All Posts Tagged With: "debt"
Credit Cards Or Mortgages: Which To Pay First?
Conventional wisdom has it that folks will use their last dollar to pay their mortgage while other bills remain unpaid, but a new study says otherwise.
A new study by TransUnion, the big credit reporting agency, says there is now a new payment hierarchy where consumers pay their credit cards before their mortgages.
“The percentage of consumers [...]
How To Read The HUD-1
Starting January 1st, 2010, all real estate transactions will be settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction.
The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — or, [...]
Do lenders count child care as a monthly “debt?”
Child care is regarded by most loan programs as something other than “debt” for mortgage qualification purposes. The logic is that child care is not an obligation in the sense of a car loan or credit card bill.
For details, speak with loan officers.
Technorati Tags: care, child, cost, debt, loan, mortgage, qualification, qualifying
31Aug2008 | Peter G. Miller | 0 comments | Continued
What If I Don’t Pay My Credit Card?
The debt will likely show up on credit reports. If it does show up you will need to pay it off.
If the debt shows up, a lender will ask for an explanation. You can then write that there was a debt, there was bad judgment, you realize you were wrong, you now have a better [...]
How Can I Deal With Unpaid Credit Debt?
Question: Five years ago, in a foolish moment, I refused to pay a credit card bill. I recently settled the matter by paying off the $800 debt. How will this event impact my ability to get a mortgage?
Answer: The debt and pay-off will likely show up on credit reports, so a lender will ask [...]
Toxic Loans & The Art of Denial
There’s an idea which has been voiced with more and more frequency and it generally goes like this:
I have a toxic loan but why worry? After four years or so — just before the monthly cost of this loan doubles — I’ll just go out and get another interest-only or option ARM, begin the [...]
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