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Question by juneau601: what does this mean: 1.To use HARP, pills you must have less than 20% equity in your home ?
I have no clue what this means, Can you please help ? 1.To use HARP, you must have less than 20% equity in your home.
Thank you again.
Best answer:
Answer by Hugh G
HARP, Home Affordable Refinance Program, is the federal government’s mortgage bailout program. To be eligible for a new loan with lower interest rate that is guaranteed by the U.S. government, a homeowner must have no more than 20% equity in their house. That means that their mortgage balance must exceed 80% of their home’s market value.
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Question by Jay T: If my wife has excellent credit and I have OK credit, more about but make more how do home lenders decide the intrest?
My wife has excellent credit, pilule and I have OK credit, patient but I make more then her. We both need each others income to afford our new home. How do lenders decide what intrest rate to give us?
Best answer:
Answer by Steve D
They will look at the overall risk involved – they each persons credit score to decide whether to make the loan (if yours is below the bank’s lower limit, you will not get the loan) and then the underwriter will work some magic to determine the overall risk. Expect that if you qualify, you will not get the best rate.
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Question by Nick V: Is it even possible for her to get out of debt?
My grandma is 79, and can’t work due to congestive heart failure, cost has roughly $ 800/month in retirement income. She owns her house with no mortgage or refinancing. She managed to get herself into over $ 10k in cc debt, most of it due to higher interest fees than minimum payments. Each month adds around $ 200 in interest on each card, which she can’t afford to pay. She has tried to get a home equity loan to pay things off a few times, but: Her credit score is too low, and/or she doesn’t have enough income. What is she to do being pushed further into debt. We live in Michigan, if bankruptcy is an option that would help, I’m pretty sure laws are different for each state. Is there anything she can do? Even if she wanted to sell her house, the real estate market here is so bad, I heard a few months ago over 80% of the city is for sale.
Her house is worth approximately $ 27k SEV or $ 59400 Market Value, if this would help in determining bankruptcy status.
Best answer:
Answer by Beez
The first thing to determine is whether she can keep her home, by law. The worst thing she could do is get home equity loan. Declaring bankruptcy is the only way out, as I see it. She will have to hire a bankruptcy lawyer to file for her and obtain certain paperwork from the creditors. After she files in Bankruptcy Court, she will have a hearing in which she will be asked questions. Maybe you and other relatives can help her with this process.
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This is a tough one. Get financial counceling.
Your grandma needs to get a reverse mortgage, search for it on the net and you will have to look at a few companies to find one that will not rip her off.
This basically takes the money out of the equity in her home, and she gets the cash to do what she needs to do, while getting to stay in her home until she passes (in a long, long time).
Have her look into it, with the falling home values in Michigan, she should get a better deal now, than you guys will get after she passes.
Good luck
Your grandmother needs a credit counseling agency to help her get those interest rates down. I am using a very good one called Money Management International. 28 months ago I was in debt for over $ 13,000! Today I owe about $ 5900. They helped me by negotiating lower interest rates and instead of me making the payments I send them a set amount each month and they disburse the money to my creditors. They no longer allow you to use your credit cards while on the debt management plan, so you can’t get yourself in any deeper. I think it is worth a try to see if they can help your Grandmother get her finances under control and bring her some peace of mind that she is actually able to pay down her debt. Their website is moneymanagement.org Good luck to you both
ps If I owned my home free and clear I do not think I would sell especially now when it is essentially a “buyers market”
Bankruptcy may be your only option. You’ll need to find out which bankruptcy jurisdiction you’re in (eastern or western district of Michigan) Try this link for more information related to filing for bankruptcy in the U.S. http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.htmlDo you know any attorneys or have any attorney friends. The attorney I work for takes on cases for certatin friends and threatens any Debt Collector with violotion of the FDCPA. Try reviewing the The Fair Debt Collection Practices Act. Careful though, with or without an attorney, this could bring on some civil suits which are costly for both parties.
If her only income is Social Security income, she is probably what they call “judgment proof,” which means they can’t garnish Social Security income.
The fact that she owns her house makes the situation a little more difficult. She is probably “over asset” for a chapter 7, but a judgment would probably attach to her house, even though her income can’t be garnished.
Best bet, contact a good attorney (ask everyone you see) to discuss several options. A good attorney will not charge you for the initial consultation unless you get into specific legal advice. If the first appointment costs and you don’t get specific advice, run for the next attorney.
Hope this helps.
Negotiating with the credit companies – very preferably through a professional intermediary – may very well eliminate the interest and possibly some of the principle. The cards have to go of course. Perhaps she could get a debit card or use a prepaid credit card for her use. Depending on the state law regarding the house doing anything regarding a reverse mortgage could be taken wrong if a bankruptcy is the only way out. Talk to a couple of credit councilors but be careful with them too. I’ve heard they like their fees up front and results ummmm…vary.