Listen to the Podcast You can subscribe to my podcast on any of these sites below. Transcript In the shortcast today, I wanted to give you some inside knowledge of the current state of housing and mortgages in the US. Hi, this is Steve Rhode, your Get Out of Debt Guy from GetOutOfDebt.org. The …
Should You Rent or Buy a Place to Live No question has been asked more often over my decades of helping people with money, credit, and debt issues than is it is better to rent or buy. Listen to the Podcast You can subscribe to my podcast on any of these sites below. Easiest …
Question: Dear Steve, Hi, I am an 80-year widow. I have an IRA with Lincoln investments worth around $57,000.00. In addition, I have a mortgage with a balance of $60,000. I want to pay off the mortgage and wondering if this would be a wise choice. The money in Lincoln is not making that much, …
Question: Dear Steve, What is the process for getting old (5 years) late mortgage payments removed from my credit report? Five years ago, I was late about 6 times with my mortgage payments. Since then, I have been making my regular payments, even putting extra toward the principal. I have had a good credit rating …
Maybe you saved up money over the past few years, got a hefty raise, or received an inheritance. Whatever the reason, you now have the means to pay off your mortgage early. Isn’t that the best move? It just depends. It can be tempting to rush to pay off your home loan when you have …
Question: Dear Steve, The loan was modified Added 10 years to the loan, and the interest rate is 9.9%. All attempts to refinance are just acts and an attempt to get me to sign a “non-home” mortgage. I did have a fixed-rate mortgage, and now it’s a variable rate. Very seldom do they pay any …
The Federal Reserve Bank of New York just released two charts that show the trend of household debt. The most alarming trend here is the rapid growth of student loan debt since 2004. If we look at all debt and the types of loans that are 90+ days delinquent, you will see a big dip …
Six years ago, Jim Wang, a 39-year-old father of three, bought a new home in Fulton, Md. A high credit score helped him land his mortgage, but after the dust from the move settled, he was able to continue reaping the rewards of his financial prowess. “We knew that, eventually, we’d have to replace a …
An interesting academic paper out which studies Consumer Financial Protection (CFPB) complaint reporting found the reporting assisted both consumers and the credit card companies. The investigation looked at the results of public reporting of complaints and found “Consumers procrastinate in reporting exposed banks while rewarding exposed banks for their improved behavior with new accounts.” Most …
Question: Dear Steve, Is there away I can get my Mortgage debt relieved? I’m unemployed and six months behind on my mortgage and I would like to keep my house. Laverne Answer: Dear Laverne, Not really. Let’s say that you somehow managed to have the mortgage debt eliminated, that does not remove the lien against …