D.R. Horton’s Profit Just Dropped — If You Were Counting on Home Equity to Escape Debt, Read This
D.R. Horton’s profit just dropped 13%. If your debt plan involves home equity, a HELOC, or selling the house, the math is shifting under you.
home equity loan
Home Equity Loans: What They Mean for You
Steve Rhode covers four important topics: a deceptive home equity investment offer from Point Digital Finance with effective rates of 15-20%, why housing…
Home Equity Lender Collection After Chapter 13: Myth vs
Quick Answer: After Chapter 13 bankruptcy discharge, creditors cannot legally continue reporting ongoing late payments on discharged debts like stripped home equity lines of credit. The borrower should contact their bankruptcy attorney to address the improper credit reporting, as the debt was likely stripped and discharged in January 2015.Question:Dear Steve,We filed for Chapter 13 bankruptcy …
Bankruptcy and Background Checks: What to Know
Quick Answer: Bankruptcy can affect background checks for executive positions, but struggling with $389K in debt including SBA loans may be worse than filing. A Chapter 13 bankruptcy could potentially strip the second mortgage if the home’s value dropped below the first mortgage balance, though mortgage modifications may be impacted.My business failed after 17 years. …
Dave is in a CCCS Credit Counseling Program But Feeling Hopeless
Quick Answer: Dave’s situation with CCCS credit counseling isn’t hopeless despite his $152K household income and $88K net worth declining 35% due to medical expenses. The advisor emphasizes that solutions exist beyond debt management plans, but success requires first determining if his current lifestyle is affordable on his income.“Dear Steve,Family of 4 (13 yr & …
Home Equity Loans for Debt: Myth vs Reality
Quick Answer: Using a home equity loan to pay off credit card debt is financially logical but risky, as it converts dischargeable debt into secured debt against the home. The main dangers are potential foreclosure if payments can’t be made and the tendency for people to rebuild credit card balances within six months.“Dear Steve,I ran …
Creditor Fair Treatment Rules: Myth vs Reality
Quick Answer: Regulation Z (Truth in Lending Law) provides real consumer protections by requiring creditors to post payments immediately upon receipt and prohibiting late fees for processing delays. The regulation applies to most consumer credit including credit cards, personal loans, and any credit with finance charges or installment agreements.If you are concerned about the way …
Personal Loans: What They Mean and What to Do
Quick Answer: Personal loans for home improvements like roofing can be obtained through banks, credit unions, home equity loans, or mortgage refinancing with cash-out options. For a $5K-10K roof replacement, secured loans or home equity options typically offer better rates than credit cards or unsecured personal loans.“Hi Steve, I am 36 yrs old, I have …
Home Equity Loan for Credit Card Debt: Worth It?
Quick Answer: Using a home equity loan to pay off credit card debt can save money through lower interest rates, but financial experts advise against it during economic uncertainty. Moving $20K from an 8.99% credit card to a 4% home equity line puts the home at risk, since credit card debt can be discharged in …
