What Loan company will take over my federal student loans when the loans are in forbearance?
Q. What Loan company will take over my federal student loans when the loans are in forbearance so I can go back to school? My loans are government loans from Saillie Mae. I owe them under $5000. I heard about this company that will take over your school loans from them but I don't know the name of the company.
Asked by maybell kerrigan - Thu Jul 23 17:56:58 2009 - - 2 Answers - 0 Comments

A. No one will "take over" your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments. If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can ask your lender to "rehabilitate" your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments. Try this site Free College information on financial aid for students, scholarship, student… [cont.]
Answered by elwanda kunz - Thu Jul 23 18:16:26 2009

What loan companies will give you a loan for a motorcycle if your credit is really bad?
Q. I helped an ex get a motorcycle and now need him to repay me. He needs to take out a loan and repay me or buy the bike from me. His credit is horrible but there has to be places that will still give you a loan. Please help me with advice!
Asked by ali - Sat Oct 6 22:16:18 2007 - - 5 Answers - 2 Comments

A. All I can say is, if you own the motorcycle, take it back. If he does, tell him to get a title loan. He can make payments but depends on what he still owes you.
Answered by jsfnita - Sat Oct 6 23:12:23 2007

How does a home equity loan work?
Q. I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so… [cont.]
Asked by newmoon - Mon Mar 19 16:11:58 2007 - - 3 Answers - 2 Comments

A. I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
Answered by PCL-R - Mon Mar 19 16:25:37 2007

What student loan company has the lowest interest rate?
Q. I currently have a nelly mae loan(sallie mae) and they are way too high. Whats a good loan company for me to look at for next school year? please only answer if you actually have taken out a loan with the places you recommend.
Asked by Shon - Wed Feb 13 21:49:15 2008 - - 1 Answers - 1 Comments

A. Federal loans are regulated by the government so all the rates are the same no matter what bank you take the loan from. Perkins loans are 5%. Stafford Loans are 6.8% and some of them the government pays the interest while you are in school. I'd stay away from any Private student loans, they are EVIL! Good luck
Answered by Found-1 - Wed Feb 13 22:18:10 2008

How long is the loan process when buying a house?
Q. I found a house, got a loan approved, made an offer, got the inspection done and the loan company had the apprisal done. Now however my mortgage loan officer said my info was with the underwriters and would let me know of the final approval. Could my loan still be denied?
Asked by shell_1004 - Fri Jan 25 15:02:50 2008 - - 6 Answers - 1 Comments

A. Usually it is around a month maybe a little less depending on how busy the market is. Essentially the only thing that could keep you from getting the loan is having the house appraise for less than the selling price. Otherwise you already got approved for the loan in the amount you made the offer for, so that should be an issue. Unless you ran up some debt that through your debt to income ratio out of whack. You should be O.K. Usually it takes a few weeks to get the loan written up and things finalized. Plus when did you specify to close, if you chose to close at the begining of February then that is probably why they aren't done yet. I just locked in my refinance, (which will take less time) I think we'll get that closed in 3 weeks. 15yr… [cont.]
Answered by Ryan M - Fri Jan 25 15:20:41 2008

Would a construction loan be the type of loan for building a new home?
Q. If you wanted to build your own house, would you apply for a construction loan? What are the terms of a construction loan? How hard is it to get one?
Asked by jiggywalker2008 - Wed Feb 18 13:38:13 2009 - - 3 Answers - 1 Comments

A. Yes you want a construction loan and one that can be converted to a permanent loan. Why? During the construction process the builder is entitled to a draw (of money) at predetermined stages. Also, with a construction loan you only pay interest on the money that is drawn. When the home is completed you then need a permanent loan. realtor.sailor
Answered by realtor.sailor - Wed Feb 18 13:44:45 2009

How exactly does a secured loan work?
Q. If I got a secured loan against my home and I sell me home, do I have to pay my unsecured loan off when I sell my home? Or can I continue to have my loan and pay it off every month for the term of the loan? No, I am not talking about a home equity loan. A secured loan against my home- do I pack that back when I sell my home or not?
Asked by A. S - Sat Nov 17 16:41:22 2007 - - 3 Answers - 1 Comments

A. yes if you sale anything that is secure by any item before you can sale it you have to clear it when the lending company!!!
Answered by mister ed - Wed Nov 21 15:46:00 2007

Student loans not in repayment or in deferral included in a mortgage loan application as an expense?
Q. Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?
Asked by Ana C - Sun Sep 16 12:40:04 2007 - - 5 Answers - 1 Comments

A. Student loans that are deferred...need to be deferred for 3yrs in order to take it out of the expense ratio. If not, i would highly recommend that you find the original contract of the student loan. otherwise, the underwriter will use his own calculations of what you will pay...which is USUALLY higher than you will normally pay.
Answered by Carolinahomerates.com - Sun Sep 16 12:49:56 2007

How will paying for a car loan on a repo car affect my credit score?
Q. My husband and I signed a $20,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe $8000. The loan company offered a settlement of $2800 if we pay by the end of the month. Does this sound right to anyone? How would it really affect my credit if I pay off the loan now?
Asked by MissJessica - Tue Sep 11 22:13:15 2007 - - 4 Answers - 1 Comments

A. Sounds like a great deal, and is not that uncommon. Paying off the outstanding balance on a repo can only help your credit. HOWEVER, get it in writing! Before you send that $2,800 payment, make them put it in writing that $2,800 will settle the debt and they will report it as paid in full. If they don't put it in writing for you, then after you pay $2,800 they'll say your balance is $5,200! (5000-2800) Collection companies are snakes! Good luck!
Answered by Digger - Tue Sep 11 22:22:44 2007

How does subsidized student loan interest work?
Q. I will be taking out a subsidized loan for the first time, and have a question about the interest. If I take out $2,000 at 5% interest and it is deferred until after graduation. If I pay off the loan before it is due, do I have to pay the interest for all the years I have been borrowing the money or just the principle? Can anyone please explain to me how the interest of the sub loan work? Thank you.
Asked by KaySu - Fri Apr 23 22:00:37 2010 - - 3 Answers - 0 Comments

A. A subsidized loan means that the government pays your interest while you are in school. If you pay the loan while you are still in school then you would just be responsible for the principle.
Answered by altaira_3 - Fri Apr 23 22:07:57 2010

Recently applied for a loan and got a conditional approval, What does that mean ?
Q. I applied for a student loan through a private bank and recieved a conditional loan. Does that mean agreeing to things such as the intrest, repayment, or upon graduation and things of that nature. I am happy b/c I had been turned down for other loans or was required to have a cosignor. What does this mean?
Asked by nene - Wed Nov 21 02:29:00 2007 - - 2 Answers - 1 Comments

A. Before signing the agreement you must read it thoroughly Then decide whether you can adhere to the instructions given therein. If it is OK. you can go ahead to get a loan. What they require is prompt repayment of loan either in a lump sum with interest or by monthly instalments They need not bother about your success or otherwise in your exam.
Answered by nayaham19 - Wed Nov 21 02:41:34 2007

How do i go about getting a student loan?
Q. I currently attend the University of Texas at Austin and I need a loan. I can't afford my tuition or living expenses and i didn't get enough financial aid. I don't want to have to start paying my loan until after i graduate. Should i try to get a loan through UT, a government loan, or a federal loan? Thanks a lot!
Asked by bubbles500 - Wed Aug 20 01:00:50 2008 - - 2 Answers - 1 Comments

A. Here's a list of the types of loans you can get.
Answered by Coolscott - Wed Aug 20 01:37:48 2008

How long does a student loan take to receive?
Q. I accepted loans for school, and signed my mpn and everything. My question is, how long should it take for the bank to accept my application? Is there a reason i might not get a loan? Other people who applied for loan got their application accepted by the bank the next day. It has been 3 days since I filled out the application. The status of my application says "completed" not "accepted". Has this happened to anyone else?? Thanks.
Asked by Ariana - Sun Aug 9 22:10:25 2009 - - 1 Answers - 0 Comments

A. well if its stafford loans you will get it once your school gives out the dates they want it sent if its a private loan thats a longer process they have to check credit and stuff like that
Answered by AngleRBeautiful - Sun Aug 9 22:30:16 2009

How do I write a loan proposal for the bank to obtain a loan to open up a coffee shop?
Q. My friend is paying me to write her a loan proposal to the bank so that she can get the loan to open up her coffee shop. I need help on where to begin or can someone point me to a sample copy? Thanks.
Asked by born2win413 - Tue Nov 4 02:36:34 2008 - - 0 Answers - 1 Comments

A. First, do yourself a favor and delete all the online loan SPAM you're going to get as answers. Second, tell your friend to head on down to the local Small Business Administration office. While it's nice that she's willing to pay you for this work, advisors at the SBA offer this kind of advice free. They have a lot of resources for securing business development funding, as well as offering help getting loans.
Answered by Brother Otter - Tue Nov 4 15:03:37 2008

Should I REFINANCE a construction loan to a permanent loan OR convert to a permanent loan?
Q. It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn't expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?
Asked by Whitney - Tue Oct 13 11:22:29 2009 - - 1 Answers - 0 Comments

A. Generally the lender will lower the rate when you convert and the closing fees will be lower. I'd start with my current lender
Answered by wizjp - Tue Oct 13 11:30:11 2009

How can I get a small business loan? I have good credit but little cash or assetts?
Q. I am looking into buying a small business just outside of Denver, Colorado but I have no idea where to start as far as getting a loan. I have good credit but would only be able to come up with $2,000 -$3,000 up front cash. As far as assetts, I have virtually nothing. Is a business loan even an option in this situation? I need a loan for about $230,000. The business I am looking into buying is well established and very lucrative would this factor into the loan situation?
Asked by Chrissy B - Mon May 14 15:24:37 2007 - - 1 Answers - 1 Comments

A. The truth is that it is difficult for a startup business to borrow money as a small business loan -- especially without assets and without experience in the business. However, if you're applying for a loan and if it is a big amount, banks and even the Small Business Administration may consider the following factors: - A business plan explaining what the business is - Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you - Your credit… [cont.]
Answered by imisidro - Mon May 14 15:38:07 2007

How does having a cosigner for a loan affect my credit score?
Q. In doing a consolidation loan it comes to my attention that I may need a cosigner. Will this affect my credit score in any way in regards to the loan, assuming all payments are made as scheduled and the loan is paid off early? For example, would my credit score be better off if I were able to secure the loan without a cosigner?
Asked by the_prairie_prophet - Tue Jul 7 16:38:51 2009 - - 2 Answers - 1 Comments

A. Having a co-signer should have no effect on your score. To get the loan now, they will use your co-signer's credit score to help you get approved. In terms of your score, as long as the loan is paid, your score will improve the same amount no matter if you have a co-signer or not, I believe.
Answered by PoliPino - Tue Jul 7 16:45:26 2009

How can I find the best loan option in order to refinance our home?
Q. We have put an addition onto our house through a personal loan from a family member and want to refinance in order to pay the loan off. I am interested in doing a no doc, or stated, type of loan.
Asked by acaschato - Fri Jun 2 11:56:56 2006 - - 4 Answers - 0 Comments

A. Try Lending Tree on line. You can specify what you are looking for and then the brokers, banks and S & Ls will come to you.
Answered by eskie lover - Fri Jun 2 14:50:46 2006

How EASY is it to receive a student loan after being awarded money from my financial aid package?
Q. I have already received my financial aid award from the university I I'm attending in the fall. The problem is that my award with Federal grants, subsidized, and unsubsidized loans did not cover my cost of attendance. (also my parent plus loan got denied) How easy is it to go outside of their package and get a loan from some other bank such as wells fargo or something? Is wells fargo likely to give out student loans?
Asked by Ryan c - Wed Jul 29 16:34:01 2009 - - 2 Answers - 0 Comments

A. Please, anybody but Wells Fargo. Most banks give out loans but if your parents didn't qualify for a parent plus loan, they most likely won't qualify for a private loan. It's also not likely that you will qualify by yourself if you are a student. Depending on how much money you are short and what you are considering "cost of attendance" you might consider a part time job, a roommate, a cheaper school or other ways of cutting expenses or raising income.
Answered by Suba - Wed Jul 29 16:44:17 2009

What can a loan company do to me if I do not pay the rest of my loan?
Q. I am unemployed and yesterday, had to close my bank account. I have an outstanding loan with cash call and I called to see what arrangements I could make to pay it, when I get a job. The woman on the phone told me I had to pay this month, in other words, beg, borrow or steal, because I do not have it. She told me to ask my friends, huh! She told me if I do not pay, I will have to suffer the consequences, does anybody know what consequences she is talking about? They cannot garnish my paycheck, right? I know they can put it on my credit report, what else? I am planning to try to pay it this month, but if I don't have a job or I just started a job, how will I pay?
Asked by tetris05 - Fri Jun 29 14:53:36 2007 - - 5 Answers - 0 Comments

A. At this moment, if you truly own nothing, there isn't anything they can do right now, except sue you. However, if they sue you, you will not be able to get credit in the future, or for about seven years. Judgments are reported through the courts though and I think they last ten years. If they get judgment against you, they, in most states, can seize anything you now or in the future own, though they must get an order to enforce in order to take an asset not explicitly secured in their existing loan contract. You could declare bankruptcy, but from the view of your long term credit outlook, you are better off being delinquent and repaying as soon as possible. In many states, they will also be able to garnish future wages.
Answered by OPM - Fri Jun 29 15:12:42 2007