Choice Loans

Jennifer99 asked:


That will give me a fair price. Tried getting loan but was unsuccessful. Your help will be appreciated tremendously.
I’m still paying taxes for 2004, so I cannot get extension, already tried.

Terri

forplayhou asked:


i need to repay a loan to ace cash and need payment plans. however the collection agent from ace cash is very rude and now has been calling my work place and talking to my co-workers. i have requested he not do so in writing as well over the phone. he asked to talk to my boss. is it legal for him to do that even after being told to stop calling my work. i need some payment plan and he started threatening me and said he will send somebody to my office. i want to know if this is legal and what recourse i have.

Yvonne

DutchGirlinOregon asked:


If you had $500,000 in disposable cash, what would you do, and why? (Purely from a financial point of view, putting aside the obvious benefits of being able to do what you like in your own home)

Conditions:
- You will only live here for three years, so you do have to deal with realtor fees, and reselling the place.
- $500,000 is the average house price
- Rent for the kind of home that would cost $500,000 is around $ 2500-3000 a month
- You would pay for the house or rent in cash. No mortgages, no loans, etc., so no interest payments.
- Property taxes would be around $5000 a year for owning such a home
- Housing prices are historically low, and your home may rsell for an extra $50,000 or so (or the market could remain depressed of course)

Thanks for your advice!
Hi Budhah,

The five year term you quoted is exactly what I’ve always been told, that it only becomes worth it at that point. But at the same time, like you said, the disposable cash makes the situation different. The ‘five year’ thing probably assumes that you will have a mortgage/loan that you are paying interest on. In addition, with houses being historically low, the house could be worth it in less than 5 years it seems…

Calculating realtor fees for purchase/sale, closing costs, property taxes, and maintenance (assuming we’re buying a loft for example), would leave us with around $420,000 to take out of it again after 3 years, and the property value may well have gone up in value by 50 to 100 by then, considering the market. Renting would cost us $108,000 or so. Seems like buying is much better, yet everyone tells me about the whole 5 year thing, that 3 years is just too short…
I’ll try to remember what people asked and answer it here:

Location: East Bay Area, CA (Berkeley, Oakland, Alameda, around there)
Income: Yes, enough to get decent tax deductions, however, I will continue to own my other 500K home in Oregon, so I think this second home will have no added tax benefit, but I don’t know the specifics of second home taxation. I suppose one could count as an investment property?
Money: Cash is 100% liquid, payable in cash, up front. Of course I could earn interest on the money if left untouched, so I suppose that works against the buying a home thing. With average growth of 7%, or 21% over three years, the home would go from 500K to 600K which might make me break even, which would obviously be 100% better than paying $3000 rent a month for three years…

PS: Not a school project lol, this is my actual situation, or at least it will be this summer, when I’ll need to decide.
Oh yeah, and we’re interested in a Loft apartment, in a ‘downtown’ type area with shops and such. Modern, maybe new warehouse conversion, that kind of thing.

Eileen

spartyjon asked:


I thought that it was better to pay off and cancel all your credit cards before applying for a morgage. I asked a bank employee this question as I may seek a mortgage next year. She told me that it has changed somewhat. Now, it is to the buyers advantage to have many credit cards, with long history, and zero balances. I’d just like to position myself to the greatest advantage before seeking a mortgage.

William

Barometer Soup asked:


Does anyone know of a bank or lending institution that loan based on appraised value of property - NOT purchase price? Every one I’ve talked to (at least 2 dozen) says that you have to own the property 1 year (called “seasoning”) before they will calculate their Loan-To-Value based on the appraised value of the house.

Example: I bought a house for $50K and invested $20K in fixing it up over a 3 month period, using my own cash. It now appraises at $100K, but the biggest loan I can get on it is 90% of my purchase price - $50K, for a loan of $45K. Its a $100K house so I should be able to get a loan for $80K somewhere.

Please help if you know of any mortgage broker or bank who does this. THANKS!

Miguel

Tree asked:


Hypathetically and without going into details, say someone was dieing of a brain tumor and they wanted to get a bunch of credit cards and loans so he could go to Amsterdam, **** a hooker of every race and hair color, smoke a lot of pot, and then put a bullet through his head to make this ceaseless headache stop from behind his left eye. What would he need to do to get the most amount of money without any care for the interest rate or anything that other people normally care about.

He doesn’t know if he has any credit history at all. He has never overdrawn from his bank account or anything like that.

Elsie

Willis C asked:


I have good credit & I trust NO ONE with my personal information. My g/f on the other hand is rather stupid. She’ll give out anything to anyone. I tried to help her cerdit out by putting her on one of my cards; the one with the lower limit. Now she gets these unsolicited cards & they bill her for them even if she dont use them. Then when you call to cancel they keep u on hold till you hang up. Is there a way out of this for her?

Jean

Rick M asked:


I’m looking to place ad’s to find small business’s who are looking for loans/cash advances. Trying to figure what would be the most time and cost effective method.

Louis

Ryan asked:


I am a graduate student nearing graduation and have a heafty student loan around 160k. In addition, my credit score is poor because of a few missed payments. I would like to talk with someone who can give me unbiased advice on how to tackle my student loans as well as provide insight on possibly buying a house, consolidating my debt and raising my credit score.

Jill

T N asked:


I know that you can get federal student subsidized and nonsubsidized loan, but these non-credit based loans only goes up to $20,000. The school I want to go to cost $60K. Are there any other types of loans out there available to grad students with bad credit? My FICO score now is 445.

Alvin