Debt Beat Down 2009!! Student Consolidation Loan

Are Student Loans Becoming Required Evils?

Student Consolidation Loan
Learn about Student Consolidation Loans.

Are Student Loans Becoming Required Evils?

The Credit Resourceby Allen Valerio
When it comes to getting a college education most people can agree that the costs can be staggering at best. Even the least expensive colleges in the nation can add up over a four or five year period of time creating crippling debt for those who do not qualify for some of the better grant programs of substantial scholarships.

The problem lies in the fact that the parents of most traditional college students make too much money to qualify for the free financial aid that is needs based and very few qualify for the limited number of scholarships that are available to students based on merit. Even among those that qualify competition and fierce and there are no guarantees. Enter the student loan. There are all kinds of student loans and unfortunately with rising costs associated with college attendence and the growing necessity of a college degree for success in this country it is becoming more and more difficult to pay the price that is associated with higher education. (continued below)

Are Student Loans Becoming Required Evils?

There are three types of loans that are commonly found for college students. They include federal student loans, federal plus loans, and private student loans. Each type of loan has advantages and disadvantages that are unique to that particular loan. Below I will give a little information about each of the loan types and whom they may benefit.

Student loans. There are three different types of student loans: subsidized, unsubsidized, and Perkins loans.

Perkins loans are only available to students who display exceptional financial need. These loans are available at a 5% interest rate and are available to both graduate and undergraduate students. Perkins loans are extended through the university you attend and will be repaid to the university unlike the other types of student loans, which are repaid to the lending agency.

Subsidized student loans are loans in which the interest is deferred until graduation or you cease to be a qualifying student. What this means is that while you are responsible for repaying the loan upon graduation the interest on these loans does not begin to accrue until your begin repayment 6 months after graduation or your cease to be at least a half time student of the university. You must qualify based on your income in order to receive a subsidized student loan. While the needs requirements for these loans isn’t as grave as those required in order to receive a Perkins loan you must still qualify.

Unsubsidized student loans do not require qualification on a needs basis. You must be a student and enrolled at least half time in order to receive an unsubsidized student loan. The good news however for those who do not qualify based on needs for other student loan options is that this type of loan is available to all qualifying students regardless of need. The interest on these loans however begins to accrue immediately, which means they can really add up over time.

PLUS loans are loans that are taken out by the parents of students who need the funds in order to cover educational expenses. The maximum amount that can be borrowed is the cost of attendence minus any financial aid awards the student has already received. The repayment on these loans begins 60 days after the loan is dispersed and the repayment period can be up to 10 years.

In order to cover the costs involved in education that go above and beyond what the government recognizes as acceptable college related expenses you can opt to go the route of private student loans rather then relying solely upon federal financial aid for your student loan source. These loans require that you qualify in order to receive them based on your credit rather than your need and must be used for educational purposes only. With these particular loans you really need to make sure you read all the fine print as different companies offer different conditions and different perks. You should really take the time and compare prices and options before taking out a private student loan and this should be done only as a last resort.

Student loans for many can be the difference in attending college and getting the education you are hoping for and not being able to pay the high costs that go along with higher education. For this reason you should treat them with respect and not take them lightly.

About The Author
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Debt Beat Down 2009!! Home Loans

What Is A Hamp Loan Modification?

Home Loans
Home Loans information.

What Is A Hamp Loan Modification?

The Credit ResourceBy John Caroll
If you are one out of the millions of homeowners trying to get your loan modified, chances are you might have heard the term HAMP loan modification in the news recently. Now a lot of us already know what it means to get your home loan modified but what exactly is this new term that people are talking about and more importantly, how does it help you? (continued below)

What Is A Hamp Loan Modification?

To begin with, HAMP stands for Home Affordable Modification Program. It is part of President Obamas ambitious mortgage stimulus package for American homeowners who are currently struggling to pay their mortgage payment.

Although HAMP was formally announced in March of this year, it is only now that this program has started to gain momentum especially as more and more homeowners are inquiring as to how this program could help them save their homes. Even mortgage lenders and banks seem to be warming up to President Obamas plans and are much more willing to cooperate with their borrowers to see if they qualify under this package.

The HAMP loan modification program is actually quite significant and is something that homeowners cannot afford to ignore anymore. You can now check if you qualify for a loan modification under the HAMP program and file an application with your mortgage lender to check if they can give you a better interest rate. In some cases, homeowners have been able to get modified interest rates as low as 2% after applying under the HAMP program.

Of course, homeowners should keep in mind that although President Obama announced his mortgage stimulus plan in March 2009, there have been 1.6 million foreclosures since that time. Therefore, if you simply just ask your mortgage lender whether you qualify and try to modify your loan, chances are your application might be denied. It is absolutely essential that homeowners do their homework and research on the HAMP program before submitting their application to their lender.

Banks are very quick to reject any application where they feel the homeowners do not know what they are doing or do not submit the required documents to them which is necessary for the review of the loan modification application. Getting your loan modified under the HAMP program could be quite straightforward but it could also get complicated and overwhelming especially for a homeowner who does not have the right information and guidance on the program. That being said, you dont need to spend thousands of dollars to someone to handle your loan modification. With the right guidance on what to do and how to submit your application, especially your financial worksheet, you can put yourself in a good position for approval.

Homeowners need to make sure they learn about all the options available under President Obamas HAMP program and ask the right questions. They need to make sure they understand every aspect of the program. Meanwhile, negotiating is another aspect which many homeowners find themselves in the dark. It is very important to convince a mortgage lender to not only approve a loan modification application but also to offer the best possible interest rate. Hence homeowners need to sit down and properly plan their approach if they are thinking of applying for a HAMP loan modification. Planning and proper execution would definitely be the key difference between rejection and having an application approved with the lowest possible interest rate.

About the Author:
John Caroll is the creator of The HAMP Guide Program which is the only loan modification guide which gives you complete knowledge on how to modify your loan using President Obama’s Home Affordable Modification Program with unlimited free phone support. For more information please visit

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Debt Beat Down 2009!! Mortgage Loans

Discovering Fraudulent Appraisals During Foreclosure

Mortgage Loans
Mortgage Loans information.

Discovering Fraudulent Appraisals During Foreclosure

The Credit ResourceBy Nick Adama
Without question, one of the enablers in many fraudulent mortgage lending schemes has been a crooked appraiser willing to give a property any value that the Realtor, mortgage broker, or lender wanted. The real estate bubble could not have been inflated to such a high level without the complicity of many appraisers who threw all conservatism out the window and began giving properties ridiculous values in order to help secure loans. (continued below)

Discovering Fraudulent Appraisals During Foreclosure

Now, with the housing market collapsing all around us, these appraisers have had to go back to valuing homes at more reasonable levels. However, this leaves many homeowners out in the cold, having received inflated appraisals just a few years ago and now finding out their homes were never worth that amount. What recourse, though, do these borrowers have, especially when they fall into foreclosure ?

The degree of appraisal inflation and fraud has been found to be astronomical in too many cases already. Homeowners have discovered that their home’s value was inflated by up to 1,000% of its non-bubble price. The typical mortgage insured by the Federal Housing Administration (FHA) is inflated by 30-50% in order to raise prices of property on first-time home buyers and low income borrowers.

So clearly, there is a problem with a large number of appraisals, but homeowners may have trouble holding the individual appraiser or his company liable for the inflated value. However, there are a number of different claims that can be brought against an appraiser that blatantly misrepresented the actual fair market value of a home, especially if the borrowers relied on that appraisal in their decision to buy or refinance.

The most obvious claim borrowers may be able to bring against an appraiser is fraud due to the misrepresentation of the home’s value. While valuing a home is sometimes just as much art as science, obviously using inappropriate comparable sales or making unreasonable adjustments to justify a higher value can be a clear case of fraud.

The only problem with this claim that homeowners may find is that the conditions may be hard to meet. For example, the borrowers will need to show all nine elements are present for a fraud claim to be made. Unfortunately, this may be easier said than done, and homeowners may want to contact an attorney to discuss the potential of a fraud case in more depth. These nine elements are the following:

1. representation of an existing fact.
2. the fact is material.
3. the representation of the fact is false.
4. the speaker knows it is false.
5. the speaker intends the listener acts on the knowledge.
6. the listener is ignorant of the falsity.
7. the listener relies on the truth of the fact.
8. the listener has a right to rely on it.
9. damages are suffered by the listener.

Far more promising as a claim against appraisers is state Unfair and Deceptive Acts and Practices (UDAP) statutes. This claim is also somewhat easier to make. The reliance on the misrepresentation does not have to be show, and some of the other conditions are also loosened. Homeowners should contact a lawyer or do some research on their state’s UDAP laws, however, to find out all of the relevant information.

There are also a number of other claims that can be made against an appraiser, either in or out of foreclosure. Depending on the circumstances of the case, some of these include violations of state licensing laws, civil conspiracy, fraudulent concealment, and civil RICO claims. Again, it may be in the homeowners’ best interests to speak with legal counsel or research these issues in depth before making a claim.

Far too many homeowners were given the most expensive mortgages they qualified for and their home values were inflated to justify the large loans. Appraisers played a role in these transactions, and many of the most corrupt may have engaged in acts that carry significant legal liability. Especially in cases where a lender pushes homeowners into foreclosure, doing some research on these issues and holding the appraiser accountable may be called for.

About The Author
Nick publishes articles for the ForeclosureFish website. These articles provide advice to families dealing with the loss of a home, describing a number of methods they can use to stop foreclosure. The site details numerous options, including mortgage modification, foreclosure refinancing, deed in lieu, filing bankruptcy, and more. Visit the site to find out more about how foreclosure works:

Auto Loans Debt Beat Down 2009!!

A Mini Guide on Used Car Financing

Auto Loans
Learn about Auto Loans.

A Mini Guide on Used Car Financing

The Credit Resourceby Williams Orchard
Used car loans are of extreme significance in enabling the consumers to pursue with their dream cars proportionate to the income. There are umpteen numbers of lenders who distribute loans for the used cars based on the usage value and not on the original value of the car. It determines the percentage of the cost of a used car, which financiers can grant as a loan. (continued below)

A Mini Guide on Used Car Financing

A portion of amount has to be paid as the down payment which is the difference between the actual cost of car and the loan value. This loan is available for any kind of car which is not used for more than 5 years. The period of the loan may be usually 2 to 5 years.

A used car loan may be obtained as a secured or unsecured loan. A secured loan will demand a security against the loan amount. Borrowers can use the car which is about to be purchased as a security or any other valuable objects like house, real estate property, jewelry etc. The advantage in a secured loan is the lower interest rates offered. However, the borrower must remember that the property pledged is being risked if the repayment is not done promptly.

On the other hand, unsecured loans do not want any security to be given. Therefore, any one may take the loan and get their cars financed. The abstinence of pledging the property risks the interest rates. Borrowers must shop for more details about various companies and their interest rates in such cases. Used auto loans can be expensive in case of unsecured loans. Borrowers having bad credits will have a higher percentage of interest rates. It is a wise option to opt to make prompt repayment to avoid higher interest rates and penalty. A perfect blend of knowing the repayment capacity and the loan amount taken will make a profitable loan transaction.

There are important aspects to be noted while applying for the used car loan. Interest rates, period of loan taken, worth of the car, repayment capacity are some of the factors which might influence the loan sanction for the borrowers. On-time payment will improve the credit worthiness for the borrowers. Borrowers may find it easy if the loan period tends to be longer. However, they should remember the fact of paying a truckload of money to the lenders. Borrowers should select an appropriate amount of period to make sure that they do not pay the loan amount even after the wheels have fallen down.

The internet is the best source of information available. Hence, it is important to scan through the Web Pages of various lenders. A comparison of what the dealers offer must be made and a thorough check about their scam reports must be done. Check for any hidden charges applicable with the lenders. With the used car loans availability, borrowers can put themselves in the driver’s seat. A great leverage is obtained by the pre-approved loans which might be of immense help to the bad credit borrowers.

Buying a new car is still out of the means of some people, and so used car is a great way for people with limited finance to be able to get a car outright, and thus used car loans have greatly empowered people. have network of online auto lenders through which you can compare your car loan rate and can get comparatively better rates even with bad credit.

About the Author
Williams Orchard