Comments on: How Atlanta Homeowners Can Benefit From the New Home Loan Programs

By: Anonymous

Anonymous — Fri, 11 Dec 2009 01:59:48 +0000

Wow id like to see the written statics on this program

By: Dat_1_Chiq

Dat_1_Chiq — Fri, 11 Dec 2009 00:07:47 +0000

No one will "take over" your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments.

If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can ask your lender to "rehabilitate" your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments.

By: Anonymous

Anonymous — Thu, 10 Dec 2009 22:23:34 +0000

I loved it

By: Blogger

Blogger — Thu, 10 Dec 2009 05:58:12 +0000

He is a great man! Everyone thinks about Rich people but no one thinks about Poor people. Everyone is becoming selfish.

His Idea is good! Should be given a try by everyone!

By: ali

ali — Thu, 10 Dec 2009 05:35:53 +0000

All I can say is, if you own the motorcycle, take it back. If he does, tell him to get a title loan. He can make payments but depends on what he still owes you.

By: MLE

MLE — Thu, 10 Dec 2009 00:42:49 +0000

Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.

By: Jak K

Jak K — Wed, 09 Dec 2009 20:59:10 +0000

To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.

If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.

By: ronidl76

ronidl76 — Wed, 09 Dec 2009 07:57:54 +0000

In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.

By: newmoon

newmoon — Wed, 09 Dec 2009 03:12:24 +0000

I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.

By: Free Blog

Free Blog — Tue, 08 Dec 2009 23:58:30 +0000

you r the man