Debt Help Services

Posts Tagged ‘mortgage’

Question: Anyone ever had a loan through Wells Fargo Financial?

I went to my bank, Kinecta (a credit union) to inquire for a loan. One of the reps informally told me to try Well Fargo Financial. I need a personal loan for debt consolidation, approximately $4000. I hate to do it, but it is really my last option. I have bad credit, which I was repairing, but unexpected things came up once again.

What are the qualification requirements? Any info appreciated.

Please spare me any lectures, I am looking for anyone with experience with Wells Fargo Financial.

Answer: I spoke to them about a possible home equity loan so I could pay for surgery for one of my dogs.

The guy talked really fast -- instead of a home equity loan- they wanted me to refinance my house. They wanted me to give up a 6% fixed rate and refi with them for 9% fixed. I told the guy I would have to have smoked something to agree to something that stupid. The guy talks really fast - they are hoping you don't catch those little details like the interest rate.
(needless to say-- I did not waste my time with them and found another way to pay for the surgery)

Make sure you ask a lot of questions and fully understand all the terms Read over all the paperwork they send you, Know exactly what you are getting into.

If you only have 4000 in debt -- a consolidation loan my not be your best option.

Dave Ramsey has a strategy for paying off debt. You can catch his radio show on the talk stations.

He calls it the debt snowball.

1. list all your debts by amount -- smallest to largest.
2. pay minimum payments on all your debts but the smallest one.
3. take all the money you can and put it on the smallest debt.
4. once the smallest debt is paid off - go down to the next smallest one. Take the prior payments and any extra money and put it on the next smallest debt. Continue paying minimum payments on your other debts.

If you have not tried Dave Ramsey's way -- I encourage you to check out his radio show and books. May end up being a better option than a debt consolidation loan.

www.daveramsey.com

Hungary Reverses Default Talk After Market Scare (Update1)

Hungary’s government reversed course over the weekend, saying there was no danger of default after it spent two days telling the world the nation was at risk of a Greece-like crisis.

First Lady Michelle Obama on Health Care 2009

Question: Do I get to deduct mortgage interest on a foreclosure?

If one forecloses on a home, I understand I would be either issued a 1099-A or the debt could forgiven, but not both. On the 1099-A is it just Fed taxes you pay if you don’t qualify for the Mortgage Debt Relief Act or does the State get a piece also. I do not know of anybody having to pay on these 1099-A situations.

Answer: Unless you actually paid the interest, you don't get a deduction.

As for the 1099-A,. it represents the "sale or other disposition" of the property. Report the "sale" on schedule D. You only have taxes if you have a gain.

The rules for the 1099-C are different. See IRS pub 4681.

Federal and State Agencies Target Mortgage Relief Scams

FTC Leads "Operation Stolen Hope" to Stop Fraud and Help Troubled Homeowners

Mortgage Forgiveness Debt Relief Act of 2007

Question: Credit Help: ‘terms’ and debt consolidation?

noticed the word ‘closed’ on accounts paid, as well as accounts not paid…what does ‘closed’ mean in this instance. Also the word ‘revolving’?

Debt consolidation. If one has no collatoral (ie: mortgage, vehicle…first born…etc), is it still possible to get it? Anyone know of a legit and good debt consolidator that has good rates?

Answer: "Closed paid accounts" are just what they sound like...accounts that you have paid, and are now no longer open to use.

"Closed unpaid accounts" have probably been charged off or sold to collections.

"Revolving accounts" are like credit cards.

Debt consolidation loans, like every other type of loan available right now, seems harder to get even if you have great credit and tons of collateral.

Assured Guaranty Ltd. First Quarter 2010 Operating Income Rises 41% From Prior Year Period to $89.6 Million ($0.47 per ...

HAMILTON, Bermuda----Assured Guaranty Ltd. today reported its financial results for the quarter ended March 31, 2010 . The Company’s first quarter 2010 operating income, a financial measure that is not in accordance with accounting principles generally accepted in the U.S. , was $89.6 million, a 41% increase from $63.4 million for the quarter ended March 31, 2009 .

Mortgage Stress - Debt Consolidation in the News

Question: Now that the mortgage debt forgiveness act has passed, do I still need to report my forgiven debt when I file?

I’m thinking I do have to report it, but I’m not sure how. I did get a 1099-C listing the amount of forgiven debt.

Answer: Yes, you need to report it.

However, the IRS hasn't updated the form 982 yet to reflect the new option.

I guess you could attach a letter to the form explaining that you are eligible (are you?) for the debt forgiveness and that you are electing to reduce the basis in your property by the 1099-C amount rather than elect insolvency (which you may or may not qualify for). In that case, I'd also report the "sale" of the property at the foreclosure amount - the cancelled debt amount on schedule D and state the election there too.

Off the Shelf: Upcoming events at Maxwell Memorial Library

Its tax time again! Maxwell Library in Camillus is offering help in two ways: First, we will have many state and federal forms and instructions available for do-it-yourself

1099C - Cancelation of Debt

Danny Schechter: Time For a Moratorium on Foreclosures and Debt Relief

If you believe, as I do, that there is an economic emergency underway affecting the most vulnerable among us, as foreclosures grow and poverty deepens, isn’t it time to start demanding debt relief?

HOW TO DO A SHORT SALE in 3 Minutes! – Simple SOFTWARE