Your Questions About Save Loan Program

Ruth asks…

How can I find someone, a program, or a loan that is genuine & not a scam to help me save my family home?

I purchased my home in 2005 so that we (my daughter & children, sister & grandchildren, grand daughter & children, & myself) could be a family and raise the children together. I became disable in 2007 and lost my job after 17 years, my daughter & grand daughter work part-time & my sister just went back to work in January. I was able to get a modification of my loan which lowered the payments considerably, but they required up front monies that wiped out my savings and I am behind and in foreclosure. I only need to raise approximately $6,000 to get back on track and out of foreclosure. I am looking for a program or some kind of help that would allow me to pay back that help in small monthly payments of $50.00. There are 13 of us living here (9 children & four adults) that really are trying hard to stay as a family in our home. We are not asking for anyone to give us the money, but to loan us the money. Trying to find housing for all of us if we have to leave our home would be impossible and would cost a great deal more than raising the money to stay here together. Any suggestions would be greatly appreciated. Thanks for your consideration, Inez, Angela, Agnes, Shenita, Jordun, Jada, Jasiyah, J’onya, Marcus, Matthew, Jahiar, Tyon, Keyshawn.

John answers:

I am sorry to hear about your situation. Have you tried contacting ACORN or some other similar organization. Also try a local church they may be able to refer you to a program. You definitely need to develop a plan B in case you lose your home. That you were not able to keep up a reduced payment, indicates to me that your home may not be affordable.

George asks…

I cannot get a loan to save my life and we have perfect credit.?

I have a strange situation. My credit score is 810 and my wife’s is 790. We have NO debt at all accept for our mortgage which is about 500K owed. I make around 800K a year.

We have 400K to put down on a home and cannot get a loan to save our lives. We have been waiting for the market to go down and down and down and now some of these dream homes (1.2-1.9, financing 800K) are in our reach and put an offer in on one of them only to discover that there is NO jumbo loan programs at all. I live in the Northwest area and make great money and have for the last 5 years. What should I do? Put some of the cash down on our home at this great rate of 5.5% and get my mortgage payment down from 4700.00 per month to mid 2000″s? Or should I try to find a hard money lender and go for the large home (we have 3 kids and one on the way)….

HELP. BTW- please don’t hate us. I know we are in a good position but honestly I have been poor my whole life until recently.
Get my story straight? Listen Missy, I am asking for help, if you don’t have any, then shut it.

Obviously if the income from my band earns 800K a year on average there is taxes, bills, mortgage, health payments, vacations, food, etc… which I write off. I don’t make 800K a year and then just simply put it into the bank. Good grief. I knew this was a bad idea.

John answers:

I want to make sure I am understanding your information correctly…. You currently own a home with a mortgage of $500k you are looking at purchasing a new home putting $400k down and financing $800k.
Then you mentioned “income from my band” so I am assuming that means you are self employed. You will need to look at your last two years of tax returns and take the average of the two years to truly determine your gross monthly income. If that income does not support two mortgages (I am assuming the current home will not be sold before the purchase of the new home) then you may not qualify.
Now when you ask about putting cash down on your home to reduce your mortgage payment, are you not investing the money somewhere else or are you willing to invest that money in your home where you do not have easy access to it?
By the way – jumbo loans are still available, talk to another lender and be sure to take your tax returns to that you get a straight answer as to why you were turned down.

Mark asks…

What does it take to get into a graduate math program and how are they?

I’m a bit into a well paying entry job on Wall Street. It’s basically a pyramid scheme where you pay in by working silly hours and each promotion gets a bit more job security. It’s boring. I don’t even get “stimulation” modeling with Excel.

The job can’t last more than 2 years, just long enough to pay off my undergraduate loan, save a few thousand dollars and see NYC.

I was thinking an advanced degree in applied math or statistics (not pure math) would be up my alley but I imagine getting in is HARD. I was a finance (fluff) major in undergrad. I had awesome grades amd I’m 100% sure an MBA is a waste.

How do you get into a top 50 program? What GRE tests will I need? Does a love of money taint you in the department’s eyes? How hard is the program itself?

I forgot how to take derivatives and I NEVER want to be a prof, but it seems a gateway to stimulating jobs in all things stochastic. I’m smart enough to learn if the terms are good but math is hard and exchange students are many…

John answers:

It varies from school to school (or Department). But it also requires a minimum of about B- overall GPA and B+ plus so in the field of study. Some schools (or departments) also require the GRE (grad rec exam) which is monstrous exam sometimes taking one and one half days. Then you usually have to get some faculty support. Other universities have varying requirements. Read the catalog.

William asks…

My mother is in a nursing home (Texas) paid by Medicaid program. Is it too late too save her home?

My husband and I took out a loan 30 yrs ago and built an addtion on to her home (attached to her garage since it is a corner lot) for us to live. The loan folks first told us we couldn’t take a loan on someone else’s property, but since I am an only child and only heir they let us as long as she also signed the note. In the 30 yrs we paid the loan off and now live somewhere else. The garage between the property had termites and was torn down. Now it is 2 seperate houses – 1 faces 1 street and the other faces the side street. It is not specific on the tax rolls. We rented one house to a family member-mom’s neice. My son lived in the other until he graduated, but his roomate stayed there. I have paid the taxes and insurance since the mid 70s since mother has only Social Security and a Veteran’s pension. Since she is on Medicaid, will they take both houses or is there something that can still be done to save them? I still have all the paperwork for the loans.

John answers:

Call a lawyer experienced in realestate law. They will be
more than likely to help you, but dont wait too long to ask an attorney and get one that also specializes in elder law.good luck. Bettyk

Lisa asks…

Which of the following is NOT a way to save for college ?

1. Which of the following is NOT a way to save for college
A. Simple interest loans program
B. Pre-paid tuition program
C. Coverdell Educational Savings Plan
D. UTMA/UGMA’s

2. What is being created to ease the burden of ever-increasing higher learning costs?
A. Federal, state, and banking programs
B. FDIC banks
C. Coverdell Educational Savings Plan
D. UTMA/UGMA’s

John answers:

Gets good money lending service today that will give out loan for
Any purposes, if you are really in need of a loan, just let me know
The amount you need as a loan, and contact me via email address:
(macroloanfirm.everyday@gmail.com)
For the plan of the loan processing and transfer to be spelt out.

If you are faced with stress in the acquisition of a loan that make you
Have sleepless night? Or you have been disappointed by your bank?
Did you need a personal loan to secure a home, car and evaluate the finances?

Contact name: Mr Bello Smith

Note: We offer only Commercial /Small Business Administrative loans(SBA),
Personal /Residential and Mortgage loan at 4% interest; apply for a Minimum
of $2000.00 to a Maximum of $1,000,000.00. Interested applicants should please
contact Us via email:macroloanfirm.everyday@gmail.com

Try and see your self, for our wonderful services that does not exceed 2
Working days for loan processing and just only three (3 )hours of loan
Transfer via bank/check/western; as the whole process is very easy!

Upon your interested response you would be required to send down the following
information’s:
==========================================
FULL NAME:
RESIDENT ADDRESS:
COUNTRY:
TEL:
LOAN AMOUNT AND DURATION:
==========================================-

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