Most of the available debt consolidation schemes are meant for individuals who own property. Only some debt service agencies will offer debt solutions to people that neither have collateral to place nor have strong credit history to earn a minimum credibility to be eligible for various loans from reputed lending agencies.
If you feel depressed by financial problems arising from redundancy, illness or event like divorce, mishandling of funds or even no credit history (students) you can bring a life changing atmosphere just by managing your debts well, understanding what option you have and maintain the rudimentary discipline of paying it off fast.
You can be eligible for a debt consolidation loan if you are above 18 years of age and have taken up some measures like credit counseling, fixed a budget and learned to stick to it. Bankruptcy could be the last resort to obtain a debt counseling service if you don’t own a property. You can also negotiate with your lending agency to formulate an easy repayment option. Debt negotiation is done through the help of a professional counselor and a financial advisor.
If you have life insurance coverage for which you have been paying the premiums regularly for last ten years or more then this is considered to be one of your assets. This kind of insurance builds cash value over time. These policies serve as collateral against which you are eligible for a loan.
Find a co-signer who can vouch for you in case you default. If he /she is a person with good credit and asset that exceeds the amount of the loan amount that you have applied for then you are eligible to get a debt consolidation loan.
If you own any other mobile assets like motor homes, motorcycles, boats, RVs old coins or stamps or other assets like bonds, stocks etc. that bear a value that will be more than the amount of loan you need then you can get a debt consolidation loan from the agency you have applied to.
So the issue practically boils down to placing collateral that the agencies look at when they grant you the loan. This collateral is the way to protect themselves from their risks in case you turn out to be a defaulter or delinquent. If you lose your ability to pay back the collateral is pledged to compensate for this loss. So if you are a non home owner then there is a high chance that the collateral you place might not be of the value that would exceed your combined loan amount. If it does then you can qualify for any debt consolidation loan.
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Help answer the question about home owner
How does one transfer tax benefits from a home owner to a rent-to -won tenent?I am getting into a rent-to-own lease covering the entire mortgage. What is the best way for the home owner to transfer the tax benefits to me?
I too own 100% and if it helps the age bracket is..well…over the age of 60 if that helps you any.
Added
I totally agree with George G's assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years.
My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could COMFORTABLY afford the house.
On the section of the bankruptcy petition called "Statement of Financal Affairs" you must list off:
#10. All property sold or transfered within the past 2 years.
#7. All gifts made to individuals > $200 within the past 1 year.
Or as Ricky use to say "Lucy! You've got some esplainin' to do
Go meet with an attorney and find out the practical application of your state's Homeowner's exemption rules.
You'll find that either:
1. The equity your so worried about is exempt (you get to keep).
2. Unexempt, but hardly enough to attempt to liquidate (after realtors, closing costs, etc).
3. You're limited to Ch13 repayment to protect your asset.
Absolutely. The foundation will have to be designed for the neccessary loads ( this may mean deeper, wider footings, additional reinforcement, larger beams and/or larger floor trusses) but the crawlspace foundation can be used for multi-story projects no problem. Its important to remember that with any foundation, the weight of the structure should bear directly on or be transferred to the footings-whether crawlspace or slab.
Thanks.
What about suing the inspection company for not catching it?
I don't think you will have a case with this one…no facts, just assumption. Can whomever that found the leak inside the wall prove the a/c was filled to pass the inspection?
Lets say your house sells for 300K(and has a 220K mortgage). Lets say your buyer has 30K for a downpayment.
They get a loan for 240K and get the second loan from you for 30K. The 270K from the buyer is first applied to your mortgage and you would get 50K in cash at closing.
You should have a lawyer draw up and help you with recording the mortgage. The lender for the buyer needs to know the details of your arrangement.
Can this type of foundation suppory more than two storey, , ,ground floor,1st floor + another floor , ,ie , ,2nd floor?
First, I am going to have to research this about Colorado…to answer your question from my views, no, it is wrong to tell anyone what they can or can't do in their own homes! I bought a half of duplex and we do have homes assoc. but I will never be told what to do in my own house…I am also a taxpayer! The witch hunt on this Smoking Ban has gotten out of hand! Citizens are going to have to stand up and be counted…whether you smoke or not, it is not the real issue..it is the gov't and their under-classmen who have decided to start and approve some of these absolutely wrong laws. What's next? How many kids you are allowed to have? How much you can drive your car? We are allowing all the commercials on TV which endorse all the "call your doctor for a RX" and all of the medical ones that are trying to get people hooked on prescription drugs! I hope everyone wakes up and sees what it is doing to our country. We have gotten away from the greatness that this country was built on…Back to the question…I don't see how they can ban owners from smoking in their own condo…I quess they would be buying mine back for a hefty price…I can't believe that this was ruled admissable in the court system. Isn't Colorado, the same state that is banning smoking but also trying to legalize pot? Go figure…wierd…I'll be anxious to hear all the answers. Great question!
State Farm. It was the most expensive when I quoted it out, but gave us the broadest coverage.
That means NOTHING. Because not all companies are competitive in all states, and MOST companies don't write in all states.
First and foremost: GET RENTAL INSURANCE!!! I can't suggest this enough. So many things will be covered by it and it is super affordable. Don't hesitate or wait to do this….
I also think it is important to consider the average monthly utility bills…sometimes due to how old or well constructed and maintained the cost to keep the house cool and warm, and generally running can be greatly impacted. Unless money is of no concern, I'd see if you can find this out to make sure you won't extend your budget.
Also..have you determined who is in charge of maintaining the yard/snow removal? If it is you, are they supplying the tools? Do they care if you paint? If so, who pays? Do they prefer you contact them for emergency repairs, or you have discretion to contact a professional and be reimbursed?
These are all things that ended up being issues for me when I was a renter. I am most thankful I got rental insurance above all else though.
sooo, kind to share, thank you! ill be watching
No, what your lender is saying that you need a home
owners policy or binder on the home that you are going to buy. You obviously have already signed a contract, and doing the process of setting up the closing, you have to furnish them at least a binder, that will tell them that you have coverage once the loan is closed and the house is yours. They will collect the amount for one year, plus about two months to establish your escrow account to ensure that when the insurance policy comes up for renewal that there will be enough funds to cover the renewal cost, which generally will go up a little bit. This is why they charge a full year plus a couple of months. Just give your agent the description of the house or a copy of the appraisal and they can do the rest for you. Your broker/lender will then accept a faxed copy, and the original policy can be furnished at the closing. Your mortgage originator or loan officer should have explained all this to you. If you aren't going to have an escrow, then you will just furnish a paid in full for one year home owners policy at the closing, but again the lender/broker will need at least a binder of proof and the cost prior to sending out the closing package to the attorney for final closing of the transaction.
this is so helpful! my husband and i are in the process of buying a house and i didnt know wat was the difference between a slab and crawlspace!! thank you soo much!!
What about a foundation drain? What is the approved drainage system? That is THE MOST IMPORTANT part of the crawlspace!