Finance / Loans / Lending on Cash Counselors
Four Huge Problems with Debt - Steven & Summer Wilson
(1) In Debt, Your Money is Not Your Own. Proverbs 22:6-7 reads “Train up a child in the way he should go, and when he is old he will not depart from it. The rich rules over the poor, and the borrower is servant to the lender.” Most people are familiar with verse six;... ( added 80 days 17 hours ago.)
Debt and Privacy: How Much Your Lender Knows About You - Mogama
A total stranger walks up to you and says, “What's your social security number?” Will you give that information? Of course, you will not. But what if that total stranger were a loan officer at a bank or finance company where you are applying for a loan? You will have no choice but to... ( added 86 days 7 hours ago.)
What Is God's Idea of a Good Debt? - Mogama
You should know by now that consumer debt is bad debt. Consumer debt is when you borrow money to pay for things that you use up, things that consistently go down in value with no chance of them recouping their value. Financing a pair of shoes is a good example of a consumer debt, bad debt. ... ( added 100 days 1 hour ago.)
The Lender’s Power Over the Borrower: Three Examples from the Bible - Steven & Summer Wilson
God’s word is the same yesterday, today, and tomorrow. The three ways that the lender has power over the borrower were the same in the Bible as they are today. 1) The lender can harass and sue the borrower. Biblical Example ~ Matthew 18:23-30 23 Therefore, the kingdom of heaven is... ( added 115 days 20 hours ago.)
Borrowing Spree Like Shopping Spree: You Can Always Borrow More - RR Mogama
If you really want to, you can always borrow more. It's like this... Let's start with a more familiar spree. You take a quick trip to the mall to find one pair of socks that has to match your suit just perfectly. Nothing wrong with that...you just want to dress right. Before you know it, you... ( added 124 days 8 hours ago.)
The Case of a Desperate Mortgage Loan Officer - Mogama
At first, Republic Bank told us and reminded us of how certain they were that no other lender would give us a better loan than the three-year balloon they had crafted for us. Not only that...the loan was loaded with prepayment penalty in case we dared refinance with earlier than three years. ... ( added 130 days 17 hours ago.)
Process of Getting Home Mortgage Loan Involves At Least Twelve Players - Mogama
As part of educating us, while we were in the process of refinancing our home loan in 2010, we received a message from the guy we were dealing with at the mortgage broker. A list in the email contained twelve different persons or players involved in the process of borrowing... ( added 131 days 17 hours ago.)
Lender Threats: Bank Threatens Borrowers with Law Suit on Mortgage Refinance - Mogama
It's no thrill when you and your spouse are five days beyond what the mortgage company said would be the closing date on your new home loan. After we faxed the latest demanded documents, the mortgage guy has just called back for two additional documents to verify what I said in my letter of... ( added 137 days 22 hours ago.)
Meeting the Underwriter's Demands. Powerful Lender, Powerless Borrower - Mogama
Meanwhile, the bank which has our current mortgage, which matured the first week of February 2010, has been bombarded me with email and phone calls to hurry up and show up for the closing on the wicked, balloon mortgage that have packaged for us. I kept replying them, telling them, “We have... ( added 139 days 23 hours ago.)
Invitation to Borrow: It's a Trap for Financial Slavery - Mogama
In our endeavor to become debt-free, we paid off Personal Finance Company (PFC) on Monday, March 1, 2010. The payoff amount was $136.08. (One week prior the payoff amount was $130; so seven days had earned PFC another $6.) When Miss Harriet picked up our mail on the same day we paid off the... ( added 151 days 21 hours ago.)
Balloon Mortgage: Why You Must Never Let a Lender Sell You a Balloon Mortgage - Mogama
More than five years ago, back in 2005, the Brown family (not their real name) thought Republic Bank & Trust was giving them a heck of a deal. They got a 5.29% interest rate on their first mortgage and a 6.29% rate on the second mortgage. By splitting the home loan into one primary (80%)... ( added 172 days 2 hours ago.)
Little Lender Tricks That Can Cost Borrowers Lots of Money - RR Mogama
The Personal Finance Company representative had prepared the loan papers in time for my wife and I to sign at 4:30 PM one Friday. With one quick swipe of the pen in hand, the loan representative said, " Your first payment will be $109, and the other 35 payments will be $102 per month. Okay? Sign... ( added 179 days 17 hours ago.)
Brainwashed to Borrow: Six Lies Lenders Use to Keep Borrowers In Debt - RR Mogama
Lie #1 : The language of lending: Borrowing money is called anything but debt. Debt's many nicknames include note, mortgage, line of credit, home equity line of credit, buying power, charge card, charge, plastic, loan, pay-day loan, cash advance, commitment, lease, the American dream... ( added 200 days ago.)
Is Home Equity Line of Credit Better Than Credit Card? - Mogama
We know that buying on credit cards is bad for our financial health, but what about using a home equity line of credit (HELOC)? ( added 81 days 7 hours ago.)
Underwater Mortgage: Why You Should Walk Away - RR Mogama
I heard the sad story of a home owner who borrowed more than $300,000 on a house that now appraises for less than half that price. To “help” the borrower, Chase Bank modified his mortgage from a 30-year-fixed to 40 years at a lower interest rate and monthly payment. The mega bank... ( added 184 days 1 hour ago.)
Underwater Mortgage: What Will Happen If I Walk Away? - RR Mogama
A Wise Geek blog explains upside down mortgages this way: "Underwater mortgages are mortgage arrangements that effectively leave the owner with more debt on the property than the current market value . Generally, an underwater mortgage situation does not arise when a buyer takes out a first... ( added 186 days ago.)