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Live, Local, Late Breaking news, weather, and sportsParents on the hook for children’s student loans

admin — Tue, 21 Feb 2012 08:00:13 +0000

RIVERSIDE, CA (KNBC/NBC) – Parents who co-signed for their children's student loans may be finding themselves in financial hot water when that loan debt spins out of control.

Even if they file for bankruptcy, some parents cannot get out from under the student loan debt load. For one family, this led to the loss of their home.

Sally Pixomatis believed in her son's dreams for the future.

“We assumed that he would go into the Marine Corps as an officer and be able to pay off his college loans,” she said.

Michael Pixomatis' parents cosigned on his student loans, which now total about $90,000.

But the year he graduated, his parents each lost their mothers. Sally Pixomatis had surgery and had to stop working for a while and the family received some bad financial advice.

Michael was not able to get into the Marines and the work he found paid only minimum wage plus commission.

In the end, the family lost their home, ended up $200,000 in debt and filed for bankruptcy.

“It was very humbling,” Sally Pixomatis said.

They still have to pay on student loan.

It's a situation bankruptcy counselors are seeing more and more these days.

“I see people each and every day that are in the process of losing their homes because they are now paying student loan debt that was created by their children,” said Lorene Lynn Mies of TheBankruptcyMinute.com.

Live, Local, Late Breaking news, weather, and sportsParents on the hook for children’s student loans is a post from: Payday Loan Blog & Forum | Payday Loan News

Revisiting the Western Sky…It’s STILL Expensive

admin — Sat, 18 Feb 2012 08:00:15 +0000

Back in August, when I first blogged about Western Sky Financial, whose ads feature Native Americans explaining that the loans offered by the company are “expensive,” but promise to get large amounts of money into your bank account overnight, I didn’t expect the response I’ve received. After about a hundred blog entries, I’m surprised to see that this single article has gained more responses than the other entries combined. clearly, unsecured loans in general and Western Sky Financial in specific are hot buttons for blog readers. you can check out the entry by clicking here.

Be sure to leave a comment, but before you do, you might want to read what others have written before you.

Most comments question how something like this can be legal, a few question the limits of the loan agreement – particularly that any disputes would be handled by a Tribal Court, since the website states that the owner of Western Sky is a member of the Cheyenne River Sioux Tribe. a few thanked me for doing the math for them.

Since there were so many comments to the blog, I thought it was time to revisit the Western Skies and address some of the more typical thoughts. Wait…that’s not quite true. I’ve played with the idea of tapping out a sequel article for a while, it was one comment that threw me over the edge. It showed up in this morning’s e-mail, and it was exceptionally brief. “I notice you don’t recommend any alternatives,” the reader sent. I e-mailed a reply directly, but it bares repeating to the full audience. If a writer was scribbling about what a bad idea suicide is — if that author’s intent was to point out that suicide is bad, that it ends discussions of future alternatives, that it affects more than just the victim, and that one needs to carefully consider one’s place in the universe before committing the act — that’s enough. I don’t think there’s an implicit obligation for that writer to explore whether it’s better to use a rope over a gun or pills over a razor. Same kind of discussion here. just because I intend to demonstrate just how expensive Western Sky’s loans are doesn’t mean I owe you fifty other ways to commit financial suicide. Critically speaking, an alternative for those hard up for cash and considering a loan through Western Sky or any other online sub-prime unsecured lender might be sticking up a gas station or bank, but I wouldn’t recommend it.

Revisiting the Western Sky…It’s STILL Expensive is a post from: Payday Loan Blog & Forum | Payday Loan News

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Qualifying For Student Loans in the Age of Stimulus Money

admin — Wed, 08 Feb 2012 08:00:18 +0000

Student loans are loans offered to students to assist in payment of the costs of a professional education. If you have chosen to apply for private student loans, then you will need to know whether you are eligible or not, prior to applying for any private loan.

Basically, all college bound students are eligible for Federal Student Loans, which are federally-backed and processed in accordance with rules and regulations, issued by the United States Department of Education.

Even in a tight economy, getting a loan to go to college is quite possible. as a matter of fact, it can work to a persons advantage to apply for a college loan in a tight economy. often, government intervention in uncertain economic times, makes applying for and obtaining a loan to go to school easier and faster than usual.

Advocates of private student loans suggest that they combine the best elements of the different government loans into one: they generally offer higher loan limits than federal loans, ensuring the student is not left with a budget gap. Also, private aid loans typically have variable interest rates while federal loans have fixed rates. when federal government loans do not meet all of your needs, private financial aid loans can help to bridge the gap.

Students and families with excellent credit will generally receive lower rates, and smaller loan origination fees than those with less than perfect credit. Students with bad credit can get the necessary funds as long as they meet the requirements. Students are automatically considered for student loans when they file the annual FAFSA. Students who fail to qualify for federal loans, or who need to borrow more to cover their college education costs and expenses, can turn to private loans.

For many students, a great advantage to private loan programs is their families may have too much income, or too many assets, to qualify for federal aid. Thus they often cannot qualify for a government backed student loan. However, there are many private loan programs to help with students who come from a more affluent financial background.

Eligible loan programs generally issue loans based on the credit history of the applicant and any applicable cosigner/co-endorser/co-borrower. often, families with large assets or large incomes can find a near perfect fit, with privately funded student loans.

If your borrowing needs are not met by the federal programs, lenders offer a variety of supplemental borrowing programs known as Private or Alternative Loans. However, some graduate programs (notably top MBA programs) are tied to private loan providers, and in those cases no co-signor is needed, even for international students.

It’s wise to check out the specifics and benefits offered by different lenders, as you might go with a lender that is not the lender your school says is their preferred lender. this is why it is recommend whenever possible, to apply for federal aid.

Federal loan programs offer several advantages, including:

Easy application process -

Competitive interest rates -

(and perhaps most importantly) – borrowers can delay repayment until after graduation.

Other benefits of federal student loans include:

low interest rates-

lenient payback policies.

If you have good credit, and meet the eligibility requirements, your application for student financial assistance will be processed, and you will receive assistance based on your financial need. Normally, funding is very quick, but currently due to the economy, processing and funding times have slowed down.

Find out what kinds of financing options are available for you to help fund your child’s college education. to help simplify the application process, gather required documents and other information ahead of time. once your application has been assessed, you will receive a package of information that will include your loan documents, instructions on how to negotiate your loan documents, and your loan assessment details.

Because of the current economic climate, and with the current administration’s proclivity to intervene more and more into individual affairs, it is very important that you get started soon learning more about, and applying for your student loans needs. Right now is a good environment to apply for student loans of all types. With the current economic climate, the process of application could change at any time.

Qualifying For Student Loans in the Age of Stimulus Money is a post from: Payday Loan Blog & Forum | Payday Loan News

Low Interest Rate Used Car Loan – Getting a Low Rate Auto Loan

admin — Tue, 31 Jan 2012 08:00:11 +0000

If you are in the market for a used car loan, be prepared to negotiate a good deal. Initially, car salesmen try and convince prospective buyers to agree to a huge sales price and interest rate. Of course, this maneuver does not serve to your advantage. instead, it boosts the dealerships profit margin. if you have good credit, you are in a position to negotiate a better deal. however, if you have a low credit score, here are a few tips to help you obtain a low rate auto loan.

Boost Credit Score and Rating

Before offering a low rate for a used auto loan, the dealership or financial institution will review your credit report. Credit reports indicate our credit worthiness. if you have several past due or missed payments, lenders will consider you a terrible applicant. if you are approved for credit, the lender will not offer you a low rate.

Improving your credit is the best option for getting a low rate used car loan. although lenders will approve an applicant with bad credit, the fees, rate, and terms are awful. to avoid paying higher fees, delay the car buying process for at least six months to a year. Take this time to boost your credit score.

To begin, review your personal credit report. if you have past due or unpaid accounts, contact the creditors and schedule payment arrangements. Plan to reduce your debt to income ratio. furthermore, pay all your creditors on time, and never skip payments.

Get a Co-signer or down Payment

If you have bad credit, having a co-signer is a great way to get a better rate on your used car loan. to qualify for low rates, your co-debtor must have a good credit rating. Having a co-signer with good credit puts lenders at ease. if you are unable to repay the loan, the person who co-signs for the loan becomes responsible for the payments. moreover, if you have good or bad credit, saving money for a down payment will help get you a low rate.

Get Auto Loan Quotes from Various Lenders

Instead of securing your auto loan financing through a used car dealerships, shop around for your own financing. if you have good credit, your current bank or credit union may offer you great rates. Individuals with bad credit may obtain better rates through a sub prime lender or auto loan broker.

Getting quotes from lenders is simple. many lenders have online applications. furthermore, several auto loan brokers operate online. Simply complete an application and get pre-approved for an auto loan. if using a broker, you are able to obtain multiple quotes from at least three or four different lenders. after reviewing quotes, choose the best loan deal.

Low Interest Rate Used Car Loan – Getting a Low Rate Auto Loan is a post from: Payday Loan Blog & Forum | Payday Loan News

Commercial Loans – What Qualifies As a Business Loan?

admin — Mon, 16 Jan 2012 08:00:11 +0000

Those planning on starting a business or need some additional capital for funding an existing business can take out a business loan. this loan is unique because it only applies to the business entrepreneur. Most business loans have a re-payment schedule with an interest rate applied to each re-payment.

Before one applies for a business loan, it is important to take into account how much is needed, the time it will take to re-pay, the amount of interest, and of course what you need as collateral in order to make the loan.

Amounts that can be loaned to business owners will vary. the need for the loan is usually the most determining factor. needs for a business loan include funding for projects, expanding, or as simple as start up money for a good idea.

The amount needed will be determined by the business owner. the size or equity in the business is also a determining factor. A big company and a small business will differentiate greatly in the amount needed for expansion. the bigger the idea and plan is for expansion,the more money will be required to loan.

To determine your interest rate, banks will need to see how much co-lateral is in your business to seize in case you fail to make loan re-payments. also, the business plan for expansion needs to be sound. last but certainly not least, the bank needs the borrower’s credit approval. Something to also consider is that the government sets a cap on how high the interest rate lenders can impose on borrowers.

Lenders first look at the reason for the loan and work from that point. when the loan is approved, the next step is to iron out the payment schedule for satisfying the debt with interest.

There are some options to consider when repaying a loan. One way is to pay back a certain amount for a period of time, known as amortization. usually these payments are of the same fixed amount. Another option is to have a minimum payment due each month but still having the payment with interest due in its entirety at the end of a fixed time period.

If you are the owner of a small business, you may be able to use personal property as collateral to satisfy the lender. it is important to realize that the collateral used, personal or business, can determine the amount that the lender will give. Remember that the type of collateral used can determine the maximum allowable amount that can be loaned.

Commercial Loans – What Qualifies As a Business Loan? is a post from: Payday Loan Blog & Forum | Payday Loan News

Linking Property Owners to Quality Property Managers

admin — Thu, 05 Jan 2012 20:00:31 +0000

Seattle—As the number of renters and rental properties increases nationwide, the need for quality property management is growing as well. Enter Seattle-based All Property Management, the largest property management network uniting investment property owners with professional property managers.

“We’re an online lead-generation organization matching property owners with property managers looking to grow their businesses by finding more clients,” All Property Management CEO Reggie Brown tells MHN. “We use technology to bring together markets that are not efficiently matched at the present time.”

Given the nation’s hundreds of thousands of distressed homes, many of which could be rented, there may never have been a more opportune time for such services as those provided by All Property Management, Brown says.

“It’s a pivotal point, evidenced in the federal government recognizing its own portfolio of properties needs to be managed more efficiently,” Brown says, noting the U.S. government recently distributed a request for information on 200,000 REO properties it owns through Freddie Mac and Fannie Mae.

“It doesn’t have a formal way of disposing of these properties, so it needs a more innovative way to manage and gain revenue from them. It’s pivotal not only to the federal government, but to the entire housing industry, until the industry can be stabilized and greater absorption of available homes can be achieved.”

The customer base for All Property Management is currently comprised of small investors buying distressed homes, as well as individuals Brown terms “reluctant landlords,” who are striving to rent their own homes so they can pursue job opportunities elsewhere. Institutional property owners are also seeking ways to hold on to and profit from properties they own over longer periods. One way to achieve these goals is to employ professional property managers, he says.

All Property Management believes in the United States there exists about 40,000 small businesspeople specializing in property management, whose skills include minimizing operational costs, maximizing rent revenue and stabilizing the value of properties, and who are currently seeking to build portfolios of properties.

As the nation’s number one provider of the service it offers, All Property Management has several goals, Brown says. One is to increase the level of education provided to property owners, helping them comprehend the value of employing professional property managers. “And we’re seeking new sources of properties for our current property manager clients,” he adds.

“We see ourselves playing a vital role in trying to help the housing industry sort itself out by engaging more residential property owners and investors in the business of prospering from residential rental opportunities.”

The takeaway, he concludes, is that those who haven’t considered this means of locating partners should regard online lead generation “as the most efficient way to find professional property managers.”

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Linking Property Owners to Quality Property Managers is a post from: Payday Loan Blog & Forum | Payday Loan News

Home Loan Modification Help – Why Most People Are Denied and How You Can Avoid This

Credit Unions put in strong performance

admin — Tue, 22 Nov 2011 08:00:21 +0000

Credit Union CEOs dressed as clowns – David White, Credit Union SA, Peter Evers , People’s Choice Credit Union, Robert Keogh, Community CPS Australia and Costa Anastasiou, Police Credit Union, get ready for the Credit Union Christmas Pageant. Picture: Tait Schmaal Source: the Advertiser

AUSTRALIA'S credit unions are "feeling the heat of competition" from the big banks "but are doing well" says KMPG banking partner Martin McGrath.

The mutuals sector of 10 building societes and 103 credit unions had a strong performance in the year to June 30 with credit unions increase net profit by 18 per cent, KMPG’s Building Societies and Credit Unions 2011 survey said.

Building societies, a smaller sector, saw a net profit decrease of 5.1 per cent.

While competition was "fierce" for retail deposits between big banks, regionals and mutuals, mutuals experienced strong growth in deposits for both building societies (7.9 per cent) and credit unions (8.0 per cent), the report said.

"their bad debts are remarkably low and post the GFC they didn’t see a blip," Mr McGrath said, reflecting the mutuals’ exposure to a strong housing sector.

He added that the mutuals were flush with liquidity due to a strong growth in retail deposits from where it draws most of its capital.

The mutuals’ results were strong, particularly in a year when loan growth across the economy has been subdued, KPMG said.

"to some extent, the performance reflects their members loyalty but it may also reflect a greater awareness of the sector following debate about a fifth pillar and increased marketing by the sector," he said.

This is in line with the major and regional bank sectors which also posted increased profits, largely off the back of reduced bad debt expenses and carefully managed costs, he added.

Strong profits were built on asset growth, high levels of capital, continued low bad debts and the absence of significant one-off costs, offset by the continuing impact of competition on interest margins, Mr McGrath noted.

The sector continued to hold its place in the market, with both building societies (5.5 percent) and credit unions (8.0 percent) experiencing increases in total assets.

Within the sector the top five credit unions, which includes Adelaide-based People’s Choice at number 2, increased market share from 42 to 48 per cent.

During the year four mutuals applied to become mutual banks, reflecting a desire to be recognised as the equivalent of banks, Mr McGrath said.

"the reality is, the mutuals have been regulated by APRA for many years and the adoption of bank status simply seeks to ensure this is recognised by the community at large," he said.

Looking ahead, Mr McGrath expected to see continued mergers and takeovers in the sector and more activity on the sector differentiating its proposition from the large banks, he added.

The analysis follows KPMG’s survey of regional banks released last week which showed a combined growth in operating profit before tax of 16.1 per cent to $828 million, as three of the four lenders posted profits: Suncorp Bank, Bendigo and Adelaide Bank and Members Equity Bank – while Bank of Queensland was hit by losses from three large troubled loan exposures and the Queensland floods.

Credit Unions put in strong performance is a post from: Payday Loan Blog & Forum | Payday Loan News

‘Payday.net’ Website Offers its Customers Peace of Mind, Reduced Stress Levels

admin — Mon, 21 Nov 2011 20:00:19 +0000

Tempe, AZ — (SBWIRE) — 11/10/2011 — As the economy continues to struggle, more and more people are finding out first-hand what the expression “more month than money” is like. Many live paycheck to paycheck and at times, their salaries simply do not cover their bills and necessities, as well as any other emergency expenditures that can and do arise.from an unexpected medical bill to a car or plumbing repair, it does not take much for an already overstretched budget to snap and for hard-working people to need to find a way to get some extra money quickly to tide them over until the next payday rolls around. a new website is already getting a lot of attention for its secure, fast and friendly ability to help get its customers—even those with bad credit— the cash they so desperately need, and in the process, reduce their stress levels and help set their minds at ease.Payday.net features detailed information about how payday loans and advances work, what the repayment options are, and a quick and simple application that can be filled out online to start the loan process rolling immediately. most applications can be completed in just a few minutes and many are processed and funded within hours.“Financial problems happen to everyone,” an article on the website assures readers, adding that in today’s economy, most Americans just cannot put enough money into a savings account to protect against financial emergencies.“The good news is that payday loan programs have been designed to put that needed cash in your hand in a very short amount of time. Regardless of your past credit and employment history, the money you need can be yours in just a few hours.”Another bonus about Payday.net is that it does not require that its clients undergo credit checks. for those with bad credit, payday loans offer a great solution.As the website explained, even without any credit history, borrowers can obtain payday loans. Applicants will not be rejected because of prior late payments. Repossessions, foreclosures, and even bankruptcies will not disqualify a borrower from obtaining a payday loan.About Payday.netPayday.net is a new bad credit website that provides payday loans for people who can’t get credit. The company offers quick payday loans for people who need cash today. The website is user-friendly, filled with information and articles, and includes an easy online application process that helps its customers get the money they need as quickly as possible. for more information on Payday.net, please visit payday.net

‘Payday.net’ Website Offers its Customers Peace of Mind, Reduced Stress Levels is a post from: Payday Loan Blog & Forum | Payday Loan News

Illinois Passes HB 537 Payday Cash Advance Loan Legislation

admin — Sun, 20 Nov 2011 20:00:15 +0000

Those looking to take out a payday cash advance loan in Illinois may run into some trouble this year. As part of a host of new legislation aimed to solve budget shortfall issues, the Illinois General Assembly passed a new law in an effort to curb payday lending and fill up some of the perceived holes in previous payday lending legislation. a new bill was also passed to help lessen the troublesome amount of wage theft, which is on the rise in the state. these new regulations over Illinois payday loans appear to be a part of a recent trend, as other states are also passing laws attempting to restrain cash advance loans.

The new payday lending law in Illinois, HB 537, passed through both houses of the legislature unanimously and reins in lenders in several ways. For starters, they will be prevented from charging more than 99 percent interest. This is seen as an improvement, although payday cash advance interest is often calculated rather deceptively. also, loan amounts will be set at income level, and equal monthly installment loan payments will be required as well. though these changes are not particularly radical, they will certainly affect both lenders and borrowers in several ways.

SB 3568 Seeks to Curb Rising Wage Theft

In addition to the new payday lending legislation, the Illinois General Assembly also passed a new bill, SB 3568, which will make it easier for workers to report wage theft of $3,000 or less. last year, there were over 10,000 reported cases of wage theft, and since this is a major problem that definitely contributes to increased payday lending, the bill is expected to help solve predatory cycles. It is estimated at the moment that employers across the state owe more than $7 million. To prevent this number from skyrocketing even more, the bill will also make it a felony for an employer to owe $500 or more in back wages.

Payday Loan Options in the Wake of Illinois’ new Laws

In the wake of Illinois’ new payday lending legislation, residents in Chicago or Peoria looking to take out a payday loan may find it harder, though not impossible, to do so. For those in other states, however, it would not be surprising to find new payday lending legislation cropping up across the nation, so if you are in need of a payday loan, you should look into your own state’s regulations and look out for new developments in state legislation.

Illinois Passes HB 537 Payday Cash Advance Loan Legislation is a post from: Payday Loan Blog & Forum | Payday Loan News

Home Loan Modification Help – Why Most People Are Denied and How You Can Avoid This

admin — Fri, 18 Nov 2011 20:00:11 +0000

Seeking home loan modification help is a very important decision that must be taken seriously. often people take a casual approach and find themselves being rejected by lenders. This brief article will give you the tips and strategies that will ensure your success.

Home Loan Modification help – Why Most People are Turned Down
In very simple terms, any lender before they grant a loan must assess the applicant on their ability to repay. This point is crucial. It’s a no brainer, but you’d be surprised at how many people seek loans for say $30,000 when their existing total expenses way surpass that. Simple maths will tell you before you even fill in an application that such a variance will only spell disaster.

The key, therefore, is to work out beforehand just what you can afford to borrow based on existing expenses and liabilities. also when doing this sort of thing, it’s important to be honest on your application. Lenders have so much access to our personal data nowadays that it’s pointless to lie about your real financial situation.

A loan modification is still at its core a ‘loan’. too many people seek to improve on their homes without realizing that despite any potential value that might be added to the home, lenders really just see the amount as loan. to complicate matters, many borrowers seek the money to add things to the home that adds no value at all. from the perspective of the lender, it looks like a bad financial decision and these people not surprisingly are often turned down.

Home Loan Modification help – so what If You been Unsuccessful?
People are turned down all the time for home modifications loans. there are several ways round this, but by far the most effective is to seek the help of professional loan modification companies. these companies specialize in getting people who have had difficulties in the past, securing a loan to modify their homes.

The industry, like many branches of lending, is heavily regulated by federal and state law. Nonetheless it is important to do your own due diligence to avoid getting ‘burned’. also, aside from getting you loan modification help; these companies are usually very good at securing very favorable interest rates on these loans. so not only will you have a nice modification to your home, you’ll also have some money to spare. now that’s what I call a real bargain.

Home Loan Modification Help – Why Most People Are Denied and How You Can Avoid This is a post from: Payday Loan Blog & Forum | Payday Loan News