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Tag Archives: mortgage

What You Need to Know Before You Refinance Your Home to Pay Off Debts

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Consolidating your debt with the equity in your home can be a terrific money-saving strategy. The interest rate may be much lower than you’re paying on your other bills and, if you itemize on your tax return, you can usually deduct the interest you pay – making the effective rate of the loan even more attractive. But what seems like ... Read More »

Overextended Borrowers Stop Paying Mortgages and Capitalize on Time to Eviction

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In this day and age the amount of people unable to pay their mortgages is on the rise. Be it medical bills, loss of income or a change in circumstances, many people are running into shortages in their lives leaving them coming up short for that monthly mortgage payment. While these times in life are stressful and demanding some families ... Read More »

I Only Want One-Third of the Mortgage to Show on My Credit Report. – Rick

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Rick “Dear Steve, I’m considering buying an investment property in a country outside the US. I know that the foreign lender has checked my credit report (which is excellent, by the way). I will buy the property with two other friends, to split the cost in 3 ways. But the mortgage will be in my name only. The question is, ... Read More »

How Can I Get Bank of America to Modify My Countrywide Mortgage? They Keep Refusing. – Clare

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Clare “Dear Steve, My husband and I are separated, he is giving me 2100 a month to pay his car, ins, and credit card debt, I net 4330 a month and my house payment is 2850 plus association dues of 98. I have two car payments (his and mine) 942, and min. credit card pymts of 777. I want to ... Read More »

My Mother Was In An Accident And Lost Her Job And Can’t Pay – Paula

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“Dear Steve, My mother was in an accident and lost her job, we lost our tenant in our house for about 6 months in which bills got backed up, credit cards and loans were used to pay for the bills since my mom’s income was gone. She got a new job but does not make much, my father is the ... Read More »

I Was Wondering if it Would Make Sense to Liquidate Part of our IRA and Pay Off the Mortgage? – Ken

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“Dear Steve, I have lost my job due to a so-called “voluntary” early retirement program. I am looking, but have yet to land another job, and at 55 I dont think my chances are great of making anywhere close to what I was making in my last job. Our children are grown and on their own, and our only debt ... Read More »

American Express is the Least Helpful and Scariest Creditor I Have. – Patricia

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Patricia “Dear Steve, For 10 years I was self employeed making very good money on the inernet. Over the past 6 months the sites I got work from began to close, or remain open with little to no clients. My income dropped 80% (seriously) I am 3 months behind in my mortgage and currently working with them. I owe the ... Read More »

I’m a Recently Divorced Single Mom and Don’t Want to Lose the House. – Tascha

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Tascha “Dear Steve, I’m a 30 year old single mom recently divorced. I was left with $15, 000 in credit card debt on my $14 /hr job. My ex-husband filed bankruptcy only on himself 4yrs ago during ruff times in our marriage, then proceeded to run up my credit cards. I am trying to keep my home so I have ... Read More »

Consumers More Likely to Pay Credit Cards Than Mortgage

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From the good folks over at US News & World Report is this interesting article, “Forget the Mortgage, I’m Paying My Credit Card Bill” by Luke Mullins. Amid high unemployment and sliding home prices, a growing number of struggling consumers are doing what was once considered unthinkable: paying their credit card bills instead of their mortgages. A recent study developed ... Read More »

I’m Feeling Defeated About My Financial Future. – Nicki

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Nicki “Dear Steve, When I left college with credit card debt I had no way of paying, no real job and student loans piled on top, I was struggling to keep from drowning in debt. Top that off with medical isses (no insurance) and those bills, it took almost seven years to pay back the largest items after being delinquent ... Read More »

I’m Getting Married But Have Bad Credit. Should We Wait to Buy a Home? – Lynn

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“Dear Steve, I am getting married and my husband to be has great credit score about 675 but we where thinking about getting a home loan just in his name but we are questioning if we should do that or wait for two years after my bankruptcy that I had to file because of threats to a company that was ... Read More »

We Got 100% Financing On Our Home But Once the Loan Adjusts We Won’t Be Able to Afford it. – KC

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KC “Dear Steve, My husband and I have a 5/1 Adjustable Interest Only loan, as well as a HELOC loan because we did 100% financing. I’m no longer working (staying at home with new son), and my husband’s salary was recently cut 10%. We’ve given up a few luxuries (cable tv, saving for retirement, etc) in order to stay current ... Read More »

San Wants To Know “We Need Some Way To Pay Off Our Debts”

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“Dear Steve, We need some way to figure out how to pay our debts off. We have credit card debt, car loan, a home equity loan that has a balloon next year, medical bills and owe a balance to my brother for his half of property we inherited jointly. We have two incomes and we should be able to live ... Read More »

I Can’t Care For My House, I Can’t Sell It, I’m Stuck in a Bad Situation. – Vicki

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Vicki “Dear Steve, Hi; I am 64 years old, I bought this house in 2007 on a closed 10 year mortgage at 6.4%. I became sick almost a month later and had to have major surgery. I, now have a very bad back and have trouble walking etc. (I have no one to help me and I can’t afford to ... Read More »

Should I Take Out My 401K to Tide Us Over? – Dwight

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Dwight “Dear Steve, I am a software salesman to the car wash industry. With the slowdown of the economy I have taken an almost 50% decrease in pay ($100K down to $50K). It looks like my income this year will be in the $40K area. I have a family of 4 beautiful kids (all girls) and a wife who works ... Read More »

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