vania-janet/multiturn-rag-retrieval-data huggingface dataset:
If you are forced to refinance in 5 years time, and the rates are higher, will you be able to make the payments, or will you potentially be forced out of the house? Perhaps into something much smaller. What happens if the rates at that time are 9% and even an ARM is only 6%? Could you make the payments or would you be forced to sell? Potentially you could end up paying out more in interest than if you had just gotten a simple fixed loan. Myself, I'd not take the risk. For much of the last 40 years people would have sold off their children or body parts to get rates like we have today on a standard fixed loan. I'd go for a standard fixed loan between 15 and 30 years duration. If you want to pay extra principle to get it paid off earlier in order to feel more secure or just get out from under the debt, then do so (personally, I wouldn't bother, not at today's rates)
"People act like lawsuits are the end of the world, her suing shouldn't be considered a threat, it should be considered the accurate course of action to resolve contractual obligations. Of course, it would be convenient if she did nothing at all!  If you believe her real goal is to ""get it off her credit"", then have her come refinance with you. This will give you the opportunity to not have her on it and you to get different terms. Of course, if your credit still is poor then this option also exacerbates the inconvenience. None of the options sounds like they will ruin your credit (unless you are scrounging for cash through credit facilities to pay her off). You have several completely benign options available."
To protect yourself from an increase in interest rates get a fixed rate loan. The loan terms: interest rate, number of payments, monthly payments will be fixed for the loan. Of course if rate for the rest of the market drops during the period of the loan, you may be able to refinance the loan. But if you can't refinance, or won't refinance, the drop in rates for the rest of the market doesn't help you. If you want to be able to have your rate float you can get a variable rate loan. Of course it can float up, or it can float down. So you take that risk. Because of that risk adjustable rate loans start at a lower rate. If the market interest rate drops far enough many people will refinance into a fixed rate loan at a lower rate than they could have gotten at the start. For adjustable rate loans the lender, during the application process, details how the rate is determined. It is pegged to be x% above some national or international interest rate that they don't have any control over. If that base rate moves then your loan rate may move. They also specify how often it will adjust, and the maximum it can adjust between each adjustments and over the entire life of the loan.  That rate that starts initially lower than the fixed rate loan is the enticement that many people have to pick an adjustable rate loan. Some do it because they believe they will payoff the loan before the rates get too high, or they will see enough increase in income so they can afford the higher monthly payment if rates rise. If they are wrong about these things they may find themselves in trouble. The terms of the adjustable rate loan still have to follow the terms of the contract: the lender can't change the % offset or the source used to used to set interest rate.
"Check to see if you can do this at this point. When I was refinancing the mortgage on my last house, I put a sizable ""extra"" chunk down like you're planning to do, but the amount of the loan had already gone through the processing (for lack of a more specific term).  My extra money went toward principal, but my payment was still the same as if I hadn't put any extra down. If you find out that it's too far along in the process, not to worry: extra emergency fund isn't a bad thing to have."
"My biggest concern with this plan is that there's no going back should you decide that it is not going to work, either due to the strain on the relationship or for some other reason.   If you were borrowing from a relative in place of a mortgage or a car loan, you can always refinance, and might just pay a little more interest or closing costs from a bank.  Student loans are effectively unsecured, so your only option for a ""refinance"" would be to get a personal, unsecured loan (or borrow against existing collateral if you have it). You are going to have a tough time getting another 50k unsecured personal loan at anywhere near student-loan rates.   The other negative aspects (overall risk of borrowing from family, loss of possible tax deduction) make this plan a no-go for me. (I'm NOT saying that it's always a good idea to borrow from family for homes or cars, only that there's at least an exit plan should you both decide it was a bad idea)."
I’d say No, it’s not crazy. I did that even for a mortgage, because the bank tended to lose my checks or let them sit for some days, and then claim I paid late. They were known on the internet for their poor processing department, so I decided to avoid that monthly hassle with calling and arguing, and refinanced. Compare the pain with the cost for refinancing, and if you think it’s worth it, change. You might even get a cheaper credit, and save on it.
The Homebuyers Tax Credit was unrelated to whether or not a mortgage was part of the purchase. You will have no issue with this credit if you refinance.
If it's possible in your case to get such a loan, then sure, providing the loan fees aren't in excess of the interest rate difference.  Auto loans don't have the fees mortgages do, but check the specific loan you're looking at - it may have some fees, and they'd need to be lower than the interest rate savings. Car loans can be tricky to refinance, because of the value of a used car being less than that of a new car.  How much better your credit is likely determines how hard this would be to get.  Also, how much down payment you put down.  Cars devalue 20% or so instantly (a used car with 5 miles on it tends to be worth around 80% of a new car's cost), so if you put less than 20% down, you may be underwater - meaning the principal left on the loan exceeds the value of the car (and so you wouldn't be getting a fully secured loan at that point). However, if your loan amount isn't too high relative to the value of the car, it should be possible.  Check out various lenders in advance; also check out non-lender sites for advice.  Edmunds.com has some of this laid out, for example (though they're an industry-based site so they're not truly unbiased). I'd also recommend using this to help you pay off the loan faster.  If you do refinance to a lower rate, consider taking the savings and sending it to the lender - i.e., keeping your payment the same, just lowering the interest charge.  That way you pay it off faster.
"This would be on your credit for ~8 years.   If it goes according to your plan, it will take 6 months to a year to do the settlement by getting behind enough to let it go to collections and then settling.   The write-off will then be on your credit record for 7 years before it ""falls off"". Your cash out refinance would have to cover you for at least the next 8 years to be valuable. And you have a lot of assumptions to get there: In short, there's one way (or only a few ways) this works out well in your favor.  There are many ways that this has the chance to hurt you.    I don't like ""investments"" with those kind of odds."
Your best bet is to refinance the car in your own name only. Hopefully a year of making the payments has improved your credit score enough. If not, you can approach a loan officer at a credit union and make your case (that you haven't missed any payments, etc.). A new title should be sent to the new lien holder, and  in that process, if your ex needs to sign any paperwork, it can be done while refinancing.
Exactly. that is paying double the money for no better coverage. It makes no sense. The paperwork when you file a claim will ask you if there is coverage from another policy. Making the same claim to two different policies, without telling them,  would be considered insurance fraud. For that kind of money the insurance company would be involved with paying the re-builder money periodically. Obviously only one re-builder is involved, and they would notice if they were getting paid more than was required. While you could decide to take the money and not rebuild, but that wouldn't work if you had a mortgage. The lender would want their money or force you to rebuild.
Did you read the article?  They weren't arguing whether or not the debt could be defaulted on.  They were arguing that one side can't unilaterally change the terms of the contract and decide to pay less.  Which seems like common sense, but whatever.
"From the HLSS 1st quarter 10Q: ""Match funded advances on loans serviced for others result from our transfers of residential loan servicing advances to SPEs in exchange for cash. The SPEs issue debt supported by collections on the transferred advances. We made these transfers under the terms of our advance facility agreements. These transfers do not qualify for sale accounting because we retain control over the transferred assets. As a result, we account for these transfers as financings and classify the transferred advances on our Interim Condensed Consolidated Balance Sheet as Match funded advances and the related liabilities as Match funded liabilities. We use collections on the Match funded advances pledged to the SPEs to repay principal and to pay interest and the expenses of the entity. Holders of the debt issued by this entity can look only to the assets of the entity itself for satisfaction of the debt and have no recourse against HLSS."" I'm not an expert in the accounting of these things but I'll take a stab from the view of a bond investor. Let's assume the mortgage(s) in question have been pooled together and sold into the bond market in the form of a mortgage-backed security (MBS). When a homeowner falls behind on their payment, scheduled principal and interest (their monthly mortgage payment amount, or ""P&amp;I"") is advanced as if the borrower is still current to the person who holds the MBS. This is typically done from the time they first fall behind until either they 1) catch up on their payments or, 2) are foreclosed upon and the home is sold to repay the mortgage balance. In either instance the advanced monthly payments are recaptured by the servicer before the holder of the MBS is paid. In this sense, the servicer develops a sort of prepaid asset over time by advancing money they are almost certain to recover at a future date (usually via foreclosure and liquidation). Due to a high number of borrowers falling behind on their payments since the housing crisis and the resulting time it takes to foreclose on a property, the servicers (OCN, HLSS, etc.) have built a large balance of advances on the asset side of their balance sheet.
Your current loan is for a new car. Your refinanced loan would probably be for a used car. They have different underwriting standards and used car loan rates are usually higher because of the higher risks associated with the loans. (People with better credit will tend to buy new cars.) This doesn't mean that you can't come out ahead after refinancing but you'll probably have to do a bit of searching. I think you should take a step back though. 5% isn't that much money and five years is a long time. Nobody can predict the future but my experience tells me that the **** is going to hit the fan at least once over any five year period, and it's going to be a really big dump at least once over any ten year period. Do you have savings to cover it or would you have to take a credit card advance at a much higher interest rate? Are you even sure that's an option - a lot of people who planned to use their credit card advances as emergency savings found their credit limits slashed before they could act. I understand the desire to reduce what you pay in interest but BTDT and now I don't hesitate to give savings priority when I have some excess cash. There's no one size fits all answer but should have at least one or two months of income saved up before you start considering anything like loan prepayments.
"Sovereign states borrow money explicitly in a two primary ways: A sovereign cannot be compelled to repay debt, and there isn't a judicial process like bankruptcy to erase debt. When sovereigns default, they negotiate new terms with creditors and pay back some fraction of the actual debt owed.  They can also print money to repay debt, which has other nasty consequences. But, while a state cannot be compelled to repay a debt, creditors cannot be compelled to loan money to the state either! Any enterprise of sufficient size needs access to capital via loans to meet daily obligations in anticipation of revenue -- even when times are good. Defaulting makes borrowing impossible or expensive, and is avoided. Regarding using your military to avoid repaying debt... remember what Napoleon said: ""An army travels on its stomach"". Military campaigns are expensive... no borrowing ability means the soldiers don't get paid and the food, fuel and ammo don't get delivered. Smaller countries have other risks as well. Many nations are essentially forced to use US Dollars as a reserve currency, or are forced by the market to borrow money in a foreign currency. This creates a situation where any risk of non-payment results in a deep devaluation of the local currency. When your debt is denominated in dollars, these shifts can dramatically increase your debt obligations from a local currency point of view. You also run the risk that a larger or richer company will park warships in your harbor and seize assets as payment -- the US and Britain engaged in this several times during the 19th and 20th centuries. In general, not paying the bills has a cascading effect. Bad situations get worse, and they do so quickly."
The particular Virginia improve the look of refinance is certainly one the most effective options for all those those who have Virtual assistant financial loans on his or her homes. These kind of Veterans administration remortgage assists them gain a large amount of rewards that could ease the load of coughing up up the financial products they've taken on their properties. The Virtual assistant financial products as opposed to some other mortgage loans don't require any complicated processes just like house appraisal to find out the present appreciated of your ex house or any other processes just like looking at if the man or woman satisfies the financing conditions or any other treatments. These loans help it become extremely comfy for on support men to obtain their house refinanced which has a far better rate of interest.
If you're talking about TRUPS (Trust Preferred securities) these are all but banned for new issuance under Dodd-Frank and other regulations. Although some companies still have outstanding TRUPS most have either matured, defaulted or been refinanced into some other form of debt. Its not really an available form of capital raising anymore.
Others have covered the usual vehicles for getting money out of a property. There's another category of home loan called a hard money loan. It would take a lot of inquiries to find a hard money loan given your needs, but chances are its doable. The terms can be onerous, and hard money lenders don't mess around when it comes to foreclosing after a few missed payments. It's an off-the-radar industry and the private lenders and specialized trustees operate together with strike-force precision. Trustees normally should be trust-able by borrower and lender, but in the case I describe below, one man owned the small company that lent, and the small company that acted as trustee. Borrower beware. Yet, if your credit score and income are dismal, but your home equity is great, hard money is the only way to borrow against your home. In making hard money loans, lenders don't consider your credit score or income, just how much equity is in the property. I daresay they hope you'll default. They don't always hang onto the loans. If you look like a payer instead of someone they can foreclose on, they might sell the loan to someone who wants a stable monthly income. You don't know a thing about that person. A Cautionary Tale: *Check out HankandHelen.blogspot.com for a currently-unfolding saga, in which an elderly couple's grandson convinced them to let him take title to their house, borrow against it, invest the proceeds, and share the profits. It didn't work that way. He went through hard-money lenders. He borrowed $360,000 and then $65,000. Those were mysteriously paid off (total mystery at this point), and he borrowed $47,000. About a year later, he lost the house by defaulting the $47,000 loan. He was only about $2000 behind in payments when the trustee issued a notice of default, followed by a notice of sale. The trustee put the place up for auction, which didn't require a court order: that's the way it is in California and many western states, and a few others.
Let's say you owe $200K (since you didn't mention balance. If you do, I'd edit my response), and can get 4.5%. You'd save 1.5% or about $3K/yr the first few years. If a $12K paydown is all that's between you and and refi I'd figure out a way.  There are banks that are offering refi's under the HARP program if your current mortgage is owned by FNMA or FMAC which permit even if under water. So, the first step is research to see if you can refi exactly what's owed, failing that, shop around. A 401(k) loan will not appear as a loan on your credit report, that may be one way to raise the $12K. The best thing you can do is put all the savings into the 401(k) to really get it going.
The interest accrues daily based on the amount you owe.  The less you owe the less the daily interest accrual.  The faster you pay it off the less you pay in the lifetime of the loan.  You are losing money if you bank money rather than applying it to the loan immediately.  Since student loans cannot be declared in bankruptcy and interest rates cannot be refinanced, or are nonnegotiable, then you should consider your student loan a priority in case your employment/income runs into problems.
If your plan permits loans, deposit enough through the year to maximize the match and then take a loan from the plan. Use the loan portion to pay your student loan. Essentially you have refinanced your debt at a (presumably) lower rate and recieved the match. You pay yourself back (with interest) through your payroll. The rates are typically the prime rate + 1%. The loans are subject to a lesser of 50% vested account balance or $50,000 provision.
Quickly check the escrow balance with the new lender. What was supposed to happen is that the old lender would send the money they were holding in escrow to the new lender with information regarding how it was calculated, and what you should be charged each month. The new lender would continue servicing the escrow at the same monthly rate, until they did a yearly or semi-annually re-analysis of the escrow account. This is how all the mortgage transfers that I have had happened, as long as it wasn't due to a refinancing of the loan. If it was a refinancing the escrow transfer was done at closing. He said that they close the escrow account and refunded it and they   start a new escrow with the new lender. The new company would not want to have the money sent to you, because they would now have to require you to send the money on to them. There could be a gap of several weeks. They would have to pay any bills that come due during that gap, without the cash in the escrow account. If the escrow account is either zero, or very low, expect that the new company will be sending you a notice. The old lender could have convinced the new lender to refund the money back to them, or the old lender never transferred the funds. If a notice comes from the new lender, failure to replace the money will put your loan into default. If the sum of money is large they may have to increase the monthly escrow amount to make it up in 6 to 12 months. After that period the monthly escrow will return to a more reasonable level. If the old lender comes after you expect that the request won't be over the phone.  One thing the old lender could do is to request the loan be transferred back to them. The funds would then flow back to their company, but your escrow balance would now be zero, and they would now up your monthly escrow amount to get back on track.
"Assume they do not overwithhold. You pay in $500/mo, and every time it hits $3000, they pay the tax. Engineers call this a sawtooth function, it looks like this.  The average balance is not $3000, but close to $1500. The very simple math is $1500 * rate * years.  It looks like your equation except it's not 58, it's just the years. And the question is whether you can make more than $850 on $1500 average before you sell. I wouldn't be so quick to plug in 29 years, as the average home ownership is 7 years, and depending, who knows if a refinance is in your future?  The bottom line - How long would it take you to get a 57% return (2350/1500)? Ironically, the most responsible (and risk averse) person would say ""decades. Banks offer less than 1%."" even an 8% market return, while not guaranteed, is close to 7 years. But, if you carry 18% credit card debt, you can pay it down a bit each month and let it float back up every 6 months. Less than 4 years to break even."
Doubtful. But even if it does, it would be by a minuscule amount and would be a temporary bump. I find it hard to believe that such a small and short term impact on your credit would outweigh the savings in interest charges.
"Typically, the CC company itself won't follow the customer very far upon a default (though it certainly can act as its own debt collector, or hire an agency for a fee to do the collection).  What most often happens: Once they do that, assuming they win the lawsuit, they can do the following: They cannot ""force"" you into bankruptcy, but they might make it so you have no better options (if bankruptcy is less painful than the above, which it often is).  They certainly can (and will) report to the credit bureaus, of course.  For more information, Nolo has a decent help site on this subject. Different jurisdictions have slightly different rules, so look up yours.  Here is an example (this is from Massachusetts). Not every debt is sued for, of course; particularly, pay attention to the statute of limitations in your state.  (In mine, it's seven years, for example.)  And it's probably worth contacting someone locally (a legitimate non-profit debt relief agency, or your state's help agency if they have one) to find local rules and regulations."
"It is possible to achieve a substitute for refinancing, but because of the ""short"" life of cars at least relative to housing, there are no true refinancings. First, the entire loan will not be able to be refinanced.  The balance less approximately 80% of the value of the car will have to be repaid.  Cars depreciate by something like 20% per year, so $2,000 will have to be repaid. Now, you should be able to get a loan if your boyfriend has good credit, but the interest rate will not drop too much further from the current loan's rate because of your presumably bad credit rating, assumed because of your current interest rate. While this is doable, this is not a good strategy if you intend to have a long term relationship.  One of the worst corruptors of a relationship is money.  It will put a strain on your relationship and lower the odds of success. The optimal strategy, if the monthly payments are too high, is to try to sell the car so to buy a cheaper car.  The difficulty here is that the bank will not allow this if balance of the loan exceeds the proceeds from the sale, so putting as much money towards paying the balance to allow a sale is best. As a side note, please insure your car against occurrences such as theft and damage with a deductible low enough to justify the monthly payment.  It is a terrible position to have a loan, no car, and no collateral against the car."