vania-janet/multiturn-rag-retrieval-data huggingface dataset:
What are you missing? Volume. Bank of America is more than willing to refinance a loan from Wells Fargo as long as the loan is still profitable. There are some caveats with that, though. For one, many land have penalties if they are paid off within two or three years. Additionally, the fact that banks are offering to refinance at great rates doesn't mean that you'll be approved, or that you'll get those rates. If you could post some actual numbers, we could help you see if it's a good deal to refi, and explain exactly where the bank expects it's profit.
Maybe you know something I don't, but as far as I'm aware, you can't get rid of it.  **Student loans are with you for life**.  You will be sent to collections, but it doesn't disappear after 7 years.  Settlements are incredibly rare unless your loan is ballooning... in which case, a settlement doesn't change all that much.  You will lose tax benefits, the government will garnish 15% of your wages, and you will be a debt slave until it's paid off.  Defaulting on student loans is much, much more painful than defaulting on private loans.  The *only* exception to this is if you've made 120 months of repayments while employed at a qualifying non-profit or governmental organization.  And even then, it only applies to federal loans and there are exceptions (better not refinance or the clock resets, for example).  Also, if you default, you will no longer be eligible.  Private student loans have no escape hatch and are equally unforgiving.  Thank your elected representatives.
There are programs out there which will let you refinance even when underwater, under the Government's HARP program. You are overpaying by nearly $7,000 per year compared to a refinance to 4.5%. A classic example of how the bubble hurt people who overextended themselves a bit as housing shot up.  The bank risks a $50K loss if you default or short sell this property. I'd go in and sit down with a branch manager and ask what they can do to recast the loan to a lower rate as you are ready, wiling and able to keep the house and make your payments. Good luck.
"This is somewhat unbelievable.  I mean if you had a business of collecting debts, wouldn't you want to collect said debts?  Rather than attempting to browbeat people with these delinquent debts into paying, you have someone volunteering to pay.  Would you want to service that client?  This would not happen in just about any other industry, but such is the lunacy of debt collecting. The big question is why do you need this cleared off your credit?  If it is just for a credit score, it probably is not as important as your more recent entries.  I would just wait it out, until 7 years has passed, and you can then write the reporting agencies to remove it from your credit. If you are attempting to buy a home or similarly large purpose and the mortgage company is insisting that you deal with this, then I would do the following: Write the company to address the issue.  This has to be certified/return receipt requested.  If they respond, pay it and insist that it be marked as paid in full on your credit.  I would do this with a money order or cashiers check.  Done. Dispute the charge with the credit reporting agencies, providing the documentation of no response.  This should remove the item from your credit. Provide this documentation to the mortgage broker.  This should remove any hangup they might have. Optional:  Sue the company in small claims court.  This will take a bit of time and money, but it should yield a profit.  There was a post on here a few days ago about how to do this.  Make part of any settlement to have your name cleared of the debt. It is counterproductive to fall into the trap of the pursuit of a perfect credit score.  A person with a 750 often receives the same rate options as a person with 850.  Also your relationship with a particular lender could trump your credit score. Currently I am ""enjoying"" the highest credit score of my life, over 820.  Do you know how I did it?  I got out of debt (including paying off the mortgage) and I have no intentions of ever going into debt for anything.  So why does it matter?  It is a bit ridiculous."
I've had a hard time finding out details on remortgaging Help to Buy loans myself, but found one article (http://www.thisismoney.co.uk/money/mortgageshome/article-3038831/Help-Buy-borrowers-risk-missing-best-remortgage-deals.html) which points out it IS possible.  But also that there aren't many lenders offering such deals out there.  The article lists a number of lenders that do offer these programs, and the extra requirements on equity you might have to have. It sounds like it's going to be critical to know how much equity you've built up.   Since part of the valuation increase will be credited to Help to Buy, you won't get all the £30k increase you've mentioned.  Instead, I believe you'll only get 80%, so £24k.   Which would mean your total equity is £24k + £7k = £31k, plus whatever you might have already paid off.  I'm going to assume there isn't much you've paid off, so will assume just over 18%. (31/170) While this is higher than most of the equity limits mentioned in the above article, keep in mind you'd only get cash out corresponding to the difference between your current equity amount and the equity required for the loan.  For example, if you went with a loan requiring 15% equity to qualify, you'd only have 3% over that, and thus get £5.1k out.   And that's before any fees you might have to pay!  (You might have new origination fees, but you also might have early repayment fees.) Maybe you could pursue a lower money down refi and get to keep more, but the same article points out that Help to Buy might consider that too risky for you, and refuse to allow the refi. I think it's worth shopping around to get actual numbers for your exact situation, but personally it doesn't sound like you have enough equity yet to get much cash out of a refi.  Perhaps you'll get lucky though.  Best of luck!
"This model would work fine under a couple of assumptions: that market interest rates never change, and that the borrower will surely make all the payments as agreed. But neither of those assumptions are realistic. Suppose Alice loans $1,000,000 to Bob at 4% under the terms you describe. Bob chooses to make interest-only payments of $40,000 per year. Some time later, prevailing interest rates go up to 10%. Now Alice would really like Bob to repay the entire principal as quickly as possible, because that money could be earning her $100,000 per year instead of only $40,000, but under the contract she has no way to force Bob to do so. And Bob has no incentive to repay any of the principal, because he can earn more interest on it than he has to pay to Alice. So Alice is not going to be very happy about this. You might say, but at least Alice is only losing ""potential"" money; she's still turning a profit of $10,000 per year, since her bank only charges her 3% interest. Ah, but you're assuming that Alice can get a bank loan with a rate of 3% fixed forever. The bank doesn't want to make such a loan either, for exactly the same reasons. So in practice, any loan like this would be expected to have a variable interest rate. There's a flip side, too. Suppose instead that market rates drop to 1%. Now Alice would like Bob to repay the principal as slowly as possible, because she's earning 4% on that money, which is better than any other options available to her. But Bob now has every incentive to repay it as fast as he can - or even to refinance by taking out another loan at, say, 2%, and using the proceeds to repay the entire principal to Alice. (This risk still applies with most traditional loans, since the borrower usually always has the right to pay early, but some loans include a ""prepayment penalty"" in such cases to help compensate the lender.) Thus, when Bob has all the power to decide when to pay, Alice is sure to lose no matter which way interest rates move. A loan with a fixed term helps insulate Alice against this risk.
"You owe $20,000 to a loanshark, 1% per week interest.  I'm happy to get 1% per month, and trust you to pay it back, so I lend you the $20,000.  The first lender got his money, and now you are paying less interest as you pay the loan back. This is how a refi works, only the first bank won't try to break the legs of the second bank for moving into their business.  This line ""reinvested the money into the mortgage to lower his monthly payments"" implies he also paid it down a bit, maybr the new mortgage is less principal than the one before."
There no legal framework that allows states like the US or countries in Europe to default on their debt.  Should congress pass a law to default the US supreme court is likely to nullify the law.
Agreed...all good points. Another point I usually bring up too is that auto loans are secured. You mention the liquidity aspect of the collateral involved here, which should help lower the loss given default on many of these defaulting loans. Repossessing a car and selling it likely doesn't have the same lead time and legal drama associated with it than foreclosing on and re-selling homes.  I guess I should let a true ABL guy opine on this aspect of things as I am by no means an expert on ABL LGDs. Someone please correct me if I am wrong.
The big one is to keep you from refinancing it with someone else to get a better rate. There may also be some funny-money reasons having to do with being able to count this as a new sale.
If you can deal with phone calls instead of a face to face meeting, for the average person with an average refinance online tools just offer another way to shop for deals. For new mortgages, I think having a person you can meet face to face will avoid problems, but for just a simple refi, online is one of the places you should check. Compete your current mortgage company, your bank (hopefully credit union), a local broker or two and the online places. The more competition you have, the more power you have in making a good choice.
"The bottom line, is that you are doing the right thing now:  correcting your past indiscretions.  Get those collections taken care of, then start saving for a down payment.  Of course, during this time, you should pay your bills early or on time. During that time your credit will improve dramatically. I bet that this will not be an issue once you have your down payment saved, so the point is moot.   However, with outstanding collections it is very unlikely you will get a loan.  In my own case, I had to pay a collection, that I did not owe, in order to obtain a mortgage.  It was for a small amount and the loan officer told me that ""it is the cost of doing business"".  Ship $150 and my loan when through free and clear."
The loan is very likely to be syndicated, yes. I only state 7-10 because all of our loans to this point have been 7 year terms. And in many ways, this loan is just one of those loans, multiplied out in a modular sense.
"It can be a good thing for the bank to refinance your loan for you - since you will be keeping the loan at that particular institution.  This gives them more time to enjoy the free money you pay them in interest for the remaining life of the loan. Banks that offer ""No closing costs"" are betting that mortgage payers will move their mortgage to get the lower interest rates - and whomever holds the loan, gets the interest payments."
Sounds like you are stuck. These are your options:  increase limit Not going to happen. You said you don't qualify. You also won't convince them to let you access more borrowing power by arguing that you can't pay now. No responsible lender would take that bet. negotiate balance Unlikely. This sounds like mostly real debt, not fees. They generally won't write off real debt except if you are in default. They will only negotiate if they think you can't pay. Note that this will probably hurt your credit, as they will report that you didn't pay your debt. pay down balance This is your best and only real option. If you can't afford to pay down the balance you can't afford to borrow more.  I am sorry for your situation; it is frustrating. I know how that feels. It is a textbook example of the risk associated with debt. Even if you plan to pay the balance every month, when the unexpected happens, you pay the price.
"By protected you mean what exactly? In the US, generally you'd get a promissory note signed by B saying ""B promises to repay A such and such amount on such and such terms"". In case of default you can sue in a court of law, and the promissory note will be the evidence for your case. In case of B declaring bankruptcy, you'd submit the promissory note to the bankruptcy court to get in line with all the other creditors. Similarly in all the rest of the world, you make a contract, you enforce the contract in courts."
I worked in auto finance years ago, what dealers tend to do in refinance the negative value of the customer current car to the new one.  So if a car is worth 30k they may finance it for 35k. Finance company will do as not to lose the dealer and customer is happy to get a new car.  I had one customer call on a car he financed for 85k, car brand new was worth 70k. Told me how he was looking to pay out the loan and go to the competition for better rates. Before offering anything I did a quick value check and no way was it worth it for us to reduce the rates.  Told him good luck and he needed to pay X amount, he asked me if I'm not going to offer a better deal, I told him no.  He blew up telling me the dealer told him to call 6 mouths later and the financial company would reduce the rates if he asked for a payout.  Customer also had a car that dropped its value like no tomorrow, so it book value was around 60k. So over the refinance limit.  6 mouths later get a call from collection, telling me just a heads up this guy's cars was sold at the auction as he couldn't make repayments for 30k.  Guy was also told by the dealer he could just hand the car back in but wasn't told he still needed to pay back the difference in the loan once he did.  My god some people had no clue.
The fact that your ex is on the mortgage limits their ability to get more loans. While you have been making the payments on time, if you had any problems making those payments it would have also impacted their credit score. It is understandable that they would like to be released from the mortgage. The options that they have are limited. You would have to refinance the mortgage. Lenders don't just drop borrowers from a mortgage, unless they have determined that the remaining people on the mortgage can make the payments. Besides the mortgage ownership documents were probably filed with the local government. The refinancing process will require a signature by your ex, unless the earlier agreement documents removed your ex as an owner, and those were filed with the authorities. Regarding an exchange of funds: it can be negotiated. An attempt was done with the earlier agreement. If the documents that were signed are proof of the agreement can't be determined by the internet. How this is settled, is outside the scope of this site. It depends on what documents have been signed in the past; the jurisdiction involved; And the state of the relationship at the time of the purchase and at the time of the refinancing.
Taking the help of experts is the best possible offer that an individual can look forward to. In that case calculating the current mortgage interest rates in MN becomes more important. Best home refinancing company, MN offers you the scope to deal with mortgage calculators. These are modern and tech savvy tools that take into consideration various factors related to the same.
They were kind and let you extend the repayment time on the loan. But that does mean additional interest accumulated during that additional time. You agreed to this; you can't change the contract now. What you can do is find the money to pay off the loan faster, to reduce the total amount of interest you'll be charged.
As you noted in your question, banks can always borrow from the Fed at the Fed Discount Rate (or from other banks at the interbank overnight rate, which is a little lower) to meet this requirement. They do have to pledge collateral, but loans themselves are collateral, so this doesn't present much of a problem. In terms of paying off depositors if the bank should collapse (and minimizing the amount of FDIC insurance payout from the government), it's really capital requirements that are actually important. I.E. the bank has to have investors who don't have a right to be paid back and whose investment is on the hook if the bank goes belly-up. But that's just a safeguard for the depositors; it doesn't really have anything to do with loans other than that bad loans are the main reason a bank might go under. Banks, like any other private business, have assets (things of value) and liabilities (obligations to other people). But banking assets and liabilities are counterintuitive. The bank's assets are loans, because they are theoretically recoverable (the principal) and also generate a revenue stream (the interest payments). The money the bank holds in deposits is actually a liability, because it has to pay that money out to depositors on demand, and the deposited money will never (by itself) bring the bank any revenue at all. In fact, it's a drain, because the bank needs to pay interest to its depositors. (Well, they used to anyway.) So what happens when a bank makes a loan? From a balance sheet perspective, strangely enough, the answer is nothing at all. If I grant you a loan, the minute we shake hands and you sign the paperwork, a teller types on a keyboard and money appears in your account. Your account with my bank. My bank has simultaneously created an asset (the loan you now have to repay me) and an equal-sized liability (the funds I loaned you, which are now deposited in your account). I'll make money on the deal, because the interest you owe me is a much higher rate than the interest I pay on your deposits, or the rate I'd have to pay if I need to borrow cash to cover your withdrawal.
"@fredsbend, Hope this helps! ""I understand that a reverse mortgage can be paid out in two ways: A lump sum and monthly payments. I figure that if you take the lump sum, eventually, the bank wants you to start paying it back."" Answer: Actually, there are 3 payout options, or 4 if you consider a combination payout as another one. There's a lump sum, a line of credit, or the monthly payout, or a combination. ""I figure that if you take the monthly payments, eventually, the bank stops paying out and wants you to pay it back. In both situations, interest accrues and this is how the bank makes money off of the deal"". Answer: The only time the monthly payments would stop would be if the borrower defaults on the lenders' terms or they no longer live at home. You are right though, and interest does accrue on whichever payment is decided on. I'm not sure how the lender makes money, probably by the interest, but I know borrowers are protected against high rates and owing more than your house. Here's an article I found that goes over the protections more in detail: https://www.americanadvisorsgroup.com/news/6-consumer-protections-reverse-mortgage-loan-borrowers. ""But what determines when you have to begin paying back the reverse mortgage? Some sources online seem to say that it's based only on if you die or would like to sell/move. That can't be right in all situations, because you could end up with a massive debt on a property more than its value."" Answer: There are a lot of protections or regulations in place to protect anyone who takes out a reverse mortgage. One being, you can't owe MORE than your house is valued at during the time of repayment, a reverse mortgage is a non-recourse loan. In the instance that your house is less than you owe, you either sell the home and the proceeds are used to pay the loan and you keep the rest OR if you owe more than the house proceeds of the home go to the lender.
"Yes, it is possible for you to refinance your existing auto loan, and so long as you can get the loan on more favorable terms (e.g.: lower interest rate), it is absolutely a smart thing to do. In fact, you would be well advised to do so as soon as possible if the car was a new car, if you refinance a NEW car soon enough you will likely still be able to get new car interest rates. Even if it is a pre-owned vehicle you shouldn't wait too long, since your car will only depreciate in value.  You will almost certainly get more favorable terms from any bank or credit union directly then you would when you go through the dealership, because the dealership is allowed to mark-up your interest rate several percentage points as profit for themselves. Your best bet would be to go to a local credit union, their rates tend to be most competitive since they are ""owned"" by their members."
they have capital reserves set aside for this. to replenish the reserves they will raise additional capital through debt or equity markets.  the new capital raise will also cover any shortfall on the claims.  cat bonds are used as well but will not cover 100%
I would contact your loan servicing company explain the situation and see if you can renegotiate terms. They may be able to drop the interest rate or lengthen the schedule to reduce the payment amount. I wouldn't default on the loan as that would likely hinder coming to/working in the US in the future. Not knowing your financial situation or country, could you attempt to obtain financing in your own country in order to pay off the US based loan? I would at least attempt to make some sort of payment while you attempt renegotiation, refinancing or pursue a job in the US, even if it technically puts or keeps you in default of the loan. Making any payment at least shows the willingness to pay back the loan, and you're not intentionally defaulting on your obligation.
Umm actually asking to be refinanced at a lower rate *IS* asking them to forgive/give up part of the mortgage.  Peoples greed in getting themselves into upside down mortgages are why we have problems, not the banks not helping them out enough.
You can often convert the outstanding balance of a HELOC into a fixed-rate home equity loan, generally with the same bank.  Doing this can open possibilities to extend the term allowing for lower monthly payments, but resulting in a larger overall payoff cost. Most HELOCs allow for an interest-only payment or in some cases no-payment at all if you still have unused available credit. Not advising that you do this. If you are struggling with the size of the payment converting to a fixed-rate, fixed-term loan may be what you need. The key will be getting the term such that you can manage both the principal and interest that will be included in the payment.
Most likely no.  Just make sure to read the fine print.  I'm in exactly the same boat, I have a house with an FHA loan and will be refinancing to conventional then using it as an investment.  To refinance, you usually have to own 25% of your property before you can refinance, or buy another property with FHA financing. If you are planning on refinancing with FHA, then things might not work.  The only way around this is if you move like you said you might.  Take a look at this article section (A) for Relocations, good stuff: http://portal.hud.gov/FHAFAQ/controllerServlet?method=showPopup&faqId=1-6KT-879
Some places banks/Credit Unions will allow you to refinance a auto loan. My credit Union only does this if the original loan was with another lender. They will send the money to the old lender, then give you a loan under the new terms. They are trying to get your business, not necessarily looking for a way make less money for themselves.  You will have to see how much you will save. Which will be based on the delta of the length of the loan or the change in interest rate, or both. My Credit Union has a calculator to show you the numbers based on keeping the size of the payments the same, or keeping the number of payments the same.  Make sure you understand any limitations regarding the refinance based on the age of the car, and if you are underwater.