jwebb37

My father owned it out right and just let my brother make payments to him for a certain amount. The state is GA.

My father had sold my brother a car a few years back. My brother has been making payments on it. He is about to make his last payment and wants to trade the car in. He lives out of state and will be coming in for a few days. Can my brother trade the car in with only my father signing the title over to him? Or does he have to wait and have it go through the county for transfer? He is on limited time since he is in the military.

Ok, so what I am understanding on this law is that only if the bank forgives the deficiency then it will not be counted as taxable income. On a short sale I can see how the debt is forgiven because it is prearranged. On a foreclosure, can they forgive the deficiency? How common is it for a bank to come after someone for a balance after a foreclosure?

A friend is thinking about trying to do a short sale on his home or possibly letting it go into foreclosure. I believe with a short sale the lender has to agree and once they agree they won't go after him for any balance, right? My friend's realtor is telling him if he goes into foreclosure that he will not be responsible for any balance because of a new law. I don't think that is correct.

Well this is actually for my parents. They are wanting to buy a lake house as a second home. The asking price of the property is $89,000. The loan definetly needs to be a 30 year fixed. I think the mid score is around 690. Long job history and should be able to go full doc. Debt including primary home is around 1300. Income 56500 annual.

Does anyone know the front and back ratios for bank of america?

I am sure this has been answered before. Can you use transfer checks to pay off a car loan?

I am posting this in BK forum also. http://www.bankruptcylawnetwork.com/2008/0...subprime-loans/ Senators compromise to allow bankruptcy judges to alter subprime loans By Chip Parker, Jacksonville Bankruptcy Attorney on Feb 29, 2008 in Florida, Bankruptcy Legislation, Benefits of Bankruptcy, Protecting Assets In Bankruptcy, Chapter 13 Bankruptcy, General Bankruptcy Information A bipartisan compromise bill in the U.S. Senate (S.2636), which closely aligns with a similar House bill, would allow bankruptcy courts to modify existing subprime mortgages to help families save their homes from foreclosure. Under the terms of the Foreclosure Prevention Act, a borrower can qualify only if it can be proven that he or she cannot afford the subprime mortgage. If eligible, a bankruptcy judge could (a) reduce the balance owed on the house to the current fair market value and ( convert the mortgage to a 30 year note with a fixed rate of interest no lower than prime plus a risk premium. If the family sells their home within five (5) years of the modification, any increase in the market value of the home, up to the original mortgage amount, would be given back to the lender. The government must step in because the banks are powerless to modify the deluge of non-performing loans. The banks sold these subprime loans to investors on Wall Street as part of a pool of loans, known as a securitized trust. That trust is a contract between the bank and the investors to provide a certain rate of return. If a bank voluntarily agrees to “freeze†interest rates on a subprime loan, it is breaching its contract with the investors. The investors, who are already angry with the irresponsible underwriting by bank, will have a perfect lawsuit. However, investors cannot sue the banks if the law forces them to take lower monthly payments. The reduced payments will actually increase cash flow to the banks and investors since borrowers can actually afford the payment. After all, is it not better to be paid a slightly reduced monthly payment that to lose tens of thousands of dollars by foreclosing on a home? According to the mortgage bankers own data released in January, lenders are initiating foreclosures 13 times more frequently than they are modifying problematic adjustable-rate subprime loans. According to the Center for Responsible Lending, only 3% of homeowners with adjustable-rate subprime mortgages are likely to receive a streamlined loan modification from their lender. The American Bankers Association argues this bill will raise the cost of credit to future borrowers by injecting uncertainty into the markets. However, since the compromise language excludes all future loans from bankruptcy consideration altogether, there is no way S. 2636 would raise the future cost of credit. If the credit markets were so sensitive to changes that Congress might make, the markets would already have accounted for all sorts of such “risks.†The credit markets are already in disarray not because of Congress, but because of the banks’ irresponsible lending practices. The Foreclosure Prevention Act is a perfect solution to the current housing crisis which, according to Wells Fargo CEO, John Stumpf, rivals the Great Depression. The legislation will absolutely reduce foreclosures, which in turn, will stem the flood of houses in our already depressed housing market.

Anybody have an opinion on some good math tutor software for elementary age?

My son is in high school. He wants to be a chef. I was researching culinary school and it really cost alot of money. I also checked with some local colleges and some of them offer a culinary arts program. I am wondering if it is really worth it to go to culinary school?

Yes, it is a 6 month libor and the margin is 4.25. Ouch!!!

When I got my loan at the end of 2004 it was a interest only 3 year arm. We got a letter from our mortgage company saying our loan will adjust in February and our payment will go up $300. I was looking at our loan paper work and on the federal truth in lending disclosure statement page it shows our payment schedule. It says for 36 months a payment of $737.37 and the next 24 months after that the payment shows $795.21. Then for the next 300 months $969.40. What exactly is this payment schedule? I was thinking when we got the loan this is what our payments would go up to.

I have a business and sometimes I go around to neighborhoods and throw out coupons in driveways in little baggies with candy. I don't go to doors and bother people or anything. I just drive down the street and throw. Some neighborhoods I have went to have a no soliciting sign so I don't bother with those. Do you consider that soliciting?

I have had my home FSBO for a little while now and only a couple showings and no offers. I had someone ask if we could do a lease purchase for 18 months. I am strongly considering it. Has anyone ever done one? Any information would be appreciated. We did tell them they would have to put $5000 down and it would be non-refundable if they did not buy at the end of the term, otherwise we would apply that toward the purchase price.

I posted this in Money but there is not alot of traffic so I thought I would post here. I sold some stock and was told it takes 3 days settlement to make it into my account. Is it always exactly 3 days or could it be earlier?