- This topic has 11 replies, 5 voices, and was last updated 9 years, 9 months ago by Anonymous.
- May 5, 2011 at 5:52 am #203157AnonymousInactive
I have mounting debt mainly due to student loans (whihc I would liek to pay seperate) but everythign else from credit cards and phone bills etc is very hihg close to 15,000. I want to consolidate so ic an make monthly payments to all of them and try to save my credit. any good place u can recomment that will no charge me a high interest rate or take too much profits away?
- May 6, 2011 at 11:21 am #260874AnonymousInactive
I found most of the places you find on the net are a scam. It is best to go to a local bank and talk to them. The scam of most places is that they will take your small monthly payment but wont send any to your creditors. Finally the creditors will settle with them for a smaller amount and in the mean time your credit is shot. That is something you can do yourself. If you are not worried about your credit score for now you can just not pay on your unsecured loans and after about 3 to 4 months they will ask you to settle out for a lot less than you owed.
- May 9, 2011 at 1:30 am #268994AnonymousInactive
This is an oxymoron “good debt consolidation programs.” And they don’t save your credit. Most debt consolidation programs appear as bad as a bankruptcy on your credit report.
They are over priced for something you can do yourself. Plus they don’t treat the symptom (over spending). You need to change your behavior. Put it another way, if you are going to diet, you have to reduce your food intake & increase your excercise, you can’t have me do it for you and you loose the weight. Same with debt, you need to work this out.
I suggest you start with reading The Total Money Makeover by Dave Ramsey. Then start your baby emergency fund and then a budget. You will be amazed at how much money you may be wasting each month by not using a budget.
We have paid off over $15k in 1 1/2 years of working his plan. But we had to budget and tell our money where to go, instead of just spend, spend, spend. We also have stopped using all credit cards (and canceled them). We have stopped they cycle of debt.
Read his book and I bet you can be out of debt on your own in about 18-36 months!! (depending on your salary)
- May 15, 2011 at 12:26 am #276112AnonymousInactive
I just recently answered this same question for someone….I used Incharge debt soultions…Why? I was working partime after being laid off… All of my monthly bills started to get behind and it seemed that the money I was making wasn’t enough to even attempt to pay the bills.
So I had been hearing about companies that can repair your credit if you pay them a certain amount and make monthly payments to them.. And I was actually going to give them a call until I saw a commercial about incharge… I called got started on the program..
What they did was have me gather all and I do mean all even the same ones (bills) together. Then did asked me what my income was, how much I spent on clothes, shoes, the ususal stuff.. they then added up all the bill amounts that I had given them and gave a figure of how much they all were. Then they asked me of all the names and companies so that they could contact them for me and see if they could get them to lower my intrest rate.
They also gave me a figure that was signifcantly lower than the first amount of all the bills. The was the quoted amount I would actually be saving and having to pay if I worked with the company and paid the monthly amount that we would settle on.
So after giving them all that info the next day I sent them my bills. A week or so later I recieved an agreement that was between us three.. the company-incharge, myself and my bills…that stated that I would pay a certain amount to them every month that would either be deducted out of my account or a check or money order would be sent. Then incharge would send the money to my creditors and then they would recieve the updates and send them to me…
All of this would have been acknowldeged by the companies with letters stating that they recieved my payment. I stopped recieving harrassing calls, and letters and made a monthly payment that I could afford. Yes, I did have to pay incharge a few of like 20.00 or so but it wasn’t anyting compared to me not having those calls and all those bills piling up.
The gave me a 3 year plan and I’m still on it… I have paid off a few of my bills and can’t wait to pay off more.. I have started to send more than was agreeded so I’m paying more on certain bills… I like it and incharge hasn’t given me any issues or anything they are always nice, and respectful…
I have heard horror stories about other companies but I would reccommend them to anyone… I know everyone doesn’t have the same amount of bills but they can help….
- May 15, 2011 at 1:54 am #426842AnonymousInactive
Probably — Mortgage companies play fast and loose.
The application fee is just that — a fee they charge for accepting your application.
- May 15, 2011 at 2:49 am #426843AnonymousInactive
they didn’t default. you weren’t fully approved yet apparently. you had nothing in writing.
- May 15, 2011 at 3:41 am #426844AnonymousInactive
wow, sorry to hear that…
i bet the person who got u 100% approved made a mistake and got fired, so now they called the loan….
how could you be approved 100%?? i think that was the mistake, there for it was cancled… i think its legal, look at the contract that you signed, and if it says anything about cancellation premissies.
- May 15, 2011 at 4:01 am #426845AnonymousInactive
What you wrote doesn’t make sense.
You wrote: “We were told that we were approved for 100% financing of which there is no such thing.” 100% financing is very common.
You wrote: “the mortgage company told the seller that we were approved so go ahead and move out.” Mortgage companies don’t talk to the sellers. Mortgage companies issue pre-approval and commitment letters to the buyer, and then the buyer provides this to his/her agent, who then in turn provides it to the seller’s agent.
You wrote: “mortgage company changed their minds and defaulted on the loan.” Mortgage companies don’t just willy-nilly change their minds. Lenders are in the business of lending money, if they don’t, they go out of business. Therefore, there would have been a valid reason – like problems with verifying a borrower’s income, assets, and/or work history.
- May 15, 2011 at 4:58 am #426846AnonymousInactive
The mortgage co did not default. You were not approved, as someone else mentioned already.
This happens quite frequently. Either you dont make enough to cover the payments (or) you dont meet the credit requirements. To get 100% financing, you generally need at least 580 credit score with no judgements that would affect title (tax liens, Federal judgements, etc.).
You need to check your credit score before proceeding with another attempt at purchasing. Then you will know what your options are. You also need to consult with a R.E. attorney to determine if you were screwed by the mortgage company and if you have any rights. Did they give you an approval letter to give to the real estate agent (or) just a prequalification letter. There is a big difference.
Don’t buy anything without consulting with a R.E. attorney next time. Dont trust the R.E. agent or the mortgage lender as neither of them care about you or your situation, just their pending commission.
Also if you dont have at least 5% to put down using a fixed rate loan, then you probably shouldn’t be buying a home.
- May 15, 2011 at 5:41 am #426847AnonymousInactive
Am sorry to hear what happened with you .Did they also charge fees for appraisal??????Holy shit!!!!!!
I do wanna inform you of the fact that I do sell cheap and
decent Mortgage Packages .We have very good
adjustable as well as fixed rates that are in the higher fives and
lower sixes and we have additional denefits for our AZ customers like
free appraisals , free washer & dryer as well as free trucks for
moving .In case you are moving over to a new place you won’t have to
pay U-Hual .
If you do feel that you are paying much more then contact me at
kishaloy_bhowmick@ yahoo.com or call me at 480.751.4125 with your
detailed case description .
I will be happy enough to help you out .
- May 15, 2011 at 5:49 am #426848AnonymousInactive
defaulted? you mean they no longer would give it to you? …i would consult your attorney. Do you have a financing commitment in writing? if not, it will be hard for you to prove anything… that’s not too smart of the seller to move based on a conversation, they should also have reviewed a commitment letter first.
- May 15, 2011 at 5:58 am #426849AnonymousInactive
This happens every day. There is nothing illegal about it. Let me explain. (oh, by the way, 100% mortgages do exsist and are used all the time).
Mortgage companies are suppose to qualify (do the basic work necessary to determine if someone can get approved for a loan) the loan applicant(s). If they think the person can get approved for a loan, they will then send the paperwork (package) to a lender that will actually loan the money. The lender verifys everything they have been sent, then does some of their own checking. The lender has the final say about doing the loan. If they say no, then there was something the mortgage broker did not find, or did not think would effect getting the loan approved.
Being given a “pre-qualification” or “Pre-approval” letter, or even a letter labeled as an “approval” letter means the mortgage broker did a basic review as I described above, not that you have actually been approved by the lender.
When the lender receives the package, they can either approve the loan, deny the loan or come back and ask the buyer to do one or more things before they do the loan.
Unfortunally, there are a number of mortgage companies that see the business as a numbers game and just try to run as many people through the process as they can, hoping some of them will stick.
I would suggest asking your real esate agent who they would recommend. A reputable agent will know reputable mortgage brokers.
I wish you good luck. If you have other questions, feel free to contact me via email.
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