In this podcast, I want to share the following stories that may surprise you. We will start with a loan advertisement that might appear in your mailbox and why you need to watch out. Then we will chat about what will happen with home prices in this uncertain economy. Will they crash? Let’s take a … Read more
Question: Dear Steve, We filed for Chapter 13 bankruptcy September of 2009. The plan was confirmed on January 2010 and ultimately discharged January 2015. Included in the bankruptcy was a home equity line of credit that was deemed unsecured. The creditor has been reporting late 90 days plus every month right through to the current … Read more
My business failed after 17 years. I Will not bore you with the details. This was my family main source of income. I guaranteed all business loans for the business including two SBA loans. I have just received a Summons from AMEX for one of the accounts, expecting several others to follow, as I am … Read more
“Dear Lewis, I filed Ch. 7 bankruptcy last year. I did not file on my 1st home mortgage or my 2nd mortgage – home equity loan and chose to continue paying them. I never signed any reaffirmation statements after the bankruptcy. Recently my loan officer pulled my credit and saw that my reports show I … Read more
“Dear Steve, Family of 4 (13 yr & 12 yr girls). My salary = $112K, wive’s salary = $40K. Total Assets $292K (liquid $10K, autos $9, house $200, 401K $73K). Total Liabilities $204K (mortgage $112, home equity loan $41K, credit cards $24K, 401K loans $22K, auto loan $5K). Net worth = $88K. . .plummeted 35% … Read more
“Dear Steve, I ran up some credit card debt starting a business and would like to pay it off. Right now I am using balance transfers with 0% (but with 3% transfer fee) to keep a handle on the debt, but it’s an on-going game. I’d like to make it simple and focus on paying … Read more
If you are concerned about the way credit card companies and other lenders do business, you will be pleased to discover a little known regulation enacted for your protection. Regulation Z, or the Truth in Lending Law, regulates certain credit card practices and helps you know the true cost of credit and achieve a fair … Read more
“Hi Steve, I am 36 yrs old, I have only one credit card and I am no longer using it and it has about a $20K balance that I am finally making progress to paying off. I am also now finally contributing to a retirement account and a savings account. All this is not easy … Read more
“Hi Steve, I have $20K on one credit card with an 8.99% APR. I am making the minimum payments and the last few months have paid more than the minimum. Is it a smart move to transfer this balance to an equity line of credit through the company that has the mortgage on my house … Read more
If you or someone you know got foreclosed on and had a second mortgage or home equity loan, watch out! People who were foreclosed on may think their debt problems are now behind them but second mortgage holders are not taking this lying down. In a move to attempt to recover money lost in the … Read more
“Dear Steve, We just bought a house six months ago and own $229,000 on it. We owe almost $35,000 in credit card bills and recently my full time job went to part time, so I am earning less than half of what I did a couple of months ago. Since we just bought our house … Read more
I got the question below through the GetOutOfDebt.org site from someone that identified themselves as In a World of Hurt. Feel free to visit GetOutOfDebt.org and ask me your question, you can use an anonymous name, it’s okay. “Dear Steve, We owe $103,000 on our first mortgage, $16,000 on our home equity loan, and $17,000 … Read more
“Dear Steve, Steve , Thanks for your time and advice . I have read many of your articles and still not sure which way to go . I’m down by 60G and need help . My first and second come to about 157.000 and I have enough equity based on todays market to clear out … Read more
“Hi Steve, Heres my question-I recently received a $9K gift. It just so happens I am doing some home repairs immediately that will equal about $9 or $10K. These must be done. I need a new roof right away which is about $5K and the other necessary repairs will be another $5K. I can use … Read more
“Dear Steve, With only $30,000 left on current equity loan and $29,000 in credit card debt – what would be better – cash out with new equity loan (which I can do) or file for bankruptcy? With bankruptcy – I’m afraid that a I would not be able to help my disabled daughter and end … Read more