Home > Author Archives: Steve Rhode (page 8)

Author Archives: Steve Rhode

Morgan Stanley to Pay Billions for Mortgage Decption

Abandoned room

The Justice Department announced yesterday that Morgan Stanley will pay a $2.6 billion penalty to resolve claims related to Morgan Stanley’s marketing, sale and issuance of residential mortgage-backed securities (RMBS). This settlement constitutes the largest component of the set of resolutions with Morgan Stanley entered by members of the RMBS Working Group, which have totaled approximately $5 billion. As part ... Read More »

    Can I Get My Sallie Mae Student Loans Forgiven From My Public Service?

    big emergency exit

    Question: Dear Steve, I had Sallie Mae student loan…it was sold to Navient which turned it into a private loan or so they tell me. We have tried the loan forgiveness or reduction twice with no results because it’s a private loan. The lender as so stated on his account site says “Navient Federal Loan Trust” How can this be ... Read More »

      Should I Apply for a HARP Mortgage Loan?

      Screen Shot 2016-02-12 at 11.40.35 AM

      Question: Dear Steve, I’m recently retired and looking for ways to reduce my debt. My credit status is very good. I have a standard mortgage with Chase and am paying 3.5% interest. I’ve heard much about the HARP loan and am curious about your thoughts on applying for the HARP loan. Connie Answer: Dear Connie, You have an awesome interest ... Read More »

        My Business Failed and I’m a Disabled Veteran


        Question: Dear Steve, We bought an existing business – a gym- with an SBA loan. Even though we grew the membership from 80 to 430 within 2 years, the overhead and servicing the loans were crushing us. Enter the $10 per month gym chains and we had no other option than to sell the gym for a fraction of what ... Read More »

          Utah Lawmaker Says the Dumbest Thing When it Comes to Payday Loans

          Mia Love

          Rep. Mia Love (R-Utah) said the dumbest thing and made the worst argument about the Consumer Financial Protection Bureau (CFPB) regulation of payday loans. If the quote published by many is correct it just shows a total lack of understanding about why people get into trouble with payday loans. Debt is the byproduct of misfortune or bad choices. It’s created ... Read More »

            Beling & Associates Student Loan Assistance Websites(s) Make Me Curious

            Screen Shot 2016-02-11 at 3.36.50 PM

            Update March 1, 2016 I received the following error report from Craig Beling. I would like to thank him for sending in this update to help clarify information posted here. Craig said, “It has come to my attention that you have recently posted information on your website insinuating that I may have engaged in fraudulent activities in the past and ... Read More »

              Obama Proposes Tax Help for Student Loan Relief. Congress Says No.

              2017 Budget

              In the budget the Obama administration has just sent to Congress there are some benefits for students who will face massive tax bills when their student loans might be forgiven under income based programs. As it stands now, students are enrolling in income driven repayment programs to reduce their current monthly payments to a level based on their income. After ... Read More »

                I’m On a Fixed Income. What is the Best Way to Deal With My Debt?


                Question: Dear Steve, I am an 80 yr old retired man on a fixed income. Previously I owed credit debt of about 17000 but took some savings and reduced it to about 11500. My credit score is about 780.I am getting letters from settlement companies and wonder if I should settle this debt with chase for a lesser amount.One negative ... Read More »

                  I Want to Start Repayment My Defaulted Law School Private Student Loans. But How?

                  tug of war

                  Question: Dear Steve, I have defaulted on a private student loan owned by Citibank. I tried unsuccessfully to negotiate a lower payment plan when I lost my job and gave up making payments in 2012. Since then I assume the loan has entered default and it has been referred to a collection agency. I’m in the position now to start ... Read More »

                    Is There a Way to Get My Wife Off as a Student Loan Cosigner?


                    Question: Dear Steve, My wife and I have 3 boys all have graduated from college, they are not behind and have good jobs. They are very responsible about paying there bills. One is a nurse has about $90,000 student loan and other has about maybe $15,000. My wife co-signed for the younger two while they were in college. Is there ... Read More »

                      My Overtime Hours Were Cut and I’m in Big Debt

                      the truth smaller

                      Question: Dear Steve, Everything was going great last year; I had just bought a nicer car and started making modifications to it when my work place suddenly dropped out hours from 58+ to less than 32. I drained all my savings and maxed my credit card to stay caught up on my bills. Now things have picked up enough at ... Read More »

                        Would You Like Your Employer to Pay Off Your Student Loans?

                        You will help protect people when you sell me your junk mail.

                        Since World War II, subsidized health insurance has been one of those unquestioned work benefits. We’ve come to expect it, just like the 8-hour workday. Of course, many Americans don’t get health coverage at their jobs, and they work more than 8 hours a day to make ends meet. That might help explain why today’s young workers want a brand-new ... Read More »

                          Prosper Study Shows Americans Want to Do Better Financially

                          Screen Shot 2016-02-09 at 11.55.18 AM

                          Prosper Marketplace, which operates an online marketplace that connects borrowers and investors, today released results from the Prosper Marketplace Financial Wellness Study, which examines the current state and sentiment around personal finance in America. The study revealed that nearly 60 percent of Americans do not have the financial freedom to enjoy life, but improving financial wellness is a top priority. ... Read More »

                            Why Are Huge Collection Costs Being Added to My Student Loan?

                            Student Loans Concept

                            Question: Dear Steve, I was unemployed for several months and my student loan with ACS was delinquent and now ASA American Student Assistance has “purchased” the debt and say I can do the rehabilitation program but they are going to add 18% to the total. Also, the letter I received from ASA said that I had until 2/8/16 to contact ... Read More »

                              Can My Son File Bankruptcy on His Tribeca Flashpoint Media Arts Academy Loans?


                              Question: Dear Steve, My son graduated from Tribeca Flashpoint Media Arts Academy in Chicago, IL. He has $59,000 in loans through Sallie Mae with interest rates that range from 8.25% to 10.375%. I believe you call these private or unsubsidized loans. Sallie Mae won’t issue us a 1098E so he can claim the interest paid each year for taxes. We ... Read More »

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