Question by Axel: Do student loans look good when applying for a mortgage? I have $ 30,000 in student loans, and will be looking to buy a house in the next 2 years. If I’m making $ 45,000 a year and making minimum payments on the loan, will that look good when I apply? Best [...]
Question by Cathryn: has anyone been turned down for a loan modification because of to much debt and put in a mortatorium? We applied for a loan modification made 2 payments then received a letter that we were turned down because we had to much debt. They put us on a mortatorium from December until [...]
In a time of financial crisis many individuals find themselves reflecting on their financial situation, especially in regards to the fluctuating housing market. No individual wants to lose their home but the search for solutions to stop foreclosure seem to be limited. Many individuals without the ability to support themselves are abandoning their houses and other families are having to rely on multiple incomes to survive, including the incomes of their older children.
What are the disadvantages of these mortgage options?
A friend showed me a copy of her mortgage and she pats the minimum. This is over $10,000 short of the interest owed each year. This is added to the loan balance. Is this legal, if so what can be done?