cash
Cancelling Credit Cards to get Cash Out Refinance
Excellent credit score, great credit history, plenty of equity, and yet lender wants borrower to cancel many of his credit cards to refinance. What gives? Q: I have a situation in my mortgage refinance process and need your advice. My …
Loan Modification Scam: Avoid Companies Offering To Help
Q: This past April my daughter and I entered into a contract with a law firm for a loan modification. We paid $3,500 up front and as of yet have gotten only “it’s in the process.” Or they’re asking for …
Selling House At A Loss Might Have Benefits
Q: Can you please help me. I am 32 years old and earn $63,000 a year and invest 8 percent of my salary into my company’s 401(k) plan. I have $90,000 in cash in the bank. I also have a …
How Will Foreclosure Affect My Credit Score
Q: I was recently divorced and bought a home. However, I have a rental property in an area which is quite depressed and where crime has increased. Homes in that area are now selling for about $15,000 and there are …
Buy First or Sell First?
Q: I’m in the process of getting my primary house ready to sell in order to downsize. Its value is around $400,000. I owe about $150,000 on it and have no other debts. I won’t be finished with prepping my …
Seniors: Prepay Mortgage Or Save Cash?
Q: I had written to you a few months ago and never thought I would get a response. To my amazement I was reading your column in Sunday’s paper and my letter was answered by you. I want to thank …
Refinancing Options For Homeowners Underwater
Q: Our home is under underwater. We have a first mortgage with a big box lender for about $450,000 at a fixed rate of 6.5 percent and a second with a different big box lender for $100,000 at a variable …
Prepaying Mortgage Will Reduce Length Of Loan
Q: In one of your recent articles, you addressed the point of making one extra mortgage payment a year to reduce the term of a mortgage. Your response states that doing this will reduce the term of a 30-year mortgage …
Feeling Stressed About The Economy? You’re Not Alone
We’re stressed, relatively pessimistic, and unsure about where the economy going into a Presidential election year. Those are the unsurprising findings from the CredAbility Q2 Consumer Distress Index this week. The latest data reflects an average score of 69.20 on …
Refinancing A Home Equity Loan In Texas
Q: We refinanced and took money out of our home in 2005 with a Texas home equity loan at 7.5 percent. Whenever I ask about refinancing with any one of numerous mortgage companies, I am told that any refinance would …
