Archive for May, 2011
May 30th, 2011 | 
Author: 
I wanted to know if I would have any problems trading in my car for one with a lower monthly payment. My payment is $350 now and I would be looking at about $200 payment on a different car. If I have high debt to income ratio, will I have a problem getting a loan? or will they consider the reduction in payment when approving the loan?
I am just starting to look into this, and I have not talked to a financial institution yet. I was hoping that someone could tell me in general if you are trading in a car with a payment, if they do not count that payment against your debt to income ratio.
Genie Maczko
Posted in 
Tags: 
www.PFSDebtRelief.com – Preferred Financial Services can reduce your debt by over 50% and slash your monthly payments by hundreds! Live debt free in as little as 24 months.
Dana Sklenar
www.curadebt.com www.commercialdebtcounseling.com find debt relief for your business, located in California, San Diego, Miami, Debt relief.
Frederick Lavallie
A few months ago, my mother moved into an assisted living facility. I what to buy her house and use it as a rental property. In 2 ½ years her savings will be depleted and she will apply for Medicaid. (House is paid off). This house is in Illinois and is now empty.
I would like to establish a land contract (also called owner financed loan) with my mother to buy this house. With this agreement, I will buy the house at fair market value. For the next seven years, I will make equal monthly payments into her account at the assisted living facility, until the house is fully paid off. Making payments to the assisted living facility will ensure that all the money will be used for her care.
I would love to buy the house outright but it is very difficult to get a loan these days. My family has owned the house for almost 50 years and we want to continue to keep it in the family’s name.
Also does the Deficit Reduction Act of 2005 (DRA) allow for such an arrangement?
Notice the excerpt below:
“The DRA provides that any purchase of a note, or any loan or mortgage, will be treated as a transfer, subject to penalty unless the following conditions are met:
• The repayment terms must be actuarially sound;
• Payments must be made in equal amounts during the term of the loan with no deferral of payments and no balloon payments; and
• The note, loan or mortgage must prohibit cancellation of the debt upon death of the lender.”
Taken from: https://www.cms.gov/DeficitReductionAct/Downloads/BackgrounderTOA_.pdf
Prince Mihelcic
Learn how to reduce your debt by up to 100%. edgemarkfinancial.com for your free eBook. Debt consolidation and debt reduction
Linh Costa
www.DebtReductionConsolidationHelp.com. If You Are 10K Or More In Debt, Then You Can Learn A Proven System To Reclaim Your Financial Freedom! You Are Not Alone, Give Us A Call 1-877-253-8957
Miles Bigalk
Oct. 4 (Bloomberg) — Chancellor of the Exchequer George Osborne said he’d cut welfare checks for more than 1 million families as he steps up spending reductions to help narrow Britain’s record budget deficit.
“No more open-ended checkbook,” Osborne told supporters at the Conservative Party’s annual conference today in Birmingham, central England. “These days we’ve really got to focus the resources where they are most needed. We’ve got to be tough but fair.”
http://www.businessweek.com/news/2010-10-04/osborne-welfare-cuts-lead-plan-to-narrow-u-k-deficit.html
National debt crises threaten Europe’s generous welfare benefits
http://www.cleveland.com/world/index.ssf/2010/05/national_debt_crises_threaten.html
Deep budget cuts are under way across Europe. Although the first round is focused mostly on government payrolls — the least politically explosive target — welfare benefits are looking increasingly vulnerable.
“The current welfare state is unaffordable,” said Uri Dadush, director of the Carnegie Endowment’s International Economics Program. “The crisis has made the day of reckoning closer by several years in virtually all the industrial countries.”
Eun Arre
Live Transfer Debt Leads
Aaron Kitamura
This video offers an introduction to Debt Reduction Services inc. and the services provided. Todd Christensen, The Director of Education for DRS and the National Financial Education Center also offers financial tips in this video. Please call 1-877-688-3328 for more information regarding DRS. Educational services are available at no cost to you.
Eusebia Rasul
is her husband’s income automatically figure into the equation if I take her back to court to get a reduction? I mean me and my fiance make as much less than they do, but the court order is based on her having an income of only $700 per month. But she gets $700 in social security benefits plus she works, but I am having a hard time figuring out where, plus her husband makes about $3500 a month, mostly tax free once they claim the kids. My fiance and I make $7300 or $4500 after taxes, but then I have to pay her $1600 and buy $200 a month in health insurance, so we end up with $2700. I figured it out for every extra $1000 I make, she gets an extra $275, and after taxes and child support, I keep $400. For every $1000 increase in her income, my child support is reduced about $50. But you know, every little bit helps…
Before anyone starts yelling at me for not wanting to take care of my kids, I currently work 2 jobs, leave the house at 7AM and come home at 11PM, and still my electricity is going to get shut off. I raised them on my own for most of their lives, and my ex owed my $20,000 in back child support when we re-married 6 years ago because she only paid me $150 in 6 years, and she or the lawyers got everything in the divorce, including the $3,000 car and $12,000 in cash (above and beyond what her lawyer got). All I got was 1/3 of my retirement ($12,000), which I cant touch until I quit my job or retire, the $500 car, $5,000 in credit card debt, and the mortgage on a 5-bedroom house which is under water by about $50,000 (which my mom lives in now; I live in a tiny rented town-house).
Richard