Credit card debt at a record $1.28 trillion is working against first-time homebuyers through DTI calculations. Every $500/month in payments reduces your mortgage qualification by $80K–$100K. Here’s the math and what to do about it.
Quick Answer: All State Law Group’s legitimacy cannot be determined from available information, but their $3,000 upfront fee structure ($1,500-$1,000-$500) may violate FTC rules requiring attorneys to place fees in client trust accounts. The FTC’s 2011 mortgage relief regulations ban advance fees unless attorneys meet specific licensing and trust account requirements.“Dear Andy,Tried twice to to …
Quick Answer: The Soldiers’ and Sailors’ Civil Relief Act (SCRA) provides temporary financial protections for active duty military personnel, including relief from evictions, foreclosures, repossessions, and high interest rates. These protections apply only while military service interferes with the service member’s ability to handle personal financial obligations.Service personnel experience financial difficulties that are unique and …
Quick Answer: Mortgage companies can legally sell loans to any buyer regardless of that lender’s quality or ethics, leaving consumers with little recourse despite potential harm. While original mortgage terms typically allow such sales, consumers would face costly legal battles against well-funded institutions to challenge transfers to inferior lenders.“I have a quick question for you. …
Quick Answer: The Bush administration’s mortgage help plan assists some struggling homeowners by reducing interest rates or extending loans to lower payments to 38% of income, but excludes those most in trouble. The plan doesn’t reduce total debt owed and requires lender agreement, making it inadequate for homeowners owing more than their home’s current value.The …
Quick Answer: Foreclosure rescue scams target vulnerable homeowners with fake promises to save their homes while stealing money and equity. Legitimate help comes from mortgage lenders or verified financial counselors, not self-proclaimed “foreclosure consultants” who demand upfront fees.Foreclosures are increasing nationwide, and so are scams that promise to “rescue” homeowners from foreclosure. What these scams …
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