How much will it benefit me in my mortgage shopping?

I just bought a new bmw 2013, wiaitng 3 months for it to arrive. I financed 43437.84 which included a waranty for 3883.00, adding a 100 a month to the car payment.
I researched over the weekend and decided to cancel the warranty, i cna buy one when teh new car one is up in 50,000 miles.
I sent BMW fiancial written request for termination and today let the finance manager at BMW seattle know I canceled and to please let me know what they need if anything from me & what my new monthly car payment will be..i had down 565 a month vs 668 a month with the warranty. She writes me back adn says on no your monthly payment will stay the same but we have the loan adjusted. I dont need a refund on the loan i WANT THE MONHTLY PAYMENT AT 565.00, when i bought teh car i was shown with warranty adn wwithout warranty, and i want the without warranty monthly cost. Am i getting scammed and how cna i corect theis and who can i contact..help i dont trust them

can anyone weed through the b.s. and see what they are trying to do here??my initial reading is that they would bundle securities/mbs to sell to investors, hmmmmm dejavu??TextHigh quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/4549d6da-8524-11e2-88bb-00144feabdc0.h...The US government will create a public utility that will standardise and process new mortgage-backed securities in a step towards reducing its dominance of the home loan market.
Edward DeMarco, who regulates Fannie Mae and Freddie Mac as Federal Housing Finance Agency acting director, said on Monday the government-controlled financial groups would form a new taxpayer-backed company in an attempt to build a single securitisation platform intended to decrease their dominance of the market.High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/4549d6da-8524-11e2-88bb-00144feabdc0.h...More than nine of every 10 new US home loans are backed by the federal government. Fannie Mae and Freddie Mac own or guarantee roughly half of all outstanding residential mortgages.
Since the two were taken over by the federal government in 2008, policy makers have been trying to formulate plans to wind them down eventually and change how home loans are funded in the US. Taxpayers have spent about $130bn propping up the two companies.
Fannie Mae and Freddie Mac buy and insure home loans before bundling them into bonds for sale to investors. Their securitisation platforms are among their most prized assets.
FHFAs plan, first outlined in February last year, involves setting up a utility with its own chief executive and board which will be independent from Fannie Mae and Freddie Mac.High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/4549d6da-8524-11e2-88bb-00144feabdc0.h...The plan could enable multiple issuers to use the same platform for securitising home loans and processing and tracking payments from borrowers to buyers of mortgage-backed securities.
Once completed, the single platform would become the infrastructure of a new secondary mortgage market, revolutionising the $10tn sector and enabling policy makers to more aggressively wind down Fannie Mae and Freddie Mac as their securitisation platforms would no longer be needed.
The overarching goal is to create something of value that could either be sold or used by policy makers as a foundational element of the mortgage market of the future, Mr DeMarco said.
The new company and its platform would first be owned by Fannie Mae and Freddie Mac and would eventually replace the current securitisation infrastructure.
Mr DeMarco said his office would be designing the new securitisation platform so that the long-term ownership structure can be adjusted to meet the goals and direction that policy makers may set forth for housing finance reform.
Figuring out how to preserve Fannie Mae and Freddie Macs securitisation platforms has been among the more difficult aspects of their planned resolution.
The Obama administration and congressional Republicans have long wanted to wind down the two financial groups but have not yet mastered how to create a future secondary mortgage market without them.
Mr DeMarcos proposal comes as the two mortgage companies have been making big profits in the rebounding property market. Last week Freddie Mac reported $4.5bn in net fourth-quarter income, raising its full-year earnings in 2012 to $11bn, a record high. It was the companys first annual profit since 2006.

Thanks for reading.My Mom unexpectedly died 2.5 weeks ago. I bought her a new Mazda 3 iSport in August, 2011. The car is in immaculate condition - 9,900 miles, smells new like the day we picked it up. I bought the car outright - no loans or liens on it.I want to sell the car ASAP. I have a perfectly running car that I want to keep, plus both the car insurance and annual property (exise) tax will be due on the Mazda in the next couple weeks. I have a Carmax within 25 miles of my location and put an ad up on Craigslist last night that's within $200 of the KBB.com value. I was thinking of calling the dealership where I bought it and asking them if they would buy it back.Can anyone else offer any suggestions or advice? Am I doing something wrong?Thank you again.

Hi all,I have the settlement statement for my pending PenFed 5/5 ARM and I'm trying to make sense of the closing costs. This is supposed to be a "no closing cost" loan. I know prepaid interest ($210) and the rate float from 2.75% to 2.5% ($400.50) are my responsibility - which add to $610.50. However, my closing costs appear to total $682.50 (line 103 minus line 206), which leaves $62 in costs for which I cannot account.Is there something else I'm missing that borrowers are typically responsible for paying, even in a no closing cost refi?Tomorrow will be my third attempt at closing, and I already see one possible correction to be made (my HEL payoff amount appears to be incorrect) any help from the FWF community clarifying the unaccounted for $62 is appreciated.

Many people recommend term policies over others, but there are lots of options and variables such as the length of the policy (10, 20, 30 year), the size of the policy, and timing of when to take it out. I'd like to start a thread to see what the general consensus is - how long, how much, and when.
Here's my situation:I'm looking to pick up a small level-term policy for my father who's health has gotten somewhat worse. I've recently moved back home to help him out while he recovers from his 2nd major heart surgery. He is frugal, but does not have significant assets due to lower income, recent divorce, poor financial planning, semi-dependent younger brother, etc. If something would happen to me I want to make sure he has some cushion as I won't be able to help out. My financial assets outlined don't quite provide that (yet).Income: 140k
Assets: 20k cash, 35k retirement
Debt: 25k student loans (Private and COSIGNED by father, I know...) at 1.75% and 2%
Health: 27, 200 lbs, 6'3" great blood pressure, unsure of cholesterol - I think I can quality for ALMOST super-preferred, due to father's conditions.
Dependents: None now, plan to have working wife an 2 children, but not for ~5 yearsI also have a 85k accidental death and disability policy through work. I don't want to be 100% dependent on this though, I've switched jobs twice now, and I don't know how long this one will last. In addition - I don't think it would pay out if I had some quick-acting sickness like Cancer, etc.
I was originally thinking of buying either a $100k or $250k 20-year policy and setting him up as the beneficiary. This is in part to pay off the student loans that he cosigned if I don't do so first - they will be gone in a year. I'm paying them off, but not at the expense of maxing retirement accounts. They are private. $250k would cost about $165 per year. $100k is like 120 so I would probably go for 250k because of the insignificant increase in cost.
Question: While in good health should I consider purchasing additional insurance for future needs, such as a 1-2M 30-year policy? Or should I wait until I actually need the policy? I'm leaning towards waiting. Based on the numbers below it doesn't look like it would cost THAT much more to wait until I'm 32 to take out additional policies, but that assumes I won't incur any pre-existing conditions.At my current age of 27:
1.5M 20 year term policy would be about: 615/year
1.5M 30 year term policy would be about: 1000/yearIf I was 32, the policies would cost
1.5M 20 year term policy would be about: 650/year
1.5M 30 year term policy would be about: 1150/year

Hello,I took a home loan in a foreign country and paid Interest on the loan in 2012. I also have a home loan in US and paid Interest on the loan in 2012. I deducted the US Home loan interest in my taxes. I am allowed to deduct the foreign country home loan interest I paid form my US Tax returns ? I also made some interest income in the foreign country and I converted it into USD and showed it as Interest Income in my US Tax returns. I was reading about this in a few forums and there are mixed opinions. Please let me know. Thanks.

Some family members are going through a business split up. Three brothers were together, 2 will stay in the business, and 1 will go.
Among assets include their business + inventory, and a number of real estate properties.
The problem they are stuck with right now is how to fairly divide up the real estate.How do you fairly divide up real estate when you have a number of variables:
1. location (affecting future appreciation).
2. loan amounts and payments
3. net income.It just so happens that there are a few properties that are underwater, yet are making significant cash-flow.
Would these properties be priced at the "underwater" value, which is negative? Or should there be a value assigned to the cash-flow. Technically if the properties were sold today, they would have negative value to the seller.
On the other hand, there is a property with significant equity, yet is losing about $200 a month.I am trying to get my head around it and help them make a "fair" split, but it is very difficult to come to a consensus.

My EX score was always like 50-60 points lower. I never really knew why. A couple days ago as I was looking over the total debt amounts on various 3/report sites I noticed that on my EX it was showing over DOUBLE my Installment loan balance. I would have never guessed that having more student loans would decrease my score so much. The problem occurred when the US department of Education transferred my loan to mohela, they didn't mark it as transferred on my EX report but they did for EQ and TU... Anyways, I disputed it a couple days ago. I'm hoping this will bring my EX up quite a bit.My USAA Plus scores are reporting as 718-EX, 771-EQ and 736-TU (my TU is lower because its reporting 60 days late on that student loan, I was able to dispute it off EX and EQ, deferment issue, TU wont let me dispute it anymore online). My EX and EQ are pretty much identical other than this issue, should I expect my EX score to almost match my EQ score now/after the dispute is fixed?

Hello everyone,
I am looking to go on the pay as you earn program for student loans. However, I'm not sure if I understand the language on their website, which states:You also must be a new borrower as of Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. You are a new borrower if you had no outstanding balance on a Direct Loan or FFEL Program loan as of Oct. 1, 2007, or had no outstanding balance on a Direct Loan or FFEL Program loan when you received a new loan on or after Oct. 1, 2007. I get the first part about receiving a disbursement on or after oct 1, 2011. The second part about outstanding balance is confusing me. Is it saying if I took out a loan before 2007, OR if I had a loan in repayment with a balance as of oct 1, 2007. I ask this because I had a loan out in 2007 but was in in-school deferment so it was not in repayment (if that's what they mean by outstanding balance). Or am I just overthinking the meaning of outstanding balance?Thanks!

I've been doing research on the internet but I haven't found anything definitive, so maybe someone here will know the answer. When you take a loan from your 401k for a house down payment, is the loan amount taxable? If I maxed out my 401k contribution limit on purpose (tax deferred) and took a loan against it for a house (primary residence) down payment, where the interest I pay on the loan goes back to the 401k account, I would be able to save pre-tax money for a house down payment. What am I missing here?

Having survived the credit crunch of past years under the protection of USAA, I am now worried this week.In the past week I received the following:
- Insurance notice moving me down to GAR, plus a 10% premium increase (down to the penny, this same increase occurred the last renewal as well)
- Receive a notice that one of my cards is being replaced due to a data theft at their payment processing partner (they called it Massery, or something)
- Tonight I come home to a letter that they dropped my primary credit card limit by 65% (raising my balance/utilization from 10% to 33%)What I have/had with USAA:
Visa Signature (2% utilization, mostly in the garden)
World Mastercard (was 10% utilization, daily card, spent 20k on it last year)
Auto Loan (Active)
Auto Loan (Paid off)
Car Insurance 1st Vehicle
Car Insurance 2nd Vehicle
Checking (Auto pay for my accounts)
Savings (Only withdraw a little bit once a year to pay off Christmas for the kids)I have more cash/assets with USAA than I do balances. My credit file and score have not budged in 18 months. They claim due to changes in my credit report that they dropped my limit. They claim the insurance increase due to catastrophe-related losses in my state (Florida hasn't had issues in years). I checked my credit monitoring and the only change in 6 months is USAA dropping this limit, increasing my utilization on that card, and my score dropped 12 points from it. The last change before that was Chase & Discover both increasing my limits after automatic review. The negative on my account is a tax lien from 2008 which has been on a payment plan since then, definitely not new.Now I know what everyone else used to complain about but didn't really understand. So where should I be moving my accounts to? I need to find a place that was as competitive as USAA used to be, before they started advertising on TV.I'm afraid that this will be a continuing trend with them. They are unable to reclaim funds (bonds worth approx 700 million of the 1.1 billion paid out) lost due to Sandy because of the "superstorm" classification instead of "hurricane", multiple rating companies dropped their outlooks and product ratings of them, they paid 18.8% bonuses to their employees (highest ever), hit double-digit turnover for the first time, and they have been shelling out tons of cash trying to gain back customers via TV advertising (which I seem to notice at least once or twice an hour).Thanks for letting me vent and for any suggestions on where I should be taking my accounts.

my grandma told me over the phone that her current home insurance she had for 6+ years cancelled her out of the blue saying her San Diego home is a high fire risk zone. They referred her to another insurance company that agreed to take on her home but said they will inspect it. In the meanwhile she calls the county accessor and they say her home is not in such a fire risk zone. Time goes by and atleast one escrow payment was made to the new insurance company and then they call saying they are going to cancel the policy because her "roof does not look right". No inspector even came to the house or if they did they just looked from the sidewalk. Now my grandma has been in contact with insurance brokers whom she says she doesnt really trust.I'm not knowledgeable in any of this stuff but will try to help my grandma out. She already got scammed out of 1000s from some shady loan modification salesman. I know this doesnt paint the clearest picture but its all i got so far. From these details does anyone have a good guess whats going on and what my grandma should do next? I'm suspecting these 2 insurance companies are trying to worm themselves out of potential claims in the future.thanks!

Other day I called Metlife and asked about Cash fund. They told that I could deposit the amount from my payroll tax free.
I was interested in getting opinions about whether people here think this would be a good place to put emergency money or savings.Here are some of the plan details:- The GUL cash fund is a way to save money. A cash accumulation fund is cash that you choose to contribute to your Group Universal Life insurance program over and above the cost of your life insurance coverage. Contributions earn tax-deferred interest. - The interest you earn in the cash accumulation fund is not taxed until it is withdrawn. - Withdrawals from the cash accumulation fund are often paid out tax-free. If the withdrawal does not exceed the total amount of contributions, including cost of insurance, the withdrawal is generally tax-free.- The interest rate credited to the entire account balance will never be less than a guaranteed interest rate of 4% and rate depends on the market. No Bank pays that rate of interest at this time or in near future.- I am told u can withdraw amount any time. Or get a loan( not clear why I would do that)
Did any FWers considered depositing in Cash fund? If so whats ur thought.

OK FWF, I'm curious what your brilliant minds have on this one.My brother and his fiance have called it quits. They bought a home summer of '11 with both their names on it. (love makes you do crazy things) All he wants at this point is to get his name off the house. He doesn't want to live in the house. She thought she could do it herself but after checking her finances. She can't do live there herself either.Sell it? With the market the way it is, who knows if it will sell quickly. They will lose money on it no matter what. It was a FHA loan at the minimum downpayment. (4.5% paid 140K for home) They can't afford to bring money to the table and the parents will not help.
Rent it? My brother doesn't want to have a rental property and be a landlord. He has too many other things on his plate. She thought about it but she couldn't do it alone. Her parents also thought about it but it doesn't appear they are interested either.
Walk away? I suggested this, I know it would take a hit on both their reports. My brother doesn't want to take a hit but he may have no choice.
Deed in Lieu? Our parents suggested this, but I'm unfamiliar with the term. It could have some huge tax implications, such as it becomes income earned?Is there something else? No pics

I know that you can add your spouse to the deed even though they are not on the mortgage. But would your spouse then be able to get a heloc or even a second mortgage without you being a cosign or anything? How would the banks know the current loan amount so that they dont end up lending up to twice the value of the home?

Hello,I have a vehicle loan with Wells Fargo and they do not have a payment option (automatic or manual) to pay by credit card. I would like to pay by credit card to earn 1% CashBack from Discover Card. Any suggestions on earning a Cash Back bonus on a vehicle loan??

I have a 2009 Hyundai Accent. It's the hatchbck model. I bought it on a five year loan but will have it payed off in four, later this year. It has 52 K miles on it and is fully covered under warranty to 60 K and then still under warranty for drive train etc. until 100K. My main income derives from being a reseller. I do a lot of driving collecting items for resale and many times just don't have the room in my vehicle for what is available to purchase. I've owned a van and an SUV in the past and would like to go back to a van for the room. I have no interest in purchasing a new one at 30K so I would buy used with cash from the sale of the Hyundai. Am I being ridiculous in thinking of going from a solid running vehicle with no issues to a used van with no warranty/guarantee? My insurance would go down, but gas cost would go up. I would have no more monthly payment but will most likely have repairs over time. Suggestions on how to look at this that would be the best financial decision?

I have a contract on my home, have already moved to new home, and the buyers want to rent the home I am selling. The VA loan process will not allow them to have two loans open at one time so they have to sell the home they are currently own on March 7th and will have to turn over posession to the buyers that day. They want to close on the new home (my old home) on April 26th and want to rent the new home prior to closing?My question is what do I need to be worried about? What documentation should I be asking for? Should they have to put up a "large" deposit (that they will forfit) in case they can't close the sale of the home? What other risks am I not thinking of?Thanks in advance

Hi guys,can anyone help me with a car loan for Canada? what are some good rates for a car loan. Looking for 60 months. Please help, we are located in Etobico, Canada.Thanks

I just received a $4100 tax refund from the federal government. I am also anticipating ~$500 back from my state. I was thinking I should probably Monthly expenses:Post tax income3850
Rent -800
Internet-22.5
Utilities-50
Cell Phone-60
Auto Loan-295
Student Loans-370
Food -250
Car Insurance-139
Car Maintenance-200
Total expenses: 2186.5
Remaining Balance: 1663.5
(note this is listing minimum loan payments, I typically contribute extra to my loans each month)Assets:
Checking account: 5690 (this includes the federal tax refund)
Savings account: 5280
Various stock holdings: ~4000
Total Assets: $14970Debts:
Student Loan @7.59% 2444
Student Loan @6.55% 13700
Student Loan @4.2% 15350
Auto Loan @1.49% 17000
Total debt: $48494I guess this is ultimately a question about how big one's emergency fund should be. I have expenses of around $2186 per month, meaning that if I wanted a 6 month emergency fund I should have around $13,000 in liquid assets. Currently I only have about $11000. I was thinking of paying off my 2.59% student loan but that would only leave me with about 4.5 months of living expenses. What do you guys think?

http://www.poststarnews.com/news/x898137076/GOVERNOR-CUOMO-ANNOU...
So what is to stop someone from taking out one of these loans and just not paying it back?

Got a check in the mail for a Penfed car refi @ 1.5%.Wondering if it's worth doing for my small loan:
Hyundai Motor Finance Current Amount Due $106.63
Payoff Amount $2,126.57
Per Diem $0.16
Payoff Quote Good Through 03/05/2013 but won't tell me the rate online
Q: Does Penfed allow CC payments? hard CC pull?

Some background info first:-My parents are divorced (since 2008)
-Dad pays mom 2.5K/mo alimony, plus she has an $11 per hour full time job. Other than these details, I'm not sure what her total income is.
-Mom lives in a 2 bedroom house which she owns and has a mortgage for with my 14 yo sister.
-As far as I know, before now my mother's credit report was squeaky clean and she had never carried a balance on a credit card in her life.Recently, out of the blue my mom called me while I was at work. She was in a panic and asked if she could borrow $3500 because the heating system in her house broke and needed to be replaced. She only had 5K in her savings and didn't want to use it because she wasn't sure if she would then be able to pay her other bills. I thought about it for a second, and about how I wouldn't even be here without my mother, I told her yes, of course I would let her borrow the money. I wasn't worried about her paying me back, I knew she would, she is my mother. Anyway this got me concerned about her financial situation, so I immediately asked her to dinner.At dinner, I pried for more details about her financial situation. She told me the following:
- She only has $250,000 saved for retirement (She is 54)
- She has $7,000 in credit card debt
- She was recently unable to pay some of her CC bills on time, even though in the past she had been paying over the minimum
- There was an incident where her mortgage company claimed she didn't make her mortgage payment, and yet she did. She was apparently able to resolve this with the mortgage company, but it is still possibly on her credit report.
- After the missed CC payment and mortgage payment fiasco, her credit cards all found out and reduced her credit lines
- Her credit has taken a dive to about ~640 from the above. I think it was primarily the mortgage payment.
- My biggest concern is that she didn't seem all that worried about carrying the CC balances. She said "It's fine since I'm only paying the minimums".
- Her phone bill is about $300 per month because she and my sister have multiple ipads/phones/etcs. She also is often late on this bill, though I'm not sure if this is affecting her credit.I tried to give her the following advice: Get your free annual credit report, and see if the mortgage thing is still on it. If so, dispute it with the CRBs. Hopefully this will restore your credit to the point where you can move that 7K of debt over to a personal loan with maybe 10% interest, as opposed to the 25% interest rates of the CCs. She seemed lukewarm to the idea, and though she said she would be interested, I doubt she is going to do anything without me pushing heavily.TL;DR, my mom is starting on a slippery slope, doesn't seem too worried about it and I want to help her. Any advice?

PREFACE - Please don't flame me!
First, let me say that I'm completely surprised that I couldn't find an existing thread for these questions. That makes me think that either (1) I'm not very good at searching, or (2) these questions are frowned upon for some reason. I'm trying to limit the details of my situation to what I think would be relevant to the questions at hand, but only to keep things concise and as simple as possible. If more details are needed I am certainly willing to provide them.DISEASE BACKGROUND - Some high-level details of my illness.
About two weeks ago I was diagnosed with a terminal, inoperable brain tumor. I am going to start radiation and chemotherapy on 02.27.2013. The current treatment plan calls for therapy five days a week for about six weeks - through 04.19.2013. We don't know how terminal the terminal part is, and we really won't until after those six weeks. Worst case is less than a year. Median is one to two years. I've got potential to be a fairly optimistic case - some folks are still going strong after eight to ten years.FINANCIAL BACKGROUND - High-level details of our current financial situationMarried, three biological children (7 months, 3 years and 4 years) and one step-child (9 years)
Wife is a full-time stay-at-home mother. She has no work-from-home type income.
Wife does collect child support from the 9 year-old's father. We have a good relationship with him.
We closed on a new-construction home in mid-December - about two weeks before learning of the brain tumor.
We have a 30-year fixed rate mortgage at 3.25% through a USDA Rural Development loan. We put $10,000 down. The original loan amount was $283,500.00.
I am the only one on the mortgage note. My wife is not on the note. My wife and I are both on the title - I think it's "Joint Survivorship", but I could be mistaken if that sounds wrong.
The loan closed on 12.20.2012. Wells Fargo bought it from our broker less than 30 days ago (I think it was less than 30 days ago...)
We did not purchase any sort of mortgage payment protection, etc.
I am employed full-time as a software developer. My salary is $79,000/year.
I have up to 160 hours of paid leave at work. There is no distinction made between sick leave and vacation.
My employer has been extremely understanding (so far!). I am working from home. Because I'm salaried, and I work so many nights and weekends for product releases, they have told me there is no need to take any leave for my doctors' appointments, etc. at this time. I'm still putting in well over my 40 hours/week. If push ever came to shove, that could be verified by our VPN activity reports.
We have one vehicle financed through Navy Federal Credit Union - my wife's 2012 Ford Explorer.
I am the only one on the NFCU car note. My wife is not on the note. We are both on the vehicle's title.
I can no longer drive, so last week we sold the 2005 Volvo that we owned outright.
We have a few credit cards, but they have minimal balances. Mostly just recurring monthly charges to keep a rolling history on them. They could all be paid off quickly.
I do not have short-term disability insurance.
I do have long term disability insurance.
I have $50,000 of automatic group life insurance through my employer, plus I've done a buy-up of $170,000 for a total of $220,000.00.
I have decent health insurance for these times. I believe my deductible is $2,000 with an out of pocket max of $4,000. We also have a $2,000 FSA.
Our retirement accounts are fairly limited. My wife doesn't have anything in her name, and mine are meager and not vested (I know, I know...).
OTHER STUFF - We've had a fairly eventful financial past, and this info may or may not be helpful.Purchased a home in 2008 - FHA loan.
A few months later my wife had to quit her job and I had to start working in central Virginia versus Washington, DC due to a medical condition for our now-four-year-old.
Our income dropped by about 50% ($60,000/year) overnight.
Mailed our keys to Wells Fargo within a few days and moved in to an apartment (this was just before "The Bubble" - no way we could afford the $2,400/month payment). House was foreclosed on within one to two months.
We filed Chapter 7. Our discharge date was 10/09/2009.
We had two cars financed at the time - one we reaffirmed, the other we turned in as a voluntary repo.
They're getting better all the time, of course, but both my wife and I have managed to get our credit scores in to the 680s.
PRIMARY QUESTIONS - These are my primary questions, but I'm sure I may be missing some important ones that I don't even know to ask.Are there any obvious steps I need to take to protect my family?
Are there any major implications of our mortgage situation?
Are there any major implications of our vehicle loan situation?
Are there any major tax implications outside of the obvious ones (like keeping receipts, etc.)?
Is anyone aware of any programs/grants/etc. for which I should attempt to apply?
Is there anything special I should do to protect myself in terms of my relationship with my employer?
Is it too late to apply for some sort of payment protection (or similar) on the mortgage?
Are there any semi-shady contractual terms that I should know about (e.g., if a creditor is unable to recover from my wife for an unsecured debt only in my name after I die)
Is there anything my wife needs to start doing now from a financial standpoint (e.g., paper trails, histories of saving - or not saving, etc.)
I have every intention of continuing to work. We've been told that I am virtually guaranteed to get full disability from the SSA, but that once I do I really can't go back to work. We've also been told that I can't apply for disability until I stop working (makes sense to me) and that I won't see any payments for at least about 5 months. If I have to stop working to collect disability then my wife and I see no reason to do that now. I like to work, I'm able to work (from home), and I make much more money actually working than I would get in disability benefits. I've also got pretty good health insurance. I plan to work until either (1) I can no longer work and I've used up all of my leave or (2) I get fired for performance reasons (I can't really see this happening, to be honest, but I'm not sure that it would make a functional difference in terms of disability compared to the first scenario).
Anything else obvious that I'm missing?CONCLUSION - I have no subtitle for this.
I'm not trying to milk this situation. That being said, the safety and security of my family is incredibly important. If there are any saavy or calculated [legal] moves that I can make that will help make my family more secure I'm all for it. We have always tried to follow whatever "Golden Rule" we can with our financial dealings - for example, we could have squatted at our first home for quite a long time, but we felt that we did was the "right" thing to do, in ethical terms. We'd like to stay as ethical as possible, but where ethics become murky, but the law is still clear, we'd err on the side of protecting the family.

Hi Guys & Gals-I have a small business and am in the process of applying for a loan. Since my 2012 taxes are not yet filed (and I cannot do it right away), they have asked me for a "Fully Audited" P&L Statement.However, the loan representative said it would be way easier to just file my taxes now, since the "fully audited" P&L is 100+ pages.My income is 100% from consulting, so my P&L seems relatively simple... there is no cost of goods sold, no inventory, just one employee / 1099 subcontractors. Of course I have the other usual expenses, such as entertainment, advertising, assets, etc.Does anyone know exactly what is involved in a "fully audited" P&L? Is it really 100+ pages?Thanks!
SteveG

I own a piece of land that I purchase in November 2012 for cash. I am in the process of talking to a builder about building a house on this property. The plan is that the builder will build the house and carry the construction costs on a line of credit and I will pay the interest. Their bank will take a lien against my property. Therefore, I do not need a construction loan.I will need to pay off the loan at the completion of construction. I contacted a local bank for a preapproval because the builder's bank will require one. I have been approaching this is as a purchase mortgage. However, in reality should this be treated as refinance?The local bank I contacted stated that I would have to own the land for 1 year from the date of application (in this case the preapproval) before the appraised (vs the sales) price can be used. However, it seems that that Fannie Mae has a 6 month seasoning requirement for refinances. Any ideas? I feel like I have to phrase this exactly right. It seems a refinance would be much more straightforward.

I searched the forum for this topic and didn't find any discussions.....so here is my situation and need some advice/help from all you finance guru's.
We are in the process of looking for a new home in Illinois, we want to be in some specific areas so that we can be in certain school districtsso we went around the neighborhoods to look for homes which are on sale and also new homes being built by builders.
Now the existing homes which are being sold are a little old style for our (wifes ) taste.so we started to focus on new ones being built.
There are 2 types of such builders we came to know.....Ones who ask you to put down x% (usually 10%) of the final price and they start building etc....once construction etc. is complete they expect you to close on the house....you can use this 10% as your down payment..these builders give you the final cost on a model you select and write up a contracton when they will deliver and whats included, material etc.......Pros: you select a model maybe change few things here and there you get final price and you go with 10% down which will be put in an escrow accountonce built you use that 10% as down payment and get a regular mortgage financed and you are all done.
Cons: you dont know the land cost and construction cost break down. These are usually very expensive as they try to show the lot assigned to you being $x.....which is typically double of what lands being sold around....and construction costs come up to be high as well......Second type of folks are the ones who work with you in terms of lot, build etc......meaning they show you the lot.....usually the lots are half the price compared to the first ones....remember these are same neighborhoods and same school districts.....Pros: you get cheaper lot costs and construction costsmeaning you decide on what type of home you want to build (settle on an architecture) and sign a contract.......similar contract to one above from builders. You get to select most material to reduce costs I guess.
Cons: financing. I have no clue how all this works, when it comes to financing. I need help in this area. What are the pit falls, what to look for, what to expect etc....what other stuff to look for when it comes to building your own home

The reason I am going this route is I am seeing a difference of 30% in overall build out....and with second option I guess its considered 100% custom? Thanks for all your help folks....really appreciate it.

Original PostWow does time fly. Its been a while since Ive been on fatwallet. I just wanted to get some more opinion's and give an update. Here is my message for those too lazy to click Date Posted: Sep/11/2006 9:00 PM
Im 25 now, make around 60k, single. I have about 8k in CC loans at (2.99 apr), 15k in school and about 10k of car loans. I have about 3k in savings in 3k in stocks. I live at home but do pay part of the mortgage, about 800 a month. Ive been telling my self I have till im 30, to have fun, try to get rich, etc. I just feel instead of being at or around where a 30 year old should be in terms of stocks, cash etc im more around a 22 year old. TAXES ARE KILLING ME
Should I be more concerned about paying off my bills or playing around with stocks, I dont plan on getting married anytime soon.
I just think in this day of age with all these open doors you have no reason not to have your wallet padded.
Looking for some guidance, I just dont wanna look back 10-15 years from now and fell I didnt try hard enough or didnt take enough risk in trying to get to that 1 million dollar figure.
Please note since then I have bought a house with my parents so I do get back SOME money from the IRS but nothing near what they take.
Here is an update:Now I'm soon to be 32, Still single, still own the house with name on title. Sadly we paid somewhere around 380k back then, I just checked the value and it's estimated to be worth around 240k. I was laid off from that job around 2010 and was able to get back into my industry in Sept of 2011. While unemployed I used up all my savings, maxed out my CC to pay bills and came within a month of tapping into 401k. Thankfully I know make 120+ a year and can feel my life is starting to go from red to green. With that said here is where I stand financially.CC debt is around 18k
House mortgage is around 300k
College loan is 10k
401k is about 40k
I have about 2k invested in lendingclub
2k in savingsMonthly check after 6% 401k is around 7k
-2000 taxes, help with parents mortgage -2000, leaving me $3k for rent, food, cable, phone, gym, etc with anything left over going towards savingsGoal for Dec 2013 is to be 1) Pay off CC and a good chunk of college loan. Also my current car is over 10 years old and is on its last leg. Its currently in need of about 4k in repairs so I might as well get a new one. I am debating between buying or leasing a hybrid. With gas going north of $4 a gallon I think it would be a wise choice to go with hybrid. I estimate this will cost around $300 a month.My question for the forum is what should I start thinking about once I have paid off the CC and college loan? I'd love to buy some real estate and put it up for rent but I think at my age and with upcoming expenses (marriage, kids in the next 5 years that might be hard to save up for)

We're very fortunate to have a generous uncle who loaned us interest-free money to purchase a house with cash. It seems like cash is the only way to purchase a house nowadays. Now we need to refinance the house to pay him back. We bought the house for 400K. But after some major repairs, the house is worth at least $500K. How much can I refinance? I call some loan offices but they gave different answers. One said 80% of the original purchase price ($320K). The other said 60% of currently appraised value of the house ($300K). One said I can't refinance at all 1 year after purchase date. If you have any experience on this, please help. Thanks in advance.

Hi all, I just purchased a commercial building and am looking to build out an apartment on the upper floor. I've secured all required zoning/permits to begin work, but was wondering what kind of financing options there are? Can I apply for a standard PenFed equity loan, mortgage, etc.? The property is valued at around $440,000, and I have a building loan for $120,000. Obviously I could look at an SBA 504 or 7(a), but I'd rather stay away from the 5.5% interest rates from those products and get the 3% from a place like PenFed.....

I am interested in purchasing three out of four condos in a condo association. Three are REO and are being sold together under one MLS #. The condos are currently rented, except the one owner. There are two similar buildings on the same street at the condo, but are owned as apartments. What it sounds like is someone purchased this building 7 years ago, tried to make them into condos and it foreclosed as they never sold all the condos. It is a local REO. I have currently requested the condo docs and hopefully will have those shortly. Here is what I am wanting to do and am seeking advice: I am wanting to buy the three units, and thus will have control of the association. Ideally, I would want to buy out the owner of the one unit. The owner purchased in 2007, and is most likely underwater. I would then dissolve the condo association and rent out the units. Questions: I plan to purchase the three condos with one mortgage from a local bank. I currently have 3 mortgages and this would be a 4th, which puts me at the cap. Anyone have experience with putting more than one property/parcel on a investment loan (not commercial)?Assuming I get the condos, I see two scenarios with the owned unit: they don't sell, in which case I have three condos , but all are cash flowing nicely. I continue to run them as rentals and manage the association separately and pay for 3/4 of the buildings costs. Second scenario: They sell to me (it would have to be less than they paid, so they most likely have no incentive to sell, unless I can somehow do a seller financing type of strategy and take over their underwater mortgage. I would then want to dissolve the association (or would I as long as I own them all?). I would imagine I need an attorney to dissolve the association, but any comments or experience in this?Any thoughts on the above scenario?

Before, I get started - yes, I googled and used the forum search extensively looking for an answer of the following question.I purchased a property (high end area of major metro) for 600k and did some major rehab work, initially I wanted to flip it, but strongly considering moving into it now. The problem is that most of my liquid assets went into the rehab and don't have the money to throw down an additional 20% down if I'm forced to use auction price as the basis of a LTV calculation.I know a lot of lenders will use either the 1 year, or even 2 year mark as the time they stop using the lesser of the appraisal and purchase price and just use appraisal. So, assuming it would appraise at 850k, does anyone know if Penfed would use appraised value or would they use the foreclosed price? Basically if I get to use an appraisal 80% LTV would work out to 680k. Say for a sec, that my bridge loan is 600k. Would I be able to finance 680k(80% of appraisal), 600k(maxing out at auction price) or 480k(80% of auction price)? As you can see, what penfed or another lender uses as the basis of LTV makes a huge difference. I'm not considering PMI as an option - if its that bad, I'm selling the place period - regardless of how much I like it(great school district etc)I really love the house, but given the amount of money I put into it, it's really not feasible for me to chunk down an additional 120k if they use 80% of purchase price. If penfed is like every other lender, their going to ask me to start an app before I hear about the unwritten rule 2-3 weeks from now which is why I'm hoping someone here might have some insight. Also, if anyone knows a lender besides penfed that might do this please let me know.

I am a 31 year old Male, married, no kids.
I have a counseling graduate degree and 5 years work experience.
Currently I am an academic advisor at a University. I really enjoy this job and look forward to going into work every day to meet with students. However, I don't make much money and do not see any opportunities to advance in this field even though I enjoy the work. It's exactly 40 hours a week and low stress.Current salary = $45 K (pre tax), 3% retirement match. Excellent health insurance but I don't use it as I'm on my wife's plan.
Side business income = $25 K (I have access to a very tiny niche). I have made this side income for about 6 years now and it is *impossible* to grow beyond this number. So I can't quit my job to concentrate on this. Plus it could all end pretty quickly because of how narrow this niche is. It is for all intents and purposes currently maxed out and I don't know how many more years I can count on it.
Fat Wallet shenanigans = $7 K (random deals, sign up bonuses, Staples deals and so on).
Wife's salary (teacher) = $47 K, health insurance, 3% retirement, off in the summer and winter.
Total income (after tax) = $7000 per month
Expenses including current rent = $2000 per month.
1 paid off car (wife drives, I bike to work)
No debts.Current cash savings = $250 K (about to put it all into a house purchase for about $240 K)
Current retirement savings = $60 K.The total cost of the MBA program at my current university is about $40 K and will take 2 years if I do it part time while still holding onto my full time job. I'll probably get tuition assistance of about $10K. I could easily pay cash for this. It's an average school, maybe ranked in the top 75 business schools in the country.I can see myself starting a real business if I was able to come up with the right idea. I can also see myself working for a company in a finance related area. Even though I enjoy my current job, I just can't see my self continuing to do it for such short pay. I would like to make about $75 K at least (job only, no side hustles). I believe that I have a certain knack in business and would make it through an MBA program fine. The question is, with my current situation, is it worth it and will I truly be in a good position after two years to land a decent job paying at least $75 K? Secondly, since I can easily pay for the program in cash without taking a loan. Might it be a better idea to just do the MBA program full time for one year at $34 K? It would be slightly cheaper full time as compared to part time.

I've got 14k in CC debt on various cards that are about to end (at 0%) and 14k in savings and I'm about to transfer everything over to a NFCU CC for 0% for 12 months.While the idea of OPM and getting a 12 month interest free loan is appealing, in running the numbers, I'm realizing that decent CC/Credit Union/Brokerage bonuses meet or exceed the $105 that the savings account would earn (ignoring the fact that the interest rate could drop even further.)My credit rating has taken a bit of a dip because of utilization and 3 recent hard inquiries (Barclay NFL, NFCU, and a mortgage refi) and 2 other hard pulls are still there 1 has a couple months left before it falls off I think.Pros of leaving it in savings: emergencies, arbitrage opportunities (within reason), account opening bonus opportunities, $105 in interest (or less, depending).
Cons of leaving it in: false sense that I have that money to spend, credit score issuePros of paying it off: peace of mind, credit score, no temptation to spend/arbitrage money earmarked for debt
Cons of paying it off: huge emergency cushion gone (I have about 1 month's salary emergency fund right now, trying to grow that), $105 lost, other opportunities lost. I'm thinking of paying off half that would leave some wiggle room for emergencies/account opening bonuses, and my credit utilization, especially on the single card, would be down to reasonable levels and thus if a CC bonus offer came along that was worth a hard pull, I could do it.I've also considered moving half into a Lending Club account or some ETFs on the lower risk scale.I realize that like everything the answer lies within my own goals and comfort zone. But it kind of shocks me to think that with $14k on the table if I want absolute low risk I would have been better off taking a hard credit pull hit for a $200 bonus CC than a 12 month no interest/no transfer fee card.

A little background about myself. I'm 25 years old, a High School teacher/hscoach trying to do my best to prepare for the future. I have all my student loans payed off except for about $17,300. I will have $17,500 in loans that will be forgiven by the government after 2.5 more years of teaching. I have looked into it and made sure I qualify and this is a for sure thing. I owe $8,200 on my truck which has an interest of 4.54%. I thought this was pretty good but it seems that I could get much better rates than this now compared to when I bought the truck back in Aug. of 2009. I bought the truck new which I regret but I'm close to paying it off and figured I would drive it as long as it will run.My question I have is should I go ahead and pay the truck off which I could have payed off in September of this year for sure or should I go ahead and start investing and take a little longer to pay off my truck? I plan to invest into mutual funds through a Roth IRA.I appreciate anybody that can help!

Another brilliant deal by Buffett to acquire Heinz especially when you hear about some of the details of the deal. There is a reason why Berkshire is up 1% even though the acquisition price is much higher than the Heinz's recent all time high.The details that are coming out is that the majority of Buffett's stake is coming from preferred shares paying a 9% dividend. For all intensive purposes with a cash cow like Heinz with easily manageable debt this preferred stake might as well just be a bond paying a 9% yield since Heinz will never have any problems producing the cash flow to pay that dividend.So what he has essentially done is provided a several billion dollar loan to the uber safe Heinz at 9% because his partners on the deal 3G believe they can operationally grow the company(a much more dicey proposition given it's already massive market share in the business it's already in). Furthermore, I sincerely doubt with his stake and terms of the deal that 3G will be allowed to leverage of the company any more than it is risking the revenue that supports Buffett's high dividend income stream.And that means that Buffett has successfully engineered a deal where he gets to strip out a large portion of Heinz's cash flow and 3G is left trying to operationally grow the company with reduced cash flow after the dividend payments and likely without any ability to leverage the business any more than it is.So in case anybody could be curious as to why in an M&A deal Heinz would be way up and Berkshire also up, it's because if 3G was a publicly traded entity it would be down as the details broke.Got to love how he puts these deals together. Absolutely genius!

I just learned about the ability to consolidate private student loans through a few lenders. Does anyone know who offers the lowest rates? Or where I could find this info? It's difficult; many of the lenders that advertise that they do this no longer do. Thanks!

Hey guys,My parents are buying a 2 family house in a close proximity to NYC. Commute is excellent from the town. the price of the house is $475k. From market research by me the price is undervalued by a good $100k more or less. The second unit will rent out at about $1500 to $1600 monthly with utilities being separate.total jointly income is about $86k before taxesfather's credit score is 800
mother's credit score is 700My folks are putting down 15%. They have applied to 3 different lenders.1st - directly to Chase.Chase said that they only qualify for an FHA loan.2nd mortgage broker got them approved for a conventional loan at 4% initial interest rate and 4.535% APR = monthly payment $2,6483rd mortgage broker gave them a GFE with 4.25% initial interest and 4.489% apr = monthly payment $2,594
The 3rd option looks the best since the closing costs are pretty much the same as the 2nd broker but the monthly payment is $50 less. Can you explain to me the different interest rates in the loan?It shows that the initial interest rate is 4% and than the GFE shows that the APR is 4.535% . I don't quite understand this. Is the initial 4% interest rate for the whole amount of money financed? And then the APR 4.535 is an additional interest on annual basis on top of the initial interest rate of 4%Which rates should I use to compare the loans?from looking over at the terms it looks tome that the 3rd option is the cheaper one.

Here is our situation. We own our home outright. Appraised at 382K last summer when we bought it. The reason we are able to own our home right now is that we were extremely fortunate and my parents bought the house for us outright with cash. They are extremely well off, and I have never asked my parents for any money, so they did this for us. Since I was 18 I have never asked or taken any money from my parents, worked hard through college and grad school to fund my own education, so that I graduated debt free. However, my wife has about $145k in student loans (mainly due to graduate school), at 4.85% currently. Min payment is about $900/month; my wife has actually been paying down approx $3k per month. Last year, she paid about $8k in interest on the student loans. Currently, we are living quite comfortably. Our combined gross annual income is right about 300k. We are both maxing out our 403bs and 457s (instead of 401k because we work for the same government institution). We have about 120k saved in our liquid emergency fund. Our jobs are both quite stable (like I said, we both work for the same government institution), and we could easily just pay the minimum on her loan and forgot about it for the next 20 years or however long it takes to pay it off. However, like I mentioned, I was always careful with money and even though I have a well paying job now, I still try to maximize rewards/minimize interest payments. Im lucky that my familys wealth did not make me a spoiled brat, unlike some of my cousins. My question is, should we take out a home equity loan to pay for the student loans? If we borrow about 140K, and repay over 5 years or 10 years, Im guessing I can get a rate between 2.5 to 3%. That would make our monthly payment in the $2500 range for the 5 year option and $1500 for the ten year option. Remember, my wife has been paying down about 3k a month anyways.

While I am doing my online research, I figured I would ask for some advice in here as well. I am currently in the US on an employee (H1B) visa and my spouse is here on a dependent visa. She just got admitted to the university in my city. Now I need to get a loan for her 1 year masters degree. What are the things I should be aware/ careful of? Will I even be eligible for one? What would be a good procedure to start down the loan-hunting path? Among other relevant things, I have been a student in the US for a while now, and just started working last year. I have a pretty good credit history. My only brick & mortar bank account is a rewards checking account with my previous university town's credit union and I have an Ally account. Also, given my wife is on a dependent visa, she doesn't even have a SSN yet, let alone a credit history. Any suggestions?

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LINK

New here, hello all. But I'm not new to credit handling.....I need to learn ways to get collectors to violate "at-will". Please read my major barriers, then I'd appreciate your helpI work for ten loan officers, their Realtors and clients on credit. Much of the work deals with collection accounts. I get 100% permanent deletions for a good percentage of clients, but I need 100% in ALL cases.I discovered FDCPA + CA's-Rosenthal Act, TCPA and FCRA as potential potent tools some time ago, but virtually all NACA lawyers I've interviewed in SoCal (CA) will NOT take "gotcha" cases.I need ways to violate the big collectors AT WILL as they are the most time consuming to get permanent deletions from. (PRA, AA, LVNV and the worst--Midland from which I've never gotten a deletion--the others I do but not always). And I need solid cases the lawyers will take. Pro se is not wanted yet.Most of our clients' collections are 2-6 years old, the collectors had stopped calling. Getting them calling again to cell phones of clients has been very hard!? Plus now there's the Dec. 2012 9th Circuit Appeals Court two-sentence change to TCPA case law (Meyer v. Portfolio Recovery Associates LLC).Help? Advice? Thank you!P.S. CA based C.A's must be told of recordings, CA is a 2-party state. Couple other big collectors are in 2-party states too.

We recently took out a car loan at 0%. Should we pay this off to get better mortgage options (e.g., rates, terms)? My guess is that it would affect the amount that you're approved for, but possibly not the rate and other terms, but I'm not an expert. I appreciate your guidance. Thanks!

Hello all, after browsing fatwallet for a while I decided to join the community! I always enjoyed reading the forums and browsing the deals so it's about time!Now as for my question for you all, here's my current situation: My current car is on its last leg but I'm hoping to get another 4-6 months out of it (and if it dies beforehand it's not absolutely necessary I replace it immediately so the time frame will be that regardless). Now I have a pretty good credit score (based on creditkarma and creditsesame); however, I'm also interested in applying for a couple credit cards (like the Marriott Premier and Chase Slate). I know hard inquiries don't hurt that much, but I've always heard you aren't supposed to apply for other forms of credit if you know you'll be getting an auto loan or mortgage in the near future. If I apply for 2 or 3 cards do you think I'll be okay when applying for an auto loan when June/July rolls around?If there's any other information that I left out that would help to know then let me know!

Hey FatWallet!So, my wife currently has $54k in student loans that I'd like to pay down as fast as possible. I am currently paying $1,800/month. At this rate, with this interest rate (6.8%), it will take ~33 months. I've been searching high and low for a way to lower the interest rate, and I can't seem to find any way to do it.Does anyone know of a way I can get less than 6.8% on a loan I can use to pay off the student loan?

Hi, super-longtime lurker coming out of hiding here.I have three young kids, a husband in medical school, and 50k in liquid investments. My goal is to keep as much of that as possible. Since hubby's started med school, we've dipped into our investments and already burned through 50k. I need to find a way to hang onto what we have, and make it work for us. I don't want to end up a couple hundred thousand in debt right before my kids start college.I've been studying real estate investing, and think this may be the way to go. I'm in Atlanta, and in the current market I could use the investments to buy a home (or a couple mobile homes) with cash, rehab it, and resell it for profit. We also own a rental property that we can refinance and take some cash out if needed.Problem is, our living situation is changing; we currently live mortgage/rent free in an overseas relative's house, but they recently decided they need to sell. Where we want to live (near the med school, with good schools for the kids) the rent is going for $1300-1500 for a 3bd/2ba. Market value for homes built in the 90s+ are around 150-250k for a 3bd/2ba.We aren't sure how long we will be in the area, but probably somewhere between 2-5 years.Our financial situation:
- Med school loans @ 40k/year
- Kids and their extracurriculars, about 1000/year
- I work parttime. It covers groceries and gas.
- About 15k in consumer debt, transferred to 0% interest credit cards every 18 months
- Cars paid off
- Rental home has cash flow of about $150/month
As far as I see, we have two options:
-We rent, and use our $$ to invest RE
-We use our investments to buy a short-sale/REO home, fix it up and sell it in the next few years for profitSo, what do you think? I'm coming to you wise FW finance people for advice, because honestly I don't even know who to begin asking these questions to. Accountants? Investors? Realtors? I have a lot of respect for the advice given here from some of you.Thanks.
Broke mama

This is probably the biggest debate I had ever done but I really want to be homeowner in my life now. Also there are extra costs with the house from buying furniture, appliances, doing repairs, etc that is understood by me. Currently, I'm living with family right now and don't feel like renting an apartment as rates in Houston are going up at a significant rate. I would like to be a homeowner in the next 12-18 months from today.Currently, I have about 28k in a Roth IRA (5 years active), 30K in Roth 401k (3% match), 9k in HSA, 3k in brokerage account, 4 months worth in salary of emergency savings (job security is very high), and earn about over 45k per year depending on quarterly bonuses. Only debt that is active would be a car loan with 6K left at 2.99% (that will be paid off before I purchase the house)The big dilemma would be should I take some money of my Roth IRA to help fund the down payment on a first-time home ownership? Even though I'm a young still, I have a lot time on my side to still contribute to the max at least but understand I'm losing out on tens of thousands of dollars on future me when I'm older. Understand that it's not a lose-lose situation as I'm using my money from the Roth IRA to put equity into the house.. Brain tells me to hold off on it but emotionally I need to do it for wanting to do home ownership and independence reasons cause I don't want to live at home forever. Finally depending on the purchase price, probably raid from 5k - 15k from the Roth IRA and not take the whole amount out.Would do you guys think?

I have 6 mortgages I want to refinance (Ive numbered them for ease of reference). All are investment properties except the first one. I have an LLC, but all properties and mortgages are owned my husband and me personally. We both have excellent credit scores (at least, until the recent pulls). We have no other debt, except revolving credit cards paid off each month. We have investments; we have employment income. All homes are in Virginia. Three re-fi's are already in process (using the deals the banks were sending me); I have another three to go.Questions:
When do I start the other 3 mortgages? Should I do before the first ones close, or wait until after they close?
Is it true there is a 14-day period during which all credit pulls are considered as one pull?
How much negative impact will the recent credit pulls have? Will they cause the new offers to have higher interest rates?
Is there usually an advantage of going through one mortgage broker? Or should I go through banks? How should I choose who to contact?
* Should I consider any kind of Home Equity Line, etc. as part of this?
* If the world were perfect (ha!), I would love to get $75,000 cash from somewhere for renovating one of my properties. Suggestions?
What else should I be aware ofworry aboutavoidetc.Many thanks! I know this group has a vault of knowledge and I appreciate anything someone is willing to pass on! (I know there is a lot of information below, but I dont want you kind folks to have to keep posting questions because I wasnt clear. I hope it makes it easier for you to respond.) The three already in process:Loan 1: New loan (started process 1-15-13): Wells Fargo, $394,000 for 30 yrs @ 3.5%; no closing costs for me (Three-Step HARPnew term); this is my personal home (although it really is several rentals merged together, it is financed as personal home). Current assessment: $510,100. Single family.Loan 2: New loan (started process 1-11-13): CitiMortgage, $78,000 for 15 yrs @ 3.625%; no closing costs for me (HARPnew term). Current assessment: $147,300. Single Family.Loan 3: New loan (started process 1-18-13): Bank of America, $147,000 for continuation of existing 30 yr term (till 12/34) @ 4.25%; no closing costs for me (loan modification; had to do paperwork like a re-fi). Current assessment; $127,600. Duplex.The remaining three I want to refinance:Loan 4: Current loan: Bank of America, $58,000 for 30 yr (matures 6/34) @ 6.25%. Current assessment: $88,700. Not HARP-qualified. Single family.Loan 5: Current Loan: CitiMortgage, $57,000 for 30 yrs (matures 9/33) @ 6.5%. Current assessment: $122,200. HARP-qualified; best deal theyve offered is 4.375% for new 30 yr loan. Thinking I could do better? Single family.Loan 6: Current loan: CitiMortgage, $72,000 for 15 yrs (matures 6/20) @ 5.875%. Current assessment: $151,000. Not HARP qualified. Duplex.Thanks again!

This is an overly basic question, but my experience with these things is minimal.
I have been doing some research on a variety of topics and came across a video which was describing some advising to take out a shorter mortgage.
The video was against this, explaining a scenario like what I detail below in which a longer mortgage is the better investment.
I know there must be some in the community advocating both sides. From what I am seeing, the math speaks for itself - but I fully admit to maybe not seeing the whole pitcure.(note these numbers are for example - just trying to understand the concepts)- 200,000 mortgage loan1) At 15 years and 2.0% interest rate I'll pay ~32K in interest over the life of the loan with a monthly payment of $12872) At 30 years and 3.0% interest rate I'll pay ~103K in interest over the life of the loan with a monthly payment of $843$1287-843 = $444 savings / month over the life of the loan with 30 year.If I invest this $444 with a 7% annual return over the course of 15 years I will make $139K.So - I paid $71K in additional interest over the life of the 30 year loan, but I gained $139K from saving $444 a month for 15 years. A net profit (seemingly) of $68K.(Additionally I believe that I am saving more in taxes annually because I am paying more in interest.)The math seems to speak for itself, So what am I missing in this scenario? The only variable # here is my 7% return - which I think is conservative estimate for the market over 15 years, no?Am I overlooking something incredibly obvious to make the 15 year the better option? I know plenty of people prefer to get out of debt as soon as possible - but this seems to me like controlled debt - as you are actually calculating the payoff (which appears to be greater by extending the life of the loan).I'm sure right now many of you are saying "no $hit sherlock - obviously the 30 year is the smart way" and others might be saying "dumb a$$ - you aren't figuring x,y, or z"I'd like to understand the latter's view as to why this *isn't* a good idea.

Requesting individual/collective wisdoms of FW.I wonder if that's a scam or something legit. A quick search on FW has not revealed anything useful.Bought my first house (in NJ in Dec'12) with a loan from PNC and received a letter in Jan offering life & disability insurance w/o physical exam. "This privilege terminates in 18 mths after close of escrow".- Pays off full loan in case of death
- Monthly payments in case of illness/injury
- 100% refund of premiums if benefits not used by the end of termSounded kinda too good but I gave my info and received a call from Atlantic City (of all places) offering an appointment with their agent.Agent seems to have another day job and can only do evenings/Saturdays. Wants both me and wife for a 30 mins meeting. Such requests often indicate a potential scam but I can't be sure. (Recent free evaluations from windows replacement companies also required both spouses and had a good dose of other crap, like salesmen going through chemotherapy, calls to the "factory" to secure some rebates, etc.)And yet another letter (looking very differently but asking for the same info and offering the same benefits) came. From some Mortgage Protection Center.Is this such a huge market? Seems like an odd business model. Is this a known scam with a catch I don't see?Before going into another heart-breaking interview with an (overworked, potentially half-dead) agent I wanted to check with the informed FW folk here.TIA

The purpose of this thread is to compare notes on getting the best possible terms and rates for smaller (< $1 million) secured commercial loans.I've had ample experience with SFR and small multifamily financing, but am shopping for for a commercial loan for the first time. Property is has a thriving transmission repair business in eastern WA as its long-term tenant. I'm hoping to both get advice specific to my situation, and provide other FWFers who may be similarly situated with a valuable resource.The terms I'm being quoted so far for a $500K loan generally look like the following (from a local credit union):-75% LTV
-5 year term (renewable), amortized over 25 years
-5 yr Federal Home Loan Bank index , plus 3% margin, = approx 4.33% with a 4.25% floor
-.75% origination/commitment fee
-typical (and significant) 3d party costs: $3,200 for commercial appraisal, title insurance, doc fees, etc.
-Debt coverage ratio of 1.25% or better, defined as (Net Operating Income / Annual Principal & Interest Payments) Here are some specific questions I'd like to discuss:Where have FWFers found the best commercial rates?
Any tips specific to negotiating loans in this space?
Any pitfalls or opportunities to watch out for when borrowing commercially?
Thanks for your thoughts and your links to other resources. LMK if I can answer any questions that might help you.

From the horse's mouth:FBI Press release
Eighteen People Charged in International $200 Million Credit Card Fraud Scam
Crime Ring Invented 7,000 Fake Identities to Obtain Tens of Thousands of Credit Cards
U.S. Attorneys Office February 05, 2013 District of New Jersey (973) 645-2888NEWARKFederal agents in four states arrested 13 people today for allegedly creating thousands of phony identities to steal at least $200 million in one of the largest credit card fraud schemes ever charged by the Department of Justice, U.S. Attorney Paul J. Fishman announced.The activity described in a complaint unsealed today describes a sprawling criminal enterprise that stretched across dozens of states and numerous countries. The defendants charged in the complaint allegedly fabricated identities to obtain credits cards and doctored credit reports to pump up the spending and borrowing power associated with the cards. They would then borrow or spend as much as they could based on their fraudulently obtained credit history and not repay the debts, looting businesses and financial institutions of more than $200 million in confirmed losses.This morning, hundreds of law enforcement officers from the FBI and the U.S. Postal Inspection Service arrested 13 defendants and searched 13 locations in New Jersey, New York, Pennsylvania, and Connecticut. All the defendants are charged with one count of bank fraud. The defendants are scheduled to appear later today before U.S. Magistrate Judge Madeline Cox Arleo in Newark federal court.This type of fraud increases the costs of doing business for every American consumer, every day, U.S. Attorney Fishman said. Through their greed and their arrogance, the individuals arrested today and their conspirators allegedly harmed not only the credit card issuers, but everyone who deals with increased interest rates and fees because of the money sucked out of the system by criminals acting in fraud rings like this one.The criminal activity described in todays complaint highlights the activity of an extensive, sophisticated, organized scheme, executed against U.S. financial institutions, which, in turn, affects every citizen of the United States, Acting Special Agent in Charge Velazquez said. This elaborate network utilized thousands of false identities, fraudulent bank accounts , fake companies, and collusive merchants to defraud financial institutions of hundreds of millions of dollars in order to facilitate extravagant lifestyles they could otherwise not afford. The arrests today are the result of the relentless and tenacious work of the United States Attorneys Office, U.S. Postal Inspection, U.S. Secret Service, the Social Security Administration, the Federal Bureau of Investigation, and numerous financial institutions.According to documents filed in this case:The defendants and their conspirators stole hundreds of millions of dollars through a scheme repeated thousands of times to create more than 7,000 false identities and fraudulently obtain tens of thousands of credit cards (the fraud cards). The scheme involved a three-step process in which the defendants would: Make up a false identity by creating fraudulent identification documents and a fraudulent credit profile with the major credit bureaus.
Pump up the credit of the false identity by providing false information about that identitys creditworthiness to the credit bureaus. Believing the furnished information to be accurate, the credit bureaus would incorporate this material into the false identitys credit report, making it appear that the false identity had excellent credit.
Run up large loans using the false identity. The higher the fraudulent credit score, the larger the loans that the defendants could obtain. These loans were never repaid, and the defendants reaped the profits.The Sham CompaniesThe enormous size and scope of the Criminal Fraud Enterprise required the defendants and others to construct an elaborate network of false identities. Across the country, the defendants and their co-conspirators maintained more than 1,800 drop addresses, including houses, apartments, and post office boxes, which they used as the mailing addresses of the false identities.They created dozens of sham companies that did little or no legitimate business, obtained credit card terminals for the companies, and then ran up charges on the fraud cards. To accept payments in the form of credit cards, a business must establish a merchant account with an entity known as a merchant processor. The merchant processor provides the business with equipment to process credit cards, receives payments from credit card companies for credit cards run at the business, and deposits those payments, minus a fee, into the business bank account. When the merchant processors shut down accounts operated by the conspirators for fraud, they would apply for new terminals and create new companies.The sham companies also served as furnishers, providing the credit bureaus with false information about the credit history of numerous false identities of people who purportedly worked at or owned the sham companies.TradelinesThe defendants used sophisticated methodsincluding a network of black-market businesses called tradelines providersto commit fraud.Tradelines come in two varieties: primary tradelines and authorized user tradelines. Primary tradelines are lines of credit in a credit history. If a credit card user has primary tradelines in good standing, it can have a significant impact on the users credit score, enabling the user to borrow more from credit card issuers. The defendants, however, trafficked in fraudulent primary tradelines.A second kind of tradeline is the authorized user tradeline, where a credit card holder adds another, so-called authorized user, to a credit card account. This raises the credit score of the authorized user, who inherits some of the primary users credit history.Some defendants created and sold fake lines of credit for false identities made up by other defendants. These fraudulent primary tradelines were then used to increase the credit limits on fraud cards, so that the defendants could reap even larger profits. Defendants used the authorized user tradelines to create new identities.Complicit BusinessesThe defendats also relied upon complicit businesses, including several jewelry stores in the Jersey City, New Jersey area to extract money from the fraud cards. The complicit businesses would allow the defendants to conduct sham transactions on the fraud cards and would then receive the proceeds from the credit card companies and split them with the other conspirators. These complicit businesses maintained multiple credit card merchant processing accounts at the same time. By operating dozens of accounts, these businesses furthered the conspiracy by allowing more fraudulent transactions to be processed before the merchant processors shut down the account. The proceeds from these merchant terminals were deposited into various business checking accounts, and the money was paid out to the owners of the complicit businesses, along with other defendants and conspirators.Lavish SpendingThe conspiracy generated enormous profits for the defendantseven though they spent millions of dollars sustaining the elaborate network of drop addresses and running credit reports on the thousands of false identities. Records of the New York and New Jersey Departments of Labor reveal that many of the defendants have no reported legitimate employment in the last five years. Nonetheless, the defendants used the proceeds of the criminal enterprise to buy luxury automobiles, electronics, spa treatments, expensive clothing, and millions of dollars in gold. They also stockpiled large sums of cash. Law enforcement discovered approximately $70,000 in cash in the oven of one defendant.The defendants also moved millions of dollars through accounts under their control and wired millions of dollars overseas. An analysis of 169 bank accounts of the defendants, sham companies, and complicit businesses has identified $60 million dollars in proceeds that flowed through the accounts, much of it withdrawn in cash. The conspirators wired millions of dollars to Pakistan, India, the United Arab Emirates, Canada, Romania, China, and Japan. Due to the massive scope of the conspiracy, which involved over 25,000 fraudulent credit cards, loss calculations are ongoing. Final figures may grow beyond the present confirmed losses of more than $200 million.The investigation that produced todays arrests involved cyber crime investigators from the FBI and has been ongoing for more than 18 months. It previously resulted in the arrest of four other individuals and the seizure of more than $2 million in gold from a jewelry store in Jersey City.The bank fraud count with which the defendants are charged is punishable by a maximum potential penalty of 30 years in prison and a fine of $1 million.U.S. Attorney Fishman praised special agents of the FBIs Cyber Division, under the direction of Acting Special Agent in Charge David Velazquez, for the investigation leading to todays arrests, as well as postal inspectors under the direction of Acting Postal Inspector in Charge Marie Kelokates and the U.S. Secret Service, under the direction of Special Agent in Charge James Mottola. He also thanked the U.S. Social Security Administration for its role in the investigation.The government is represented by Assistant U.S. Attorney Erez Liebermann, chief of the Computer Hacking and Intellectual Property section of the Economic Crimes Unit, and Assistant U.S. Attorneys Daniel V. Shapiro of the General Crimes Unit, Zach Intrater of the Economic Crimes Unit, and Barbara Ward of the Asset Forfeiture Unit of the U.S. Attorneys Office in Newark.The charge and allegations contained in the complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.Defendants:
NameAgeResidence
Babar Quereshi 59 Iselin, New Jersey
Muhammad Shafiq 38 Bellerose, New York
Ijaz Butt 53 Hicksville, New York
Qaiser Khan 48 Valley Stream, New York
Shafique Ahmed 52 Floral Park, New York
Habib Chaudhary 45 Valley Stream, New York
Raghbir Singh 57 Hicksville, New York
Muhammad Naveed 35 Flushing, New York
Khawaja Ikram 40 Staten Island, New York
Nasreen Akhtar 37 Jersey City, New Jersey
Mohammad Khan 48 Staten Island, New York
Azhar Ikram 39 Howard Beach, New York
Shahid Raza, a/k/a Abid Mian 44 Valley Stream, New York
Vernina Adams 31 Philadelphia, Pennsylvania
Sat Verma 60 Iselin, New Jersey
Vijay Verma 45 Iselin, New Jersey
Tarsem Lal 74 Iselin, New Jersey
Vinod Dadlani 49 Lyndhurst, New Jersey

I'm not too excited about the stock market right now. What do you guys think about borrowing from my 401K to pay down my mortgage? Current mortgage is ~$194K @ 5.25%. I can get a 10-year loan of $20K on my 401K at 4.77% and apply it to the principal. It's an investment property. i know if I lose my job, then I need to pay the balance immediately. I have the cash to do that, if necessary.i've been paying extra down on the mortgage because I think the 5.25% is better than I'll make in the market. What am i missing other than potential appreciation in the market? Don't i pay the interest to myself, so in effect this is a 0% second mortgage of $20K?

I took advantage of the $100 cash posted bonus posted in the past, for opening an account.
I just open accounts everywhere and let the money sit there, so I never closed the account.
Today they sent me this email. Screenshot attached.I don't want to post the link, since its really long and thus probably tagged to my account.
But clicking the link just brought me to a loan application page, with no mention of the $200 bonus, so I am not sure the link is necessary anyway.

Lots of lenders are offering credits that exceed the closing costs, leaving you with a large check at closing. My last refi put a $3500 check in my hand, on top of the lower rate and lower payment. So my question is, will lenders do a refi with same/similar terms? I don't think they'll lower my rate, but a new lender would be able to initiate a new loan, make their numbers for that month, and profit over the course of the loan. Is this unheard of? People doing this already? If not, what is stopping them? Seems like there could be possibilities to "churn" your mortgage while the lender credits are large.- I know the VA won't allow a refi unless there is a savings on the monthly payment, but what about other types of loans?

I don't have any CC debt. When in college I did and needed it to get by. Now I have a bunch of cards that have ok rates, decent limits and I get BT offers all the time. I pay off my students loans pretty quickly but it's going to take me a year or two more. Around 80% of each paycheck goes to loans. My loans have an apr of around 5.4%. I get offers for BT's for a year at 0% apr and a 1.99% fee. I can easily afford the payment on both. Is it worth it?

Hi All,I know this topic has been discussed periodically and typically SBI remit turns out to be the best option available given superior exchange rate offered and low fees. I noticed that SBI remit for tx is down until further notice. I need to make monthly small payments lets say ~ 400$ monthly towards student loan, what would be the next best alternative till SBI remit is up and running again. I would appreciate if you can share your opinion about this,l.g.

I received a flyer in the mail from this company Link which caters to Veterans seeking a loan, although I found that out anyone can apply. They claim a BBB rating of A+ and the ad says they're the exclusive home loan lender of the VFW. I contacted them and found that the are loan "brokers" that carries and services their own paper. They claim this supposedly allows them to make HE/Re-Fi w/CO loans at 100% LTV to "qualified" applicants. I tried looking up any reviews on them but didn't find much. Has anyone ever done any business with these guys or even heard of them?

Need your advice my FW brothers. Chronology of Events:12/06/12 Traded in my 12 Passat S for a 13 Tiguan S during VW's Sign & Drive event. Lease payment $442 a month for 42 months. $0 down. My FICO was 670.3-4 weeks later. I call the dealership wondering why they have not paid off my trade yet. My sales rep assured me that it has been paid off because they've sold it to an older lady right after christmas. 5 weeks later, My cedit monitoring service alerts me of a 30-Day late remark on my report for the Passat. Dropped my FICO to 615. I immediately called VW Credit to appeal but they told me that I am still responsible for the loan regardless of what the dealership does with my deal. So I call my sales rep complaining about it and he said that he will bring it up to his manager. Sales rep at this point is inutile. 5-6 weeks later. Manager calls to tell me that we have to restructure the deal and I need to come in to sign a new contract. He said the dealership is losing too much money on it and that VW Credit would not approve the lease under current terms. He also said that I need to buy the extended warranty to make it numbers "line up right" for approval.6th week. Went in after work and grudgingly signed a new contract. New lease payment $433 for 48 months. Sorta glad that my payment went down even if I extended the lease for 48 months and I got the "consolation" ext. warranty contract. Went home with a dejected feeling.6-7th week. Registration and plates arrive in the mail and lease with account number appears on my VW Credit On-line account. At this point I thought it was finally over. 7th week. General Manager of the dealership calls me and wants me to come back in to unwind the deal or sign a new contract for $466 a month for 48 months. He said the manager made a mistake and that is the only way he could get it approved. I called VW Credit to verify this. VW Credit told me that everything is in order and that they don't see a problem. I decided to tell them the experience at the dealership by complaining. Followed-up yesterday and they told me that they've left two messages for the General Manager to call them back to no response.Today, the same General Manager left me a voicemail in a threatening tone to come in to sign a new contract or return the Tiguan and get my trade (Passat) back. WTH? Thought I'd get advice on this forum before I make my next move. Thanks and I appreciate your time reading this post.

Wife's not due to start making payments on her student loan until this year. She was told that we're not getting a 1098-E this year since she has not made any payments on the loan in 2012. Is this accurate?Thanks!

I know someone who is trying to rebuild their credit after letting some student loans go delinquent and sent to collections. The loans have since been paid off in full, but they have no other credit history and their credit score is terrible. They asked me where to start rebuilding their credit and I directed them to the Bank of America and capital one secured credit cards. They applied for the secured credit cards but were rejected. So our question is where should they start rebuilding their credit if not secured cards? Are there less desirable secured cards with higher fees that they might be approved for? Are there other options? Thanks in advance for any advice.

My home is paid off and I'd like to refinance with a large cash out ($417K). There will still be more than 20% equity remaining. Do lenders still do those types of loans at competitive rates? If so, who? - Thanks

In the process of doing my taxes, I just noticed that the final HUD for a refiance that I did in Aug seems to be incorrect. I missed it because it was already a revised HUD and the only thing that was supposed to be changed was changed correctly and the mistake was buried in an addendum. The mistake has to do with how much property tax was paid into escrow. The loan has since then be sold to another bank.I'm not sure what to do at this point. Should I contact the new lender? Or should I be talking to the escrow company - who I assume has the extra $?(On a side note, I'm not sure if the escrow company paid the property tax for me. I ended up paying it separately myself due to the timing of payment due/loan processing/etc and I haven't gotten any refund from the county....)Any advise is appreciated. Thanks.

So I understand that The FHA provides mortgage insurance on loans made by FHA-approved lenders.I "assume" that this means that a lender is more likely to give you a loan because the FHA insurance will take care of it if the buyer defaults on the loan. Correct?Apparently their are some rules which state something to the effect that the FHA won't insure a loan for a condo mortgage if more than a certain percentage of the units in that building are rented out (i.e. the owner's don't live there, they rent out the unit...).I live in an 8 unit condo. 1 of the units is in a weird status where the owner left it to fall into foreclosure. There was some legal mumbo-jumbo that the HOA was able to actually take control of this property and rent it out so that we could recoup association payments that we lost from the owner (this was all done with a lawyer and is kosher). This isn't the main point of my question - I just want to note this 1 unit because although it is "rented" it also technically isn't owned by anyone (well, maybe the bank - but they apparently haven't finished with it yet, and haven't listed it).Out of the remaining 7 units - only one is currently being rented. However two other units are looking to leave within the next 6-12 months. I am still not sure if these owners are planning to sell, or if they are planning to rent. I think they would prefer to sell - but the losses might be high.If they were to rent - this means there would be 4 rented units out of the 8 (3 normal and the 1 special case I listed above) - or 50%.I am reading around and see all sorts of different statements on what this owner-occupancy percentage needs to be in order for the FHA to back a loan.If the number was say 60% owner-occupancy, it would seem to mean that if I tired to sell when only 50% of units were owner occupied I might have an exceptionally hard time because buyers will have an exceptionally hard time getting a loan - since they will be ineligible for any FHA approved loans.So - my questions are:
1) Can someone tell me specifics about the owner-occupied ratios and how set in stone they are?
2) How important is an FHA loan - meaning if buyers aren't eligible for them - what other choices do they have?
3) How bad is this going to be for me if I want to sell?To be honest I was hoping to be gone before winter of next year. Now that I know others are moving it is going to mean more competition trying to sell the place. I haven't even researched yet alternatives to where I would go (have some general ideas in the suburbs - but haven't really started to look yet).So, I'm concerned about having to sell at an even higher loss due to multiple units being up, and also afterwards if the FHA issues are a major deal.enlighten me.

I am hoping to buy a condo in the fall. The asking price for condos in the development are currently between $120,000-$130,000Is this going to be possible? I make $42,000 right now, but would not be surprised if that number rises significantly prior to the purchase date. I have no concerns about being able to afford the place, but I do have concerns about finding a loan

Hi everyone,
Obviously I am not rediscovering the hot water here, just hoping to get constructive criticism on my attempt for an AOR. I have spent many years following FWF but the environment is so dynamic, that it never hurts to get a much appreciated input from FWF veterans. Currently there is a similar recent reach for advice from another member on the same topic (http://www.fullofdeals.com/forums/finance/1249347/), but just as mentioned above, every case is just as much the same as it is totally different.My current CC line up
Capital One; Since 09/08; CL $3,000.00; $0.00 balance
AMEX Blue for Students; Since 2003; CL $11,500.00; $150-300 balance paid off monthly
CITI Diamond Preffered; Since 2007; CL $24,920.00; $8,800.00 balance pending pay off as soon as my Discover BT clears (hopefully within 5-7 business days)
Chase Freedom; Since 2005; CL $7,100.00; $0.00 balance
Chase Ink Business; Since 2007; CL $5,000.00; $0.00 balance
Discover; Since 2004; CL $14,200.00; $13,896.40 after BT to CITI & my Checking account clear (that is including the BT fee)
PNC Points; Since 06 as NC Card; CL $7,950.00; $0.00 balance
Home Depot; Since at least 2005; CL - unknown; $0.00 balance
Target; Same as The Home Depot card. Have not used them for years.Not counting the HD and the Target cards, and after the recent Discover BT (0% for 18 months) clears:
Overall CL $73,670.00, Overall Utilization is approximately $14,000.00 = 19% with Discover in the really red zone of 97.86% and AMEX in the 1.30%.Have not done any soft pull CL increases since 2007 except for the Discover done a week ago from $11,700 to the current $14,200. No point to touch CITI, and AMEX does not offer me any BTs.I sold my house in September 2012 so that loan is closed. Previously I refinanced and consolidated my mortgages in 01/12. So that is 3 House loans closed withing 13 months.No car payments since 2004. My last known Credit Score average was 747 points back in 01/12 when I was refinancing my house. Never had a late or a missed payment. I have 2 student loans at $121.56 and 179.31 per month. Unfortunately those loans show up as six on my CR because they have 3 each lumped in. Another student loan was paid off less than 6 months ago. Total student loans balance is $17,722.18 and comes at a total of $300.87/monthLast time I applied for any type of loan was 01/12 for my house ReFi. Before that had another attempt probably around 08/11. Have not applied for any other loans since at least 2008 (last semester of student loans). Have not applied for any Credit cards since at least 2008 as well.I am currently a civilian government employee at $49,029.00/year before OT and my second job. This year my Gross W2 income will be around 58,000.00. I also hold a little shy of 25k in stocks.My ultimate goal is access to capital of at least $100k with the least amount of BT hassle - the easier it is to get the BT in my checking account - the better. After the BTs have been processed I will will be setting up automatic payments on the due dates equal to 120% of the minimum due, readjusted quarterly.This is my current target list which is still WIP. Please note - all CCs are $0 ANN FEE, $0.00 APR, 3-5% BTF, and BTD at least 12 months:
US Bank Platinum - 15mo
Citi Simplicity - 18mo
Barclay's Rewards - 12mo
Alliant CU - $0.00 BTF, 12mo, just not sure about the membership hassle
Chase Slate - 15mo with $0.00 BTF
PenFed Platinum Rewards - 18mo (would keep this for all monthly purchases/bills after that)
NFL Extra Points - 12mo
C1 Platinum Prestige - 15moOnce again, questions, comments, burns, constructive criticism and smart remarks are welcome.

I have some personal loans and paid interest to my lenders during 2012. Am I required to issue a 1099-Int to my lenders? I read the instructions for 1099-INT and it suggested I was exempt, although I welcome additional opinions. http://www.irs.gov/pub/irs-pdf/i1099int.pdfIRS said: Report only interest payments made in the course of your trade or business...

Exceptions to reporting. No Form 1099-INT is required to be filed for payments made to exempt recipients or for interest excluded from reporting.

Interest excluded from reporting. You are not required to file Form 1099-INT for interest on an obligation issued by an individual, ...
In case this matters, I plan on deducting this on my taxes as investment interest expense. I do not have a business, these are personal investments in stocks and the like. Thank you.

Hello FWF. I'm not expert on property stuff. I was wondering if you guys can help me decide?I can afford to buy 1 single 3br $400k house (with 200k loan) or get TWO 2br $200k condos where one is paid off and the other is not. What would you do? Which has more renters seeking? 2br or 3br? Which will have less troubles? Which will likely have renters staying longer? Thanks.

Hi everyone,
Obviously I am not rediscovering the hot water here, just hoping to get constructive criticism on my attempt for an AOR. I have spent many years following FWF but the environment is so dynamic, that it never hurts to get a much appreciated input from FWF veterans. Currently there is a similar recent reach for advice from another member on the same topic (http://www.fullofdeals.com/forums/finance/1249347/), but just as mentioned above, every case is just as much the same as it is totally different.My current CC line up
Capital One; Since 09/08; CL $3,000.00; $0.00 balance
AMEX Blue for Students; Since 2003; CL $11,500.00; $150-300 balance paid off monthly
CITI Diamond Preffered; Since 2007; CL $24,920.00; $8,800.00 balance pending pay off as soon as my Discover BT clears (hopefully within 5-7 business days)
Chase Freedom; Since 2005; CL $7,100.00; $0.00 balance
Chase Ink Business; Since 2007; CL $5,000.00; $0.00 balance
Discover; Since 2004; CL $14,200.00; $13,896.40 after BT to CITI & my Checking account clear (that is including the BT fee)
PNC Points; Since 06 as NC Card; CL $7,950.00; $0.00 balance
Home Depot; Since at least 2005; CL - unknown; $0.00 balance
Target; Same as The Home Depot card. Have not used them for years.Not counting the HD and the Target cards, and after the recent Discover BT (0% for 18 months) clears:
Overall CL $73,670.00, Overall Utilization is approximately $14,000.00 = 19% with Discover in the really red zone of 97.86% and AMEX in the 1.30%.Have not done any soft pull CL increases since 2007 except for the Discover done a week ago from $11,700 to the current $14,200. No point to touch CITI, and AMEX does not offer me any BTs.I sold my house in September 2012 so that loan is closed. Previously I refinanced and consolidated my mortgages in 01/12. So that is 3 House loans closed withing 13 months.No car payments since 2004. My last known Credit Score average was 747 points back in 01/12 when I was refinancing my house. Never had a late or a missed payment. I have 2 student loans at $121.56 and 179.31 per month. Unfortunately those loans show up as six on my CR because they have 3 each lumped in. Another student loan was paid off less than 6 months ago. Total student loans balance is $17,722.18 and comes at a total of $300.87/monthLast time I applied for any type of loan was 01/12 for my house ReFi. Before that had another attempt probably around 08/11. Have not applied for any other loans since at least 2008 (last semester of student loans). Have not applied for any Credit cards since at least 2008 as well.I am currently a civilian government employee at $49,029.00/year before OT and my second job. This year my Gross W2 income will be around 58,000.00. I also hold a little shy of 25k in stocks.My ultimate goal is access to capital of at least $100k with the least amount of BT hassle - the easier it is to get the BT in my checking account - the better. After the BTs have been processed I will will be setting up automatic payments on the due dates equal to 120% of the minimum due, readjusted quarterly.This is my current target list which is still WIP. Please note - all CCs are $0 ANN FEE, $0.00 APR, 3-5% BTF, and BTD at least 12 months:
US Bank Platinum - 15mo
Citi Simplicity - 18mo
Barclay's Rewards - 12mo
Alliant CU - $0.00 BTF, 12mo, just not sure about the membership hassle
Chase Slate - 15mo with $0.00 BTF
PenFed Platinum Rewards - 18mo (would keep this for all monthly purchases/bills after that)
NFL Extra Points - 12mo
C1 Platinum Prestige - 15moOnce again, questions, comments, burns, constructive criticism and smart remarks are welcome.

I'm considering moving a large amount of credit card debt ($60K), currently at 0%, to a HELOC or getting a personal loan from a bank.I would like to get all my credit cards under 30% utilization so it will improve my score. But if I move this credit card debt to a personal loan, for say $60K, and use the whole $60K, would the credit agencies view this the same as a credit card with a limit of $60K and be maxed out? I certainly wouldn't want that.Same question with a HELOC. Is it bad to withdraw 100% of the funds from a HELOC?I know you need to keep total DTI ratios ok, but I'm fine in that department.I am purely asking how it affects your FICO score. I want to borrow as much money as possible, while keeping my score high.I will be paying off this debt in the next 1-2 years, and the rate I'm paying isn't a big deal. I just want to keep my FICO as high as possible.

DuPage Credit Union is offering .50% APR off select vehicle loans for new, used or refinanced. I called in and they said they can do new/used motorcycles, RVs and boats too for the same rate.So for example, if you text in and get their promo code, you can get your rate down to 2.49% for 60 months or 1.99% for 48 months.Ive used them before on my Jeep GC and the approval was quick and the service has been really good so far.LINK

I'm new to FWF but not to FW, so I created a new account. Don't consider myself an expert by any means.I'm looking at refinancing my house, but the last time I tried (a bit over a year and a half ago), I was shot down because of high credit utilization. I was wondering whether FWF thinks I would have a chance or not.Basic facts:
24 Years Old, Single
104K/year salary, just started (previous job was 75-80K/year, hourly position)
335K left on a 350K Mortgage, Home Value roughly 480-500K
Monthly mortgage payment of ~2400 (5% 30-year fixed)
Mortgage was obtained June 2010, owned by Fannie Mae (owned by REMN? Serviced by CENLAR)
~40k in CC debt (95% utilization - I'm working on getting this down, but it's gonna take a while, and the refinance will help)
~50k in student loans (not currently paying, since I'm still in school)
Have never missed a payment on anything. No other significant debts / monthly recurring costs other than the usual (food, utilities, transportation, etc.). Car paid off, etc.I'd like to get the mortgage interest rate down a bit, but I'm worried about being declined because of the high utilization and corresponding effect on my credit score. I believe I have roughly a 689 (TransUnion).I'm not underwater on the loan, I'm not behind on any payments, I can reasonably pay the current payments as well as all the credit card minimums (and I'm working on paying a lot more, once I get my first paycheck).
I'm not eligible for HARP / HAMP because of the purchase date.Thanks in advance for all the help!

For the last 4-5 years I have done the taxes & insurance payments myself for my old loan. When I was rate shopping for a refi last year, I was found that including escrows in my monthly payment will give me the best rates, prices, etc. So, escrows were included and the loan eventually closed before Christmas. It was sold to Provident Funding on 1/2, with first payment due 2/1. I called Provident today and asked whether I could make the payments myself. The rep said yes, but they need a letter in writing from me and an email will do. I was told no charge and no impact to my loan terms, etc. As long as I do it before my first payment is due then I don't need to send in an escrow amount with my first payment.Question is - is there any negative impact to handling the escrows myself for this new loan ? Thinking FW Style - I know when the bills are due and depending on the bill can pay by CC and collect points, etc. All I have to do is send an email. Seems like a no brainer to me, but not sure if there are any implications since this is a new loan. Thanks!

I'm constantly amazed how those that have never spent a day as a licensed Insurance Agent learning the ins and outs of the industry, studying for a license let alone actually being a producer, and never meeting with a loved one of someone that departed, giving advice about, or to avoid insurance as a vehicle for retirement protection. (YES I AM AWARE THAT WAS A VERY LONG SENTENCE)First of all, I would never presume to try and tell someone about financial planning and analysis in the stock market because I've never taken a series 6, 63, 7 or any other financial consulting licenses at this point. Although before anyone tries to say how easy it is to get a Life/Health license in comparison to financial advisor certification, perhaps you should try it, and before anyone ever tries to say the insurance industry is not regulated - try getting a license in the state of Washington as a resident. Second of all, I would never take a lecture on ethics and control from anyone chosing to be in the same industry as Bernie Madoff or anyone from Shearson Lehman Brothers.(not to say that everyone in financial consulting are corrupt, but I would say the majority of them are ignorant when it comes to the uses of Life Insurance and should just stick to what they know)I've seen numerous financial advisors and even actuary's state that an Indexed Universal Life policy is a bad thing for a multitude of reasons but the top three that I've seen time after time are the following:
1. NO LIQUIDITY - no decent insurance agent who ever wanted to have referals or follow up business would ever tell a client that IUL's are good for liquidity. Although through loans, you can take out any amount of monies before the age of 59 1/2 and not pay taxes on it (and no you don't have to pay the loan back if you don't want to), and if you do want to, most decent IUL's give you a 0% interest loan after 10 years or less of policy life.
2. INSURANCE CHARGES - What stock or financial advising organization does what they do without management costs? Even the ones who state so boldly and happily in their commercials that they charge you no commission fees still charge management fees. Make no mistake, they are in the business to make money off you and they will not do anything for you for free.
3. THE AGENT GETS PAID A HUGE COMMISSION OFF YOU - Do you expect the agent that worked hard and diligently to find you the best policy for your money, doing due diligence and research taking several hours of his valuable time for free? The insurance agent does not - let me REPEAT - "DOES NOT" - "DOES NOT" get paid directly from your monies that you are putting into the account. He gets paid from the agency he represented based on the total annualized premium that they are receiving which in no way shape or form, ever touches the money they put into your account for you- the money they pay is totally seperate from the money they receive from the client and never the twain shall meet. The scenario many unscrupulous financial advisors lay out is that the agent is getting paid directly from the money the client pays in premium and lessons the amount in their policy, which couldn't be further from the truth because that would involve the federal government as that would be embezzlement across state lines, and it would involve the insurance commissioner because that would involve "co-mingling" of funds. It amazes me that financial advisors who have one of the highest salaries of any group in the United States seem to be so dead set against Insurance Agents putting food on their table.Some of the other assanine statements I've heard others make is that a ROth IRA is so much better for wealth accumulation than a fixed index IUL because it allows for taking higher gains from the stock market, and it's tax free. What they're not pointing out is that as of 2012, those that make over $165,000 in annualized income and are married and filing jointly are seriously hampered in the amount they can contribute and over $170,000 can't contribute at all. And for every penny you lose in the stock market it takes twice as long to gain it back. Sure sure sure... Just keep your funds in the stock market it will go back up.... Hmm well last I checked the S&P 500 is still down from pre 2008 levels and expected to get worse in the next 2-3 years and for every 50 cents on the dollar that you lose, you have to earn 100 to just get back to even.Compare that to an IUL through a good company (take F&G Life which now even has an IUL which bases it's interest earned for the policies on the Gold standard) and lets just say they use a 0.25% floor and the average return of 7.5% interest) that's probably pretty conservative given the current rise in the gold index lately, but let's just go with it.... whenever the stock markets has lows - even if people hold in the market they still lose, where as with this policy the worst they'll get is .25% and the best they'll get is whatever the cap is as applied to the gold index (potentially higher than 7.9%. I think I'd go with .25% floor over no floor at all and potential for major losses any day of the week. Of course then again, I don't gamble at any casinos either.I at least am not ignorant or arrogant enough to say a person should never put funds in a stock portfolio for the chance of a higher return, but I don't think you should tell your clients not to put any money in a very safe place to earn some really phenomenal increases over a 20-60 year period. For those of you financial advisors who are still not sure about an IUL or for clients not sure about an IUL as a good steady yet safe place to gather funds for a retirement, come see me and I'll run an illustration for you and you would probably be so impressed you'd buy one for ever member of your family and yourself. I'll just rap it up by saying that the Financial advisor who blindly states that a client should leave insurance to "insure" things and not use it for at least one avenue for retirement should leave the industry and go sell used cars somewhere.

The ABC of Sales: Lessons from a SuperstarDaniel Milstein (Author)Billion Dollar Sales Expert Shares Secrets on How to Become a Sales Superstar.
The ABC of Sales, Lessons From a Superstar is an award winning book. It was selected the first place winner in the "how-to" category of the Paris France Book Festival and earned an honorable mention in the prestigious New England Book Fair and the San Francisco Book Festival in the business category as well as a first place win in the DIY Book Festival, Los Angeles. During the month of March 2012, The ABC of Sales sold 10,000 copies and became the #1 Sales Book on Amazon and the 31st top seller of all eBook sales.Renowned sales trainer, Brian Tracy, calls The ABC of Sales: Lessons from a Superstar, "an exciting tale of success and achievement...it gives you the tools and strategies to achieve all your goals."Author Daniel Milstein shares eight secrets for consistently reaching high sales levels and lays out in clear understandable language what it takes to be a Sales Superstar. You'll peer inside the mind of a successful sales talent so rare that universities will use this book for their business classes.We're not talking theory here--Dan Milstein is the real deal. He is the 35 year-old CEO of Gold Star Mortgage Financial Group, an Inc. 500 Company which closes a billion dollars in loans annually. Milstein has been recognized as the #1 mortgage originator in the nation, has been among the top 40 financial professionals in America for 10 years and has achieved more than $3 billion in personal career mortgage sales.You can't rack up numbers like that if you don't know how to sell.Born in Kiev, Ukraine, Daniel and his family immigrated to Ann Arbor, Michigan after the Chernobyl nuclear disaster. In high school, Dan developed his work ethic during long hours at McDonald's. After graduating from college he went to work for various financial institutions and was promoted consistently because of his sales acumen.Former FOX News Producer, Jess Todtfeld, says "Dan Milstein will join Zig Ziglar, John Maxwell, Og Mandino, and Brian Tracy in the pantheon of salesmen we should all learn from."Among the gems in The ABC of Sales is Milstein's adage that "Lunch is for Losers," and that the Great Commandment of Sales is "Always Be Closing.""ABC - Always Be Closing, is one of my favorite phrases," says Milstein. "It is a motto I live by and is one of the nine reasons I have been successful as a sales professional. I never turn off my selling mindset; I'm always ready to engage a friend, colleague or stranger in conversations that will lead to a sale."If you really want to rise to the top in sales and be inspired and motivated to surpass your loftiest dreams then order your copy today.FREE for a limited time and so posted under Hot Deals

Hello,I have negotiated a price for a all new Honda with a dealership online. I have come to a point where the dealer is agreeing to sell the thing for $100 over invoice+doc fee+tax+title+registration. I believe its a decent deal, not really sure though.Honda does not have have any offers on financing at least in my region (Southwest USA), so I am thinking of Penfed @1.49% for 48 Months.I have done all negotiations online(I have not told the dealer, about what i will be doing -finance or lease), I just want to go in to the dealership, test drive the car and close the deal, for which I want to get the financing ready before I go there. This is the first time, I am having to go for financing outside of the dealership, so new to that.1.Whats the process to arrange financing from Penfed before I finish/close the deal? Will they send me a check that I can give the dealership? not sure..
2.Do I have any other nationally available financing options better than the deal at Penfed -1.49% for 48 Months?
3.How easy/difficult is penfed to approve new auto loans? I have a good credit 740+, but as I refinanced a month ago, I have many mortgage inquiries (10+)..Shopped around a lot!!!!
4.This is my second car, on my primary car, I have about $4.5k loan with an equity of about $9000.00I would also appreciate if guys can give your opinion on the price I have negotiated (invoice+100) on the 2013 Accord EX-L without nav.As always, thankful to you guys here!

The ABC of Sales: Lessons from a SuperstarDaniel Milstein (Author)Billion Dollar Sales Expert Shares Secrets on How to Become a Sales Superstar.
The ABC of Sales, Lessons From a Superstar is an award winning book. It was selected the first place winner in the "how-to" category of the Paris France Book Festival and earned an honorable mention in the prestigious New England Book Fair and the San Francisco Book Festival in the business category as well as a first place win in the DIY Book Festival, Los Angeles. During the month of March 2012, The ABC of Sales sold 10,000 copies and became the #1 Sales Book on Amazon and the 31st top seller of all eBook sales.Renowned sales trainer, Brian Tracy, calls The ABC of Sales: Lessons from a Superstar, "an exciting tale of success and achievement...it gives you the tools and strategies to achieve all your goals."Author Daniel Milstein shares eight secrets for consistently reaching high sales levels and lays out in clear understandable language what it takes to be a Sales Superstar. You'll peer inside the mind of a successful sales talent so rare that universities will use this book for their business classes.We're not talking theory here--Dan Milstein is the real deal. He is the 35 year-old CEO of Gold Star Mortgage Financial Group, an Inc. 500 Company which closes a billion dollars in loans annually. Milstein has been recognized as the #1 mortgage originator in the nation, has been among the top 40 financial professionals in America for 10 years and has achieved more than $3 billion in personal career mortgage sales.You can't rack up numbers like that if you don't know how to sell.Born in Kiev, Ukraine, Daniel and his family immigrated to Ann Arbor, Michigan after the Chernobyl nuclear disaster. In high school, Dan developed his work ethic during long hours at McDonald's. After graduating from college he went to work for various financial institutions and was promoted consistently because of his sales acumen.Former FOX News Producer, Jess Todtfeld, says "Dan Milstein will join Zig Ziglar, John Maxwell, Og Mandino, and Brian Tracy in the pantheon of salesmen we should all learn from."Among the gems in The ABC of Sales is Milstein's adage that "Lunch is for Losers," and that the Great Commandment of Sales is "Always Be Closing.""ABC - Always Be Closing, is one of my favorite phrases," says Milstein. "It is a motto I live by and is one of the nine reasons I have been successful as a sales professional. I never turn off my selling mindset; I'm always ready to engage a friend, colleague or stranger in conversations that will lead to a sale."If you really want to rise to the top in sales and be inspired and motivated to surpass your loftiest dreams then order your copy today.FREE for a limited time and so posted under Hot Deals

Going to be closing on a new construction home in Texas in ~2mo. I've been working with an independent mortgage broker who quoted me 3.25% for a 60-day lock on a 30-year loan. The builder's preferred lender quoted me 3.5% assuming a 30-day lock on a 30-year loan but offered the incentive of owner's title insurance. He claims it's worth $3600. I checked my contract and sure enough the builder will only pay for the title insurance policy if we use their preferred lender. What do you all think I should do?

I have a 30 year FHA loan owned by BOA. There seems to be a lot of different scenarios to getting rid of PMI. For example: %78, %80, %75 of appraised value. I've seen FTL mentioned. Some people say 5 years. etc... I plan on contacting the bank, but not sure I will get straight answers.I have 20 years and 6 months remaining.
I have just over %20 of the original principal paid off.
When I originally took out the loan they said I would only pay PMI for a few years, but it's going on 10 years now. Thanks for any help

I am posting looking for advice. My boss and good friend is looking into getting Variable Universal Life insurance policy. It is my understanding that anything other than Term Life people scream "Scam" about the product and claim the insurance salesman is trying to take advantage of you. Are there situations where VUL would make sense. I tried reading up on it myself, but it is hard to make sense of it all, in addition to not knowing the motives behind what I am reading online. Details below:Age: 56
HHI: ~250,000/yr
Marital Status: Married
Assets: $300,000 equity in house, ~$200,000 in business minus $1MM loan on property, $100,000 cash, $300,000 in mutual funds/IRA/401kSalesperson has him sold on the tax benefits of a VUL, money coming out from it tax free, etc. Does this seem like a good idea, or is the insurance salesman looking to fill his pockets?TIA

I was just getting my fiance's tax info into TurboTax, since her W2 was just published on ADP's portal. Her taxes are simple; W2, 1099-E (student loan interest paid) and new for 2012: maximum Tradtional IRA contribution ($5000). Due to maxing out 401k, her taxable income is under the $59k threshold so she can deduct 100% of her Traditional IRA contributions. TurboTax asks me if her contributions were made in the 2012 tax year, or between January 1, 2013 and April 15, 2013. When I say they're in 2012, I see the deduction take place "live" and her refund increases. When I enter $"0" for the 2012 tax year and enter $"5000" for the 2013 range, the deduction is not immediate. I took it all the way until the end, just before submitting/e-filing, and the deduction never takes place. I guess my question isn't really TurboTax related, but more IRS related. Does the contribution "count" differently if made in 2012 versus Jan 31-Apr 15, 2013? I thought one had until April 15, 2013 to make an IRA contribution that applied toward the 2012 tax year?Facts: NY state, filing single, taking standard deduction.
I'm sure others will encounter this so I figured it was appropriate to ask in the FWF finance area, so others can refer back to it when filing their taxes this year. Thanks in advance!

Not sure if this is widely known to the community or not. I called Navy Federal today to ask about refinancing my mortgage... I am not behind any payments or having any financial difficulties and during the call I was offered a loan modification. After learning more about the offer, they said they would would determine my LTV electronically without doing an appraisal, and if everything checked out they would would mail me a disclosure form to sign. I was informed that the loan modification was offered on a case by case basis and could only be used once, and that you could refuse to sign the disclosure form and back out of the deal. After they receive the form back they would do a loan modification at no cost, which would lower my mortgage from 3.375% to 3.125%.This seems like a really good deal if your mortgage is with Navy FCU.

Current situation:
Owe $158K on a house worth ~$215K
APR of 3.875 w/ 14 years remaining on loan
Making an extra payment of $1000/mo on top of PITI with intention to pay off house in ~7 yrs.
Gross HHI of ~$260K estimated in 2013Option:
Refinance w/ PenFed 5/5 @ 2.675% ($0 closing costs) and same intention to pay off house in ~ 7 yrs.Tried to find a calculator online that would show me the interest savings for that scenario, but have been unable to find one. Anyone out there able to point me to one or do some quick math? I know the lower interest rate will help, but with that short of a term I am not sure if it's worth the effort (i.e. $1000 saved over the next 7 yrs isn't worth it... $10K is.)Thanks.

So I need to do a minor master bathroom remodel and the contractor I want to use doesn't accept anything but cash or check. I can understand this and want to use him anyway do to reviews and quality of work. I have the cash to pay now but would rather finance this out to 12 months or less in payments. What is the best way to accomplish this? 0% balance transfer card that allows checks to go to bank account? Perhaps just a signature loan? Amount is $6,000. Opinions?

I think I know the answer to my question, but I figured it never hurts to get the collective FW wisdom.Situation:
-lived in home for ~19 months (July '11)
-refinanced 9 months ago (April '12) to 15 years @ 3.25%
-current LTV 75%
-did a 4 card AOR at end of July '12 (~5.5 months ago)
-current FAKO score 750 per Credit Karma
-wife did 6 app, 5 received AOR end of October '12
-her current FAKO score is ~723 but is reporting already paid balances on the cards from meeting minimum spends, should go up
-we rely on my income for mortgage (in my name, etc.); income was up about 20% from last year
-currently paying extra on mortgage to expedite payoff (yes, know others will argue can get better returns elsewhere, but want this thing paid off)When I login to my mortgage company's website (Wells Fargo) I see a streamlined refinance option. Granted it is just a simple stating of current rates, but it has the refinance rate at 2.75%.By my calculations if I keep the same payment I am making now (higher normal payment + extra principal) and apply it to the new mortgage, I will reduce my total interest expense by about $11k over 11 years until payoff.I'm thinking I would have to be dumb not to do this, but wanted to make sure I'm not missing something. It looks to be no or minimal closing costs.Has enough time passed since my AOR to result in no problems with getting streamlined? How soon after streamlining should I try another AOR? Am I missing anything?Here is the disclaimer on the streamlined section:As an existing Wells Fargo Home Mortgage customer, you may be eligible for our streamlined online refinance. With this program, you may be able to reduce your loan term, interest rate, or both.
Features

Evaluation of your eligibility for government programs, such as the Home Affordable Refinance Program.
No application or appraisal fees.
No closing costs.1
Loan pricing that is locked once your completed application is submitted.2

Benefits

Reduced paperwork and documentation.
Reduced costs.
Convenient online process.
Easy closing process.

Considerations

You must be an existing Wells Fargo Home Mortgage customer.
You cannot do a cash-out refinance or a refinance requiring a title change through the online refinance program.

Most recent summaryCredit cards: $35,000, 100% of original
Student loans: $120,000, No plan
Rental properties: $305,000, Cash flow-negative an undetermined amount
Blog: Not started
IntroI figure the new year is as good a time as any to finally get started on paying this down.I actually took stock of all my debt four months ago, but in between finishing up with school and starting a new job, I didn't really do anything about it besides look at it from time to time.Anyhow, here's the breakdown I wrote down:Total: $460,000Credit cards
Bank of America: $5,000 at 22%
Citi: $16,000 at 0% (But will readjust to 14% in March)
USAA: $14,000 at 8.9%
Mortgages
Bank of America: $168,000 at 7.5%
USAA: $137,000 at 6.5%Student Loans
Grad PLUS: $58,000 at 7.9%
Stafford: $62,000 at 6.9%My four goals for the year:1) Pay off half the credit card debt
2) Put together a long-term plan for the student loans
3) Work with my banks to get to a point where I'm cash-flow positive on the rental properties (or breaking even in the event I decide to sell both)
4) Blog about it to keep me judged by family, friendsIncome, budget, background in succeeding posts

Good Morning Fat Wallet Community,Can I keep my IBR Student loan payment down by utilizing deferred compensation? Here's the scenario:I will have 50k+ in student loan debt when I graduate and my wife has been in student loan repayment since 2006 with an initial balance of 29.5k and currently pays $208/mo
"Joint AGI" is 50kIBR calculator say my monthly payment would be $170.I am also a public employee who will have loan balance forgiveness after 10 years.Will utilizing deferred comp or contributing to an IRA in subsequent years lower our AGI to maintain IBR payments or are deferred comp vehicles exempt from IBR calculations? Thanks!

Ok Im new to the forum and I'm looking for some answers. We turned in my old lease on a BMW 3 series and in turn leased a new BMW X3 over 5 weeks ago just this past sunday they informed us they could not get us financing because they thought we were turning in my husbands current vehicle. Which he is the only one going on the loan due to my current credit situation. How they thought we were turning in my husbands vehicle when we clearly signed paperwork turning in my old leased vehicle which is under a total different name is beyond me. So after we tried to get financing from other lenders it just wasn't working cause we were not getting approved at the current amount of the X3. So we turned the car back in to the dealership and they informed us by monday afternoon they would have our deposit check back. Here we are at almost 5pm on thursday and still no check. I've gotten every excuse in the book from them saying there business office wrote the check wrong to they still have not received it by messenger. What are my options at getting my check back at this point I just want to be done with the whole situation and will never buy a car from BMW of Ontario ever again.

I did a quick search and didn't find anything specific so I thought I'd ask. This is a broad topic and I'm looking for a more general response than one tailored to my situation, but I'll give some basic details of my situation.Here goes, I am a month away from having a mortgage(2 years in on a 30yr) as my only debt. I am able to make that payment with no problem and pay about 1/3rd of a payment extra towards principal every month. Outside of my revolving bills and my credit card which I pay off monthly, is it possible for your credit score to go down because I have very little debt? Should I take on more debt such as a car loan? While living debt free sounds enticing, I think not having debt makes your credit worthiness decline. I'm maxed for 401k based on employer match and have maxed IRA the last couple years.How much debt does everyone feel comfortable with or does everyone try to live cash for everything outside of a mortgage? Sorry if the question is very vague, but this is such a huge topic and I'd like to hear a bunch of FWF members responses.

I closed on my home on Dec 13. At closing I prepaid interest on the loan for 12/13-01/01. I just saw my 2012 1098 on the bank's website and it was showing $0 in interest for 2012. I contacted them and they said it wasn't applied to my loan until 01/04 so it will show on my 2013 1098.Shouldn't they report it in the correct year? It not a major amount of money, but I expect to be in a lower tax bracket this year and calculate its worth ~$80 more to me for 2012, not to mention any time value of $.I liken this to me writing a check to a charity in Mid-Dec and them not cashing until 2013 and saying I can't count it as a 2012 contribution?

Hello,Can anyone provide some advice on the best way to consolidate 36K in private student loans from Wells Fargo and Sallie Mae? All of my loans have (high) variable rates, this is the breakdown:
Ammount Rate Lender
$12,519.18 9.49 WF
$10,930.137.99 WF
$12,515.486.25 SM
I just graduated college (2011) and hate seeing the majority of my payments go interest. My goal is to consolidate all loans under a fixed rate with same or lower monthly payment with either SunTrust or Wells Fargo, as these have the lowest rates I've seen. After I get a consolidation, I hope to increase my payments and do a debt snowball sort of thing to get them paid off in a couple of years. Some more detail that may be helpful is the following:I make 53K a year.
My current payments for Wells Fargo is $239 and Sallie Mae is $93
I have no other debt right now besides a car that will be paid off in June of this year and a 18K Direct Loans student loan.
According to Credit Karma, my credit score is 768.
ETA: I've been employed at my current job for 1-year making the same salary.What are the chances of Sun Trust or Wells Fargo approving me for a consolidation loan without a cosigner? I don't have a cosigner that has good credit and I don't want to get high interest rates like these again. Does anyone else have any suggestions or advice?Thank you for your help!

In researching some refinance options, I came across some opinions that banks will lower the rate on your existing loan to keep your business and then you can avoid the refi process. It sounds reasonable that they would do it, but real world practices are not always rooted in common sense. So before I call some random person at the bank, I'm wondering if anyone has done this successfully and how they attacked it. Do banks really care about keeping the business? Obviously it will be YMMV to an extent. Bank is BB&T, mortgage has been there for a few years on a 30 year note, payments have all been on time, and it isn't a jumbo. Last I checked, credit score was over 800. Loan isn't underwater and I'm not looking to cash anything out. A regular refi should go just fine, I'm just trying to pick the cheapest/quickest option. Based on current rates, I'd be looking for a 1-1.25% reduction. Also, would this show up on a report as a "modification" with a potentially negative effect?

My mother-in-law is currently enrolled in a community college this semester. She had planned to get student loans to help pay for things so she could quit working full time. It was just discovered that the school does not accept any student loans (federal or private). She does not qualify for any financial aid either. It is my understanding the school got in trouble over student loans in the past and they had to quit accepting them. I don't understand why a public college would not be required to accept student loans. One would think all that is required of the school is to accept the money and report to the lender that the student is in good standing. Are there any options other than a personal loan from a bank? Maybe a bank that would do private student loans, but send the money directly to the student?

Student loan debt is in the $60,000 neighborhood, mostly at 6+%. Assuming the ability to churn BT offers, the 3% BT fee for 0% APR offer seems to reduce the rate on at least a portion of the SL balance. While that makes the amounts non-deductible, we were income limited out of the student loan deduction last year anyway. Especially for churning BTs for 3% for 18 months, it seems like there could be some substantial savings on the payments. CreditKarma puts me at 760. Is this a good plan or no? Curious on your thoughts.

Most recent summaryCredit cards: $35,000, 100% of original
Student loans: $120,000, No plan
Rental properties: $305,000, Cash flow-negative an undetermined amount
Blog: Not started
IntroI figure the new year is as good a time as any to finally get started on paying this down.I actually took stock of all my debt four months ago, but in between finishing up with school and starting a new job, I didn't really do anything about it besides look at it from time to time.Anyhow, here's the breakdown I wrote down:Total: $460,000Credit cards
Bank of America: $5,000 at 22%
Citi: $16,000 at 0% (But will readjust to 14% in March)
USAA: $14,000 at 8.9%
Mortgages
Bank of America: $168,000 at 7.5%
USAA: $137,000 at 6.5%Student Loans
Grad PLUS: $58,000 at 7.9%
Stafford: $62,000 at 6.9%My four goals for the year:1) Pay off half the credit card debt
2) Put together a long-term plan for the student loans
3) Work with my banks to get to a point where I'm cash-flow positive on the rental properties (or breaking even in the event I decide to sell both)
4) Blog about it to keep me judged by family, friendsIncome, budget, background in succeeding posts

I've been working on a refinance with New Penn Financial since the middle of November. Signed a rate lock with them on November 14th for $170,000 refinance at 3.125% for 30 years. Credit scores in the high 700s and great credit history. Wife and I both work, income around $125,000 per year. Appraisal done first week of December and said house (primary residence with 36 wooded acres) was worth $433,000. Closing delayed due to a paper foul up on their end. Continually reassured by loan office (Cody Greene) that everything was on track for closing after the first of the year. Then yesterday, he called to tell me "underwriting had rejected the appraisal" because the comp properties had less acreage". Given the appraised value ($433,000) and the loan amount ($170,000) this doesn't make any sense to me. I been following the mortgage thread here for a year and Zillow had good reviews for New Penn, but it seems they are just walking away from their loan commitment. Has anything like this happened to anyone here? Do I have any recourse?Thanks!

FW'rs,My girlfriend's (GF) mom has run into a bit of a snag w/ her house payments. Presently, her family resides in a house in the MD area. Her mom has been unable to make several payments (about 18) valued at $3k a piece. I was only just made aware of their circumstance within the last few days and am wondering: What are some viable options for them and/or ways I can help? One option they are considering is short-selling the current home and buying a new one that allows them to make smaller monthly payments (in the neighborhood of $1 - $1.5k). They've apparently done some looking around and have found some prospective places w/ smaller price tags. The caveat w/ this option is that it will obviously adversely affect the mom's credit score further (tho not as severely as a foreclosure -- a scenario they'd like to avoid). I don't believe my GF has the credentials to qualify for the necessary loan herself (just finished Masters and is getting ready to go to Med school while working a relatively low wage job). Concerning this last point, is there a way for my GF to perhaps factor in "rent" paid (in this case by her mom) as income during the loan qualifying process? (as opposed to co-applying w/ her mom which my GF thinks would likely do her more harm than help)Applying for a loan myself to help them out is not off the table (I have "excellent" credit scores according to my credit union/banking institutions). I've known my GF for several years and trust her quite a bit. Nevertheless, I also want to make sure I know what I'm getting myself into if I take this route! (e.g., 1-if it's possible to co-sign a mortgage loan w/ the mother/my GF; 2-if I can sign the loan over to them completely after a period of time; 3-how/if co-signing would effect my own credit score). Thank you for any council you can provide!

I figure the new year is as good a time as any to finally get started on paying this down.I actually took stock of all my debt four months ago, but in between finishing up with school and starting a new job, I didn't really do anything about it besides look at it from time to time.Anyhow, here's the breakdown I wrote down:Total: $460,000Credit cards
Bank of America: $5,000 at 22%
Citi: $17,000 at 0% (But will readjust to 14% in March)
USAA: $16,000 at 8.9%
Mortgages
Bank of America: $169,000 at 7.5%
USAA: $137,000 at 6.5%Student Loans
Grad PLUS: $58,000 at 7.9%
Stafford: $62,000 at 6.9%Income, budget, background in succeeding posts

Ok so, wife and I (NYC upper 20s couple) decided to operate on a budget so we can save money again.
Right now our income is ~$5600/monthFixed Monthly Expenses:
Condo Maintenance $540
Electric $120
Car Insurance $70
Cell Phones $120
Mattress ($5k-4 years) $200
Subway $100
Gas $200
Student Loan $62
Total $1412
We decided that we each get $20/day for food, stuff we want, etc....
But we also have to save $400 ($200 each) every 5 weeks for Costco (so $40/each every week) from that $20 we each get each night, ughhh.
So by the end of 4 months we will save $12K+ or $36K+ a year...
For special expenses that are necessary, we both have to discuss it and both decide where the money comes from (either the $20/day or we tap into the savings from our income)Before we started at the beginning of this year, we were spending all our income (over $6k a month) on god knows what, because we really really dont. Our credit cards were always $4-5k and we just kept paying them off every month for the past year and we didn't save anything. We didn't even take vacations or travel, so it really sucked. We are planning on traveling/going on vacation, with money we save from the $20/day each...
So what do you guys think? Suggestions for making extra cash? Are we overspending anywhere? etc, etc???

I believe that I've just hit upon a scheme that I think is legal and would work, which only relies on the loophole that folks who use a rollover do to get a 60 day IRA "loan". As everyone here knows, IRA's have rules such as must be 59-1/2 or for a Roth conversion, 5 years of seasoning, before a tax-free distribution can take place - otherwise there would be the dreaded 10% penalty (something that I think should be relieved to some extent for folks who are unemployed, etc.)Anyway here it goes. After transferring (i.e., not rolling over) any IRA's into a single account (i.e., a single account of each type - traditional or Roth) at a fee-friendly custodian (I like ScotTrade), set up a number of IRA accounts (i.e., of the same type) at that custodian, and then do a transfer from that original account to all of the new accounts - so that there are now a bunch of IRA accounts. From here:- take a distribution from account #1, with the proceeds to be consumed- about 50 days or so later, take a distribution from account #2 in the amount of that distribution from account #1 plus any additional amount that is to be consumed- quickly roll back into account #1 the original distribution amount, from part of the proceeds of the distribution from account #2- about 50 days or so later, take a distribution from account 32 in the amount of that distribution from account #2 plus any additional amount that is to be consumed- quickly roll back into account #2 the original distribution amount, from part of the proceeds of the distribution from account #3- etc., etc.- after a year has elapsed from the time of the rollover back to a certain account, that account can be reused for a distribution- when the time has passed such that it is possible to take a penalty-free distribution, simply take that distribution in the amount to roll back into the account that had the last distribution- a year after the last rollover, the accounts can be merged into a single accountThe net effect is a "rolling rollover" that allows consumption (here, consumption is defined as money taken out and used, never to be put back into the IRA's) of the IRA before the date at which a penalty-free distribution can take place. This can only work for a small portion of the net IRA amount since the IRA account would need to be broken up into many accounts (at least 8, which is 7 to cover 365 days at 60 days at a time, and an extra one to cover the rollover time period itself - but more to give more slack, since the 60 day rule is virtually ironclad).The only problem I can see with this is if the IRS considers multiple accounts at the same custodian as being the same account for the 60/365 day rule - such a rule would cause the rollovers to be disallowed (although I suppose that one could have a number of different accounts at different custodians to get around this, but which would cause the complexity to much higher.)This could be facilitated by setting up any required forms ahead of schedule and simply submitting them at the proper date. Then, all that would be needed would be to keep careful track of everything.As for the tax form, the rollover would be notated as any rollover - but with the careful documentation of the rollover that bridges tax years by submitting a letter with the tax form that there were multiple rollovers, with the last one still outstanding at the end of the tax year, but completed at (whatever date.) (The tax form would need to be completed after this rollover completion.)This system could also work for the situation in which multiple IRA "loans" are desired within the same year (i.e., here, the loans would be paid back, not continuously rolled over), with the number of IRA accounts corresponding to the number of loans desired.So what do you all think? It's a bit of work, but (presuming that multiple accounts of the same type at a single custodian are not treated as a single account) it does seem to work and avoids the tax penalty. Someone with $500K would be able to access $50K a little earlier without paying the $5K penalty!

Seriously considering buying a house. Watched the housing market around here for ages and just did an initial walk-through of the house in consideration. However, before I go too far down this road, I'd hoping FWF can shed some light on whether I'd qualify for a mortgage or not. I've lurked on a few property threads and haven't found much that would shed light on my particular circumstances. I'm a young, single college grad with no debt. Student loans paid off, never owned a car. I've dabbled in lucrative Credit Cards bonuses/churning ever since I discovered FWF but don't carry balances. Excellent credit score. Elephant in the room: Currently self-employed and I've never had a 'real' job. I started my own business in June. It's a low-overhead, seasonal business of which I'm the sole proprietor and sole employee. At the end of the 1st season in late October, ended up with a profit of roughly 22k. I expect the business to grow this upcoming season and I plan on opening up in April instead of June. So, I can show my books to a lender and they'll see a young, profitable business. But will a lender give any credence to a business this new? It'll basically clear out my savings, but I could put 20% down on the property. Ideally, I'd love to only but 10% down, but I'm not sure if that's feasible. The house I am looking is priced at 99k. It's a duplex and is currently bringing in 1,100/month in rental income. I would be planning on living in the upstairs of the duplex and continuing the rent out the 1st floor for 550/month to the current tenants. Will lenders factor in that rental income at all when it comes to evaluating your ability to pay a mortgage? Any feedback would be appreciated. I am extremely green when it comes to home ownership, but I do feel like this is a smart place to put my money. I'm bullish about the neighborhood, know I can handle basic tenant fixes w/out outsourcing them, and - most importantly - love the neighborhood and see myself sticking around for a good while.

I am planning my first AOR to maximize my CL for a large low interest loan. While I have read many examples of AORs increasing limits by 500K or more in 2005-2009, my goal is to reach the 200-250K range if possible.
- I have a middle credit score in the 780's (found out from my mortgage loan officer when we almost bought a house)
- 1 usbank travel rewards card 25K limit
- was added as a user to a Chase Freedom card 2 years ago 7K limit
- no balances are carried
- one car loan 13k balance
- personal income 62KI want to apply for as many as possible for as much credit as possible. I have a list of roughly 25 cards. The Credit Board's credit pull database doesn't show any regularity to which CR agencies the CC providers pull from. It seems to be random now a days, so it's extremely hard to plan what CCs I should apply to first and how many. Anybody have any insights on this? Any advice from the AOR vetrans on how to best execute this for the desired result? Any help is much appreciated. 
Here is my preliminary list:Chase
https://creditcards.chase.com/credit-cards/slate2.aspx
personal - 0 apr 15 months - no transfer feebusiness none: Chase cardmembers currently receiving promotional pricing, or Chase cardmembers with a history of only using their current or prior Chase card for promotional pricing offers, are not eligible for a second Chase credit card with promotional pricing.Alliant
http://www.alliantcreditunion.org/visa/platinum/
0-2.99% apr - no transfer feeBarclay
https://www.barclaycardus.com/apply/Landing.action?campaignId=16...
personal - 0 apr 12 months - 3% BT Fee
https://www.barclaycardus.com/apply/Landing.action?%20%20campaig...
personal - 0 apr 15 billing cycles - 3% transfer feeUSAA
https://www.usaa.com/inet/pages/banking_credit_cards_main
low apr - $200 capped transfer feeCAP1
http://www.capitalone.com/credit-cards/cash-rewards/?Log=1&Event...
personal - 0 apr 15 months - 3% fee CHECK REVIEWS FOR OTHER CARDS THIS CARD HAS LOW CREDIT LIMIThttp://www.capitalone.com/business-credit-cards/spark-select/dis...
business - 0 apr 9 months purchases onlyAMEX
http://www304.americanexpress.com/getthecard/learn-about/Clear/2...
personal - 0 apr 12 months purcahses only - no transfer fee (17-21 apr)http://www262.americanexpress.com/business-credit-cards/business...
business - 0 apr 6 - 12 months purchases onlyUSBank
https://www.usbank.com/credit-cards/platinum.html
personal - 0 apr 12 months - 3% transfer feehttps://www.usbank.com/cgi_w/cfm/creditcards/rewards/business/pl...
business - 0 apr 6 - 9 months - Purchases onlyB of A
https://www.bankofamerica.com/credit-cards/products/bankamericar...
personal - 0 apr 15 closing statements - 3% transfer fee http://business.bankofamerica.com/creditcard/CardProductPage?sc=...
business - 0 apr 9 months purchases onlyDiscover
https://www.discover.com/credit-cards/
personal - 0 apr 14 months - 3% transfer feehttps://www.discover.com/credit-cards/business/index.html?ICMPGN...
Business: 5 months purchases onlyCitibank
https://creditcards.citi.com/credit-cards/citi-diamond-preferred...
personal - 0 apr 18 months - 3% tansfer feehttps://creditcards.citi.com/credit-cards/citibusiness-thankyou-...
business - 0 apr 6 months purchases onlyWells Fargo
https://www.wellsfargo.com/credit_cards/visa/
Personal - 0 apr 6 months - 3% Transfer Feehttps://www.wellsfargo.com/biz/creditcards/business/
business - no intro offerPenfed
https://www.penfed.orgBB&T
http://www.bbt.com/bbtdotcom/banking/cards/visa-platinum.page
personal - 0 apr 12 months - 3% Transfer fee - apply in personHSBC
http://www.us.hsbc.com/1/2/home/personal-banking/credit-cards/pl...
personal - 0 apr 15 months - 4% transfer feehttp://www.us.hsbc.com/1/2/home/business/business-direct/cash-ma...
business - 0 apr 6 mmonths - purchase only? - 3% transfer feeSunTrust
https://www.suntrust.com/PersonalBanking/EverydayBanking/CreditC...
personal 0 apr 12 months - 4% balance transfer feeNavy Federal
https://www.navyfederal.org/membership-benefits/offers-discounts...

Two years ago I refinanced my mortgage into a 10-year 3.99% fixed HELOC from Penfed. As of today, I owe $97,xxx and the house is worth somewhere around $175,000 - $185,000. County appraisal is $165,000 but that's because I fought the appraisals very aggressively every year. I don't know if this will hurt me or not.I'd like to refinance the into a Penfed 5/5 ARM with no closing costs. Looking at the fine print, here's what I see: Existing PenFed mortgage borrowers are not eligible for the closing cost credit unless the existing loan is at least 24 months old and the new loan balance is at least $50,000 more than the balance of the loan to be paid off. The additional funds may not be used to pay off any existing PenFed debt.Also, the LTV needs to be 75% or less in order to not escrow. I would like to not escrow.I have a little over $40,000 in cash. I was thinking of making a $20,000 payment, bringing my balance down to $77,xxx. In order to qualify for the 5/5 ARM with closing cost credit, I need to borrow $127,xxx, which would bring my LTV to 69-73%. Once I close, $77,xxx will go to pay off the old mortgage and I'll get a check for $50,000. Correct? If so, I would take $20,000 and put it back in my RCA, and make a $30,000 payment towards the new loan.Would this strategy work? The only risk I see is if for whatever reason I don't get approved for the new mortgage, I cannot get back the $20,000 payment that I made. Any other downsides to this strategy?

Looking for some input on my personal financial health and strategy. Here's the data:28 Y/O Income $95K / Year - High COL part of the country.Monthly Expenses:
Rent: $950
Utilities: $150
Household Consumables: $100
Car Payment: $210
Auto and Renter Insurance: $160
Gas / Tolls / Parking: $300
Groceries: $400
Dining Out / Entertainment: $300
Hobbies: $200Student Loans: $770
Savings: $900
Roth Contribution: $300
401K Contribution: $540 (includes employer match)
Debts
Student Loan 1: $34,300 - 2.75% Variable - 10 Year Term
Student Loan 2: $12,000 - 5.25% Fixed - 15 Year Term
Car Loan: $9,500 - 1.49% Fixed - 4 Year TermAssets
Cash: $8KAsset Allocation Across Retirement Accounts is 60% US Equities, 20% Non-US Equities, 20% Bonds
401K: $52,000
Roth IRA: $5,000
(Also vested in a defined benefit pension plan)Strategy
Invest in 401K up to 4% employer match, invest $3600 / year in Roth IRA. Save additional money for house down payment / wedding in the next 2-3 years.Any input appreciated. Thanks in advance!

My husband and I looked at a house the other night and decided to overhaul our finances to pay down debt as soon as possible, build a down payment, increase our emergency fund, and purchase a home within the next few years. Any help would be greatly appreciated!Age 29 and 30, married, no children, living in an apartment below a family members house for low rent which includes heat, hot water, and gas.Income:
Me: $49k, yearly pay raises around 3% - Company sponsored 401k and healthcare. Take home after taxes, insurance, 401k contributions is around $1200 paid bi-weekly
Husband: around $22k, working as an electrical apprentice, needs hours before he can get his license working for his boss, only employee, unpredictable schedule = undependable income. Most weeks are paid at $3-400, depending on amount of work. No 401k. Paid weekly.Monthly payments:
Rent: $500
Student Loan 1: $62
Student Loan 2: $163 in parents name but I am paying, no option to refinance
Student Loan 3: $199 in parents name but I am paying, no option to refinance
Car: $200
Truck Lease: $200
Food: $400
Gas: $480
Personal Loan (credit card debt refinance): $65 due but pay $200 monthly
Cellphone dual lines/Internet: $92 (no internet at home, cell internet is exclusive use)
Car insurance: $160 for 10 months, pay at $200 to pay it off faster. No payment ATM til renewal in June
Cable: $20 (basic, basic plan)Yearly one-time payments:
Car excise tax: $300
Truck excise tax: $500
Renters insurance: $120Debt balances:
Student Loan 1: Remaining balance of $1,900 - will be paid off in approx. 1.5 months due to aggressive pay-down
Student Loan 2: Remaining balance of $5,700 @ 5.25% fixed
Student Loan 3: Remaining balance of $21k @ 4.25% fixed
Car: Remaining balance of $5,700 @ 1.79% fixed
Personal Loan: Remaining balance of $2,600 @ 4.9% fixedAssets/Investments:
$6k in CD1 @ 1% due to mature 1/24 EMERGENCY FUND
$2k in CD2 @ 0.9% - due to mature 1/6 will use to pay off Student Loan 1
$3k in CD3 @ 3% - due to mature Sept 2013 EMERGENCY FUND
$41k in 401k, 9% of each pay check contribution is made with my pay since my husband does not have a 401k plan
$600 Roth, 1% of each pay checkAny help, suggestions, or recommendations would be greatly appreciated.

Hi FW!I've been looking at Lending Club and I'm not quite sure about it all. Has anyone had an experience with a site like this? What has it been like?

Hello all, I have about 25K to invest and I was hoping for some suggestions. Basic background facts:1) I already max-out both my Roth and my 401K
2) I have never invested in anything that was not either tax deferred or tax exempt until now (hence why Im looking for advice)
3) I will probably put an additional $400-$500 dollars a month in the investment
4) I have a healthy emergency fund
5) I do have about 80K remaining in Student Loans @3.5% (down from 165K 2 years ago), and Im currently paying about 3 times my minimum payment each month. I also have a 20K auto loan at 1.49%, which Im making the minimum payments on. I don't have any other debt.
6) Ideally any investment would have a minimal affect on my annual income, but this is not required.Any thoughts are appreciated, thanks!

I would really appreciate some feedback/suggestions for improvement on my financial situation.Age 28, married, no children, living in a suburb of a major Metropolitan AreaIncome:
Me: $60k + $20k/yr toward student loans + 5% 401k match, working in a very specialized mechanical/electrical field
DW: $35k, working as a part-time private school teacher
Additional: ~$10k additional using various side-income streams.
Outlook: DW's income is unlikely to change much in the future. Mine is scheduled to increase to 62k next year and 70k the year after. Then it should jump to at least $200k. Uncertain after that.Monthly costs:
Food: $300
Gas/Car Insurance: $300
Health insurance: $250
Phone (total): $120
Rent: $1000
Student loans: $500
Misc/Entertainment: $300Debts (All Stafford Student Loans):
Me: $140k with AVG ~5%
DW: $60k with AVG ~6.5%
We're on an IBR plan and pay a total of $500 per month
No credit card or other debtAssets:
$5000 Vehicle
$2000 DW's vehicle
$70k savings in various high-yield accounts (4-6% interest) when it isn't being used for churning
$50k investments: $40k in ROTH managed by a financial counselor which I pay $35/yr (hasn't done much in 5 years) and $10k in 401k and other investmentsSummary: DW and I have really thinned our spending. We are recently FWF-reformed and try not to spend anything unless we get a good deal. We have found that NOT spending money is actually pretty fun and we no longer equate spending money to having a good time (or success). We made some mistakes with overspending in college and have to deal with that now, but we have learned so much since then.My financial counselor only charges me $35/yr because it's a friend, but I've made next to nothing in my ROTH in the last 5 years which really sucks. I really have no idea how to manage investments and would really like some advice on where to start with that. The other issue is trying to balance our current savings with paying off our loans. Our thought is that it will be less burden with my increased income in 2 years than it is now, so we'd like to have this safety net for the next 2 years even if it costs us a marginal difference in interest. That and I may find other loan repayment options with future employers.Thanks so much for reading. Bring on the pain!

What if a person wanred to purchase a house witn some mattress money?Other than dodging the fees/commissions for the loan is there any special discounts that can be leveraged or used?Assume home is for primary residence, some money is seasoned and others is cash from a previous and undisclosed source.
Assuming the seller is interested a lower purchase price might mean lower property taxes for a few years until it is reassesed.
It also may allow for seller to claim a loss... Might be bad for buyer for capital gains when sold or if rented/depreciated.What are thoughts of people who are more experienced?Home owner also does not have an agent, neither do I. Any financially good reason to use one if we have found a house which appears to be below market value?

Anyone know why my calculation for a student loan amortization doesn't equal what Sallie Mae is reporting? This has been bugging me for years but I'm finally ready to chase it down - call it New Year's housekeeping.Current balance: $7569.93
Interest rate: 1.625%
Monthly payment: $128.82I calculate 62 payments remaining but they are showing 72 (a difference of over $1200). Have tried multiple calculators and they all come back with 62 months. I know student loan interest is calculated a little differently month to month compared to other loans (it takes into account the number of days in a month) but it all washes out over the course of a year.I've tried playing with the variables to see how they managed to come up with 72 months but can't get it to work out.Figured I'd ask here before I get the runaround from their customer service...they don't provide an amortization table so I'm not sure how I'd go about arguing my case.

Hello FWers,I have some big ticket purchases coming up in the year, and needed some advice with planning for it.Purchases
1. Car
Unfortunately my 1996 camry just gave up. Planning on buying a used 2010/2009 Prius with low miles. I drive a lot.
Financing: Pre-approved for $25K @ 1.49% penfed loan. Want to keep it under $20K. I have about $5K available in cash.
Timeframe: End of Jan '132. Home improvements
Need to remodel kitchen and 2 bathrooms.
Financing: Budgeting for $40K. Planning on taking a home equity loan. Current equity in the house is ~120K. 80% LTV would give $60K loan
Timeframe: May - Jun '133. Property
Opportunity to invest in a property for $60K. It is expected to appreciate a lot from the current price.
Financing: Balance transfer or home equity loan
Timeframe: Feb - Mar '13My current pay leaves me with $900 per month to invest after bills. Questions
- Will taking a car loan or having outstanding balance transfer negatively affect my ability to get a home equity loan.
- For the investment property, is it better to use the home equity loan or do balance transfer. If i use the home equity loan for investment property, then the remodeling needs to be delayed or financed through BTs.
- Will having a high outstanding balance affect BTs.
- I understand that I have an option of buying really used cars <$5K, but am kinda tired of all the repairs.
- What would be the best source of financing for each, and are there any other sources which I could tap into.Thanks for the help.

Hello,
I've been reading the FW forums for a while now, but I finally decided to post.My wife recently found out she has a lot of debt. We have been inquiring about most of the charges and every company keeps telling us that they can not give us information because she is not the account holder. Her SSN was used for all of the accounts, but they were not in her name. There are also student loans that she never signed for or even knew she had. This didn't make any sense as she had an athletic scholarship to play soccer at her university. The only way we even found out about the student loans is because she started receiving calls from collection agencies.We have been requesting signatures and any proof the companies could have to prove my wife opened any of this stuff only to show that her mom did it all. She forged her daughter's signatures and used her social because her credit was already ruined. This was all done when my wife was an adolescent. She is now 25.While investigating that, we also found out that my wife had a trust fund left to her when her dad passed away. She was to receive this when she turned 18, but never did. We got the case documents showing all the activity of the account and a check was signed for and mailed shortly after my wife turned 18. She never even knew she had it until 2 weeks ago when her grandmother, mother of deceased father, told her about it. Her grandmother said that her father left her $15,000 in a trust fund with compounding interest. To add to the matter, she won a case settlement for an injury from when she was 2 years old, totaling $11,306. All of which her mother gained access to and spent with out my wife ever knowing. I have talked briefly with a lawyer about how to address these issues. The only way we can begin any type of settlement for the student loans is to press charges against her mother. I may be SOL with the other issues, but what other courses of action can we take? Is there anything we can do to salvage this? I still cant fathom what type of mother would do this to her child. Unfortunately at this point, I am not concerned with our relationship, as this needs to be an eye opener for her, and more importantly, I need to restore some normalcy to my wife's credit (long shot).Thanks in advance.

I am asking for your advice and opinions on Nelson Nashs Infinite Banking Concept/ Pamela Yellens Bank On Yourself Concept. Please only comment if you are familiar with these concepts. I started this dividend paying, whole life policy with these concepts in mind in April of 2010 (@23 years old). Now in a long-term relationship I want to make sure that this money is going to the right place with our best interests in mind. Now 26 years old, marriage, travel, being a new homeowner, and kids appear to be in my future. And the financial stress is starting to weigh in.
The idea of having this policy is to help finance mostly cars, and maybe travels and have cash on hand for burdens should they occur. And from what Nelson says in his book there will be money to pull from to help pay for retirement. However, this will not be my sole retirement plan.Basic Amount of Insurance: $187,951 Life Paid-Up At 95
Interest Rate for Basis of Values for:
Reserves 4.00%
Cash Values 4.50%
Net Single Premiums 4.50%Gross Premium is $286.23
Cost of Insurance is $129.65 (?)
Riders Included:
*Accelerated Benefit Rider
*Level Premium Paid-Up Additions Rider
*Ten Year Term RiderCurrent Dividends are used to buy Paid-Up AdditionsCurrently the totals are:
Total Death Benefit: $437,775.29
Available Loan Value: $4,838.67
Net Cash Surrender Value: $5,317.83Monthly Premium $286.23 x 32 months =$9,159.36So as you can see my available loan value is about $4,000 less than what I have paid in. Ouch. I knew that this would be a long-term investment going into this, but this becomes a hard sell to the significant other. So it will be a few more years before I would break even. So the question is: Is this worth my time and money and should I stay on the long path or- Should I end it now, take the loss and find something else that is a better investment?*I would attach the Table of Guaranteed Values, but it doesn't account for the riders and Paid-Up additions. For example, I'm almost to end of year 3 and it says Guaranteed Cash Value $0, but I'm already at $4,838.67I appreciate your feedback! Thank You!

I have a daytime job, but I'm looking to work on nights and weekends to help pay off my student loans faster. Working retail is the first thought that comes to mind, but what other opportunities are available?

For many younger families, FAFSA can be a complex and intimidating process. Each year there can be minor differences in what is required for financial aid. And this year the "Fiscal Cliff" has provided a whole new level of distraction about taxes.However, if your family thinks it might be able to qualify for some sort of federal or state financial aid, it can be critical that you submit your FAFSA as early as possible. This is especially true in an era of cutbacks where some "first come, first served" programs can be deleted far in advance of April 15.For more information about filing deadlines.For answers to common FAFSA questions.Generally, if you filed FAFSA last year AND your financial circumstances are roughly what they were last year, you can complete the 2013-2014 FAFSA using last year's info as estimates.YOU CAN GO BACK LATER AND CORRECT THE ENTRIES once you have your W-2's and 1040 completed. However, if you wait until you have your W-2s, K-1s, 1099s and all the other paperwork (that can dribble on into May and June) BEFORE you do your FAFSA, you run the risk of losing out on grants and/or subsidized loans.YMMV. IANAL. I am not your financial planner. I'm sure as hell not your tax advisor. I'm just another random goof on the Interwebs.

If someone has 78k at around 8.75% in private loans with discover what are options? My loans are 2.75% so 8.75% seems too high. There's lots of sketchy companies out there so I don't know how to advise my friend. Thanks

I financed the 1st out of 2 years of graduate school via Discover Student Loans. At the time my credit was pretty bad (670-ish), my cosigner had decent credit but I still got a rather high 6.75% APR. My FICO has soared since then to 780 and I'm trying to figure out where to apply for my second year.

Discover's variable rate is 3.25% - 7.25% which is a better variable rate than Sallie Mae and most if not all big banks. PenFed's rate is 3-month LIBOR + 5%, which currently is 5.31% - pretty decent. I didn't even consider PenFed last year as I knew how strict their credit requirements were. I've since become a member and I'm pretty sure I can qualify for their 5.31% loan.

My question is this - I can potentially get Discover's lowest rate this time around - as low as 3.25% but I'm not sure if even with the best credit anyone can actually qualify for that rate. I'm not even sure if someone with a 780 score can qualify for 5.31% with Discover or a big bank. I think PenFed's rate is so low for the same reason their CC rates are so low - they are a good DoD CU. Just generally what would you recommend that I do? Do you think I could qualify for a lower rate than 5.31% with Discover (or another bank?) this time around or do you think I should apply to PenFed, or can you recommend another private loan provider whose rates are consistently lower and is likely to give me a lower APR? What would you say is the best private student loan provider right now that offers the best rates?

This is a really big decision so ANY input is greatly appreciated. Thanks!!

Hi there,This is my first post, so hopefully it is not something has been previously addressed. I did do a search first. I am in the process of a refi, and I am starting to have second thoughts. Initially, I was going to refinance my 5 year ARM (which was floating at 2.875%) to a 15 yr at 2.75%. It would have cost around $5K in closing costs, but I would be locked into a good rate for as long as we stay in our home. Unfortunately, it fell through due to some issue with our condo and it's status as "mixed use" which is an issue with some lenders. We have very good credit, solid income, and 25% equity, so we qualified for the mortgage easily with good rates.At the advice of a RE Agent, I was referred to another lender, but rates were slightly more expensive. I got locked at 3.25 with no points ($4K in closing costs), but I am now wondering if it makes sense to refi into a higher rate. I realize that a big factor is how long we plan on being I our condo. We have no plans to move soon, but it does depend on my job and son's school decisions. Currently, our condo is very convenient to both my son's nursery and my wife's and my job. It is enough space for us, and I love the prospect of paying it off and retiring when I am in my 50's. With that said, I would consider moving if work or school situations changed. Good public schools a limited in San Francisco (where I live), so I could envision a move to the burbs one day if we get stuck in a crappy city school or we don't want to drop $20K annually for a good private school. I can fortunately afford it, but it pains me to pay that on top of $10k in property tax annually honestly.Any advice is appreciated, but the big question is does it make sense to refinance to a higher rate if you don't know how long you plan to stay? My ARM is also indexed to the 1-yr CMT, so it should be below 3% for the next few years. Thanks in advance, as I will likely close on the loan in the next week and a half. Prince

My son has a 10% student loan of $15,000. (one of many of his loans). He has asked me for help to pay this loan off. I am seeking advice on the best way to do this. Should I take cash from investment account, which has a current yield of around 8%? Should I apply for a 15 month, zero interest loan? Help...please.

I have a question regarding non-arm's length transaction in a standard sale.I just opened escrow on a 675k home. I'm putting 20% down with a loan amount of 540k. This will be my primary residence.I was able to find a lender with 3.25% (30 year fixed), no point, minimal fees ($460 appraisal, $100 underwriting). My father is my broker (buyer side).Here are my questions:1) I've read a lot about arm's-length transactions but they are primarily focused on short-sale and REOs. Does this apply to regular sale as well?2) Although I have a relationship with my broker, can he credit his commission to offset closing cost, despite the non-arm's length relationship? We will disclose this credit offset in the final purchase contract as well as the relationship.3) Any comments on the mortgage rate I found? Anything cheaper?Thanks in advance for your input!

FW friends,I could use your general thoughts regarding an investment opportunity a business associate presented me with. It involves investing in short term private notes (essentially a group of investors pooling money and acting like a bank) collateralized by real estate and secured by first lien positions. I would be asked to put up $25,000 with a few other investors to invest in a distressed single family home to rehab and sell. Some additional information:Amount Requested:$160,000


Loan Term:
1 year interest only


Interest Rate to
Co-lender:
13%


Origination to
Co-lender:
2%


Borrower:
xxxxx


Guarantor(s):
xxxxxCollateral: A valid 1st mortgage lien ("Mortgage") covering those premises as shown on the tax map.Loan Summary & Purpose: Borrower intends to purchase distressed single family home to rehab and sell.Investor Protection:Valid 1st mortgage lien. All three principals are personally guaranteeing the loan and will provide a pledge of interest in the LLC.What are your initial thoughts as to questions I should be asking? I would be investing with money in my non-retirement/"fun investing" account, so I'm open to higher risk if the reward is there. Thanks!

I'm in kind of a unique kind of situation here. During my last semester of college (a year ago), I had to have emergency surgery and it resulted in a ton of medical bills that I've slowly been paying off. Prior to this, my credit was pretty solid, but for some reason that even the mortgage broker can't seem to explain, the medical collections have brought me down big time.I have a regular W2 income. My husband is self-employed and he tends to put his money back into his business or into rental property, so he cannot show much income on paper. His credit is average.I have student loans and the medical debt, but otherwise we are fairly low in debt. He owns 3 houses and only has a small equity loan left to pay on the one that's currently rented out. I own land and he also has a lot of land available.We would like to purchase a house together, to live in. The one we're currently in is paid off, but small (and we have 3 kids), so we plan to rent it out. Now, it's been a LONG time since I had to finance a house, so I'm not at all sure how things work now. We have 3 options:
1) Buy a fixer-upper for less than $100K that can pass inspection but needs work (around $90K)
2) Buy a fixer upper that can't pass inspection (around $90K)
3) Build on our own land (Around $130K)
4) Buy a ready made house. (Around $150K)The people we've been working with to finance us have been pretty vague on details--I initially planned to finance it myself but the credit problems have nixed that. Selling any of the houses is not an option, but we would consider refinancing if it makes sense. Can anyone help me reason through some of this? Quite frankly, it all seems overwhelming just finding a place to start.

I know the typical advice is to consult a CPA or attorney, but my experience is that you guys here know way more than most "professionals". I have actually asked several CPAs / EAs about this in the last few weeks and can't get a straight answer so I thought I'd pose the question here. I was the lender on two properties that I foreclosed on this year for a "loss". Using easy numbers, let's say I had 800k cash into the loan, and when I foreclosed, I bid 600k and no one bid higher, so I took the properties back with a 200k loss on paper. My question is, does the IRS consider this a loss, and can I use it to offset other income this year?One CPA said yes, absolutely. Several others have said it isn't a loss until I sell to a third party. Thoughts? Thanks in advance.

Let me begin by saying this may be a controversial topic. I understand this, but really only want ideas to how to go about this. My friends sisters problem is that she has received a job offer in another city (200 miles away from current town). She has a small 3 bedroom home, with an outstanding Mortgage of about $90K. Market prices are over priced in this small town, and there is very little if any people moving into town. The size of the town is about 18K at best. She has very little if any chance of selling the home anytime soon.She cannot afford the price of two homes. She is thinking of allowing the current home to go into foreclosure, but she wants to make the most out of the situation. Here is the controversial part -- What can she do to maximize her cash prior to the foreclosure? In other words, can she refinance the home for remodeling/update, and instead of using the loan for refinance loan for the stated purpose, can she Keep the difference in cost? Can she rent the home until the foreclosure actually occurs? She would not be making any payments on it, although I would collect rent monies. What other options does she have? Money is tight. She is open to constructive criticisms on her thoughts, but hope to avoid the moral/ethical issues here. Please provide your thoughts and ideas. She does not want to do anything criminal (one could make the argument that this is fraud, but one could easily counter that argument as well). So let the comments begin!!!

I am not sure if this makes a difference, and I am considering all of my options.. Therefore ---
If I want to buy a new home, but not immediately sell the old home (I hope to refinance and maybe rent it out till it sells or ,market improves, does it matter if I apply for a new home loan first, or a refinanced loan first? Or would it even matter? I really don't want to keep the "old" home, but not sure what to do due to the market.... Any suggestions??? Thanks!!

My wife and I are considering having some work done to the home. It is not outrageously expensive, but I would rather not tie up a bunch of cash and savings in funding the work. I would prefer to borrow, even at interest. What do you all think would be the best option? Seems like the possibilities are some sort of home equity borrowing and/or an unsecured personal loan. Anyone have experience with banks that offer these services at reasonable rates? We both have excellent credit, near 800.Or would it be best to play sort of a 0% balance transfer game with new cards? Would this hurt our credit score substantially? Much thanks in advance.

Hi everyone,Someone that is close to me recently lost their job and can really use some money. I'm not looking to issue a loan - I just want to help them out by giving them some money. Is there any way that I can do this and be able to get a tax deductible receipt? Are there organizations that I can self direct charity? Not looking to game the system, but I feel this is real charity and should be able to deduct it.Thanks for any feedback!

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Reptile-embossed leather in gray gives this slender shoulder bag exotic flair with sleek urban undertones that peek through goldtone hardware and the signature push button clasp. Signature dust bag included.

Home purchase price is 366k (foreclosed home -County assessment of home is 536k)In bank we have 52kConsidering taking $34k out of 401k to help with down payment on home purchase. Using my 401k would (a) help us have a lower house payment long term and (b) have us avoid mortgage insurance.If we use 42k of savings +34k of 401k would = 76k down payment and we'd keep 10k in savings.Mortgage insurance savings would be roughly $120 per month.My 401k would require repayment within 60 months at 540 per month. I currently contribute 440 (pre tax) per month and would stop contributing and instead pay back the 401k loan. If I stopped contributing I would be taxed on the 440 so would net more like 310 so i'd need to anti up an additional 230 dollars per month to make the 401k payment of 540.In five years I payback the 401k and begin to contribute once more.With 401k money, mortgage payment = 1659+230 (230 for five years then after those five years payment goes to 1659 and there's no mortgage insurance)With out 401k, payment = 1811 + 120 mortgage insuranceThis all sounds a little convoluted but I think there may be some benefit in using my 401k money. It would seem that it makes sense to tap into the 401k temporarily in order to benefit longer term on this loan. Not to mention there would be good equity in the home.Looking to do a 30 year fixed.I need some guidance. What am I missing here?

perhaps it's b/c it's really late, but i am having a lapse in memory.assume 6.8% interest rate, both amortizing loans
for a fixed-term loan repayment (e.g. bonds issued at par), the total amount repaid is (1.068)*(1,000,000) = $1,068,000
for a nonfixed-term loan repayment (e.g. line of credit), why isnt the total amount repaid calculated the same way?

I've learned a lot from this forum over the years, least of which is that one answer doesn't fit all situations. So I give you mine and ask your advice.
We are considering purchasing a home in the next 6 months. We havent decided if we want to build new or buy pre-existing but that is a different topic. We also have a large amount of student debt. We have saved enough for a 20% downpayment on a house. My question is, should we:
a) Pay down student loans, forget the house
b) Buy the house with 20% down, apply bonuses and future raises to the student debt
c) Buy house with 5-10% down, pay PMI for 2-3 years, and put extra money towards student loansSpecifics:
We are currently a single-income family with 2 young kids, 2.5 and 6 months. I could go back to work but choose not to at this time.
We are currently leasing and plan to keep our future house payment close to our current monthly lease.
Pre-approved for a home rate of 3.5 on a 30 year fixed but I think we can do better when we shop around. Credit scores were around 780, 775, and 735.
We owe approx 130k in student loans combined. Approximately 50k of the student loans are at 1.6% fixed, 15k is at 5% fixed, and the remainder is at 6.8% variable.
We have about 85k saved in various savings and investment accounts, not in 401ks or IRAs.Am I forgetting anything? Thanks in advance for any and all advice.

Reposting without the erotic e-books. These should all be readable even if you don't have a Kindle or even a Kindle app.1000 Interesting Facts: Fun Facts to Kill Some Time and Have Fun with Your Family
30 Paleo Chiken Recipes - Simple and Easy Paleo Chicken Recipes
(adult title deleted)
A Grim Noel
A Letter to Noah
(adult title deleted)
A Second Chance
A-Z Book of Animal Devotions
Accountants: Stories From People Who've Done It (Careers 101 Kindle Book Series)
Adam Born of Stars: Voyage 1 - Lost at Galaxy's End
Adam and Eve (Conversations Through the Pages - Old Testament)
Always the Designer, Never the Bride: An Emma Rae Creation
Always the Wedding Planner, Never the Bride: An Emma Rae Creation
Top 35 Amazing Cakes Recipes for the Whole Family (The Best New Year's Eve Recipes)
How To Make Amazing Money Writing Articles From Home!
An Englishwoman's Guide to the Cowboy
(adult title deleted)
Angel Fire: The First Book of Fallen Angels
Andy and the Angry Dragon (Bedtime Story Book 1)
99 Answers to Questions about Angels, Demons, and Spiritual Warfare (Second Edition)
As An Angel Might Sleep: Never Turn Away
Asset Protection
Basic Astronomy Concepts Everyone Should Know (With Space Photos)
Attila's Lost Gold
BEHOLD A PALE LIZARD (Wake Up And Smell The Reptiles! Series)
BRITISH POUNDS STERLING, Vol. 7-7.2
Bartholomew (Fells Point Private Investigator Series)
Battered Nation Syndrome
Beatitudes: How to Live a Blessed Life (Daily-Bible-Reading Series)
Beauty and the Beast
Beginner Database Design Using Microsoft SQL Server
Biblical Foundations for the Cell-Based Church
How to Get Rich in the Billion Dollar Info Market without the Gimmicks, Tricks or Fine Print
Black Cow
Brain Spanking - Volume II:
Brian's Here: First Tale from the Hotel Central (Tales from the Hotel Central)
Bridging the Gap from Broke to Success
Kanban, The Kanban guide, For the Business, Agile Project Manager, Scrum Master, Product Owner and Development Support Team
Buy And Sell Gold
Cabernet Sauvignon: Beginners Guide to Wine (101 Publishing: Wine Series)
Captain James Hook and the Curse of Peter Pan
50 Low Carb Brown Bag Lunch Recipes : Easy To Follow & Less Than 30g of Carbohydrates Per Serving (The Green Gourmet)
Carried Away (The FitzRam Family Medieval Romance Series)
The Cartographer ~ 1492 (The Jewish History Novel Series)
Cat secrets
The Dance of the Caterpillars Bilingual Korean English
Chasing Nikki (Chasing Nikki #1)
Chausie Lynx: Screenwriter
Keep Your Child Out Of The School Bully's Target Zone
Christopher and Columbus
From My Slow Cooker To Yours (Slow Cooker Recipes From Dinner To Dessert)
Cookies (Scrumptious Cookies)
Cool and collected Poems - Complete poetry in English
How To Cope..with life (Terry Talks Series)
1,000 Creative Writing Prompts for Seasons: Ideas for Blogs, Scripts, Stories and More
Cynic, Surfer, Saint (Scenic Route to Paradise #1)
Declare Your Life! Rhyming Affirmations For An Unlimited Life
Deep
The Definitive Guide to List Building
Dinner in a Flash (Fast Food From Home)
Dog Next Door, The: And Other Stories of the Dogs We Love
Dog Secrets
Double Trouble
Dreamhackers Vol.1 (Comic Book Graphic Novel)
Dreamhackers Vol.1 (French edition) (Comic Book Graphic Novel)
Dreamhackers Vol.1 (German edition) (Comic Book Graphic Novel)
Dreamhackers Vol.1 (Italian edition) (Comic Book Graphic Novel)
Dreams of Steam II Brass and Bolts
(adult title deleted)
Easy to Use Sales Questions
The Effective Business Email Writing Formula in 7 Easy Steps (EasySteps Business English)
El Marsam Cookbook: An Umbrian Farmhouse and its Kitchen
Emprise (The Stream #3)
Energy for Your Life: Think Positive - Ideas You Can Use Daily - Readings, Affirmations & Journal Ideas - One Idea a Day f...
Enzo Flashfire: The Birth Of Spyridon Five (The Spyridon Five)
Every Woman's Hero
Executive MBA Guide to Global Strategy and Strategic Planning
Exotic Animal Guide - Different Types of Sharks
The Expectant Geek's Guide to Boy Baby Names - 26 Names Your Wife Won't Let You Use for Your Son
Secrets of Extraordinary Salads... Fantastic Salad the Most Diverse Dish in the World (Big, Bold and Delicious Recipe Series)
FREE Business Plan Review - How to obtain a savvy review of your business plan or executive summary free of charge
FURIES : An Ancient Alexandrian Thriller
Fairys Of The Rainforest (The Fairy Clan Chronicles)
Play Fast! Win Big! What You Can Learn from the Fastest Team In College Football, The Oregon Ducks.
Fighting Temptation
The Final Appearance of America's Favorite Girl Next Door
Finding Rebecca: A Novel of Love and the Holocaust
First World Problems: 101 Reasons Why The Terrorists Hate Us
Fishing in Brains for an Eye with Teeth (Thirteen Tales of Terror)
From Belfast to St. Joe: 1838
Fruit Is Not Dessert: Rich Low-Calorie Desserts (Scrumptious Low-Calorie Recipes Cookbook)
Fulfillment of the Cups: Memorize All Cups Cards in Tarot (Article)

GHOST OF A CHANCE (The Ghost Series)
Gamingtology: Freedom is having your own Journey
Genetically Modified Foods vs. Sustainability
Get Inspired. Get Thinking - Intro copy (Get Inspired. Get Thinking.)
Getting Started with the iPhone for
[L=Ghost Stories [Illustrated]]http://www.amazon.com/Ghost-Stories-Illustrated-ebook/dp/B006B0R...[/L]
Gift Horse: When Death Teaches Perspective
Gifts from the Grandmothers (The Wisdomkeeper Collection)
(adult title deleted)
Glaziers: Stories From People Who've Done It (Careers 101 Kindle Book Series)
The Green Gourmet Perfect Cup Of Tea Book : Tea History & Culture, Teas of the World, Growth & Processing, Blending & Grad...
Lie Down in Green Pastures (The Psalm 23 Mysteries #3)
Gumption: The Salvation of Detective Billy Pomerloy
HORN OF PLENTY - The Cornucopia of Your Life
HOW TO QUALIFY FOR A MORTGAGE LOAN
Half of a Life - A Collection of Drawings
How to Have Your Chocolate and Lose Weight Too! (The Diva Body System)
Heku (The Heku Series)
Hero For Christ: 30 Ways You Can Be More Like Mother Teresa, Martin Luther King Jr., and Twenty More World Changing Christ...
Highland Fling
Home Health Aides: Stories From People Who've Done It: A candid look at a growing industry from education and experience r...
Homemade Christmas gift Ideas: Delicious Candy Arrangements
House of Matches
How to Buy a Fish? A Lesson
How to Do an Agenda: The Quickie Guide (The Quickie Guides)
How to Use Facebook Business Pages
How to Be Motivated: A Blueprint for Increasing Your Motivation (The Personal Transformation Project: Part 1 How to Feel A...
How to Overcome Envy and Jealousy
How to do Requirements for your Project
How To Make Fireworks
HowTo Cope...with life
Huachuca Woman
Human Biology - Lives of Cells
My Human Condition: Work's Exertions & Inspirations: Inspirational Soul Poetry (My Human Condition: Inspirational Soul Poe...
Implementation of the Wands: Memorize All Wands Cards in Tarot (Article)
Import Anything From China
27 Most Important Health Questions about Prostate Health: Mainstream, Complementary and Nutritional Answers (27 Most Impor...
Internet Marketing Strategy - For Income, Influence and Impact - Turn Your Passions into Income Online! (Web Marketing, Sm...
Introducing Sara Green
It's Party Time
Japanize Your Amazon Business. Utilize the Power of FBA to Sell Your Products in Japan.
Jennifer's Book of Poetry
Jerusalem Artichoke: Production and Marketing
Jesus Has Arrived: Pre-Rapture, 21st Century
Jesus, Mary, Lazarus, and Child : The Great Secret of the Fourth Gospel
Johnny Came Home (A John Lazarus Adventure)
I Know You Will Find Me
LIZARDS RULE OUR PLANET (Wake Up And Smell The Reptiles! Series)
Lancelot's Lady
Letters to His Son on the Art of Becoming a Man of the World and a Gentleman, 1750
Letters to His Son on the Art of Becoming a Man of the World and a Gentleman, 1749
Letters to His Son on the Art of Becoming a Man of the World and a Gentleman, 1751
Letters to His Son on the Art of Becoming a Man of the World and a Gentleman, 1752
The Lion Vrie (The White Lion Chronicles)
Lives Interrupted
Top 10 Tips To Making Money On eBay (Vanessa Deighton - eBay Guides)
How to Save Money and Still Have FUN- The Easy Way to Learn Money Management and Obtain Financial Freedom
A Marriage Story: Some Marriages are Different from Others.
10 Mexican Style Slow Cooker Recipes
7 Minute Slow Cooker Recipes: For People With No Damn Time to Cook!
Mission: Explore Food (Mission Explore)
Montana by the Numbers - Important and Curious numbers about Montana and her cities (States by the Numbers)
Morning Glory - A Novelette
Moscato: Beginners Guide to Wine (101 Publishing: Wine Series)
Motherhood?! How to Survive and Thrive After Your First Pregnancy
Mouthwatering Side Dishes From Il Bel Paese (Italian Cuisine)
Murphy at Law: The Power of Negative Thinking
My Creative Writing
My Human Condition: Life's Trials & Delights: Inspirational Soul Poetry (My Human Condition: Inspirational Soul Poetry)
The Newborn Vampire (Vampire Romance Novels #1)
The Night Kit Blew Up the Eggs. And Died.
Noahs Nuclear Niche - Romantic Fantasy Comedy
The Office Idiot Reviews (A laugh out loud comedy book)
One Chance: A Powerful Romantic Suspense Thriller About Family, Friendship, Love, Honor, and Courage.
25 One Pot Meals For Vegetarians - Quick and Easy Dishes You Can Prepare Everyday (Vegetarian Cookbook and Vegetarian Reci...
Paige's Doll-a prequel to Le Twins Wife Series (Prequels to Le Twins Wife Series)
Paul Prescott's Charge
Paul's First Letter to the Corinthians: Bible Trivia Quiz & Study Guide (BibleEye Bible Trivia Quizzes & Study Guides)
Paul's Letter to the Philippians: Bible Trivia Quiz & Study Guide (BibleEye Bible Trivia Quizzes & Study Guides)
Piercing the Darkness: Undercover with Vampires in America Today
Poison in the Shadows (Crimson Murder Mysteries)
Political Ideals
Pollyanna
How to Pass Professional Designation Exams without Completely Ignoring Your Family
Prosperity Promises: What the Bible says about Wealth, Success, Money And Prosperity
Public School Domestic Science
Pumpkins Aren't Just For Halloween and Other Outlandish Ideas, Recipes and Stories (Easy Cheap Comfort Eats)
What's Your Purple Goldfish? How to Win Customers and Influence Word of Mouth
Put Your Idea on the Shelf
Quick and Easy Breakfast Recipes For One
Quicklet on Eric Weiner's The Geography of Bliss
The Rebel Flag Serial Killer: Book One: Death Row.
The Rebel Who Rose From The Dead. (The Rebel Who...)
Record Collecting in the Digital age
Reign of Silence
Religions of the World: The History of Buddhism
Report on Surgery to the Santa Clara County Medical Society
Rethinking Retirement -How to create the life you want without waiting to retire
Rich Man's Coffin
At Road's End (Pre-Aztec Series, Book 1)
How QR Codes Are Rockin' Businesses Online And Offline
Romy's Garden Adventures (Christmas City)
Lady Rosamond's Secret A Romance of Fredericton
Roses in Winter
Rough Living: Tips and Tales of a Vagabond
Run Away
SEAL Endeavor (SEAL Brotherhood)
STANLEY'S
Sabor Latino: Flavors from Cuba, Mexico & Spain
30 Savory Scrumptious Seafood Dips
Sea to Eternity: Treasury of Inspirational Poetry
Search for the Bark Warwick (Warwick Saga)
What Is The Secret of Gratitude?-How to Attain an Attitude of Gratitude (What Is?)
Seed of Avraham - The 4000 Year History of the Jewish Family
Selma at 4 A.M.
Shades of Gray: A Novel of the Civil War in Virginia
Shear Terror (Wool Fanfiction)
25 Simple Casserole Recipes for Any Occasion
Simple Spiritual Solution: How to Create Happiness and Health
Simply Delicious Vegetable Soups
Slow Cooker Meals (Working Mom Easy Slow Cooker Meals)
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Is SMO the New SEO? The Rise of Social Media Optimization (Social Caffeine)
Soup and Stew Recipes
Mama's Southern Cookbook-28 Old Fashioned Cake Recipes From Scratch
Star Force: Inception (SF1)
Still Chattel After All These Years (Still Chattel Collection)
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Story Design: Storyteller's Handbook for Writers and Dream Merchants
Stressed Out Moms' Devotions to Go
Struggles
60 Top Tips for Successful Freelancing (Business Matters)
Superfoods And Their Benefits
Healthy Secrets Superfoods Recipes (Incredibly Healthy & Delicious Collection)
Surviving Unemployment Devotions to Go
Swan Place
Sweet Tooth Diva Devotions to Go
Switch!
Tales of Occult Horror: Real-life Encounters with the Supernatural
Taste of Korean Food and Thought
The Abduction of Mary Rose
The Assassins Code (The Assassins Journey)
The Book of Joseph
The Call of Zulina: Book One in Grace in Africa
The Confessions of Queen Cinderella
The Dropshipping Guide: How to Start Your Dropshipping Business Without the Learning Curve
The Ganesha Keystone
The 10 Habits of Successful Writers
The Hedgehog Princess
The History of Napoleon Buonaparte
The Homemade Cook: Homemade French Sauces - Quick & Easy Dinner Sauces and Recipes to make any meal lip-smacking
The Hope of Shridula: Blessings in India Book #2
The Incubus
The KKK Coincidence: A True Story
The Kincaids
The Lady Luna Wicca 4 in 1
The Life of a Colonial Fugitive
The Loch Lass: The Discs of Caledonia Highlander Romance Series Part I
The Lost Ark
The Lost Canvas
The Nigerian Tragedy
The Pastor's Pen: Eating from the Tree of Life
The Pattern & The Glory
The Poetry of Seraena
The Race for Money: Investment Ideas
The Shopping Swap
The Star of Christmas
The T.A.S.S.L.E. Plan
The Texicans
The Ticket
The Tube Riders
The Twilight Years - book 2, the twilight years
The Wooden Box (The Goode Family)
The Woods of Smyrna
30 Things You Should & 30 Things You Should Not Be Doing To Yourself
Thirty Seven Ideas For Tactical Managers*: *Improve Your Project and Process Management Skills!
This Time You Lose
Thoughts of A Common American: I've Had Enough!
Time Management: A Holistic Approach
Top Tips for How to Publish and Market Your Book in the Age of Amazon: 3 Top Tips Books in 1

The builder/seller of a new home I am purchasing is asking to settle about a month earlier than the settlement date and would compensate me for this. Settlement will be at the end of Dec '2012 instead of end of Jan 2014. Everything will be completed by the settlement date. Are there any things to look out for? I know I will be taking on interest on the loan, taxes etc. one month earlier. Are there any other things I am missing?

Hi Guys, I could really score big soon $$$$$. I have got everything I need already but I got some left over student loan debt from all my world travels. I've been to Berlin, the Greek Islands, and I have seen a little bit of of Southeast Asia. I want to let you all know the good news. My grandma is going to die soon. Don't get me wrong, she was a nice lady and all. But she has left me in a real pickle. I don't now if I should pay off the student debt. Get a Porsche. Get a personal submarine. Return to SouthEast Asia to do some more travels. Or pay off my student loans.I look forward to your replies. The green button is that little circle with a plus in it up in the corner. thanks

There is a family member that has recently filed bankruptcy and still has her house payment and a paid-off car.
The car is an older, high mileage luxury brand that is not worth very much money because of the age, mileage and poor condition. It costs more than she can afford just to keep fixing everything that breaks even though it is paid off. Family members help her pay for repairs, but at this point it looks like the car loan payment on something newer and more reliable would be cheaper than paying hundreds of dollars every few months on repairs and waiting for the inevitable multi-thousand dollar failure that is sure to be coming up soon.So, we are planning to help her get something newer that will not need major repairs anytime soon and that will also be much cheaper to repair when it does need repairs. We want to find something that will have a monthly payment of around $150 per month for her without anyone co-signing with her and help her with the loan payment if needed instead of helping her with repairs on an unreliable and expensive to fix car. Maybe something like a 2004 or newer Toyota Corolla with less than 100K miles.
I don't know her actual credit score, but I assume it is in the subprime category because of the bankruptcy.
Is there a place to look up current subprime auto rates to see what they should be? One concern we have is that the dealerships will add a markup to the already high subprime rate she would qualify for. For instance, if she qualifies for 10%, the dealership finance guy will lie and say she qualifies for 15% and pocket the commission on the 5% markup and she be stuck with either a bigger payment or else an older car for the same payment that will end up with higher repair and maintenance needs.
Where are some good places to shop for pre-approved subprime auto loans so that she will not be at the mercy of whatever interest rate the dealership says she qualifies for?

Grandpa is in bad shape and has serious ongoing health issues, including dementia. first time i ever got money i didn't earn.25, have a solid career, and i am anxious to buy a condo. got 25k in student loans and 4k or so on a car loan. should i stop renting and buy? seems like a good time to do so.

I'm considering co-signing a mortgage for a relative. I understand that co-signing is a big no-no, but here are my reasonings:1. The relative is fairly well-off and is going to put 30-40% down. She needs a co-signer only because she has no credit history. If I co-sign, my name will be on the deed and instantly have 30-40% equity in the house, which I can use to minimize my loss if she defaults.
2. While I agree it's best not to mix family and money, this relative did help me out financially when I was younger. Plus I'm from one of those cultures that says family should help out each other, and I hate dealing with family drama.
3. I will have online access to the mortgage account and can spot any sign of trouble quickly.So here are my questions:
1. Since my name will go on the deed as a co-owner, does that mean I also "co-own" the equity in the house? Any tax implications?
2. The relative will be making all the payments (mortgage, taxes, insurance, etc) and will be living in the house. Will she need to pay gift tax when the mortgage is paid off and my name is removed from the deed?
3. I heard that if I need to take out another mortgage for myself to buy a house, I just need to show proof that the relative makes all the payments for the past 12 months. Is this true?
4. Is it possible to draw up some kind of agreement saying if she defaults, I can sue her for the remaining loan amount?
5. Anything else I should consider? Thanks in advance!

http://nbr.com/videos/video/2036615931001#.UMwNqkLn9jo
Called UHEAA about my consolidated fed. subsidized loans of 150K. They said they don't participate in the above program. Any way to consolidate back to direct loans??

See original thread here:http://www.fullofdeals.com/forums/finance/1159401/ To catch everyone up to speed.... my wife is watching 2 kids and now she pays: her student loans, her credit cards, her gas, the electricity.Since my job does require overtime at times, I have been unable to find a suitable second job, and I've continued to be incredibly stupid with my money. Big shock, right? I'm finally ready to admit I can't keep going down the path I am going, and if drastic changes are not made, our marriage will suffer to our financial stress (it has already to some degree).Since my wife is paying "her" bills, I will be ignoring those, as once I have righted myself, I can use the same approach on her debt.
Car Payment 1$252.48 ~$2800 (can't access this online at the moment to get exact balance)
Car Payment 2$475.98 $25735.64
Car Insurance$196.16
Verizon $132.00
Citi $35.70 $1407.41
Sam's Club$79.00 $2862.38
Rent $815.00
Renter's Ins$13.50
Sallie Mae 1$105.40 $4020.83
Sallie Mae 2$63.19 $2440.43
Capital One (S)$30.00 $1285.18
Chase SL$45.21 $5801.29
Gas $60.00
Food $420.00
MyEdAccount$94.78
Cable Internet$35.00
Chase 1 $45 $1186.57
Chase 2 $29 $760.53


Total$2,877.40
Take home (after taxes, 401k, health ins, etc): $3020.00
Our apartment complex does not require renter's insurance, but I feel like it's still worth it for $13.50/month.
The credit cards are out of hand. I'm cutting them up on December 26th, no more spending on them.
We have access to the apartment office wifi, but i barely get a signal in our apt, and it's unsecured so paying bills online is out via this method. Suggestions?We bought a second car that is decent on gas (high mileage, low balance but high interest loan. I'm trying to pay this off QUICK) for me to drive to work. Then my wife's car died ($5500 in repairs, already upside down) so we traded it on a new car (bad financial move, wish I hadn't, but I intend to keep this and refinance it to a reasonable rate and aggressively pay it off when it is next on the chopping block).Cell phones.... I realize a smart phone is stupid. However, I do not have a good way to stay in contact with our family back home without a cell phone. Is there a reasonable, unlimited talk/text prepaid carrier that uses verizon's network? The wife will fight on this one, but I will just tell her to deal. I'm not fond of the ETF for smart phones with verizon. I do know if they change your contract you have x number of days to break the contract without an ETF based on the changed terms. Have there been any changes to these terms recent enough for me to use this to my advantage?My credit score is currently 616. Will I have any success calling the credit card companies and requesting interest rate reductions? I would like to avoid any "hardship" programs that might negatively affect future relationships with these companies. Once I have fixed our financial situation, I would like to take part in sign up bonuses, but I worry that any hardship program might exclude us from being accepted for any good offers.How to save on food? Toddler food is expensive. It accounts for about a third of our monthly grocery expenses. I'm at a loss for how to reduce this amount each month.I need a second job, but not your typical job. I need flexibility most of all. Some weeks I could dedicate 30 hours, and some only 10. I can't count on my primary job to not need me on an evening or weekend. I'm well aware that cutting expenses is a lot harder than increasing income, but not many companies will want to work around my primary job schedule.
I'm waiting on the ripping of a new one that I am about to receive from you guys for being so stupid. I fully deserve and expect it. Thank you all for your help. God bless.

A little background: Long time reader, first time poster. I just turned 24 and graduated from college about a year and a half ago with a Bachelors in Computer Information Systems. During college I did both web design and helpdesk/desktop technician work at my university. Despite the job experience, I had a tough time finding anything that paid decently when I job hunted from May-December 2011. By December I had grown discouraged, so I decided to look for freelance work. In January I found a full-time gig as a telecommuting project manager/writer for a small web development firm in Toronto. I've now been working in this role for 11 months, though only 10 of them have been full-time. While I enjoy the work and am paid ok for a single person living in Michigan (pay this year will be roughly $25,000 and should be higher next year), I've still got my eye on the future and where I want to be career-wise in a year or two.There's two things I dislike about this job. The first are all of the taxes I have to pay as a self-employed individual--this year it won't be too bad, but next year is sure to be more expensive as my income will rise. The second is that there are (obviously) no benefits--right now this isn't a huge problem as I am on my dad's excellent health insurance plan, but I'm already looking ahead to 2015 when I age out of it. I've already looked into health insurance and can see that there's a huge increase in rates when a woman turns 26 (presumably the prime "child bearing" years). Obviously, I know most employers aren't going to give the generous insurance that my dad's employer did, but it'd be nice to not have to entirely shoulder the burden on my own.I should also mention that I have student loans and debt. Yes, I've made some STUPID mistakes in the past, but I am doing my best to recover from those. Last year I owed nearly $13,000 in cc debt and was past due on all accounts; now I owe $9500, am current, my credit score is finally recovering and I will be out of cc debt by 2015 at the very latest, if not 2014 if I can throw some extra money at the debt. I have about $24,000 in federal loans that are currently on the income based repayment plan (essentially, given my past income, I will not have to begin paying anything on these until February 2014) and $4200 in loans that I've already began to repay.My monthly expenses are a bit on the high side for someone that still lives at home--factoring in bills, food, vet expenses, the debt and tax withholdings/payments, I need to pull in at least $1600 per month to live comfortably; $2500 per month to pay extra towards my debt and start building up a decent savings account. I don't own a car at the moment and share a newer model one with my mom and am on their insurance plan.Considering all this, I'm left with a couple of options:(1) Keep freelancing but take on additional work to raise my monthly income to $2500 after taxes.
(2) Find a full-time job around here with benefits that pays $2500 per month after taxes--or around that and continue to freelance to make up the difference.The thing that worries me about continuing to freelance is will this make me unemployable in the future? I know some employers do not take freelancing seriously and I'm thinking the longer I freelance and am out of college, the harder it will be to find a job. There's also the issue of health insurance, even though it's 2 years away from being a reality. The thing that worries me about switching to a local office job is what if I'm miserable or cannot adapt to the different environment? What if I get laid off? Then again, I suppose the same thing could happen with my current position.And what jobs should I be applying for? Project manager positions in IT (a lot of the ones I see ask for 2+ years experience and I'll only have 1 as of next month) or support technician stuff similar to what I did in college and had two years experience doing? And when do I begin to look at getting a car of my own or a place of my own? After I've been on the new job for a while? Considering I'd be commuting using my mom's car (unless it's somewhere local local where I could be dropped off/picked up) it'd be tough, but I suppose doable for a while.Any advice for a young IT professional looking to follow the right path toward a successful future both career and finance-wise?

No degree, plus other petty debt like credit cards, cell phone company, car tickets, etc. Student loans are now in default. I want to fix this.Income: Jobless. Seeking employment now. I've only worked in the retail industry but would like to out of retail.

Hi Everyone,Here i am with my lame questions again 1) I am planning to apply for pre-approved auto loan from local credit union here and my worry is that what if i don't find the car in 30 days and the loan/check expires? Does it have impact on credit history?
2) I think i can re-apply for loan after one month..so just want to know if all this process has any negative impact on credit scrore..
Thanks in Advance

Purchasing a $284,000 home. Local credit union is providing two options both 30 year terms, similar closing costs and no PMI.Option A:
20% down with .25% point due at signing ($57,368)
loan amount of $227,200 @ 3.125%
Monthly payment of $973.26 Option B:
5% down ($14,200)
loan amount of $269,800 @ 3.625%
Monthly payment of $1230.43Total cost of loans would put Option A infront with a savings of $49,413 over the life of the loans ($92,581 monthly payment difference - $43,168 downpayment difference).BUTI can take the $43,168 difference in downpayment/point from Option A and place it in a very low risk, annuity that I've owned since I was 3.
It pays a garunteed minimum rate of 5.5%, compounded monthly. I can't touch it till 62.5 or I'll be hit with 10% penalty but that's only on earnings.
So, I'd be paying $49,413 in mortgagne interest to earn a minimum $180,761 in low risk annuity interest. What would you do? Monthly budget is going to be tight for the next few years, so the extra $257 a month is somewhat significant.
Questions I've been asking myself.
Taxes are a big what if, that affects the calc. Length of time I stay in the home is a question. Am I putting myself in greater risk with a home with low equity or is it better to have the chunk of money in an annuity if shite hits an oscillating device?
Am I stupid to not take advantage of interest rate arbitrage....
Extraneous Life information.
33 years old
I currently earn $92K, in a stable but new job, have $126K liquid
Wife has decided to stay home with a 17 month old, another on the way (need to keep a sizable emergency fund)
She has the potential to return to the workforce with a salary comparable to mine in the event of a job loss.
Have ~170K in 401k, was previously maxed but probably won't be able to while wife is out of the workforce for ~5 years.
~7K in college savings, going to have to increase for new little one.
No car loans, 2 late model cars recently purchased with cash.
Only debt is 26K in student loans with rate @ 1.625%

Hi Everyone,This is my first post in fullofdeals.com, so apologies if i don't follow any of the forum rules.Here are few questions i have on the credit score as i am new to this country.1) Recently, I applied for an auto loan with bank of america and they denied saying you are neither a citizen/Green card. But they did not inform the same before applying.So i asked then you spoiled my credit history. Customer rep told me that you can call the credit reorting agency and explain them the situation and they will delete the entry and she shared me this link http://www.fdic.gov/consumers/consumer/ccc/reporting.html.I called all the numbers mentioned there, but i can't reach the customer rep.Can you guys please help me on how do i correct this situation?Thanks

Has anyone done mortgages with HSBC? My friend just now got a rate of 2.21% for a 5/1 Jumbo ARM in SF bayarea with 0 closing costs. The only caveat is that he needs to qualify for HSBC premier status (i.e. put in at least 100k into HSBC). He can remove the 100k after the loan is complete, but he will have to pay $50 per month extra. Looks too good to be true. Just wondering if anyone has successfully done loans with HSBC and what their experience was.

I have an auto loan with 14,500 $ balance at 1.9% interest with 4 more years to go. The payments is 332$ a month. My mortgage is 215,000$ for 15 years at 3% interest. I am paying PMI of 28$ a month. My confusion is which one should I pay first. I still have to pay 14000 to remove PMI from mortgage. My first thinking was to pay off the car first as I don't get any tax deduction, but removing PMI is getting me attracted to pay mortgage first, so PMI gets removed. I have to pay 14,000$ to get PMI removed from my mortgage. Can you guys please help?

I need some advice. My 23 year old son just lost his job and moved home. Turns out he has about $15,000 in credit card debt, hasn't made a payment in months, is overdrawn at the bank, and has a total of $2 cash. He is a college dropout and has gone from one minimum wage job to another and is probably not eligible for unemployment (fired from pizza delivery following an at fault MVA). Current job prospects where we live are limited.He also has student loans of $10,000 and a car loan of $4,000 and I am making those payments as I co-signed the loans.I hope this is his bottom and he is now asking for advice. What can he do about the credit cards? Bankruptcy, debt settlement, anything? I did have him call a credit counselor but they seemed more interested in getting money for themselves rather than find a soluction. I am sorry but I am just overwhelmed.

I am looking to put an offer in on a house today. It's listed for 70k, but I am going to offer 60k since it's been on the market for a while and they just had an offer fall through. I should know by tomorrow if I get the house. It's in Columbus Ohio. I am buying this home for my mother. It's in a pretty decent area, and is in really great condition. 3 br 1100 sq/ft, taxes at $1500 a year. I will likely buy my own place in Chicago or Miami depending on work in the next 1-2 years. My income is around 95k, and looks to be increasing with my business. I will probably spend between 100k and 200k when I get my own place if the location works with my job. First off. I got a pre approval from chase with 20% down (so no pmi), at 3.7apr 30 year. Or 3.5apr with 1point, 3.3apr with 2points. Is that a good deal, or should I look elsewhere? And should I pay points? 1 or 2? Is the FHA loan any better? I want to take the mortgage deduction also from this home, so it looks like I will have to stay there for 14 days a year. Right? The place also has a separate 2 car garage. I am going to try and use that just for storage for my business. Can that be deducted separately? Best way to handle that deduction.Finally, I am going to charge her $500 a month rent from her SS, but am paying the entire down payment myself. Rent in this area is typically 900-$1100, but the $500 will cover mortgage, tax, and insurance. What is the best way to handle that income for tax purposes? Sorry for so many questions, I just want to make sure I don't miss anything here. Answer one or as many questions as you can A thousand thanks

Looking for some feedback before I begin selling my car (2009 Honda Accord). It currently has a loan with Penfed for 14k. I can pay that down with cash to where it is breaking even with value, or is slightly ahead, but cannot pay it off. The car is currently titled in Illinois, but I now live in Pittsburgh, PA.KBB "Good" is 12.1 private party, while only 10.5 trade-in. Based on Autotrader listings, I think I could get 12, maybe even 12.5 It appears that I have about 1,500-2,000 dollars at stake here so I am willing to put forth some effort.About 4,000-5,000 miles ago (and a bumper scratch ago) I had it appraised at Carmax where they offered 12k. Unfortunately, I won't have any Carmax facilities where I now live.How would you guys recommend selling this car? Is it an issue that the title is in a different state? Would I be able to sell the car, and send the buyer the title once the loan is paid? I imagine this would make people uneasy. Would it be possible to use a CC balance xfer check to pay it off?Any ideas are greatly appreciated.

I could go to casino and do other unresponsible spendings.
But it's time to go back to reality.No go because they want cash only: mortgage, house insurance, utilities, car payment, student loans.No go because they're paid for more than 3 months: car insurances (6 months paid), alarm company (1 year paid)I can use it to pay for Groceries, Cable Bills, wireless bills, landline bills, flex account expenses, gas.From looking at the expenses, it looks like most of our creditors want cash only... no credit card.What other things that I don't think of?

Signature dust bag included.

First off my apologies if I don't word this properly. I'm familiar w/ the RE jargon, but I'm not used to putting it in writing.
I am a new homeowner in Southern CA. I am trying to get input from the FWF community on ideas, tips and tricks for raising property value. A good chunk of my monthly mortgage goes to PMI and MIP. I would like to invest in the property as to increase value and offset LTV enough to remove PMI, escrow, etc. Of the improvements, I would prefer, but not dismiss, taking a loan of some sort. As long as in the end, I break even.My goal objectives are:
- Remove PMI, MIP as soon as possible. Refinance FHA loan into Conventional.
AND
1) live in the home for a period of time, perhaps 2-5 yrs, after which we would SELL the home and buy another one in a more desirable neighborhood.
OR
2) save for a second home, perhaps use the equity in this first home and purchase a second. Keep the first and take a stab at being a landlord renting it out.Already, I am looking into the following improvements:
- Replacement vinyl windows. This is a priority as the current ones are old single pane, have gaps, fall out of sliding tracks, etc.
* Lowest bid from a reputable window installer (Costco referral) for Milgard windows: $3,355.00- Build a patio cover.
* Lowest bid from general contractor: $3,200.00- Redo the kitchen. Basic, nothing too fancy.
* Ballpark estimate from window installer (above): ~$10,000.00- Repave cracked crumbly driveway.
* Lowest bid from general contractor: $3,553.00- Redo baseboards throughout house. The other day, my toddler discovered mold behind a cheapy plastic baseboards. This will soon become a priority.
* Lowest bid from general contractor: $1,850.00 Current Financial Picture
- Gainful yearly employment income: $45,500.00
- Brokerage Account 1 (Approx): $19,000.00 -- ($3K as "liquid cash", i consider this amount as a savings)
- Brokerage Account 2 (Approx): $6,000.00
- 401(k) Account (Approx): $25,000.00- Property Value: $200,000
- Financed Loan FHA: $196,377 (@ 30-yr fixed, 3.25% interest rate, 4.095% APR)
- FHA downpayment @3.5%: $7,000
- Total closing costs (incl. downpayment): $10053.21
- Property Appraisal Amount: $210,000
- Neighborhood comparable sold rage: $190,000 - $260,000
My concerns are investing heavily and depleting my cash reserves. Although employment is extremely secure, cash reserves are necessary leading me to consider redoing a kitchen may wind up being my last project right before selling. I have had a difficult time getting a clear answer on which improvements can I can have the house reappraised to adjust the LTV.Any ideas, tips, tricks, constructive criticism would be greatly appreciated.Merry Christmas to all FWF members!

I paid off a year ago. Want to refinance the car (similar to title loans) with low interest rates. What are my options? Advance thanks for your input.

Posted this on Yahoo questions to see what kind of answers I could find:
Looking to refinance a home loan, and really having trouble understanding everything. Need to take out a loan and taking money out. Excellent credit. Here is my issues I am getting stuck with the words they use for example...Amerisave sayes Guaranteed Lender Fees are 4702.00 ( if i read this right this is just for them to service my loan) at 2.85 interest rate, closing cost our 1200, prepaid escrow items 2300 (this should be the same for all of them correct) i then looked up another on line never heard of them Bridge view bank...they state total fees 1445 and 3rd party fees ( I am assumming that is the escrow) for 2.65 rate...SO if i am reading this right and understanding this this is a no brainer? Am I missing something...DO not want to screw this up. Thanks in advance.
1 hour ago - 4 days left to answer.Ok get this 40 mins its (2130 here) I received a notice from Amerisave that stated the following :After reviewing your application, we have closed your file for incompleteness or we are unable to approve you for a loan program. Thank you for allowing Amerisave Mortgage Corporation the opportunity to assist you. Attached is a notice of declination which indicates the reason(s) your loan request could not be approved. Just got a call from them on Monday telling me to please send in forms. I post this question and this is what I get. Its states the reason as incomplete files
Any thoughts on this? Anyone heard of Bridgeview Bank? Thanks

So here's how it is:
I need a mortgage loan, pretty quickly (judging from the long mortgage thread, that rules out PenFed, as good as they are)
Looking for closing in around 90 days. Need to be out of my place by mid-Feb.I have a Credit Union, and they use CU Members Mortgage. Anyone have any experience with them?
I used heard from two coworkers that Wells Fargo is good with Mortgages.
My realtor is steering me towards using a broker. Good/Bad idea?Credit score is 650, according to Credit Karma, mostly due to short credit history.Advice? Let me have it, oh wise Falleters!

Back in July 2009 I filed claims with them for several stocks that I owned during the Dot Com collapse including eToys, TicketMaster, Eloan, TheGlobe.com, TheStreet.com. The list of stocks is large, pages long.Anyway, payouts were made on 11/30/12, and I received two checks today, so keep an eye open if you filed in this. I've received past payouts for AOL, Excite@Home and others. I figure after about 1,000 more, I'll be made whole from my losses...

For those that don't know what CEMA is - Cema.org said: CEMA stands for a Consolidation Extensions and Modification agreement. They are used primarily in New York as a tool to save money on mortgage tax recording costs. With houses in New York, particularly in the lower portion of the state at an all-time high, these savings can be in the tens of thousands. Its important to understand that this is a tool used mainly by professional real estate brokers. It is usually advisable that you talk to a professional when applying for a CEMA mortgage in the state of New York. A CEMA mortgage works by taking the old mortgage (the existing mortgage sometimes called the old money, and using it towards the calculation of the total loan amount and the difference between the two (the new money). So for a total loan amount of $100,000, and an existing mortgage you $80,000, the new money would be $20,000. The recording tax costs are then calculated against $20,000, rather than the $100,000 total loan amount. You can see that this would result in significant cost savings for the borrower.My question is, is it true that you can only apply for a CEMA when refinancing with the same lender?

Since I told my friends what a great Fatwallet is, everyone is asking me questions... So here is a friend's question regarding refinancing:Current Loan: 165,000.00
APR: 3.5
Terms: 30 Fixed
Payment: 916.00
Extra Payment towards principle: 500 every month.
Does it make sense for him to refinance?Refinance APR: 3.0
Terms: 15 Fixed
Refinance closing cost: $3,000.00Makes about 50K a year

Just found out after refinancing an auto loan with NavyFed (250 bonus) they offer Payment Protection Plan for involuntary unemployment to include honorable discharges. They pay up to 6 months or $6,000 in monthly payments canceled for unemployment for the cost of $0.3536 per $100.00 borrowed. I can only guess the 6000 cap is for each loan and not an umbrella for all loans. I'm trying to decide if I should refi now for the guaranteed 250 bonus(with or without the PPP) or wait till a few months before my EAS to refi with the PPP (it would cost me ~70/month extra).Is there any other PPP's that treat honorable discharges as involuntary unemployment?

I need help to decide whether I should refinance.Current mortgage(HSBC):
Balance amount: $50,912
months left (based on amortization schedule): 138
APR: 4.244% (15-year fixed)
Monthly payment (princ + int): $459.14New loan (refinance)(through Penfed):
APR: 2.905%
Term: 15-year fixed
Monthly payment: $342.48 (based on Penfed mortgage rate calculator)
Closing cost: $2,509.87Should I refinance? I'd like to put the closing cost into the new loan.
I tried using online calculator (bankrate, zillow), but got significantly different results.
Any help? Please?
TIA.

I plan on traveling abroad for about 4 months before I start working next summer. I already have a decent job and could easily pay off $10k or so once I start work. I would probably be able to pay off a 10k loan after 2-3 months considering my signing bonus and salary. The problem is that I have less than $1k cash right now. I have a $9k 0% APR credit line w/ Discover which I will try to use wherever Discover is accepted abroad. I can also get a $7k 0% APR balance transfer w/ Citi but this has a 3% transfer fee. Would taking the $7k Citi BT be the best way to pay for my trip?

Hi Everyone,I am seeking advice for a friend. Like lots of other people he bought a house to rent and earn few bucks before
real estate prices went down hill.
His loan is $108,000.00 but the property is appraised at $80,000.00. He is paying 7.0% interest on the loan. He hasn't been able to refinance the property and is wondering if he should let the bank foreclose on him. Should he try to refinance, can he? Or he should let it foreclose? Any other possible options?
Thank you so much for you time and answers..!P.S. , i don't know if this make a difference but he also he has a condo , worth $60,000

why is the loan payoff always more then the remaining balance? If there is no prepayment penalties, why does the balance increase around $500 when doing a refinance?

Has anyone taken advantage of Penfed Home Equity Line 1.99% for a year when you take out loan in the current month (between Thanksgiving and Christmas)?
I am using 50% of line at present. I am planning to borrow remaining 50% of HE line and pay of initial 50% of HE line which will lower my rate to 1.99% for year.
Any negatives of doing this?

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I've got mountains of debt currently and have been considering asking for a deferment on my student loans. They are currently consolidated at a 2.99% fixed rate so I figure I could use the $300/month towards a cc bill or car note.But I am curious - if I get the deferment - how does it look on the credit report? Will it be a huge negative that will allow the cc companies to jack my rates?Thanks in advance.

I am working with a private party to loan me money for a new business, and I am willing to use one of my rental properties as collateral (the property already has a 1st mortgage on it). I guess this is a secured personal loan, but since it's backed by real estate, it is probably considered a 2nd mortgage. Is this true?Does anyone have any advice on where I could find info and documents/contracts to fill out so both me and the investor are protected?I know banks have standard 2nd loan paper's they sign, but since I am doing this with a private party, I'm not sure how to proceed. I wish a handshake and a simple signed paper would work these days. I don't want anyone to get ripped off.Does anyone have any experience with pre-paid legal help? And even if I could find all the documents online, I'd likely want a legit lawyer to review to make sure I don't loose my property because one payment was 2 days late. So what would the approximate going hourly rate be for a lawyer like this in California?

Hey guys,As you know for 2012, we are able to deduct student loan interest no matter when you graduated. Im actually outside of the five years which is great for me so I can lower my tax liability.However! I might be phasing out here:"if your modified adjusted gross income is between $55,000 and $70,000."Some of you already know my profile from the thread: "Bonus Check made my regular check smaller"Profile:Single, Male, CA, mid 20's. income almost 80k for 2012 and that includes bonus.From my understanding, Modified Adjsut gross income is after deductions? So if my income is $80k
Minus Standard deduction -$5,950
minus stock losses -$3k Well heres the thing:
So far in 2012, I have made only 72k Gross income. I plan on contributing 100% of my income to my 401k to prevent the 72k to increase. I will still be within the 401k contribution limit for this year.So 72k
minus: $5,950
minus: $3,000
72k - 8,950 = $63,050.00What are other tricks to lower this tax liability besdies a traditional IRA (since Roth IRA will be more beneficial in the long run)?

Surprised we don't have a recent thread on this. It had to happen. Washington sees the mortgage interest deduction as a possible way to get back from the cliff and a way to spread the burden democratically across a base that is sizeable.Thoughts?My initial ones:It can't be viewed in a vacuum -- what else goes along with it? For example, if I lose some interest deductability only to gain back property tax deductions (AMT eliminated) maybe it's a wash.I don't like an arbitrary cap on loan balance since property values and income vary geographically. A $500K mortgage is for the rich in North Dakota but very not so in California. (Aside: I'm still mad that they haven't indexed the loan balance allowed with inflation!)I actually think mortgage interest should either be 100% deductible or 0% deductible (that is, pick the standard and apply it categorically), w/ no loan balance caps, but of course both of those outcomes are fantasyland.

Back story. I loaned money to this family member (FM) to get out of debt about 2 years ago. Supposedly this money was going to pay off all the debts and then they would take out a 401k loan to pay me the money back. If you are asking why didn't they just take out the 401k money in the first place, is because they already had a 401k loan and needed it paid off to take another. Well, that didn't happen and now I know why you don't loan money to FM's. I did get the loan money back but it took almost a year of asking monthly.Now to current. I get a private call (Nov 19th) asking if I know this family member. I say no and they hang up. I call family member and they have no idea of creditor. Supposedly they never called or notified FM. Another family member calls me and asks if this other FM is in trouble, I say I don't know and will find out. So these creditors are really after it calling everyone that might know FM. Call FM back and ask what this is about. FM says it is an outstanding debt that was forgot about. FM says it is now taken care of. Yesterday, FM calls to ask for money to help pay off this debt (that was supposedly taken care of). I ask how much and it is 3500, FM says they have the other half to pay off the full debt. After my last experience I don't want to but it is family. Plus my wife says she will divorce me if I loan anymore money to family. So during this conservation I am trying to think of a way that FM can set up a payment option. Ask several times if FM asked the creditor for that possibility. FM says they won't do that and they are going to court if it isn't paid by this Friday. I say whoa that is what they do, talk harsh and try to scare you into paying quickly. I say worst off go to court and see if the judge will allow a payment plan since you have half the money already. Show that you are willing to get this paid off. At the end of our conversation I tell FM that I will ask if any of you here have advice or a direction I can help this family member go. I've done a little bit of research and see that FM should ask for debt validation (Sent certified mail/return receipt for record purposes) to buy some time. Is there any wording or specific things I should tell FM to do to try and get creditor to accept payments?I appreciate the help and know my FM will too.

In regards to these posts:http://www.fullofdeals.com/forums/finance/956160/
http://www.fullofdeals.com/forums/finance/1119457/It's possible to earn 2% on an impound/escrow account associated with a mortgage in California. Other rates possible in 13 other states. California is listed as a "lots of exceptions" state. Can anyone summarize them? Any 'good' vs 'bad' loan servicers to be aware of?SIS? Anyone else?

My Wife and I are buying our first house. She has some money in an IRA to put into the down payment. However (and this is where the question lies) her credit is not the best and the home loan is going to be entirely in my name. If I'm reading the mortgage agreement correctly, the title to the house is only allowed to be in the mortgage holder(s)' name. Is it okay from a fines and penalties perspective for her to pull money out of her IRA for this reason? I'm aware of the implications of doing this in a straightforward case, just wanting to know if it is still kosher in this instance.

Am in a weird situation. Wife and I have been divorced for years. I have the house but it and the home equity loan are in both our names. I'm remarried now and need to refinance both in my 2nd wife's and my name but the house is no longer worth the totals of both the 1st mortgage and home equity loan.

I have come across an arbitrage opportunity that will return 15% in 6 months. Min required capital is 25k. I can use 0% BTs, as well as my credit line @11% to fund this but was wondering if anyone else had thoughts as I would like to get 100k invested.I don't own a home, have 750 credit score, and am <25 yrs old. Is there any private loans that are 1 year in length that allow for better rates? I don't believe this will last forever as it is a niche service/method that can be copied by others, again with proper capital.

So I've heard that having multiple types of loans are very good for your credit report (not necessarily score).So I have a paid off student loan. Revolving debt (credit cards). Paid off car lease.So how about a mortgage?If I were to get a $30,000 mortgage loan, would that have similar value as a $300,000 mortgage on my credit report?

Overview:
A condo I own and rent out is going through a possible special assessment of around 19k for complete roof replacement and structural work. My question is around my possible actions around the assessment and profit opportunities in loaning money to the other owners backed by their homes (i.e. an asset backed loan).Background:
In 2007, I bought a foreclosed condo. I had just moved to the city and didn't know much about the town other than I wanted to live in a good location. This condo became available and I bought it. The condo itself was built around 2000 so I thought that there couldn't be much of an issue with construction, etc. This is called foreshadowing... I immediately joined the board of the HOA as treasurer and realized that there were problems. They only had 5k in the bank and were bleeding money through mismanagement and constant maintenance requests for leaking roofs. We also had brick falling off the buildings in areas due to faulty construction. Overall, it was gonna take a lot of money to get this place right and the home owner's dues weren't going to cut it. We procured a loan from a bank to assist with half of the brick issues (as they were the immediate concern) but the roof issues continued. In 2011, I moved out of the condo but rented it to present day.Fast forward:
As I left the board, we had discussed a special assessment on the owners to resolve the roof issues permenantly and stop bleeding maintenance charges. Well, I got the letter in the mail yesterday and there it is. At our annual meeting next month, we are voting on board members, budgets, and a proposed special assessment of 700k spread across the owners by their unit's square footage. Based on my square footage, I am looking at a $18,900 bill. I had my house on the market but no one is going to touch it with the assessment pending.I believe that every situation has a bit of opportunity in it. Here are my thoughts:
1) The construction project cannot begin until the entire amount is funded. I should delay the payment as long as possible... but wouldn't everyone do that? Also - I am assuming that most folks dont have the money to pay this quickly. How do Special Assessments of this size ever get funded?
2) Anyone have any experience with Special Assessments and what to expect? Payment plans, delays, etc.?
3) I have a large amount of cash sitting around making a paltry interest rate. Is there anyway of offering loans backed by their houses to fund the special assessment for my fellow owner's? It helps me in that I should get a better interest rate with an asset backing it as well as speeding the funding of the assessment to get construction started and done with.Any feedback is appreciated.

Happy Thanksgiving to all. I am very grateful for the opportunities that this country has given me. I hope that I have helped others along the way because I have been given much opportunity.I was raised by my grandparents, aunts and uncles as a child immigrant here in the US. My parents and brother were unable to leave our war-torn country for many years.My aunts and uncles treated me like one of their own children. They worked very hard and combined their savings to afford a 1300 sq ft house that was home to 9-13 people at a time (3 "families"). After working for over a decade myself, I feel that I am in a situation to express my gratitude better. I was planning on gifting each one of the families several thousand dollars this Christmas season. My wife and I are both professionals, although not the 1%, our combined income is a bit over $250,000. We do not get to deduct our $200+ k student loans because we make too much, yet both of us only started working when we were in our late 20's because of the extensive educational requirements of our fields. Instead of giving cash to my aunts/uncles, I was planning to pay off some of my cousins' student loans. I know we can pay directly to their school or just give them cash since it is less than $13k. However, I think that I should give my wife's appreciated company stock to them so they can sell it with little tax bite since they are just students without much income. We are doing this for charities and I think it should work similarly for my student cousins. Can others verify that this is worthwhile?Merry Christmas to all.

Hi,I'm looking to purchase a car. The dealer has a $500 credit if we get financing through them. Their current rate is 3.29. I see that PenFed has 1.49 on new car loans. So I was wondering if I can finance with the dealer to down a quick refinance right after? Will that hurt my credit score ? Also does anyone know the fees involved with refinancing automobiles at PenFed? Thanks!

Hi All,I figured this would be the best place to ask this. Young guy here first time mortgage and I was reading on on how to quickly rid of PMI.I did a FHA standard loan and I read that you need to meet both of these conditions:1) Pay the PMI minimum of 5 years2) Have 20% equity based on the amount I purchased the home, no appraisals to help that %.So I bought the home for $235,000 and it seems I need to be at 188,000 left on my princple to rid myself of PMI. This would occur if I make regular payments way past the 5 Years, how do I do the math (I'm assuming with an ammortization schedule) to calculate how much I should send in each month exactly to be at $188,000 when that 5 year mark comes so I can request to remove the PMI?

I'm submitting my financial future to the community here. My goal is to get out of debt as quickly as I can but without sacrificing everything that I find fun in my life.This is what I feel is the important statsI work 35 hours a week for a state agency. My pay right now is around 47K a year.I have no car payment but my car is acting up and it may be time to replace it.
I share a house with family and pay $360 a month
My Car insurance is 160 a month.I do not know what I spend on food
My cell phone plan is 122/month for a phone and a tabletPhone plan is 450 minutes a month, with unlimited data, text, Mobile to Mobile , nights & weekends I use between 6 and 10 GIGABYTES a month on my phone. The contract will expire in July of 2013Tablet Plan is 39.99 a month including insurance and 2 Gigabytes of data. I have never gone over the data allotment, The contract will end on this device in August 2015.
Out of my paycheck I pay the following pre-tax besides state, federal, fica, unemployment, family leave and disability taxes 122 a pay period into my pension.
8.90 a pay period for dental coverage
27.53 a pay period towards my health insurance
85.66 a pay period to a deferred compensation planThe following are post tax charges each pay period9.18 Insurance (not sure what it goes to but is mandatory)
21.12 Union Dues (mandatory)
8.00 United Way Donation (will end in 4 weeks)
My job does not offer an IRA or 401K but a Guaranteed Pension based on age and time of service. I am eligible to take a loan against my pension with a 5% interest rate. I believe the most I can borrow at this time is 5,000. Payments would be by payroll deduction.I have about 1,400 in a rainy day fund, 16K in a self directed IRA that I had rolled over from a 401K at a prior job.My fixed debts are as followsPersonal Loan for 10,126 at 10.99 % a month. Monthly payment is $250 a monthHere are my credit cards in owe/limit/rateCard 1 1075/3000/12.24
Card 2 255/1000/0 until March
Card 3 469/2900/16.20
Card 4 958/3000/19.8
Card 5 1315/2200/22.99
Card 6 200/1000/21.99
Card 7 3955/5000/5.99
Card 8 2914/4000/5.99
Card 9 1185/15000/15.65
Card 10 3364/10000/9.99 It is difficult for me to find a second job because anything I apply for has to be approved my the state to see if there is a conflict of interest before I can start working. My car has 110k on it. Private value according to KBB is 7000. The car is starting to have problems again and if my mechanic believes it will be an expensive repair I am going to try to sell it and buy a new car. My credit scores are between 680 and 720 depending on which scoring module is used. My mother will co-sign so I would get the best rate. I am considering a Rav4 which I know Toyota was offering 0% on. I don't know if they still are. I rarely go to the movies, I do go to a comedy club often, Tickets vary between 20 and 35 for the show plus a two item minimum. My bill for the two items is normally around 9.00. If the bill is under 15 I will tip 80-100% on it. I do get some "perks" at the club which are important to me. I believe that the tips I give are one of the reason I get the perks I have.

Here is my financial picture:
Single, no kids
Income: Just above $100k
Employment: No benefits contract ( no medical, dental, retirement plans, etc )
Home: Rent
State: Colorado
Investments: Roth IRA(FFNOX), plain old saving account
Not going to school( graduated)
Commute to work using public transportation
Vehice: Used early-2000's Altima
I don't really see anything that I can itemize or deduct. Some ideas that I have:
*Buy a single family home instead of rent using a fixed-rate home loan.
Monthly cost is about the same, and I get interest deduction. Also, the constant increase in rent every time I renew is such a waste when the apartment is getting a larger or better. My
income doesn't go up, so I have to cut spending every year to offset the increased rent.
*Start a home business and put the income in a SEP. I just learned about these and as long as my overall income doesn't disqualify me, I think it will give me a tax-advantaged account
*Find an employer who offers retirement savings plan and get hired From an investment standpoint, I just use set and forget funds since I don't have time to stay on top of the market.
I'm I missing any tax-reduction strategies?. I'm only looking for things that are legal. i.e. tax savings, not evasion! The reason for this question is that I'm on a cost cutting hunt to increase available income in order to increase savings. I've knocked out a few hundred/month worth of items just today,but I don't see anything I can do to reduce money flowing out to the IRS.

Intuit offers downloads of Quicken Checkbook 2012 for Windows, model no. 417220, for free. That's $27 off and the best deal we've seen for any version of Quicken. It allows you to organize your bank and credit card accounts.H/T Dealnewsedit: Here's the Dealnews link (copy and paste into browser):
http://quicken.intuit.com/personal-finance-software/checkbook-or...
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Hi,
Home is located in Los Angeles, California.
60 days ago I placed an offer and was accepted by Bank of America (REO). 15 days ago, I signed an Addendum for $100 Per Diem payable to REO if no closing within 60 days. I have not released the Loan or the Inspection contingencies. Home has Mold & Dry Rot.
In California, contingencies must be removed in writing. They do not expire automatically.Lending bank had provided me with a pre-approval letter, but is unable to provide financing. REO selling house As Is, With No Repairs.
REO is now requesting to charge Per Diem for days 45 through 60, in Escrow. Is this something the REO can do, or are they trying to scam me out of my Earnest Money (EMD)? I thought that if contract was cancelled due to no financing, that there would be no Per Diem charges. Please Help!

I own investment property on which I don't have any mortgage or Home Equity.
Due to my business loan (SBA), property has lien on it from SBA loan. Question,
Is it possible to obtain Home Equity Line Of Credit? I am not clear on impact of lien. I will appreciate guidance from experienced people of FW.Thank you,

LinkIn-store or online. The next cheapest I found is WalMart for $38.54.MasterFlow Cyclone MF-1040 Portable 12 Volt Air Compressor
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First, thanks for taking the time to read. Background: working as a financial analyst in an rotational program and will be studying for my CPA beginning in January (covered by my company). I live with my girlfriend of 4 years (we lived together in college. Shes relocated with me, a huge sacrifice. We both worked full-time and went to school and both come from impoverished backgrounds so have already had to support our families. Age: both 22, graduated college in May Financial Analyst in rotational program My gross base pay: $67,000 with a $6K relo bonus every year. (Used 100% of my $13K signing bonus earlier this year to pay down debt). Take-home pay ~$3900 a month after contributing 5% to 401k, insurance, etc. (I get a 7% match for the 401K).I also get a $2,000 HSA contributionHealth & dental Insurance: $60/month for me, $230/month for gf's policy Girlfriends salary: Asst. Manager in retail as she relocated with me to a rural area with limited jobs, take-home pay ~$1,550Side gig income (eBay, book scouting, rebates, etc.) ~$300/month; also recently hired part-time as an Internet Assessor at Lionbridge ($13.50/hr x max 20 hrs/week, not sure how many well be able to put in)
Total monthly take-home pay: $5,750/month sometimes moreOutstanding Debt: ALL STUDENT LOANS HAVE MINIMUMS DUE BEGINNING IN JANUARY
Hers:
Direct subsidized: $3,500 @ 6%
Direct subsidized:$5,500 @ 4%
Direct subsidized$4,500 @ 5.6%
Direct subsidized:$5,500 @ 3.4%
Direct unsubsidized:$2,400 @ 6.8%
Direct unsubsidized:$2,300 @ 6.8%
Direct unsubsidized:$2,100 @ 6.8%
Her Total = ~$26,000Mine:
Direct subsidized:$5,500 @ 5.6%
Direct subsidized:$4,500 @ 4.5%
Direct unsubsidized:$2,200 @ 6.8%
Direct unsubsidized:$6,900 @ 6.8%
Direct unsubsidized:$2,400 @ 6.8%
Car Loan: $4,700 @ 4.99%
My Total: $26,200Minimum student loan payments: ~$500, $178 for the car until paid off.We just paid off her private loans (totaling $48K), and will now be starting on my loans as shes taking CC classes that will keep her subsidized loans in deferment.$5K EF good job security, and I can always move back home. Monthly budget:
Rent: $965, all utilities, laundry, etc. included for a 2 bedroom townhome (we use one bedroom as an office and it was only ~$45 more a month for the 2nd room.
Internet: $55
Cell phone: $22 total, Page Plus pre-paid plans
Car payment: $178, hoping to have this paid off by Christmas ($4700 balance left)
Car insurance: ~$75
Food budget: ~$250-$300
Entertainment: ~$100-$150
Accelerated debt payment: consistently paying off $2,800 minimum for past 6 months; not sure how sustainable this will be after we move for my next rotation, have to buy another car, she has to find another job and go back to school, etc.We spend little/nothing on clothes due to thrift stores and accumulated wardrobes, she is an extreme couponer and so we get our toiletries, etc. for practically nothing/free, very little spending outside of these categories.Goals/Other Concerns
1) I would like to be as debt free as we can before my girlfriend goes back to Physicians Assistant school in 1-2 years. Id like to be debt free so that I can pay her tuition in payments without borrowing. Otherwise we will have even more student loans.
2) I want to propose within the next year and will be looking for a ring.
3) Should I focus so much on debt repayment or start putting more into a Roth IRA, etc.? Im already getting 12%/year in my 401K.
4) I want to figure out how to moonlight in accounting/finance/anything related for extra income. In addition to studying for my CPA, my work will be paying for my MBA in the next ~2 years. Suggestions?
5) Its likely my future in-laws will be moving in with us soon as theyre elderly, poor, etc. how can I plan for this?Advice: how to prioritize the debt payments, how to make more money or advance our skillsets, how to plan for her return back to school, how to save money off our expenses, etc. Anything you can think of.

We have applied to a major bank (we already have a home loan with them on our existing residence) to buy a primary residence in another state. We plan to sell the existing home. We have good credit (800+ credit score), no other debt, and a long positive history with this financial institution. We have fully documented our income stream, source of funds, and ongoing cash flow. We could pay cash for the new home, but think it is better to finance, at least until the other home sells in order to preserve capital for unforeseen needs.We have already paid in advance for a $650 "loan app" fee, and $500 for an appraisal. The underwriter is now asking for extremely personal information, including demands for documentation of our detailed investment holdings (not just the account balances), documented details of recreational club memberships, and even a written letter explaining our regular payments to our lawn maintenance guy. We are feeling very uncomfortable with this very intrusive process. Is this normal? Legal? Should we back out and seek financing elsewhere at a lower rate? Just forget it and fork over the cash?FW folks, we would really appreciate your kind advice!! Thanks and God Bless.

I'll try to condense a long story, and I realize I probably should have bailed on them earlier.Locked on a loan in early-mid August. Got the appraisal returned late August, got all the documentation submitted, and the company scheduled a closing in mid-September, five days before the lock extension. All good so far.The day of closing, I got a phone call from the loan processor saying (1) they needed more documentation and (2) that there were some things noticed in the appraisal that they were wondering whether I was planning on fixing. I said I hadn't intended on repairing the items noticed since they all seemed cosmetic. I was never explicitly informed that the closing was cancelled, but I figured it out when the notary didn't show up. A few days later, on the original lock date, I got a phone call from company saying that I had to make the repairs for them to fund the loan, including getting an engineer's report for some structural concerns. I'm slightly annoyed at this point, but say I'll get the report and make the repairs. They agree to pay for the lock extension.Two weeks later, I forward the engineer's report to the company and ask them to tell me what they need fixed. They reply after 10 days (at 7:30 on a Friday evening) with the items that need to be addressed. They also tell me that the appraisal expiration is up in two Fridays, so I need to get the repairs finished with documentation by the next Friday or, at latest, the Monday after. I contact the contractor, get the job scheduled, and inform the mortgage company that the job will not be started by their deadline, much less finished.The Thursday before the appraisal expiration, I get a call from the loan officer reminding me that the lock expiration is the next day, so we'll have to close. I'm now informed that, so long as I get the documentation quickly, they can close the loan and hold off a bit on funding. We go ahead and schedule the closing for Friday early evening. On Friday, I get some more requests for documentation in the morning, and in the afternoon am informed at that point that I'll have to pay my property taxes as part of the close (adding about 50% to the closing costs). The closing also gets pushed back... and back... and back until we're signing papers at 11:30 in the evening.Oh, and I got two different explanations of what I need to do to make the underwriter happy from two different employees... on the Friday I closed. So I'm not sure what's going to happen now.Other than read the signs sooner and bail to a company that has its act together, any suggestions on steps to take from here? Is there anything I can ask the company for at this point for taking almost three months of time? I plan on calling up the management chain to let them know what's been going on, but I'm not really sure what to ask for at this point.

Until recently I was a full time student. I had to have emergency surgery prior to my last semester. I had insurance, but there was still a balance left after the insurance paid out, in most cases.So now, I have had approximately 12 bills to deal with. Some are from different places, some are from the same places. My strategy has been to just pay $25 to whatever bill I get in the mail, but I want to get more organized in tackling these.One place put me in collections because they only sent one bill. So my question is....what is a good strategy for tackling all of these bills?? I've paid off a few, but I can barely keep up with who I owe what to and when I have to send them money. Is there any way to make this process easier? I'm about ready to take out a loan to pay off the bills, but then I'd have to deal with interest.

I am currently a 22 year old student at MIT and have about 40,000 in student loans. My first loan came in 2009 with my father as a cosignor. At the time, I was also planning study abroad for 5 months of the year. After meeting with my financial advisor, I elected to go with Sallie Mae for my loan. I also called Sallie Mae looking to set up an automatic payment for my loan, so there would be no problems with my payments. When I called, I was told there was no option for that, although I had heard otherwise. I asked what my options were for when I was gone, and the agent told me that I could make a lump sum payment to cover atleast the minimum payments until the time I'd be returning. Considering I planned to pay it off sooner, I decided to go this route. I told the agent I would be making a payment online the following day and she assured me it would be assessed to the future months. Fast forward 9 months, at which point I've returned. As I go to login, I see that my account is past due. I check my credit report and find that the initial payment (roughly 2/3 of my loan) was applied directly to the first month of the loan, and all future months were reported not paid. I now have a 180-late on my credit report and with limited credit, am severely hampered. Even worse, this year I had to take out another 15,000 in loans and Sallie Mae seemed to be my only option. My first loan is now paid off, but still reported as 180 days late. Contact with the agents and supervisors say there is no record of my call and that all payments are sent to the month due with no option for future payment. I need to have this rectified, I've had all their analyst reviews done and filed a dispute with all three credit bureaus. So far, the issue stands the same. I was also wondering if theres a way to refinance my loan and go with a better creditor for my most recent loan. The interest rate of 8% doesn't seem to bad, but equal or better with anyone but Sallie Mae would make me feel much better. I also have a relative with great credit willing to cosign on the new loan. Thanks!

There are a lot of factors to consider. For those of you not interested in a lengthy read, look away now! I have some concerns and I'm hoping that the decisions my wife and I are making now aren't going to haunt us for years to come. Let me start by giving my story and then I'll pose a few questions at the end. Hopefully, someone can shed some light on what I'm doing right and wrong. Maybe this thread will help others who are just completely confused.The Story:My wife and I (25-years-old and 26-years-old) got married back in June of 2010 and bought a foreclosure in January of 2011. We ended up getting an unbelievable deal. The house appraised for $64,500 and we bought it for $18,900. We borrowed $10,000 from my parents and combined it with our savings to pay cash for the home. We immediately took out a $45,000 loan against the house so we could do some renovating. We used $10,000 to pay back my parents and then used $12,000 to pay off my wife's student loan. The remainder went into the home. We saved a ton by doing all of the work ourselves. Upon completion, the home was appraised again. The current appraisal value is $80,000. Roughly $9,000 of the money spent was toward furniture that will go with us if we ever decide to sell. All in all, it didn't take much to completely change the home.In addition to the home loan, I still have a student loan to the tune of $28,000 and a car loan for $16,600. While in college, I applied and was approved for a college rewards credit card. It started out with a $300 limit, but was later increased to $400. Last year, I requested a $1,000 limit in the event we would have an emergency and not have access to savings. Surprisingly, at least to me, we were denied. We never carried a balance on the card and have never been late for a payment on anything. We only use the card for gas and online purchases and then pay it off during the same billing period. I guess they didn't like not making any money off of interest. Anyway, the card is of little to no use, so we recently applied and were approved for another credit card through a different bank. We asked for a $1,000 limit and were given a $2,500 limit. I'm contemplating setting up all of our utility bills and my student loan to be auto-paid with the card. I would still pay the entire balance at the end of each month.My wife and I do not make a lot of money. I work at a college and make $25,500 a year. I was fortunate enough this year to teach 4 credit hours of classes as and adjunct faculty for an additional $2,000. My wife works at a local bank and makes $22,500 a year. We work in the same town, so we only need the one vehicle.Debt Summary
Mortgage: $238 per month for 30 yrs. (almost 28 yrs. remaining)
Car: $325 per month for 72mo. (58mo. remaining)
Student Loan: $225 per month... until I die. (Opened 8/2005)
Credit Card 1: $0 balance ($400 limit - Opened 4/2008)
Credit Card 2: $0 balance ($2,00 limit - Opened 10/2012)
Total: $788Bills
Insurance: (We always pay our homeowner's, flood, and car insurance for the entire year when we get our tax return.)
Electricity: $65
Water/Sewage/Trash: $35
Gas: $40
TV/Internet: $85
Cell Phones: $75
Total: $300Income
$4,000 p/mo. combined - before taxes ($788/$4000 = D/I Ratio: 19.7%)
$2,950 p/mo. average combined after taxes, retirement contributions, etc.Current Savings: $1,300
My Current Retirement: $3,650 with an annual ROR of 12.9% (My employer matches a max of 6% - that is what I currently contribute - I've only been with this employer since 09/2011 and do not have any additional retirement accounts elsewhere.)
Wife's Current Retirement: $0 (No program offered by employer - she does not currently have any retirement.)
My Equifax Credit Score as of 10/2012: 748
Wife's Equifax Credit Score as of 10/2012: 750
So here are my questions:At a glance, do our finances seem acceptable or are we in trouble?
Should we be worried about my wife not having started a retirement plan at this point?
Where should we start?
Should we have a target amount that we should be putting into savings each month?
Are our credit scores/debt-to-income ratio considered good?
I suppose the one question that could be asked is:If you had a friend that was in exactly the same financial position as we are, would you loan them money?

Here's my story. I am an American, currently living with my English boyfriend in London. My boyfriend supports us which enables me to go back to university over here. I need to apply for a student loan to fund my education. I have cosigners who are also based in the UK. I have paid my bachelor's degree loans off($80K)in full already from my degree back home. I will be accepted easily for the loan with my credit and my cosigners' credit/work. Where can I go to apply for a loan? I didn't want to go from place to place applying for the loan and have the hard pull on my credit from each. Thanks for any help, it is MUCH appreciated.

Hello everyone, Looking for some advice on getting rid of PMI on the house I bought earlier this year. I paid $49K for the house with 3% down (FHA loan). When the house was appraised, it was valued at $65K. Since that appraisal, I have completely gutted and redone the bathroom and also had the hardwood floors refinished in the living room/dining room. I currently owe a little under $48K on the property. My question is this: is there an easy way to figure out if we have 20% equity in the property so I no longer have to pay PMI? It's a little under $50/month for it and I would like to either be saving that or putting it towards the principal. Sorry if I made things confusing, this is my first time buying a house and the lender wasn't helpful at all. Please let me know if any more information is needed. Thanks, ZDog377

Hello Everyone! Background - I am a younger member. I played the finance game and by my current age had a HUGE credit line. (50k+)
I am in school and decided to add a second degree since it would only take a year. I had no scholarship money left and decided to pay for it myself. I could not get an education type loan so I decided to pay the remainder on my credit card. At the same time my parents came into a financial bind and I loaned them the money. Long story short - I owe 30K dollars in credit card debt. I have been working 3 jobs and paying it down but some have high interest rates (18%). What options do I have? Would consolidation be an option? I have gone from a 740 to a 620. No late payments - simple over utilization.

My son has asked me to consider making a very short term loan (couple of weeks) to his girlfriend's niece to put in her savings account. She's in the process of buying a house and the mortgage company says she and her husband need $5K more than they have. I presume this is not money actually needed for closing costs; perhaps the mortgage company requires that you have a "cushion" of two or three months payments? I will probably pass on this opportunity, however, if I were to lend the money, wouldn't the mortgage company want several months of bank statements, and then ask where the sudden $5K came from?

Hello Fatwallet Finance,You guys are an amazing and helpful group of people. I want to thank you in advance for all the help you provide.My parents borrowed 400k from an acquaintance to start a small business and buy a house about 12 years ago at 5% interest rate. I have not seen the exact loan terms but I believe the house and the small business are collateral to the loans. They have been paying just the interest (2k a month) past 12 years. They have not been able to pay down any principal mostly due to children's college education (300k for 3 people). The house is itself is worth about 225k.There was a calamity at the small business. Due to being under insured, they only got about 120k after public adjuster's fees. With the existence of a large loan and small business gone, their finance is no longer sustainable. The question I want to ask is what is the best exit strategy. They are old and I don't think they should try to start a new business. They do not have skills in the market place that would earn them much above minimum wage. I thought they should sock away as much as they can in self-employeed 401k and roth ira this year and next year and declare bankruptcy, lose the house and move in with me. Would that be feasible? Once again, thank you for your help.

Hi everyone,I did a bit of googling and could not really find anybody mentioned that from any lenders. So before responding to Citi, I am all ears for your inputs.Here is the background. We bought the house at 2005, and are current on payment though the house is underwater. Citi has our first mortgage, with a 10/1 ARM scheduled to reset at year 2015. Current rate is 5.5. We contacted Citi for any relief when the government started to help underwater home owners. Citi basically told us that we are making too much money, or had too much liquid asset to qualify. Then I became unemployed in early 2011. We contacted Citi again to see if they can help by filling out the Citimortgage online questionnaire. We got similar response as my wife still make too much money, or we had too much assets. I was pissed, as seemed the only way to get a modification is to default the loan.Fast forward to today. I came home and found a UPS package. Inside was another very nice package with a blue ribbon, together with a return UPS prepaid envelope. The blue ribbon says: "You Are Approved. No fees. No closing costs. No additional documents required. Just read, sign and return the enclosed Modification Agreement. Call 1-877-483-9180 if you have any questions." Inside the nice package that wrapped by the blue ribbon are a one page cover letter, and two copies of the loan modification. Each copy of the loan modification is only 4 pages, rather than the original loan documents that was hundreds of pages.The cover pages basically congratulates we keep paying at difficult times, and dropped the rate from 5.5 to 4.5. Loan maturity date was not change. The details about the new monthly payment in the 4-page loan modification document confirmed no fees. The only thing they will do is to roll November's interest into the principle, as they expect to execute the modification on Dec 1.Now, one thing I was wary about after seeing the cover letter is that if signing such a modification will disqualify me from any future government mandated relief, as this modification seems to be too easy to get -- after tried twice in the past and both got shot down. I read through the terms, and did not quite see anything like that. There is one clause I did not fully understand though. It has something to do "National Mortgage Settlement Program", and the clause stipulates that I consent the lender to disclose my personal information to the National Mortgage Settlement Program. What does that mean?I also notice on the back of the cover letter, there is this disclosure, which seems cryptic to me: "To the extent your obligation has been discharged, dismissed, or is subject to an automatic stay of bankruptcy order under title 11 of the United States code, this notice is for compliance and informational purposes only and does not constitute a demand for payment or any attempt to collect any such obligations."Now, I know I have nothing to do with bankruptcy, however "is for compliance" (highlighted by me) seems to indicate Citi was doing this by government mandate. Citi also mentioned that I can call the MHA HELP line at (888) 995-HOPE for help if I have questions besides their help line. I will definitely call to ask few more questions tomorrow, however I would appreciate if you are aware of this, and knows anything that I should be careful about.Thank you,
Jerry

We are purchasing a new home that would be ready in January '14. We put down 10% ($65K approx)and are going to finance the remaining balance. The lender is offering us $10K discount towards upfront PMI for the life of the loan. That is, we are supposed to pay $10K towards a onetime PMI for as long as we have the loan and the lender is giving us a discount of $10K. So basically the PMI is not coming out of our pocket. The lender will still give us the $10K discount if we put 20% down. In order to get the most out of the discount the lender is offering, I wanted to liquidate some Traditional IRAs and Roth IRAs that we have in order to put 20% down. Which means I will need to liquidate enough stocks that can bring in another $65K? The plan is to pay back all the money from retirement back in 60 days without incurring fees and taxes. And this is how I plan to do it: 1. Finance 2012 car worth approx. 30K (when brand new). We've had it for about 6 months and own it out right. Hoping to get about $20K @ about 3% rate.
2. Finance another 2007 car we own out right. Hope to get about $10K
3. We should be able to get between 15K to 20K from our salaries.
4. Borrow the rest of the money ($15K) as personal loans.We hope to pay off all of these (car loans and personal loans) in about 6 months. Assuming all of our borrowings cost us 3K in interest rates, it appears we will come out on top rather than applying the $10K discount to PMI. In my mind, I don't see any downside to this plan besides:1. If we fail to pay off the money from retirement, we will be forced to pay penalties and taxes and we understand the risk.
2. Since we are liquidating stocks in the process, we will likely be losing out on any gains from the market.Besides the problems above, are there any other issues we should consider? By the way, we are moving to a better school district for our kids and we've already signed the contract so we probably can go back on our decision.

I started with close to $120k in student debt and have been aggressively paying it off over the last ~18 months to get to where I am today. I've focused on all of my government loans that had rates greater than 6%, and am now left with a $31k private loan with a floating rate currently at 3.25%.The minimum monthly payment is $186. I currently have $25k in a savings account for emergency or for when I may need some cash (don't currently own a car or house) that I don't plan on touching. Realistically, I can likely pay about $2k a month towards my loan, or the other option would be to continue to grow my cash base or start to invest elsewhere. I have about $30k in my 401k. If it matters, I am 30, single, no car, no house. Also, this is a slight continution from this thread: LinkWhat would you all do in my sitation? Pay down the $31k at roughly $2k a month? Or use that money elsewhere and continue to just pay the minimum while the floating rate remains fairly low?

I have a B.A. in History and haven't been able to get a decent job for 2 and a half years. I've decided to go to
grad school. A lot of people I know who haven't found a decent job are going to grad school to build a more attractive
resume and remain active during the bad economy. With a B.A. in History I probably do not qualify for an MBA or a degree in economics or finance, I don't have the required
background for admission. I also do not want to go to med school. Any advice on what I could study? A good career that will
bring success and stability?Also, how to pay for it? I hear that some phD programs are free if you are able to get a fellowship or assistantship, but they are
not always easy to get. I'm not sure whether I should go for a phD or just do a masters. Unfortunately I hear scholarship for masters
students are rare. I can't get my employer to pay for the degree because I don't currently have a good job at all.
I figure a state school might be cheaper obviously, but still very expensive.Any advice on which career path I should choose? Any advice on how to pay for grad school, either for free with grants or assistantships,
or for relatively little money (compared to what some people end up paying). I already have $40,000 in student loans from my undergrad
so I can't add too much in loans.By the way my GPA was 3.3 and I scored 600 and 600 on the GRE. So not great but definitely not bad.Thanks for helping.

Official Web SiteJust received an e-mail about this. It applies to those who applied for a mortgage with Amerisave and had any of the three situations occur:(1) paid a property appraisal fee between August 18, 2008 and October 12, 2012
(2) paid a cancellation fee between August 8, 2007 and June 5, 2012
(3) paid a credit check fee that exceeded the amount of Amerisaves cost to obtain the credit check between July 30, 2009 and May 9, 2011.Amerisave was known in certain cases to not lock the rate (and provide a GFE) until a property appraisal was performed and the appraial fee paid. NOTICE OF CLASS ACTION SETTLEMENTA settlement has been proposed in a class action lawsuit about fees charged by Amerisave Mortgage Corporation (Amerisave). The Settlement provides compensation to consumers who applied for a mortgage loan from Amerisave, did not obtain a mortgage loan from Amerisave, and paid certain fees. You have received this notice because records indicate you may be a member of the Class. If you qualify, you will receive a payment if the Settlement is approved without any further action on your part. You may instead choose to exclude yourself from the Settlement, or object to it.To learn more about the Settlement and to see a full notice explaining your rights and benefits go to AmerisaveMortgageSettlement.com.
Plaintiffs Junichiro Sonoda, Lien Duong, and Marvin Kupersmit filed this class action against Amerisave. The lawsuit alleges that Amerisave misled consumers who sought to lock in mortgage rates, requiring them to pay a property appraisal fee before providing a Good Faith Estimate, charging a cancellation fee, and charging a credit check fee that exceeded the amount of Amerisaves cost to obtain the credit check. Plaintiffs alleged that each of these is a violation of the law. Amerisave has denied any wrongdoing.The Settlement:
The proposed Class Settlement will provide a cash payment if you applied for a mortgage loan from Amerisave (either as a borrower or co-borrower), did not obtain a mortgage loan from Amerisave based on that application, and in connection with that application (1) paid a property appraisal fee between August 18, 2008 and October 12, 2012, (2) paid a cancellation fee between August 8, 2007 and June 5, 2012, and/or (3) paid a credit check fee that exceeded the amount of Amerisaves cost to obtain the credit check between July 30, 2009 and May 9, 2011. Excluded are all persons (i) who have settled or released these claims against Amerisave, (ii) who previously received a full refund of the disputed charges, and (iii) who previously had the full amount of the disputed charges applied to a subsequent mortgage loan application that was accepted and the mortgage loan was funded. If the Court approves the Settlement, you may be entitled to a cash payment, the size of which will depend upon which fee(s) you paid. The Settlement provides that Amerisave will pay a total of $3.1 million towards resolution of these claims, Class Counsels attorneys fees, service awards to the Plaintiffs, and the cost of administering the Settlement. If you qualify as a member of the Class, it has been determined based on the Loss Formula provided in the Plan that you will receive approximately 13.573% of the appraisal fee, cancellation fee, and/or excessive credit check fee. Your Rights:
To participate: If you qualify, you can simply do nothing and receive a payment. If your mortgage loan application had co-borrowers, the payment will be made to the Class Member who was identified as the borrower on the application. You will release all your claims against Amerisave about the legal issues in this case. This means that all of the Courts orders will apply and be legally binding on you. You may, but are not required to, enter an appearance through an attorney if you desire.To exclude yourself: If you do not want a payment and you do not want to be legally bound by the Settlement, your opt-out request must be postmarked by January 11, 2013, and sent to: Amerisave Mortgage Settlement, Settlement Administrator, EXCLUSIONS, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI 53217-8042. Your request to opt out of the Settlement Class must contain your original signature, current postal address, and a specific statement that you want to be excluded from the Settlement Class. If you do not exclude yourself by that date, you will be bound by the release of claims and judgment in this Settlement. To object: If you remain in the Class, any objection you have to the Settlement must be received by January 11, 2013. You may also object to Class Counsels application for attorneys fees and expenses, which must be postmarked by January 11, 2013. Please note that, if you make an objection and that objection is rejected by the Court, you will be bound by the Settlement if it is approved. The only way not to be bound by the Settlement is to exclude yourself from the Settlement (i.e., opt-out).The hearing: The Court will hold a hearing in this case (Sonoda, et al. v. Amerisave Mortgage Corp., Case No. 3:11-cv-01803) on February 28, 2013, at the United States District Court for the Northern District of California to consider whether to approve (1) the Settlement as fair and reasonable and (2) an award of attorneys fees and expenses of up to $775,000 and a service award to each Named Plaintiff of $5,000.

Hey,Could anybody advice on the best way to consolidate 50K in private student loans from SallieMae?All the loans are unsubsidized loans from SallieMae with variable rates, this is the breakdown:
Ammount Rate
$16,107.074.5
$8,911.643.25
$8,247.123.25
$8,199.733.25
$8,401.942.75My goal is to consolidate all loans under a fixed rate with same or lower monthly payment.I do not mind contacting an adviser for a fee but I have no idea who provides such services.
Thank you for your help!

A friend of mine and I are considering forming a partnership to buy and sell stuff - think Vandelay Industries. (I am purposely being vague to avoid getting into the discussion about the stuff.)
We plan to start with approx 125k each. Most of the profits will be re-invested (at least for the first 2-3 years). The seed capital will come out of our savings and it won't hurt. We won't quit our day-job.I am looking to fellow FWer for some advice.
1) How should the partnership agreement be formed so that
a) we protect our other assets/future earnings if things go wrong. Our assets are house/stock investments.
b) We avoid problems that will destroy our friendship
c) Dissolution can be uneventful2) We don't expect to have large number of shareholders (maybe a couple more in the future). So should this be an LLC?3) What are some of the clauses we should add to the agreement
e.g. non-compete ? (very hard to enforce so we might as well skip it)
distributions ? (what if one wants to start taking profits instead of re-investing)A couple of questions about the seed capital:
1) What if our LLC takes a loan from our IRA (via self-directed IRA)? The LLC will pay predatory interest so that the taxable profits can be kept close to 0.
2) Instead of a loan, what if the LLC issues shares and we purchase them using self-directed IRA? That way, any distributions will be tax-deferred.Is this possible or will it fall under self-dealing? If yes, what if my IRA loans the money to him and his IRA loans the money to me. Any other options to minimize taxable profits?FWers always have the best inputs when it comes to questions like this. So I thank you all in advance.

I am thinking about buying some land that the owner is offering to finance. Anything to watch out for here?If I decide to proceed, I will of course hire a lawyer to look over the paperwork, but what are typical interest rates and down payments like for this type of purchase? If the terms are favorable, should I proceed, or seek a traditional loan instead? For raw land, most banks seem to want 40-50% down.The property in question is about $50,000. Ideally I would like to put 10k down with a rate of about 4% for 10 years. Does that seem fair for something like this?

Good Morning,
I am looking at buying a property via shortsale. They had put the property on the market at 405K, I was teh first to offer 380K and the owner said she didnt want to deal with showing the property and accepted my deal. i was surprised, as I knew the house was going to go for the 405K+ with the present market. What I used as the basis is that the last three sales of the exact model where each 380K and in the last four months. WEll, the agents were happy, the seller was happy and we started the process a couple of weeks ago. I got an email last night from my agent saying that the seller is trying to qualify for a HAFA shortsale, which according to him, favors the sellers and they come up with their own price and the the prospective buyer "take it or leave it" and wont really negotiate. The incentive for the buyer is taht they get 3k for relocation, the credit score affect isnt as severe as a traditional shortsale, and the process could be done in about 60 days to close. The worry I have is that the bank comes back at 405K, the original list price (It wend contingent the exact same day it went on the market, with only two other lowball offers, but alot of people called the sellers agent saying they wanted to offer full price) or higher and If I say no, they just move onto the next buyer. My agent said they most likely would have honored our offer (Indymac, says its govt backed, so the difference between sale price and outstanding balance is paid by govt) but that a HAFA shortsale is different and they usually go higher than asking and they dont honor accepted offers. Anybody have experience with this type of deal or words of advice. my agent says that Indymac will probably respond in about 2 weeks with a price and ask us to close in 30 days and leave no room for negotation, and he fears they wont honor the accepted deal and ask for more money. The amount owed on the one loan is 510K and no second loan.Basically, anyone have experiance with Hafa shortsales and do they honor the presented deal or do they come up with there own figure, and if they come up with their own figure, can we negotiate, or is it "take it or leave it". Also, is it true that Indymac shortsales are easy becaue of some govt guarantee.

I recently completed a harp 2.0 refinance. Provident funding would not do a harp 2.0 refinance until recently. They now offer it. I went from 6.25% to 3.5% The fees were about 8k on a 300,000 dollar loan. I believe 5k of which was rolled back into the loan. The 8k included title, escrow, taxes etc.If anyone has a mortgage serviced by provident funding you can do it now.

I'm looking for suggestions on clever (or even obvious) ways to save as I operate as an owner/builder of my new home.Currently I have a construction loan that automatically rolls into a 29 year conventional loan after construction (I have 12 months to finish building) at a rate of 4.25%. Little money was needed out of pocket since the bank used the owned land as down payment.Now with all the said I have already decided on an all ICF house with only the gables and roof wood framed. I'm also planning on using spray foam insulation for the attic decking. BTW....this is a 3000 sq. ft ranch home in the Pittsburgh,Pa area. The idea is that this should be a very efficient home even though it will require all electric.I'm planning on using the carrier green speed heat pump unless there is a better way (apparently this product has the efficiency of geothermal at a 20% premium to ordinary heat pumps).What I still need to figure out are the following.
- Roof Trusses
- Shingles or Metal roofing
- Cabinetry (kitchen, baths, and butler)
- Windows and Doors
- Stone and Brick veneers (or Stone Veneer with Hardie board)
- Drywall and framing lumber
- Flooring (carpet, tile, wood)
- Water heater (instant on?) Low flow faucets (that don't feel low flow)I've already been to builder auctions and had mixed results (www.pbauctions.com) and also tried my hand at the kraft maid outlet (cheap but so competitive and cut throat almost don't want to go back). As far lumber goes i've been told oc cluss has some of the best prices you will find (but haven't received a quote yet).Obviously I don't want to skim too much on the items that really make a home (certain doors and windows, kitchen/master bedroom cabinets, and even some flooring)Any advice is greatly appreciated.

Is there a good financial company where they can refinance without the closing cost? We have excellent credit and been in the house for over a year now. Loan is 190k (house appraisal 264k). Following is what a financial company gave me.Then I learned from a radio ad weslend financial originates loan w/o closing cost. We are looking for 15 or 20 years with lowest interest rate. Please suggest.

My primary residence is free and clear.I want to get a home equity loan (i.e. >100K) to purchase a rental property since the interest is lower than regular rental property mortgage.Can I deduct the home equity loan interest as the mortgage interest expense for the rental property?
And yes, the home equity loan will only be used for rental property purchase and NOT used for anything else.I know you can deduct home equity loan interest if it is <= 100K but not sure if > 100K.Thanks

Advance Financial Federal Credit Union is offering up to $200 checking account bonus good until 12/31/2012. You can get another $75 bonus for closing a vehicle Loan. Membership are for residents of Indiana in cities such as East Chicago, Schererville and Gary. To earn the full $200 requires the following be done during the promotional period: $50 for opening a new checking account and signing up for the debit card
$50 for signing up and utilizing the online bill pay service
$100 for setting up direct deposit (direct deposit must be your entire check)https://www.advancefcu.org/#/promotionsThe direct deposit requirement must be your entire check. Transfers from other accounts here at AFFCU or another financial institution do not qualify. Bill payments of AFFCU loans do not qualify. You must keep your Checking account, direct deposit and bill pay to stay open for a minimum of six (6) months or the incentives will be debited from your account.Open their Better Than Free Checking since it has no monthly service charges.
Youll get free checks and free online bill pay along with earning interest rate. However, it does not include free access to network ATMs.
Open Advance Financial $200 Bonus Free Checking today!  Credit to huslter blog..

I live in Scottsdale, AZ where the bar scene is a bit spread out in certain areas where golf carts make perfect transportation. They work solely on tips, and the rides are free...obviously it's customary to tip or you're a jerk.I have a couple especially poor friends looking to make extra money, so I am going to buy a 6-8 seater golf cart with speakers/lights/license plate/etc and let them drive it. I planned on forming an LLC, and then calling Geico and seeing what my insurance options are. Some drunk can fall off and bust his head, and if he sues my policy beyond the limits, I'd obviously just shut the business down but I don't want my personal assets affected.A busy Friday/Saturday can net $300-600 cash.I wanted to set them up with a Square to take credit cards, but since it's tips only...how would that work? I was going to have him carry energy drinks and gum on the cart and sell those. Is there any way to accept "tips" only on the card?
I also would like to somehow take a loan to buy the golf cart so that I have "monthly" payments and interest. Can I finance myself with a personal-to-business loan? AKA I pay cash for the golf cart, then sell it to the business with an interest rate?
What's the best way to treat my employees? Would I '1099' them? It's very much CASH based too. They're technically only working for tips?
Any other advice or suggestions would be welcomed. I figured I'd get a cheapo disposable phone for people to call/text so they could "save" the number. I was thinking of a flat rate to use the golf cart then they keep the rest of the cash.

I already receive a salary from my LLC, however, I need some additional money to pay off other personal loans. I rather not issue a distribution, and opt for a loan from the LLC to me instead. What is the best way to do and document this? I know I have to draft a promissory note and pay imputed interest. What is the minimal amount of interest I need to charge myself? Is there anything else I need to know? Yes, I know no one here is an accountant, but I am sure someone here has done this before. I just want this to be done right and correctly.

Trying to help my fiancee consolidate some 9.xx% student loans and it seems like Wells Fargo may be the only real game in town.Applied and it is saying her debt to income ratio is too high as the only reason for denial (requires cosigner). I asked what their requirements were, all she could say was it needed to be 40%. The rep claimed she was not able to see the actual ratio and was only willing to say she pulled Transunion but could not access any specifics.She insisted that the system used half the mortgage payment (which is what we entered since I pay the other half) in the calculation. We carry no balances on credit cards so I used $20 for anything with a balance but no min payment or whatever was stated as minimum in the credit report as the "terms".I got 38% in my calculation but they are insisting she will need a cosigner. Not sure what recourse we have here, none probably since it's up to them to issue loans. Any advice on what to do here?

Hello,I'm having some trouble figuring out my my next steps with my properties and nobody in my network really knows how to help me. Background:Bought to condos in 2009 (1 bed room) and 2010 (2 bedroom) and have been living in the 2 bed room the last 2 years. I recently got a new job out of state and rented the 2 bedroom. So I'm currently renting both units. I wanted to refinance or get a lower loan rate since I'm currently at 6% and 6.5%.What are my best next steps considering I don't live in the actual units?1) If I refinance them will I have to get business loans?
2) Can I get a loan reduction?
3) What would you do?Thanks

Is this a typical/common practice and cost that is the homeowners responsibility?
(Seems like another type of a hidden fee.)8 months after we signed and paid all the fees for our loan.....the lender now just sent us a request to have their name included on a copy of our condo's associations masterplan insurance document. Their request specifically stated the insurance company will charge a fee if the lender makes the request.... however, it would be "FREE" if the homeowner makes the request from the insurance company. This was not the case according to the insurance companies website.
In good faith, I went to the insurance co's website, filled out the online request and was presented with an $80 charge to have this processed!
I stopped the process at that point.I sent our lender an email stating my findings and that I would be willing (in good faith without seeking counsel) to split the cost with them.
Should I just expect to pay this?Thanks

Hello group!I have recently retired from a large corporation and was offered either a monthly pension payment or a one-time lump sum amount. I selected the lump sum option. My retirement date was June 30 and I made my selection for the lump sum payment and submitted the required paperwork in early June. All paperwork and processing is handled by a third party (I will call them XYZ) and all conversations related to this process were on recorded lines. I was assigned a "retirement specialist" who would assist me in every step in this process to insure no delays or issues came up. I was assured that the entire process to receive payment would take about six weeks from the time I applied, or no later than the end of July. The value of the lump sum was calculated based on my retirement date of June 30 but the payment was not received by me until the end of September. During this time, there were several delays due to wrong forms requested of me by XYZ, a new "retirement specialist" being assigned to me, and just general poor management at XYZ. I was given several payment dates but each time that date arrived, the payment date was delayed again. I have requested from both my former employer and XYZ that interest be paid to me on the amount from my June 30 retirement date and the end of September when the check was finally issued. This delay in payment amounts to an interest free loan that I have given to the program. Both my former employer and XYZ have denied this request saying that payments any amounts in excess of the stated values is not allowed. In other words using an extreme example, they do not have to ever pay the lump sum to the employee as there is no incentive for either XYZ or my former employer to handle these payments on a timely basis. The incentive for them is to delay payments as long as possible.My question to the group is not to debate the merits of a lump sum versus a monthly annuity payment but what course of action I might take to recover the diminished value of my payment (three months of interest calculated using the same rates as the lump sum at a minimum). I do not know of any other former employees that have opted for a similar lump sum so I cannot comment on processing times that others may have experienced.Thank you all for your help.

Hypothetical situation here. I know about several similar situations in real life.
Income: $40,000/annual
Major expenses (not inc. clothes, transportation, food, etc.)
Rent: $1000/month
Minimum loan payment: $800/month
6.8% interest rate on loansI'll start with the idea of charging 12 months worth of payments to credit cards with 0% apr promos to save in interest. Would that even work? Are there better/faster ways to pay this down?

Hi,I'm planning to pay off part of my student loans. What is the proper thing to put in memo field if I want it to pay off the principal, not just put it in pay ahead status? I asked the CSR for the student loan company but they are basically clueless. Was thinking of:
"Additional Principal Payment. Do not put in paid ahead status."Hoping someone who did similar partial prepayment could comment.

My wife and I are looking to buy a second home which we'll be living in and renting out the home we currently own.When we purchased the home we live in, prices were low (this was before the market boomed then collapsed) and we put down a sizable chunk of cash down. We've never paid any PMI and have a great rate on our loan. With the prices falling the property is worth about what we owe on it maybe just a little more, which doesn't really change our current situation, but "losing" (for now) that cash down payment sucks. We're concerned of that happening again. It feels like prices have hit bottom, maybe even rebounding slightly (we're in the NorCal Bay Area for reference) so maybe we are being over cautious.The dilemma with the second home is - do we go that route again? The risk for dramatic price drop seems much less these days. We're thinking these are the options...
Option "A" conventional 30 year fixed with 20% down.OrOption "B", just put the minimum down, see how things go for 3-5 years and possibly refi at that point to get rid of the PMI, although the interest rates will probably be higher.OrOption "C", same idea as "B" but go the FHA route to further minimize our DP? Any thoughts/feedback on this would be much appreciated. I haven't done a ton of homework on FHA so if I'm missing something obvious there, please feel free to point it out!

I am really trying to get my credit started. I have a few paid of car loans but no revolving accounts.. I am a credit analyst at chase bank and i know that i cant qualify without some history. I am getting married in 2 years and would like to be able to get a joint mortgage. I need to build history fast. If anyone has a saphire or freedom pre approved application that you are not interested in, I would be forever greatful if you could provide me the invitation number the zip code it was sent to, and i do need the last name of the person it was sent to. I know that sounds a little risky but i will have no access to your personal information. It is what is required when applying online with pre approvals though. Chase bank is the only bank that is REQUIRED to honor pre approved applications. And when us lenders get them, we can not see where the offer originated from but the min product line has to be honored. I would love a saphire. I am just a responsible parent trying to get started. Please help. Again I need the invitation code, the site they tell you to enter it in at , you zip code and last name. I really hope this works. I need to get started. But due to the drop in economy, no bank wants to give me a chance.

I am in the process of refinancing and the broker I am working with pulls my FICO scores from all 3 bureaus and tells me that it is the middle number that matters.I refinanced my auto loans with NFCU last month and as part of the process they sent me my credit score, which turned out to be 778. My credit score if I look on Cedit Karma is 786.My lender tells me before entering the refinance process that in order to get the best pricing I need to be above 760. I feel confident that I am well above that based on the score I got from refinancing my auto and Credit Karma.The borker proceeds and pulls my numbers and here is where they land:Equifax: 732
Experian: 736
Transunion: 748I get an explanation with each score and they all pretty much match:
08 - TOO MANY INQUIRIES LAST 12 MONTHS
05 - TOO MANY ACCOUNTS WITH BALANCES
09 - TOO MANY ACCOUNTS RECENTLY OPENEDI don't carry any balances, all my credit, except auto, student loan and mortgage is paid off monthly; I use several cards to maximize rewards.My questions are could an auto refi drop my score 30-40 points so quickly? How can anyone really know their score before paying in the refi process? The broker I am woring with told me that there are all sorts of scores and an Auto FICO score may not be the same or even close to a score used in a REFI. If this is true how can one know and manage multiple scores? Seems like a crap shoot to me; You think you know your scores, a bank even tells you your score then you need to refi and are told your scores aren't close to what you thought they were.

I've come across this product from NFCU and wanted to hear about people's experiences (if any). https://www.navyfederal.org/products-services/loans/mortgage/mor...From what I can gather, the credit requirements are high (understandably), but if you are approved, they'll do a 100% LTV mortgage with no PMI. The rates are obviously a bit higher, but deploying my down payment for other purposes might be worth it in the short run and I could always refi down the road. To compare rates: 3.175% for a 30-year conforming, 4.000% for 100% LTV. What are typical PMI rates such that paying the higher rate makes sense from a cash-flow as well as a total cost perspective? Any other 100% LTV loans out there that are worth considering?

I'm planning on moving cross country (California to Georgia). I'm shipping my stuff in PODS, and will drive myself and family on a roadtrip, and am willing to make a (long) detour to Montana, where there is no Sales Tax. On the day I'm in Montana, if I purchase a car, I would be literally between homes, not the resident of either state (California or Georgia). When I buy the car, I don't think there is a state for me to have to pay the sales tax to. Could that work? On a $30,000 car (assuming I'd buy that car anyway) I'd save almost $3,000 for buying the car on the trip, that would pay for the whole trip.Just not sure if I could get a car loan without a perminent residence, though I could get a PO box for $40 in MT, and forward the mail when I get a place on the East Coast.

Hello Seniors,I have a Sears card which is not my primary card and its really old. I forgot to updated my EZPass which had this card for auto billing. Now I missed 2 small payments of 50 dollars and without even giving a courtesy call (not sure if they would want to) that my account is past due they reported this matter to all three agencies. This all came out when I applied for pre-approval for a loan. As suggested by the mortgage agent, I called Sears and requested them to clear it off from my history, the supervisor said they will credit the late payment fee and they will try to get it removed. After 7 days I got a letter today that they could not remove it from the record as the information passed was correct. At this point I am very upset and not sure what to do. Any advise will be helpful.Regards,

I know there are online amortization schedules but Im looking for a calculator where I enter the loan amount and the dates the payments were made and it tells me the loan balance due. I want to take into account that some payments were late so I would be entitled to more interest.

So I've owned a home for about 3 years now.. Been married for just over a year to a woman I've been living with for 6 years and we're on the way to having a child. Walking around with a 2X annual pay life insurance policy given to me by my employer does not seem sufficient anymore.My gross income is around 65K. The owed value on the house is 185K. We owe about 35K in student loans (hers). No CC debt, no car payments, nothing other than what is mentioned. She makes about 30K a year, but she will be quitting to be a stay at home mother. We have never been in any deep financial trouble at all. We have roughly a floating value of 10-15K in our emergency fund at all times. I also collect about $8K/year for a VA disability.Any advice on what companies give good deals on term life -- What kind of term should I be looking at? Value of policy? Anticipated premium? Unfortunately, I do currently smoke.. I had quit for several years. How much will that add to the premium? Can it be adjusted later when I quit again?Or should I take a different angle for life insurance altogether?Thanks in advance.

This is my first post here, I hope I don't get red for this.
I have couple of student loans with Citibank which were recently sold to discover. I found out that on the promisory note there is a section which states that Citibank can sell student loan without any consent from the borrower.
Due to this change in the name of the bank, there was change of negative 6 points on my credit score. When I asked this to discover, they asked me to contact the credit beaurau. I have contacted the beaurau and I got no clear answer to it.Is there anything else I can do to change this?

I realize asking random strangers for finanical advise isn't always the best strategy but I have watched these forums for years and there are many people who give sound advise. I feel it is always best to get multiple perspectives. We are going to work with a financial planner (actually a sibling of one of my brother's best friends) as well but I'd like to be up to speed about available options.Situation - My 34 year old brother was killed last month when the motorcycle he was riding was t-boned by an unisured driver who blew through a stop sign. He was never married and had no children. He died intestate so we are working with an estate attorney to settle all his accounts. State law awards all remaining assets to parents (in this case our mother as our dad is deceased). Debts:
- Motorcycle Loan which has been paid in full from his vehicle accident claim
- Vehicle Loan. Approx. $18K loan with vehicle valued at $26K
- Mortgage for single family home (his personal residence). Roughly $106K on assesed value $145K
- Mortgage for duplex he rents (both units currently occupied). Roughly $159K on assesed value $200K.
- Credit card debt (approx. $2K)Assets:
- Approx. $6K from motorcycle insurance claim (after bike loan was paid)
- 2nd motorcycle (paid) worth $6K
- Pension fund $15K (mother is benificiary)
- Money market fund $5K
- IRA $26K (not sure if Roth or standard)
- 401K $121K (mother is benificiary)
- Life insurance $39K (mother is benificiary)
- Single family home (approx. equity) $39K
- Duplex (approx. equity) $41K
- Misc. cash $5K
- Pending accidental death policy (mother is benificiary) $39K
- Pending uninsured motorist claim (expect full policy payment) $150KI am in the process of getting the single family home ready to rent. I expect cash flow to be about $200/ month. The duplex has cash flow of roughly $350/ month. Both properties have no pending major issues (roofs, sidewalks, mechanicals, etc. all replaced within last 3 years) and the foundations are good. There shouldn't be a need for major repair in the near future. I will be buying the vehicle from the estate/ my mother as it is something of my brother's that I need/ want to keep to remember him by. I expect the estate attorney process will consume 2%-3% of all assets that my mother was not named the benificiary. I will serve as my brother's estate representative and will waive all payments due for performing this function (usually 2%) so that all remaining money will go to my mother.What is an advisable course of action? My mother is 64 1/2 years old and had already planned on retiring next year. I want to make sure income is stable, maximized and will last her throughout her senior years. Her exisiting assets were modest but her home is paid for. Any input is appreciated. Thanks.

I'll probably get red for this but I'm in the process of going back to school (and working full-time). I'm wondering if there's any advantage to maxing out the student loans while doing this. I don't qualify for any great financial aid packages so they would be borrowed at 6.8%. Would taking out the max and investing in some sort of fund with a solid dividend be a good idea? I'll be in school for 3-4 years at least part time so won't need to pay back till then. My thought is floating the cash to have in case a great investment opportunity came up, if not take the money and use it to pay back the loan when I'm done with school. Any thoughts? Flame away!

Texas State Railroad is offering Buy one get one on all Coach-class seats through November 15th.. Excludes Polar Express & Loan Star Class.. You must order by phone @ 1-877-726-7245
When you get the automated menu, press 1 for reservations, then 4 for travel with pullman (Texas State Railroad just changed owners, and the reservations system has not been updated w/ voice prompts yet).They have quite a few options for families.. We just made the 2 hr drive from Dallas, TX to Palestine and did the Pineywoods steam excursion. Was a 1.5hr trip to rusk with 1hr provided box lunch and 1.5hr return trip..They also have some less expensive (and shorter) trips for families with little kids.
Peanuts the great pumpkin patch express - Looks like you can use BOGO for this and pay $20 for two children, and $40 for two adults.
See more here:
Texas State Railroad

A friend of a friend owes my friend a couple thousand dollars. At the moment, he honestly wants to pay the money back, but can only afford monthly payments of a couple hundred a month. I'm being asked for advice on how to make a legally enforceable loan. I call him a "dude" because he will probably stop paying after a few or several months. At the moment he honestly wants to pay the money back, so how to create a legally binding loan that we can take him to court and get a settlement to garnish his wages when (not if) he stops paying?I googled the following, is this a good guideline?PromissoryNote
Make a Secured Note. All States. Legally Binding. Promissory Note
PromissoryNote.RocketLawyer.com
Step 1Write the date of the writing of the promissory note at the top of the page.
Step 2Write the amount of the note. Add the amount of the loan, written in numeric value and long form (written out in words), similar to how you would write a check.
Step 3Describe the note terms. Write out a description saying how the borrower is to repay the loan, such as with weekly, monthly or quarterly payments. Give the date the first payment is due by writing out the month, day and year. State the day and the months that subsequent loan payments are due as well. Finally, indicate the last day and month of the final payment on the note.
Step 4Write the interest rate. Describe the interest rate of the loan in a numeric value with a percent sign and in long form. State if the interest rate is a fixed or variable rate.
Step 5State if the note is secured or unsecured. If the borrower is using collateral to secure the loan, describe this on the promissory note. For example, if the loan is secured by a home or commercial property, state this in the note by including the property address and a description of the type of building it is (residential home, warehouse).
Step 6Include the names of both the lender and the borrower on the note, indicating which person is which.
Step 7Write the complete mailing address where each payment is to be mailed.
Step 8Each borrower should print and sign his name, as well as date the promissory note, to acknowledge the obligation to repay the loan.

I just wanted to follow-up to an old thread and share my own little personal victory. In the past couple years, my wife and I have paid down ~$50k in debt (sadly, almost 75% of this was CC debt from buying *crap* with the remainder of the balance being student loans and paying ourselves back for some money we took from our savings to help pay for our wedding), worked to get our FICOs in the high 700's-low 800's and saved almost $75,000 for a down-payment on a house. It has been a very tough road of sticking to an extremely tight budget and savings plan, which included sacrificing most entertainment/luxuries, cutting out most restaurant visits unless it involved a half-price certificate or coupon, taking leftovers for lunch at work and religiously using coupons at the grocery and maintaining a small garden to get our monthly food budget to about $75 for the both of us. I'll be the first to admit that my wife is the more frugal, "stick to a budget" person in the family and it was mostly my spending habits that needed to be changed and controlled. FWIW, HHI is just shy of $140k (split basically equal among my wife and I, but hers will likely increase dramatically within the next year or two) and our only other current debts are around $25k on a vehicle loan @ 1.49%. I had originally replied with this update in a thread about saving for a house and several people thought I should re-post this, since it is also a follow up to a post I made last year about whether or not it is worth paying a 13% premium to be in a good school district. Yes, there are cheaper houses in the district, but we ultimately decided a year or so ago to build new construction. If we are going to spend this much on a house, we want to be 100% happy with it and tweak it to our needs and wants. The 13% last year is now 17% and was averaged when comparing floor plans from 4-5 local builders who build in the good school district vs. several miles down the road outside of the good school district. Not scientific, but it does show that you may pay more to build the same house in neighborhoods that may only be a few miles apart if one is zoned for excellent schools. While we are building with the intention of being here for 10+ years, we also had to consider potential re-sale and assumed that these schools will maintain their high standing in the future. This city's schools have been desirable since their inception almost 20 years ago. Another item that weighed heavily with us in regards to eventual re-sale is that several people,as well as our buyer's agent, mentioned that a lot of potential buyers will immediately rule out a home if it is not zoned for a specific school district. Not to mention, one of the biggest items you can't change with your home is the location. I am happy to say that we have finally saved up enough where we feel that we can comfortably afford to build a house in the most highly sought after school district in the area. It is somewhat comforting to know that we are going to be able to lay down our roots in a place that should be the best location for our family in the future and it is in the area where we have always wanted to live. Not to mention, after looking at historical data for the area, re-sales in the city where we are building spend less time on the market and generally maintain value or build equity quicker than those in surrounding areas. After much debate and house-hunting, we decided that building a new construction home was right for us and should break ground next month. We also decided to build a slightly smaller house than we originally wanted and it will be one of the lowest-priced homes in the neighborhood, but that doesn't bother me one bit! Prices in the neighborhood range from the $300s to over $1 million and we will be in the $300s, but we still get access to the great schools and all the amenities that the neighborhood has to offer...walking paths, 2 pools, gym, stocked fishing ponds and tennis courts. We were also lucky enough to hit the timing just right and have first choice of lots in the final phase of this established development, which just opened up. We are thrilled right now and can't wait to get the process started.Hopefully this post may help someone and I'm sure others will find faults with what we have done and our plans for the future. I am fine with that and am comfortable with where we are at in our lives right now. If anything, this thread will revive the discussion of paying to be in the good school district for others who may be in a similar situation.

Hi everyone! I love this website so far, I've been checking it every day for the last month or two now (and managed to get a $200 bonus for opening a checking account because of these forums )Anyway, I have about 40k in student loans +4k CC, and most of it is currently under 7% APR. However I have one through Sallie Mae for 4k, with an APR of 12.125% My goal is to pay all of them off as quickly as possible, so I will be attacking the Sallie Mae loan after I finish off paying my CC down (18.49% APR ugh). I was wondering if anyone had any advice for possibly consolidating the private loans for an overall lower APR or some kind of bonus? I don't want to extend the payments, I want to pay everything off as quickly as possible. Thank you everyone for all of the wonderful advice I've read so far!

I don't have much expensesEstimated monthly costs:
Car - 400
Car Insurance - 80
Gas - 100
Food - 300
Student loans - 120So basically, I think I can keep my total monthly expense right around or under 1K with some effort and cutting out unnecessary spending. I also have 40K in my retirement funds that I can tap into.

So I received a ResCap (GMAC parent company) Proof of Claim notice in the mail today notifying me that I "may be potential creditor who is owed a payment for obligations that arose prior to May 14th, 2012."I believe that I may fall into that category but I am not sure, as the document is laden with typical legal jargon. The reason I feel I may fall into this category is because in Oct 2010 I was enrolled in GMAC's "RH Rewards" program which gives you a monthly rebate that accumulates over 5 years (provided you don't miss a payment.) After the 5 years, the total amount is paid out.As of today (2 years into the program), I have a "RH Rewards" balance of close to $2000. Per the Terms and Conditions, "GMAC Mortgage, LLC is solely responsible for the payment of my RH Reward in accordance with these Terms and Conditions."Any suggestions on whether or not I need to submit a "Proof of Claim" form? According to the RH Rewards customer service center, the ResCap bankruptcy does not affect the program (but of course they couldnt tell me how/why it wouldn't be affected.) Am I not actually "owed" a debt until completion of the program? (5 years or I payoff the loan, whichever occurs first.) This is the only reason I could think of in which I wouldnt need to submit a claim.Any comments are appreciated. Thanks.

Hey Guys...I know many of you are business savvy. I'm looking to see what is the best route in investing into a franchise business.
OBVIOUS capital is the name of the game....Does it seem feasible to invest 70% from an SBA Loan and 30% from an Venture Capitalist?If this makes sense, who should I go with for a VC??? I was also contemplating on a carrying seller financing as well..Thoughts, ideas??Jeremy

The Cleveland Cavaliers are offering their fans up to 6 FREE Tickets to their Preseason Game vs. Montepaschi Siena on Monday 10/8. Game time is at 7pm at Quicken Loans Arena.
Link here.....http://www.nba.com/cavaliers/releases/free-preseason-cavs-siena-...
Toss this monkey some bananas (green) if you like this deal.

Hello everyone. As the title states, I am 23 and have roughly 5k I would like to invest. I wanted to ask where should I be looking to park my money. Roth IRA? Mutual Funds? Keep in mind I have student loans that I will look to take care of after getting out of school and might need access to these funds. Any thoughts/opinions/reading materials would be greatly appreciated. Thanks.

It's not uncommon for people to study 3-6 months for the MCAT meanwhile you have to pay the bills. Thanks.

Hi guys,You've been helpful in the past but I am not that good with student loans. My new GF just found out that Citi charged off her $7k student loan in August 2012. The reason for the charge off is Citi policy. Her father was the cosigner on the loan and filed for bankruptcy due to a few reasons (he is the sole breadwinner in their household). She will be going on a 1yr to 18month payment plan with the collection agency but they are not promising to take it off the credit report nor is Citi..both are saying to pay it off and we'll see.What are her options or advise you can give her/me? She just graduated in May and this was not not even in repayment yet.

Bought a house in 2008. Mortgage included escrow. I claimed Homestead
.2009 moved out of state and bought a second house. Also claimed Homestead
. Rented out house number 1 and paid mortgage.Now I'm looking at refinancing house number 1. Looking through the mortgage documents, I notice a substantial jump in the escrow payment. New loan is considered an investment property, so the property taxes they're charging doesn't include the Homestead
exemption. Homestead
exemption is worth approximately $2000 a year.What do I do now? Cancel the refinance and go about business as usual? Will the county even eventually find out about the incorrect Homestead
? If they find out, will they simply fix it going forward or will they find after me for taxes going back to 2009? Should I talk to a real estate lawyer?

As everyone knows, 0% APR, zero-fee balance transfer offers have essentially disappeared these days, making it basically impossible to make money by stoozing.However, while logged on to my Capital One credit card account a couple of days ago, I found this nice surprise. Capital One has long offered me the zero-fee BT with purchase interest rate (option 3 on the list), effectively a free loan for one billing cycle, and the 2% fee BT with 0% APR for 12 months (option 2 on the list), but now they are also offering me a zero fee BT with 0% APR for 12 months. I wonder if this offer is made in error; why would anyone take the version with 2% fee when they're offering the exact same thing with zero fee?I immediately maxed out my full $5,000 credit limit with this new offer. As those of you with C1 accounts know, you can either do a direct BT or have them mail you a check. I took the check (typically arrives in a week) and will put it into a municipal bond mutual fund currently earning ~3% tax-free.Has anyone else seen this offer recently? C1 continually sends me purchase check which I can use under the terms of the other two BT offers, but I've never received a check for 0% APR/zero fee/12 months.

Due to the National Mortgage Settlement, GMAC informed me that I am eligible for an interest rate decrease from 6.375% to 3.9%.In the letter they mention:We are required to report accurate information to credit reporting agencies. Upon completion of the modification, when we next report your loan to the credit agencies, we will report your loan as modified.Does anyone have any experience with how that can affect a credit score? I have been up to date on all mortgage payments so far.Their offer doesn't seem all that great. I am currently on an ARM which will be coming off of a fixed rate portion in a couple months. The variable rate will be LIBOR + 2.25%. Obviously there is a lot of future risk staying on the ARM, but I don't want to mess up my credit score either.Thanks for any insight.

I am currently working through paying off over $100k of credit card debt which was used to remodel our home. (This is a long story and I realize this was not the best move to make.)After 2 years, I have the credit card debt down to $30k, all at 0% for the next 12-18 months. The plan is to make the required payments to eliminate the debt in time.Now that I have enough cash flow to feel comfortable on a monthly basis, I would like to begin exploring my "next move" financially. Here are my thoughts in no particular order:1. Establish an emergency fund / Roth IRA
2. Refinance home. Currently owe $250k at 5.875% 30 year fixed. 4 years into this mortgage.
3. Payoff HELOC. Currently owe $27k at around 3.50%.
4. Tackle student loan debt. Owe $130k. Most is fixed at 2.75% or 3.00%
5. Continue to pay down CC debt.My concern is that my income combined with my wife's may push us over the Roth limits this year. Should I wait until late December to decide?My credit is right around 700, seems a little too low to qualify for any good refinance deals.I think I should leave student loan debt for last, even though I no longer qualify for the tax deduction.What would you do? Any help is appreciated.

Current loan: It's an FHA loan with PMIOriginal loan amount=$336K (39 yr fixed)
Amount left on loan=$318K
PMI amount=$144 per month
Interest rate=5.25%
Current payment is $2415 (this includes principle, interest, PMI, high taxes, and home owner's insurance)
We've been in the house since March 2010 (so about 2.5 years)New Loan would be an FHA streamline loan. Guy I talked to on the phone today from Wells Fargo said that PMI rates have gone up, and instead of the $144 a month, I would be paying $332, but the decrease in interest rate would still make our overall payment lower. New Loan:
Loan amount=$318K (30 year fixed)
Interest Rate=3.375%
PMI=$332/month
Estimated payment=$2191 per month. Since FHA loans require you to pay PMI for at least 60 payments (5 years) AND have 22% equity to cancel I know there's more I need to be looking at than just the benefit of a lower monthly mortgage payment with the refinance. Can anyone tell me what needs to happen here for this to be worth it? Is there a certain amount of time we need to be staying in the house? Please assume I will only be paying the min mortgage payment and making no extra or additional payments at any time.

I've noticed that several people have been asking about Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), etc. options for loan consolidation. Figured I'd put up all the info I have on that, plus Public Service Loan Forgiveness (PSLF), including all relevant links and a step by step guide. Hope it helps! PLEASE, LEAVE POLITICAL COMMENTARY ABOUT THE SIZE OF GOV'T, BAILOUTS, ETC. TO OTHER THREADS -- THIS IS MEANT TO BE STRICTLY INFORMATIONAL ABOUT AN EXISTING GOV'T PROGRAM.First, these consolidations are only for public/gov't/federal loans. If you have private loans, you need to work with your lenders to see if you can consolidate them together. This is actually more common now than 10 years ago b/c they do want to help ppl actually pay them rather than default. The baseline criteria for IBR (the better one, IMHO) is that your total loan amt must be higher than your annual income. As a result, it's good to sign up for this as soon as you get your first job post-graduation. Even in the future, if your income exceeds your loan amt remaining, you'll still be "in" the program (i.e., you can't get kicked out of it or anything). Using IBR, your loans are forgiven after 25 years (300 monthly payments), even if you have some amt remaining. This is good b/c your payments will likely be so low that you'll never actually pay it back. If your current income is 0, then your "payments" will be $0 and those actually "count" toward your 300 total. Kinda interesting. If you work in public service (see criteria via links below), then your loans are forgiven after 10 years of payment (120 monthly payments). This is only if you do IBR, which is why I think it's the "better" program. The same income details apply. To get on IBR/ICR, a step-by-step process:First you go to this website: http://www.nslds.ed.gov/nslds_SA/
From there, you log in (you have to have a Dept of Ed PIN# -- if you don't have one, sign up for it and it will be your 4-digit code for life). it will provide you with a Financial Aid Review, which lists all your gov't loans (principal & interest separately), even those owned by other companies (for example, some of mine were thru Great Lakes, Sallie Mae, etc).
While you have that Review page open, you go to this website: http://loanconsolidation.ed.gov/
This is where you register for consolidation & input all your loans one by one and select a repayment plan. You'll want Income-Based Repayment (IBR), which limits the payment amt each month to 15% of your discretionary income. They'll have you sign a Release of Information of some kind to allow the IRS to tell the Dept of Ed (& Direct Loans) what your income is, so every year the amt will get adjusted depending on how much you make.After entering the loans and filling out all the info (using the info from the first website -- loan amts, interest rates, type of loan, company it's with, etc), you will submit your application online. After about a month, you should get a Summary Statement that includes all your loans and expected monthly payment. Be sure to review that it matches up with the first website i gave you -- they made a couple errors on mine that i needed corrected. If it's all good, you do nothing -- 15 days later, your loans are consolidated. The whole process on the computer with regard to "paperwork" probably takes about an hour (once you have your PIN# from the first part -- if you don't have that, you might have to wait a week to do it all while they get you a PIN).You're not committed to the consolidation until they send you a summary paper -- which took me from September/2011 until end of January/2012 -- and then it's 3 more weeks after that to actually process the consolidation. my loans were in Grace from Sept thru February (finished my doctorate in August/2011), but I barely got my loans process/consolidated before they were coming due b/c the process takes so long.To get on PSLF - a step-by-step guide:The most important thing is to be sure your employment actually qualifies as "public service" and that your employer qualifies for this program. It is ascertained by the Federal Employer ID Number.
First, read this: http://studentaid.ed.gov/sites/default/files/public-service-loan...And this: http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/ch...
Basically, the steps are:
1. Get on IBR.
2. Call up Direct Loans (the ppl who your now-consolidated loans will be through) and ask for the PSLF paperwork.
3. Complete your part of the PSLF paperwork and submit.
4. Have your employer (or HR Dept) complete the employer's part of the PSLF paperwork and submit.
5. Wait to hear back confirmation.
6. Make your 120 payments.
7. Jump for joy b/c the burden is finally off your back! Again, I hope this guide has helped at least one person. I would have really appreciated if someone had put all this together for me. Just pay it forward if you find this info helpful. Good luck to you!!

Did anyone else have one of these? I wasn't using it but an unsecured line of credit was always nice.ING Direct said: We recently sent you an email telling you that your Orange Loan Account has been closed due to inactivity. We have made a business decision to stop offering the Orange Loan Account and have closed your account and others like yours due to our business decision, not, as we previously communicated, due to inactivity on your account.

As a part of a select group invited to open the Orange Loan Account, we hope you were able to use the product while you had it for all your needs.

Remember, this doesn't affect any of your other ING DIRECT accounts.

Questions? Call us at 1-866-509-3906 and an Associate will be happy to help you. Thanks.

Please refer to my archived thread here - http://www.fullofdeals.com/forums/finance/1184492/I just wanted to say thank you for all the advice given in that previous thread. I used the resources linked to create a promissory note. I did quite a bit of research on the lending platforms and selected Zimple MoneyAgain there are some fees, and for smaller loans it may not make sense. If you have a lot of loans, or want automatic accounting, end user fee charging, and ACH push/pull, this site does it well. Modifying loans isn't possible via the online interface, but the support is responsive for modifying and any other questions/concerns you have.Just wanted to share a good experience in case anyone is looking at some way to manage personal loans.

I have about 50k in loans with "Direct Loans" and another 10k with Sallie Mae. Am I able to consolidate all of these loans into a single loan? I called Sallie Mae and they couldn't answer my question. Thanks!

Hi all,I have searched the forums, and not found a case like mine, so I'm hoping you all can help. Basically, I went to school in Columbia University for my Masters. In my field, I should make ~100k a year after another year or so, and closer to 200k after 5 years of experience and passing my board exams. At the moment, however, I make ~45k and have ~100k in student loans. I have a phenomenal credit score, and always pay my bills on time, but my student loans take in more than 50% of my paycheck per month. Between that and rent, I barely, barely make it by the skin of my teeth.The problem lies in that my student loans are spread through multiple providers, some private (unfortunately), and some government. I owe 4 different companies, and I spend almost 1200 a month in the student loans alone. I've tried lowering them, but lowering one individual one still doesn't help the situation very much (alleviates maybe 100 a month). Now, should I consolidate my loans?? I imagine I'd be loosing out a lot on the few of them that have good interest rates (6.25%, mostly), but if I could consolidate them into ONE then say 'Hey, do that thing where you take 20% of my paycheck' then I can stop struggling for the few years while I'm gaining my experience. Thoughts? Ideas?

I am currently looking to purchase a 2 family home in Brooklyn, NY as a primary residence for my fiance and I and also rent out the 2nd apartment to offset some of mortgage payments. I would like to finance 100% of the loan and VA funding fees. I currently own a 3 family home in Brooklyn and my fiance and I own a Coop in Manhattan. Based on a rough calculation of my income and expenses my budget is between 600k - 650k and that will put me at 40% to 45% debt to income ratio. My credit score is in the mid 700s. I have been trying to find a lender who is willing to finance a multi-family house using a VA loan and have come across some issues.Penfed - Will not finance a multi-family using the VA Loan routeUSAA - They seem to do it, but also read a lot of horror stories pertaining to their mortgage department. They also asked a lot of questions regarding the other residences that I own.I was wondering if anyone has any insights to the whole VA loan process, specifically for my situation. Are there any other lenders that are VA loan friendly in NY?

I'm considering buying a house next summer and am trying to get a sense of how much money I need to have on hand to do so.Income: $185K, but only will have been at that job/salary for ~10 months by next June. Student Loans: $200K; but payment shows at $0 due to IBR and won't be recalculated until next June. No other debt. But also, no other assets to speak of. I finished grad school two years ago, but did the equivalent of a fellowship for the last two years and am just now beginning to make "real" money. I'm looking at houses in the $350-375K range, but let's say $400K just to be safe. I assume I want at least 5% ($20K down) to get "prime" terms (even though I'll have to pay PMI, right? What about cash reserves on top of a down payment?

We made an offer for a short sale property couple months ago. Finally it made some progress and our agent got back saying that the bank has countered for 10k over what we offered for. We agreed (because it was still a good price) and were excited. We were told by the agents that we need to close withing 30 days and will be getting a formal approval any time which we never did. We even started working on our loan.After few days of waiting and repeatedly requesting for updates, one day our buyer agent sent out an email that the seller has backed out and that there is nothing we can do about it. After a few days, the home was sold to someone else - the listing agent's wife represented that new buyer. The home was then put back on market right away for much higher price and listed by the wife of the agent who listed it earlier (all working for the same company). The short sale agreement does say that the seller can back out after 45 days, so we were told that there is nothing we can do about it.Exact same thing happened to another property...we were told that seller backed out and then the property gets sold and re-listed for a higher price. This was all the same agents again.There is definitely something unethical/illegal here. We waited for a very long time for these properties, and the market did go up during this time, but after these were approved by the bank, our contract was cancelled and it was sold to someone else (listed agent found some investor buyer who bought and listed it back with the same agent). We are really frustrated and disappointed. Is there anything we can do about this. Any organizations that we can complain against.

Hadn't hoped to ever have to ask these questions...Our 34 year old son and his fiance moved to Utah several years ago and against our advice the purchased a house together. We were shocked anyone would give them a loan..They always had problems paying their bills and then several months ago she walked out (with that months mortgage payment). Our son went through the process of getting the mortgage modified, but the payments were still obviously more than he could handle.Now he has lost his job. The house is upside down because of the market, and when we visited this fall we saw the house would need substantial work (new carpets, baseboards etc etc) to even think about selling - money he doesn't have - and it's extremely unlikely he could break even.He didn't want to walk away from the house before, now I fear he has no choice.I want to give the best advice I can, but no nothing about the process. Does he have to formally notify someone? If he just moves out and leaves it - what do they do about the ongoing property taxes etc.Has someone gone through this and can steer me to a resource or guide I can read? Basic Googling didn't get me very far.Thanks for your wisdom (other than not answer the phone any more...).

In May I bought a house for my spouse from a friend. The house is located in South Florida, worth over $100k. The buyer offered to sell it to me for $20k as long as he could report the sale as $5k. So, he just pocketed the $15k difference. I went for it, but I need advice on how to deal with the IRS?I scraped $7k, and borrowed $13k from my 403b (like a 401k). I'm making payments on the 403b loan, $250 per month for 2 years.
Our current home is in foreclosure and we are moving to the new home very soon. There is a $25k Homestead
exemption on each house. The foreclosure house is in my name, and the new house is in my spouse's name.Should I anticipate problems with the IRS or anyone else? I am not financially minded, and would appreciate advice. Thanks much.

http://www.chicagotribune.com/classified/realestate/foreclosure/...I can't for the life of me believe they will do this all across the country. Doesn't each state have different laws on what you owe after a foreclosure/Shortsale? Some you owe money and some don't due to recourse or non recourse? Didn't some banks write off the loss. The only thing I see people have to worry about if IF THEY LIED ON THEIR NEXT MORTGAGE application. But didn't half the loans during the prior boom have liar loans and how many of them were prosecuted?

Hello All, I'm seeking some FWF advice on behalf of my girlfriend here (pics negotiable). She is a lawyer who ran up $180k in student debt between undergrad and law school, but now works for the government, is on IBR and on track to have every penny forgiven in 10 years (probably the best thing that could have happened to her).Anyway, beyond that, she needs to get a new car, but it appears that the large amount of debt (the student loans plus another $5k on a 0% BT I got her on so she could stop paying interest there) is getting her declined from several auto loans. Are there any lenders who ignore student debt or have easy access to loan officers so a human being can see she's actually a good financial risk?Stats:
45k/year income (works for the state)
$180k Student Debt
5k CC Debt @ 0%
740 FICOThoughts?

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A friend of mine was about to get a loan modification, but after a successful trial period, in the end, the loan mod was denied/ failed. I don't know the exact details, I suspect my friend failed to return all required documents signed in a timely manner. This person is a bit of a flake.The property in question is in California, has a 1st and 2nd deed of trust (520k, 150k), property is worth a little less (440k) than the 1st TD. [So, lien stripping could be an option!]The lender scheduled a trustee's sale. The flake that my friend is, no action was taken until the day before the auction. I had reminded flake to start working on this at least 4 weeks prior to the trustee sale. The plan is now to file a BK in the last minute to force the lender to post-pone the trustee sale.Well, the flake went to a BK attorney the day before, around 4pm, and the attorney states he cannot file a BK within a few hours. In CA, a 2-week counseling is needed. So, the flake goes on the day of the auction to the court and files it personally. Literally minutes before the sale (9am).
So far successfully, as the sale has been postponed a few times.
Now, we have an argument.My friend actually continues to pay all credit cards and also all other mortgages.
My understanding is, that while people are "in BK", they typically don't pay anything any more. AM I WRONG?My friend wants to use the time now to get the loan modification approved.
Afterwards, the BK will be thrown out of court, due to lack of hardship. (Flake has cash available to pay the 2 loans off, multiple times.)
This is the reason why this person continues to pay all other obligations.My friend believes that an unsuccessful bankruptcy will not stay on the credit reports. I disagree.Who is right?
p.s.: I think it's 'Chapter 13'.

First: I understand that "cosigning a loan is bad" because the cosigner inevitably ends up paying for it. In this case, I am planning on paying for the car anyway.My intent is to GIVE a car as a gift to my parents. I am trying to figure out the best way to do this to minimize my potential liability, and also minimize the amount of cash I have to put out and taking advantage of low interest rates. *I* would make every payment on the car.I have been researching for about a month, and I keep waffling on how to do this (which is fine as 2013s are popping up) - right now I am looking at cosigning a loan instead of buying/leasing a car outright for them. I think there are benefits to both of us in this situation but I may be overlooking something.My questions about cosigning:- What sort of loan rate could I expect when I have excellent credit but my parents have bad credit?
- I do NOT want to be on the title. It is their car and they will maintain insurance, registration, etc. Can I pull that off while still cosigning on the loan?I am sure people on FW have been through this with their kids before, for all the same reasons - ideas for me?

I've got a decision to make here and need some help doing itI work for a small company; just two guys and me with a couple new hires. Theyve taken on business at a place a little bit away. I'm going to be the one managing most things there and in lieu of any sort of pay raise bossman suggests a company car as a reward of sorts. Turns out he wants me to finance it. If I take a loan out to purchase car, they will make payments on the loan.
$400 monthly to pay for car loan and insurance is what he said they'd cover.
If I leave before the loan is paid off (which is likely about two years from now) he said they will buy the car / loan from me.
I am inclined to think this a good thing since I can sell my current car (an '03) and get a decent bit of cash from that.The trouble is my credit is not so great. Student loans, maxed out cards, minimum payments. My worry is that any loan I take out would hurt my credit score more than it is. Might appear overextended? Plus I think the state taxes I'd have to pay will be higher too.Looking for some insight; if this thing that's being framed as good might actually not be.

I found a great property that I now live in last year and was pre-approved with Box at their lowest rate.Then, somewhat at the last minute, Box decided they would not do the loan under any circumstances because my neighbor's garage encroaches onto my property by an average of one foot.I ended up going with a local broker but it cost me an extra 0.25 on the mortgage. That is around $900 extra a year in interest payments. Now I want to refi and the difference in rates is even more dramatic, 3/8 of a point. Does anyone have any suggestions on someone with similar rates in California to Box but would not be so skittish about this issue? If anything, this is my neighbor's problem, not mine, since if I didn't like him I could force him to pay rent or rebuild the garage, though I of course don't want to do this.Box was nice enough not to charge me for the appraisal, but I am concerned about going through the whole underwriting process and getting rejected again. It is all very strange since I would guess this is a common situation, certainly everyone who has lived in my house in the past has probably gotten a mortgage.The other solution is to adjust the lot lines via a sale or just a land swap, but the paperwork seems very extensive to do this, and of course changing property lines on a house with a mortgage on it could be an issue.
This is a standard 350K 80% LTV 770 Fico loan. Also as long as I am complaining about Box, they made me pay $25 to get a CPA to certify my business actually exists. The fact that it had years of corporate income tax forms, a tax ID, an articles of incorporation, issued me w-2's each year, and has a website and listed commerical phone number was not enough.

I currently have a conventional mortgage with BoA at 6.25%. I have tried refinancing under the AG program but they keep brushing me off. They say they have a list and are going down it and they will eventually get to me. About two months ago I tried refinancing with Quicken Loans but since mine is a conventional that is underwater, they couldn't do it. Does anyone know who can refi my loan? I've seen things about HARP 3.0, but not sure if that ever passed. Any information would be appreciated.

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Wow, when I found this site I realized all the crazy schemes I dreamed up have been hashed over, collaborated on, and mastered by you guys. This is amazing. I am hoping if I tell you my situation you can tell me where to start:I have $25,000 in the bank (will be $30,000 in December)Most of it is student loan money, but it's currently borrowed at zero interest and the Army is paying off $20,000 of my student loans over the next 6 years. I have $22,000 in credit card debt but purposefully keep the cash in the bank so I have it on hand for emergencies.I don't work, my family pays my rent and a lot of my bills, and I get about $1000 a month in Obama money and other school/military grants. I'm a senior in college.I have great credit, and roughly 1/3 of my debt is on a business credit card from a dissolved corporation and because of such it does not show up on my credit report (i.e. the banks think I only have 14k in credit card debt and don't count my student loans since they're deferred).I have gotten my feet wet bullying banks by exploiting the account opening bonuses and closing the accounts after.I also pay a lot of my families bills on my credit cards and pocket the cash to take advantage of reward points.Based on the amount of cash I have (and my desire to only invest it in places with zero risk) what are some ways I can use it to make money? Should I do the App-O-Rama thing?Also, I have about $2000 in the stock market if you guys have any good stock tips.

This is a new offer I heard on the radio:https://mortgage.citimortgage.com/cmi/12/conforming/CitiPortal/C...Ends 11/30/2012.Basically, if you obtain a new Citibank purchase loan and you sign-up for autopay via your Citi checking account, you get one month of mortgage payment (P & I) free/refunded.This offer appears to mimic Chase's 1% CashBack offer although this offer is better than 8 years of Chase's offer (unless your P & I is over $2500 per month). Since many folks refi before 8 years of a loan, this could be a way to make some money if you get the purchase loan from Citi and then refi to any other bank (assuming you have equity to refi).You can put this on top of the best Citi loan offer you get. It may stack with the 50 basis negative points (up to $15000) given for closing costs for purchase loans as well by Citi (because those are usually already priced into the product type matrix and are not an add-on bonus). I am not saying Citi is competitive for purchase loans, but in any specific situation, this offer may be attractive.It does not appear to be valid from brokers nor for any refinances. If Citi still does wholesale/broker purchase loans, it might work from brokers as long as it is immediately sold to Citi and your very first payment comes from your Citi checking auto-pay. Actually, you would usually not know you got a broker Citi loan anyway until it is sold, so you would just try to hit this offer and see if you can get the credit/payment refund. You would not involve your broker in any way. If you do a broker loan, you may want to make sure you first payment is not due for 30+ days so that it can be sold before the first payment is due (this typically means closing at the end of the month). Some folks don't like this (because interest still accrues), but I think it is a just fine situation.Pros:
-Valid to existing and new Citi checking customers
-Any type of Citi checking account
-You do not have to keep the autopay from Citi after the 90 day verification (probably will need to do 4-5 autopayments before you can either move it to a different non-Citi bank or go back to non-autopay).
-Valid with ANY purchase loan product offered by Citi (including investment properties).
-You can do this as many times as you want.Cons:
-Reported on a 1098
-Not valid on refisRasheed

Did many searches within and without FWF. Appreciate any input you can offer:We expect to retire in 8-10 years and are looking at buying a vacation/retirement home now. Given the currently
available inventory, outlook for additional short sales, prospect of low interest rates, etc., it seems to be a
good time to investigate this seriously.Our profile:
Wife and I Ages late 50s, with two young teens
College savingsOK
Retirement savings & pensions Fine
Car loansNone
Credit cardsPaid off in full monthly
Credit scoresExcellent (780+)
Household income$110KHome Value$400K
Real estate debt$ 85K ($70K PenFed HEL @ 1.99%, 5 years left, and $15K HELOC)
Home Equity$315KWe've started checking out houses in the $130K-$200K range in our target towns (from home, a 90-minute drive or
so).For financing, we'd like to:
1) get a $100K HELOC now,
2) draw $50K on it now towards paying for the new house,
3) then, maybe soon after, refinance our current house, getting a $220K with a 30-year mortgage with cash outNumbers:House 1--
Value400,000
New HELOC100,000(balance to be $65K: $15K previous HELOC plus $50K immediate draw)
- - -
New mortgage220,000
Current HEL-70,000
Refi cash out150,000House 2--
Refi cash out150,000
From new HELOC+50,000
Price200,000 (max.)Debt--
New mortgage220,000
New HELOC+65,000 (see note under House 1)
Total285,000Monthly Payments--
New mortgage 928(30 yr fixed @ 3.00%)
From HELOC+ 1,000
Total 1,928(roughly what pay now toward HEL and HELOC combined)At our retirement(s), we would sell House 1 and move into House 2.Questions:
-How reasonable is this financing scenario? How can we improve on it?-How risky is this whole idea?-Does it make sense to put the $100K HELOC into place now so we can do the $50K draw,
or is it better to first speak with a lender about the entire plan (HELOC plus Refi)?-Regarding credit card usage, do prospective lenders care how much we charge and pay off each month, or do they
only care about card balances that are carried over month to month?-What are we missing?

I've recently come across the term mortage recasting. It's when you pay a big chunk towards your mortgage to get the payments down. I'm currently shopping for a home and I need a lender that offers this. My situation is that I currently live in a home where I have a good bit of equity. But I want to buy another home first, and then sell the current home and use the money from it to pay down the loan and recast (reamortize) it to get lower payments.So, I was just wondering if anyone has any experience with this, and if you know any reputable lenders that offer it.Thanks.

I was perusing through box home loans instant online refi quote and noticed that at a certain rate, if I got a loan for the amount of my actual mortgage, there were some small amount of fees left over after their lender credits; however if I increased the loan to $5k over the actual needed amount, those fees zeroed out (and continued to stay zeroed out as you went up from there). This didn't make sense to me as all their lending fees are fixed EXCEPT title services, which seem to scale up with each dollar on the loan. 2 questions:
1) is there some minimum amount of loan that lenders have decided are worth their time to bother with, so they give larger lender credits at that point and above?
2) Why would title fees scale? Why would title services be more expensive for a house that was $200,100 than a house that was $200,000? Yes, they went up with each dollar of loan. Wouldn't the exact same amount of labor go into each transaction? I can understand that maybe for jumbo loans there's a different equation.

I currently own a mobile home with a payoff of about $40,000 @ %10.75, 16/20 years remaining. I purchased the home for my grandmother (She didn't have any credit) who is now having to move in with my mother. I now live out of state and have no use for the home. We decided that we wanted to go ahead and try to sell it so we've been trying to transfer the loan to another party for the past two months. Have had a number of people look and apply but none have gone through (I'm assuming their credit wasn't great). So I'm contemplating the 'rent to own' option. I've looked into financing and have a quote for $42,000 @ %6.95 with a ten year term. If I cannot transfer the current loan I am going to go ahead and refinance. This would give me a monthly loan amount of ~$500. It is in a park also, so the rent there is $240 a month. So this is what I have:Loan: $500
Lot Rent: $240
Insurance/Taxes: $62Total: $802/monthMy plan is to do 'rent to own' to a tenant for a $2,500 down payment and then $800/month for a ten year term. Given the area the home is in and the size, I feel $800/month is reasonable. I also plan to make a $300/month payment to the loan in order to get it down to a 5 year term. The $2500 would be returned to the buyer at the end of the contract. If they did not finish the contract, the $2500 would be forfeited. So I would end up basically pocketing the interest savings after the house is paid off.Does this seem reasonable? Am I missing something? This is my first time selling/renting a property so I'm looking for insight into potential issues or better ideas. Should I keep constant vigilance over the property? Should I not allow things like smoking? I know the house will still be in my name but they are the ones buying it so I don't want to overstep my bounds as a seller. Terms would include the buyer being responsible for all maintenance and repairs.

History :
I purchased a NEW home (we built) that was at the very top of what I could afford in January of 2010. Because my parents and sister were moving in with me, and my sister is a quadriplegic we built the house very specifically to meet her needs and the home was not complete until July. We happily settled, and moved in. I was working 3 jobs at the time.In August we spent a considerable amount of money building in-law's quarters, and September we were re-assessed for $47,100 more than we paid for the house. This managed to win us three interim tax bills totaling about $15,000, but that is for another thread someday The following January, I lost my highest paying job. I had a lot of credit I was able to live off while positioning to make more money at my other jobs. Yes, I know in hindsight this seems crazy, but I had succeeded before and had high hopes.Now :
I managed to keep up on all bills for the next 13 months (Feb of 2012), but then had tapped out all my resources. I knew the fecal matter was about to come into contact with the air projection utility. Before that happened, the first thing I did was call BoA (the servicer of my mortgage) and ask what I could do. I learned about the mortgage modification program so I immediately applied. Since my income and expense ratios met with everything that I could find online I thought it was a sure thing. Unfortunately BoA didn't agree. They said that my financial ratios were not where they needed to be. They could offer three months of forbearance after which if anything changed I could re-apply. I asked what made my ratios not fit since they seemed to fit according to everything on the gov't website and was told they did not know and would get me an answer from underwriting. A week or so later I was told that was confidential information and they could not tell me, so I accepted the forbearance.After the three months had expired I did have a slight increase in pay, and my debt had gone down a notable amount so I re-applied. Rejected! Again, I was told again that they were not permitted to tell me what made my financial ratios not meet the qualifications. I have since re-applied two more times each time with the same result...Since the end of the forbearance, my housing payment has been overdue and I watched my Experian FICO score fall from 780 to the low 600s. Then most of my credit cards cut my limits so that I could not continue to use them (despite that they have continued to be paid on time) and in turn that made my used to available credit ratios spike and now my Experian FICO score has hit 560.Now I'm sitting in a house that is admittedly above my means. Seems like the right answer is just to sell BUT I have myself, my wife, 7 kids and parents and sister, (yeah, that's 12 of us) two having severe disabilities which makes it so we can't just live anywhere, so I need to keep THIS roof over our heads.The only other option I could think of is to refinance, but with my current debt to income and my recent credit suicide no one is willing to take the risk.The Questions :
Is it possible that BoA (or whoever holds the loan) actually does want to foreclose on me since I owe roughly 100K less than the house is "worth"?
Can BoA withhold that information from me? They feel that telling me that my ratios are insufficient fills their obligation.
Even if it means taking a huge ego hit and having to go a "deadbeat" route, is there anything that I can do to keep THIS house?
Should I finally cave in and call one of these lawyers that swear they can save your house and cut all your debts?
==EDITED TO ADD==
I figured some of the first questions would be :
What State do you live in? : PA
Is the house in just your name? : Deed is both wife and mine, mortgage is just mine
Does your wife work? : Yeah, harder than most humans alive.... you try managing a house this size. But is she paid? No... it would cost us way more to have our children taken care of than we would get from her working.
Do your parents and sister pay rent? : No, they do however pay the "housing expenses" (water, sewer, trash, electric, gas, phone, internet)
WTF you have 7 kids?! : yes... I love kids! So I hope the F in your WTF stood for Frick!

I am purchasing a home for cash. The closing date is near and I am short $3000. The reason for this is because my roommate promised to contribute $5000 and now doesn't have the money. I am worried (to say the least) because I am obligated to purchase the home and will forfeit my deposit. My previous home was foreclosed and I am unable to get any type of conventional loan. My previous good credit is also down the tube because of the foreclosure. I am at a loss as to what to do. Borrowing from family is out and I have too much pride to borrow from a friend (if they had the extra money to loan). Any suggestions?

Hello Fatwalleters,This is my first post. Please be kind.
I need advice on investment.When it comes to investing we are not very smart. We lost quite some money in the stock market during the recession. Since then we have been very sckeptical about investing money in MFs and stocks.Our savings have been lying the bank for long time now. Iam looking for guidelines/advice and how to invest this money.Currently, I am also reading books on investments including the FW recommendation- Bogleheads investing guide. But I also need your prespective on investment. How would you invest if you had 300K?Background:My husband and I are 35 years old. No kids yet. We plan to start a family soon.Our household income is $210K/year. We live a modest life and have about $300K in savings.We max out the 401K.We dont have any credit card debt. We have $125K and $14K on mortgage and vehicle loan. My husband is planning to attend the Fellowship program. Its a full time one year program and will cost us around $200K in tuition and living costs. He plans to take loans for the school.I will appreciate your suggestions. Thanks.

I'm wanting to be retired from my day job when I turn 50. Everyone thinks I'm crazy but I really don't want to work a day job any longer than I have to and I figure setting a crazy but obtainable goal will help me get there. Here's my background:32 years old
Married with 2 children (Al Bundy!)
$75k/year salary. Wife stays home but will return full-time in 3 years when youngest goes to school. Should be at least $120k/year then.
$30k in savings, $60k in 401k (we both started late in life for careers; had too much fun!)
House is worth $150-$160. Owe $115. 15 year at 2.875%, just refinanced. 1500 ft2 ranch in the burbs so you can get an idea of house values.
Only debt is a $17k car loan @ 1.99% with PenFed. 38 months left. About $470/month.
Currently putting away around $1200/month into savings after all bills are paid.

I've read time and time again how great having rentals are and seeing how low interest rates are it seems like now may be the time for me to jump in. I've been looking at local short sales and thought I'd better come here and get some input before I put any more time into this. With that, a few questions:Already having a mortgage, and just having refinanced it, is it going to be difficult to buy a second house? My credit was pulled at 798. I have enough funds to put 20% down and still maintain almost $10k in savings.Are short sales the way to go? I'm thinking of picking up a house relatively close to where I live for ease of maintenance and just general watching over of it. There happens to be a short sale for a 1200 ft2 ranch in what appears to be excellent shape listed for $110k. The auditors site appraises it at $130,000, which I believe to be pretty accurate based on recent sales around our area. What is the best way to approach a short sale? Lowball from the get-go? If I could get it for $100k I'd be ecstatic.I'm an extremely handy person, having recently installed a new roof, water heater and water softener. I also just finished our basement, doing everything, which included moving the laundry upstairs and making a laundry room, and all the electrical and framing. I have no concerns about being able to maintain the residence.What am I missing? Wait until I have more money saved up? Go for it? Put it all on black?

Someone I know is in an interesting situation. She's 65 and has zero US credit history, having lived mostly "off the grid".She wants to build some credit history so she can at least get herself a decent credit card, but she's not sure where to start. We were unable to pull any history off AnnualCreditReport.com. She opened a bank account the other day, and the banker commented that she literally wasn't seeing any history at all.So she's a blank slate. What to do next?Options I've seen mentioned:1) Secured credit cards. Presumably an option, but they all seem to have annual fees, as well as fairly ugly ancillary fees.
2) Store credit cards. They seem to be generally lenient, but I'm not sure even they'll work.
3) Store loans. Buy on credit from a store at 0% APR, pay it off quickly. Apparently this adds to credit history; who knew?Any other ideas, especially ones that won't cost anything?Thanks.

Hello everyone
Been using FW for a long time but never really signed up and asked a question before.
I need some help with resolving a situation, just some thoughts, maybe some of you had experience like this before.
In January of 2012 I purchased a house, paid cash since it was a foreclosed property. Applied for mortgage in December of 2011, at that time I was shopping for a house so was pre qualified, but since I sent my offer to the bank as a cash offer, had to come up with the cash at closing. So I purchased it for cash, now I need some money for something else, wanted to refinance or get a home equity line of credit and was unsuccessful.
Right now I am pursuing PhD overseas, so I dont file my income taxes for last few years, I tried to go with PenFed since I have a relationship with them for many years, never had a late payment on the credit card, but first they seemed to approve it, then everything went south.
I am not looking to get everything I put in the house, but wanted to get like 30-50% still no luck.
I paid 150 000$ and invested 50 000 to completely remodel the house, we tore everything apart, so brand new insulation, new dry wall, new floors, brand new kitchen etc.
As I said I was under impression that I will get approved and used some of my credit cards for improvements and hate to pay interest, wanted to get one loan or line of credit so I can consolidate it.
Any advice would be greatly appreciated.P.S I am listing it as my primary residence and not planing to rent it.

I may have an opportunity coming up in the Los Angeles Area where I can get paid $150k to $300k over a 1 to 2 year period due partially to skill and mostly to luck/connections. It will be structured as a 1099. I currently make around $60k/year so this is a good deal for me.I've read about "loan out corps" where people in the entertainment industry specifically will form one, be a sole employee, get the money paid to the corp, write off every single possible expense against corporate income, then pay yourself a salary of what's left. The idea being that California and Fed Gov will be taxing less of your money this way because more things become deductible.I'm currently legitimately domiciled in a 0% state income state. I intend to maintain this domicile, even if I move to LA for 1 to 2 years for this opportunity.My thought is that I maintain my domicile, form a California Corporation (S-Corp or LLC likely), lease an apartment in LA under the corp (a really nice one for $3k/month or so, furnished), lease a car in LA under the corp (also get the benefit of red light cameras not working against business-registered plates), fly back to my "home state" once a month for a weekend with the airfare paid by my corporation, and basically live it up in LA for 1 to 2 years with all of my expenses being deductible. I'm completely fine netting little after my expenses because I'll get to live the high life, mostly tax-free.Any suggestions on how to go about doing this?

Hi everyone, first time on this forum and hoping to get some feedback on the 3/3 ARM that I'm considering. I know everyone freaks out at the mention of an ARM loan and I understand why. However, from the research I have done this appears to be a good option for me. Here are the 3/3 ARM details that I am considering:-2.75% interest rate, 2.920% APR
-Initial interest rate remains the same for the first three years. After that the rate can only change once every 3 years.
-Bank will pay up to $2500.00 of closing costs
-If loan is not held for 2 years, $2500 closing costs must be paid back to bank. After 2 year period, loan can be paid or refinanced.
-Rate cap: 1.5% per annual adjustment and 5% over the initial rate for the life of the loan
-Index: 3-year CMT
-Margin: 2.50%My current mortgage is an FHA 30 year at 5.275%. The original loan amount was $76K and I currently owe $70K. I've had the home and this loan for a little over 3 years. My current mortgage payment is $680 and this loan would bring me down to $530 (includes all escrows). Since I would be financing $70K with this 3/3 ARM, the bank would cover all closing costs.I'm considering this loan because we plan on staying in the home for the next 2 years so we don't have to pay the closing costs back if we sell the home or refinance again. Then I plan on selling between years 2 and 3. Even if we stay in the house after year 3 when the interest rate increases (max of 1.5%) I'm still at a lower interest rate than what I'm currently at.Obviously if we planned on staying in this home a long time this loan option would not be a good fit. But with our plan to stay in the house for only 3 more years (+/-) this seems like a great option that would save me $150 per month.Any feedback is greatly appreciated!Mike

http://www.cnbc.com/id/48853777Article on CNBC that discusses the possibility of Europe selling off their gold reserves to pay down debt. Or the possibility of securitizing their gold and issuing bonds backed by their gold.This would be the equivalent of an upper middle-class family, with two earners in solid wage earning positions, having an unmanagable amount of Credit Card debt. This family has been able to make the minimum payments on the credit cards for a few years, but due to increased spending, they will soon be unable to make the monthly minimum payments.The family is considering having the mother and father take out payday loans against their wages, so they can make the next monthly credit card payments. How well will this play out for them?When European countries issued bonds, they were issued with the understanding that their country had some gold reserves, so in the worst case scenario, at least they could sell off gold to pay back the bonds. Now, they want to put another, senior creditor on that gold. How will the market react? Now that the countries have no more gold reserves, existing bond issues will tank and the interest rate on future issues will increase substantially.Back to the family analogy. The credit card company provided credit to the family on the basis that their household income was high and they had good jobs. Thus, the credit card company knew that at least the family could afford minimum payments, even if interest was added back to the principal, and at high enough interest rates, it would be profitable to the lender, even if the family eventually defaulted years down the road.Now the family takes out payday loans, which puts a senior creditor against their wages. Thus, their household income is essentially now $0 because it can't go to the credit card issuer, it's going to the payday lender. And since the payday lender is going to charge exorbitant fees/rates, now the family has significantly less income then they did before.However, if it means that Europeans can kick the can down the road with their free healthcare and government mandated 3-month-per-year vacation, then the politicians will do it because they only care about the immediate re-election rather than the long-term future of their country.-MT

Greetings all, it's my first time at the site and it seems to be a great community here. I'm 22, and I have some questions about my future investments.I would like to know y'all's opinions on some options I can do with my money to maximize my return. I have no investments started.Here is some background about me:
I'm finishing up my last college semester, and because of two wonderful, loving parents, I will be graduating with no debt. I'm 22 years old, and work as a salesman at a local music shop.Besides my checking, I have a fair amount of money in my savings and about an equal amount of money in a CD earning a butt-low rate.I live at home, and have no expenses at the moment, after recently paying my car off.I have no credit cards or loans, but some bad habits on spending money as I like to go out to eat a lot and get beers at bars.As experienced financial wizards, what would you suggest I do? Invest in stocks, bonds? Is there something else I can do to maximize my return? I am thinking about doing something with my savings, or when my CD expires, doing something with that. either way, I'd be looking to invest around $2000.Any ideas?Thanks!!!

Hello FW!I've been a member going on 10 years here at FW and I thought I'd try something new and start a Q & A for the ins & outs of qualifying for mortgages and what pitfalls to look out for.
I am a loan consultant for a direct lender in CA and would be happy to answer any questions you may have... So ask away!

In my research, I found that this might be helpful for some (including my own personal refinance). The catch is that the rate is a bit higher, it's only available in CA, OR, and WA, and the rate/LTV requirement varies by county. For example, in Orange County, CA, the rate as of 8/30/12 ranges from 4.375% with no points to 3.875 with 2 points for up to 90% LTV. The rate is .25% lower in LA county, and can be up to 95% LTV. Again, there is no PMI in either case.Economic Opportunity MortgageReview of EOM--------------------Economic Opportunity MortgageDesigned for low- to moderate-income households, or homeowners purchasing or refinancing a property in a qualifying census area, our Economic Opportunity Mortgage (EOM) helps make home ownership more affordable. With reduced interest rates and no points required, an EOM is a low-income home loan that provides lower monthly payments than traditional loan programs1 for eligible properties, including a:- Single-family residence
- Condominium
- One- to four-unit property
- Manufactured homeLower Up-front Costs and Loan-to-value RatioWith an EOM, you can:- Purchase a home and get up to 95 percent financing
- Refinance and get up to 95 percent financing with no cash out or up to 80 percent financing with cash out
- Save with a lower origination fee than traditional mortgages
- Avoid private mortgage insurance (PMI) requirements with a down payment as low as 5 percentLimited Credit History Considered
With Union Bank's low-income home loan programs, we consider your entire credit report, such as utility and rent payments, when making a decision on your loan.Do You Qualify?
You may qualify for the EOM program if you meet one of these two requirements:- Your property is located within a designated census area
- Your annual household income falls below 120 percent of the median income if the property is located within CA, below 120 percent in certain counties in OR and WA, or below 80 percent in the remaining counties in OR and WATo learn more about our EOM low-income home loan programs and other mortgage options
for first-time buyers, speak with a Union Bank Mortgage Consultant today.--------------------My personal situation is that I'm currently paying 6.125%, and am under water. My parents have offered to loan me money to buy my mortgage down to refinance. I like the idea of buying it down to 90% versus 80%, and therefore borrowing less money from them. I'd like to hear your thoughts, and hope there's more pros than cons and jokes.I'm very sorry if this has already been posted. I searched and couldn't find it.

If one has the suitable downpayment 20-30%, does one need to show proof of income/employment as one does to get a residential conventional loan?Is there a difference if the current RE property is vacant? TIA.

I recently bought a house and got a mortgage based on the fact that i will occupy the house as primary residence. Before closing , the lender asked me to sign a document that i will have to occupy the house for at least one year. This week and due to sudden change at work, I have to move to another state. I have already paid 30% down payment and can afford paying my monthly mortgage, and I bought the house at very good price and with 30% down payment the lender risk is almost none. My friends advised me to rent the house , but I am worried from the document that I signed. I am in Dilemma , should I keep the house empty for another 10 months and still pay all expenses, ( Taxes, insurance, water , electricity, cleaning, grass, backyard) or just ignore and rent it . The document says that that my loan states that i should clearly intend to use the home as my primary residence and If I dont , i could face penalties or lender could choose to call the loan immediately or I could face fines or even jail? An one can advise. Should I keep it vacant for 10 month and loose around 18,000 or rent it, and help paying the mortgage and all expenses? I honestly bought the house as my primary and will anyhow be my primary and have no plans at least for another 5/10 years of selling it

Are there none hard money / none usurious lenders who currently make legit home loans at 50% of conservative loan to market value?

AES Success and others have at least two programs for those who are not working: either forbear the loan or defer for a year. Any experience or expresties which one is better?

Team,In an attempt to cut widowed, retired, penniless MIL's monthly expenditures to the bone, we're examining everything line by line.She has a whole life policy in the amount of $15,000. Accessing her account, we see the following:
Loan Balance: $3,819 Initial Loan Date: Dec 2000
Current Interest: $189 Initial Loan Amt: $1,750
Variable APR: 4.6%
Billable Loan Repayment Amount: $15
Total Cash Value: $4,607
Cash Value Change last Year: $273
Bill Amount: $267.10 Quarterly
-----------------------------Q1. Am I reading this correctly? She somehow took out a $1750 loan against the policy in 2000, yet through some mismanagement on her part, that loan has increased to $3,819? Q2. Am I reading this correctly? She pays $1068 per year in premiums, but the cash value of her policy only increases by roughly $270 per year?Q3. If she dies, her $15K whole life policy would actually be decreased by the loan balance to $11,179?Q4. Is the policy effectively worth nothing right now (while alive) ... roughly $800?

The program is available for $39.95, but it will be free for our visitors as a time-limited offer. http://www.giveawayoftheday.com/booknizer/Booknizer is a great helper when it comes to organizing a home library. This book organizer will collect information about electronic, audio and paper books from your library.Necessary details can be extracted from files or downloaded. Later you can easily search and sort your books, check their exact location (a loan manager is also included), view statistics, export and print reports, and much more. Booknizer is your library at fingertips.

This may already be common knowledge, but while we can only access one of our credit scores from the bureaus, the credit bureaus sell a variety of scores customized for the type of loan you are applying fore. There are mortgage scores, installment loan scores, auto scores, bankcard scores, and a personal finance scores. Each bureau sells different versions of each of these. The application-specific scores can very by +/- 15-20 points from your generic score. All of the scores are based on the data in your credit report, but they weight things differently.It wouldn't surprise me if they have a FWF score http://www.creditsesame.com/blog/scores-scores-and-more-scores-h...
http://money.cnn.com/2012/08/28/pf/fico-credit-scores/index.html...

What are some of the credit unions out there with a relatively open membership? Reccomendations on which ones to go for for mortgages, home equity loans/lines, etc..Best ones I have found are penfed and hanscom.

Let's say I purchased a home with 20% down, say $200,000 on a $1,000,000 property.
The property is rented out and mortgage payments are being made. The mortgage is on my personal name.
The property is generating $100,000 in gross income before mortgage expenses, and $50,000 a year in net income after mortgage expenses.I have an investor who wants to buy shares.
We agree that for $200,000, he would own 20% of the property and income, so a cash flow of $20,000, or 10% per year cash on cash.
I would end up with 0 money down, a loan in my name, cash flow of $30,000 a year, and ownership of 80% of amortization and appreciation.My question is:
Can I legally offer shares of a property in which I am responsible for the mortgage of 100%? Can I have a side contract regarding the ownership of the property?The situation is completely fabricated so please don't get into financial details.

First post here, please be gentle...I was going to refinance my wife's 2009 Mini at PedFed for 1.49% for 60 months (they already approved loan and did a credit pull)...Then BMW USA credit(the original title holder) sends an email that they will also do a refinance (balloon payment due) at 1.9% for up to 84 months...but they haven't done a pull yet...credits scores fine, not an issue but I guess my question is 2 fold-Should I go with the longer time for the (slightly) higher rate?...But if I did this I believe would be a 3rd pull on my wife's credit in the past 3 months (did a mortgage refinance, and the 1st PenFed pull)...Both are great deals (and below current, and I believe future inflation rates) but I am uncertain how to proceed...any advise from the financial gurus out there is appreciated...Thanks in advance...

Have a $180,000 HELOC with Wells Fargo. Property is only worth $50,000 now. Have been paying on time payments of $500 per month but almost all of that gets applied to interest. Doesn't seem to be any programs I qualify for to reduce this principal. Only option to release from this debt seems to be a short sale (pissed that bank will let a stranger have the property for $50,000 but won't let me have it for less that the full amount owing grrrrrrr). Don't want to short sell because 1. want to keep the condo 2.won't find another place to live for just $500 per month v- but seems stupid to pay $180,000 loan on a $50,000 property. Please advise - all comments welcome.... even far fetched ideas

Before the move from directloans main website to this new one (myedaccount.com) it was fairly easy to keep track of my loan status. I could see my entire payment history, I could see and download statements, etc. Now with this new site (myedaccount.com) there are no longer any statements. All you really can get is year end statment if you are signed up for their kwikpay. I requested my statements but was told I couldn't get them as for being on kwikpay. I requested the transaction history and got it, but it took 3 months to recieve it and the history ended 3 months before the day I made the request so it was 6 months behind.I am at a stage now where I feel that they could alter my loans and because I have no real record of what is going on I couldn't prove payment in court. The .25% off doesn't seem so good right now and I am considering paying extra just to get statments.What are you doing to manage these?PS: I have enabled electronic statments but it remains empty.

My wife and I are thinking about moving into a bigger house before we have kids, but all the houses we have seen need a lot of remodeling. The houses that we have looked at are in neighborhoods that we liked( because the proximity of schools, libraries, parks and so on). We can see that we would like to have more room to the house so we would like to add on to the house before we move in, but we have only talked to a couple of banks and it seems to be the norm now that constuction loans are hard to get and they have high interest rates. My wife and I both make a gross of 165k a year but the banks want a lot down( 25%- 35%) on the intial purchase of the house to qualify us for a construction loan.
So my question is " is there anyone out there who has recently done a construction loan who could steer me in the right direction on which bank was good or bad to use?"
Also if any info on what to watch out for in the loan agreement. I do not want this to become political and I would like not to be blasted for making to much money and not having enough savings( which every dime extra we get is going to college for my kid(s)) and I will NOT touch that right now.

But I will appreciate all the comments I get, I just need some help with getting started.

HI I am looking for a personal loan. i find the best rate is 7% from NWFCU. anyone knows better rate than that? 10k-15k would be sufficient. Thanks

I am trying to help a very poor family in India deal with overburdening vehicle loan. The person is an auto-rickshaw driver and is simply not being able to make the monthly payments. He still has about Rs 75k due with about Rs 3k EMI. The bank (Bank of Baroda) will likely repossess his auto if he fails to make payments. The auto itself is in semi-ok condition and is probably worth 30-40k at most, market value.Is it possible to reason with the bank that by repossessing the vehicle, they will not make much from its sale anyway. Then, push for a loan settlement to something substantially lower say around Rs 35-40k.I havent handled such cases in India before and was wondering if you guys have any advice. Is loan modification tractable in India?

OK, I've been searching on Google for a while and I couldn't find an answer by searching the FW forums, so I have a couple of questions that I've been thinking about. Anyone who's looking for a quick math problem, and has some knowledge on Roth 401(k) loans, will hopefully be able to help me out.Let's assume I currently have $100,000 in a Roth 401(k) through my current employer, and I contribute the max amount ($17,000) per year into the Roth 401(k). Let's also assume that the stock market remains quirky for the next five years, and with my current allocations will be netting me 3% annually (or maybe even losing money, who knows). Finally, let's assume my job is stable and I will not change employers at any point in the next five years.With my employer's plan, and based on current government rules, I am eligible for a $50,000 five-year loan from my Roth 401(k) at 5% interest (annually). The total fee for taking out this loan is $100. Repayment of the loan with interest comes directly out of my paycheck.So, several questions:1) Will I be taxed in some way on the interest I am paying back into my Roth 401(k) (since the money coming from the Roth was after-tax, and the payment of interest is with after-tax dollars)? Obviously I will be paying normal taxes on my paycheck, but will I pay any other taxes?
2) Will the repayment of the original principal amount and/or the payment of the interest into my Roth 401(k) have any effect on the $17,000/year max contribution? i.e. Can I still contribute $17,000/year in addition to whatever I'm paying back for the loan (including interest)?
3) If I were to invest the $50,000 loan into something earning 8% annually, are there any mathematical downsides to taking this loan?The obvious risk is that I would be losing any gains that I may have earned over those five years if I had left the $50,000 in the Roth 401(k).Essentially I'm attempting to see if it is possible to come out ahead, assuming that I could earn a better return on that $50,000 outside of my Roth 401(k) than within it. If I earned 3% annually in the Roth 401(k), but earned 8% (ish) on the $50,000 loan, could I potentially come out ahead?I know it's a lot of assumptions, and there are variables I can't predict, but given the above scenario I'm curious what others think.

http://www.prosper.com/prm/prosper_premier.html
*A minimum of $25,000 in new funds transferred is required for Prosper Premier. Prosper charges a fee to Premier investor members. This fee is equal to 0.8% of new funds placed in the account, and is charged at the time those funds are deposited into the account. This fee is waived for a limited time; offer may be cancelled in Prosper.com's sole discretion at any time without notice. The promotional period for the 1% Cash Back offer starts on August 17, 2012 at 7AM Pacific Time, and finishes on August 31, 2012 at 11:59 PM Pacific Time (the "Promotional Period"). To be eligible, investments must be made during the Promotional Period. All rebates will be paid by September 30, 2012 (the "Payout Date"). Only investments in loan listings that become funded Notes before the Payout Date will be considered "invested"; investments through the Folio Trading Platform are not eligible. Invested funds can only qualify for one Cash Back promotion; in the event that a given investment qualifies for more than one such promotion, the investment will count towards each qualification threshold, if applicable, and the investor will be paid the highest available rebate amount. This offer is non-transferable.Not a killer deal, but gravy if you were thinking of using the service anyway (and I so happened to be submitting my application on the day this promo was announced and didn't even realize I'd be eligible for a 1% bonus until today).

My wife has about $30k in student loans. Thanks to a recent home sale, we're in a position to pay them off. If it matters, the loans are still in deferral as she finishes up the last year of her doctorate.I only recently learned that capitalized interest is deductible. She's had these loans for a few year, so there's a lot of capitalized interest. As I understand the IRS rules, we can allocate however much of our payment we want to capitalized interest. Also, I believe there's a $2,500 limit on deducting student loan interest.For the sake of keeping this easy, let's say she ows $30k plus $2k in interest for this year. The principal includes $3k in capitalized interest from years past. My strategy is to pay the loan down to ~$2,500, thus taking the $2k in current interest and $500 in capitalized interest as a deduction on this years taxes, and then paying off the remainder next year, claiming the left over $2,500 of capitalized interest on next years taxes.Do you see anything wrong with this strategy?

Thought the community might find this useful. Wells Fargo lists their requirements for deleting an escrow account attached to a mortgage. I erroneously assumed escrow could be dropped just like PMI when the LTV dipped below 80%. But here is the letter:Deleting your Escrow Account Based on Payment Record and Property Value:Thank you for your recent request to delete your escrow account. To delete your Escrow account all the guidelines below must be met. The account did not meet one or more of these guidelines.1. You must not have any 30-day late payments in the last 12 months, and your load must be paid current with no past due payments owed.
2. Your escrow account balance cannot be in a negative status.
3. Your credit score must not be less than 680 and has not declined since loan closing.
4. You must not currently be in a mortgage repayment plan and have made your regular mortgage payments for 24 consecutive months after completing the plan.
5. Your loan closing date must be 12 months or greater.
6. You must not have Lender Placed Insurance on your loan.
7. Your loan must meet the required LTV ratio of 80% for primary residences, or 65% for non primary residences.***The requirements to delete Private Mortgage Insurance (PMI) are different than the requirements to delete your Escrow Account.***
Please note that the above requirements are valid for 30 days from the date issued. Please contact us when you feel you have reached the requirements.
(Boilerplate contact us information)
Sincerely,
Wells Fargo Home Mortgage.

I don't know if this has been covered here before, but I recently bought a house and wanted to give some advice on getting through the underwriting process with ease. I have no idea if my experience is normal, or just a nitpicky underwriter.My biggest recommendation is to have a "clean" bank account. Have one account with enough money in it to qualify you for the loan. Nothing but paychecks going in, nothing but bills and maybe some debit card transactions going out. Some things to avoid:1. Any cash transactions. If you need to do these, put them into your savings or some other account. I had the underwriter making me write letters to explain $400 cash transactions.2. Personal checks. I received a gift from a relative on my birthday and was forced to have them send documentation (on their banks letterhead) that it was in fact a gift. I also had a check from a client that I had to explain.3. Transfers between accounts. I moved some money into my savings and had to show them my savings account records and provide letters of explanation.Also, they really only seemed to want to see liquid checking or savings. They didn't seem to give a crap about my brokerage account(stocks).

I checked my credit report from equifax(the 1 citi said they used to check for my cli)! I have citi idenitiy monitor(with montly updated credit report's and a score from all 3)! My score on all three has always been in the mid 700's, yet after being turned for a credit limit increase online , i receive a letter claiming my SCORE based on Equifax was ONLY 640! i just check my Citi idenity monitor again and it say's 754)! I noticed that 1 of my negative factor's, is that i have 2 accont's from "personal finance companie's" THD/CBNA( The Home Depot BY CITI BANK NORTH AMERICA)! The Home Depot card , isnt a payday loan or a poor credit on lot financce company!

I got a 'Notice of assignment, sale or transfer of servicing rights' from my mortgage company that they are transferring my loan to another company. I looked up the law on this and it said that these notices had the following requirements:1. The assignees identity, address and phone number;
2. The date of transfer;
3. Contact information for an agent or party having authority to act on behalf of the assignee;
4. The location of the place where transfer of ownership of the debt is recorded; and
5. Any other relevant information regarding the assignee.
An assignee that violates this notice requirement will be subject to civil penalties under Section 130(a) of TILA. 15 USC 1640(a). Effective July 31, 2009, the maximum penalty that an individual consumer may recover for a TILA violation in connection with a closed-end loan secured by real property or a dwelling will increase from $2,000 to $4,000.My notice did not have requirement number 4 - the location of the place of transfer. My question is can I sue them for sending me this notice without all of the requirements?

Seems the original thread is archived. It is now offered to more states including CA. https://www.bankofamerica.com/platinumprivileges.go?request_loca...the link said:
With Platinum Privileges, you have access to:

A dedicated customer service team at the Platinum Service Center.
No fees on select banking services.
Higher rates on Platinum Money Market Savings accounts, and select CDs & IRAs2.
Special discounts on home loans.
Your choice of two BankAmericard Privileges credit cards. Apply for the BankAmericard Privileges credit card with Cash Rewards and get more Cash Back for the things you buy most. Or apply for the BankAmericard Privileges credit card with Travel Rewards and enjoy the flexibility to use your points for more than just flights.
Investment research, guidance and tools from Merrill Edge along with competitive pricing for online trades.


The requirement is that you have an active Bank of America personal checking account and maintain at least $50,000 as a combined balance in your Bank of America deposit accounts and/or your Merrill Edge brokerage accounts.

The fee waivers maybe useful for some:


As a qualified Platinum Privileges client, you also have no fees on select banking services such as:

Standard check orders
Statement and check copies
Overdraft protection transfers
Cashiers checks
Stop payments
Inbound wire transfers (domestic and international)
Check image feesI have no ideas what their Platinum Money Market Savings accounts interest rate is. But my guess is it is not as high as ING.The (.25 pt) discount on mortgage loan applies to new loan / refi and not for existing loans. Not sure if you have to apply via BofA directly.The 2 credit cards are more interesting. The cash rewards card offers 50% redemption bonus over their 1-2-3% card. The travel rewards card is 2 pts per dollar (plus 10% bonus) spent to be redeemed on travel related expenses, including airfare and hotels. Not sure about the exchange rate. The travel card is also free of foreign exchange fees.

I'm in a position where I'd like to buy or lease a new car for my aging parents.I have excellent credit, they have poor credit. Let's assume they are not getting a loan.I would prefer to lease, or finance the car. Buying outright would be possible, but somewhat less comfortable for me financially. While they are both very good drivers, I don't want to have to maintain my own insurance on a car which I will never drive, and I don't want the risk of liability should something happen. Is there any answer which will allow me to limit my own liability in this situation, short of paying cash for the car and titling it in their names?

Most banks that I have talked to will not give a mortgage if you have 4 to your name. And those that do, say that they can make "exceptions" beyond 4, but will not go over 10.Are there banks that lend past 10 mortgages to individuals? Who are they?
I own properties in both California and Georgia, so lenders in both states would be helpful for me.If so, what type of loans would they be, 30-year fixed, 7-year ARM, something else?