Credit History Not Necessary With the FHA Streamline Refinance Program

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Many homeowners have been left with high mortgage bills and questionable credit after the financial crisis that occurred several years ago. Reduced employment and no employment are issues that would make a refinance difficult or nearly impossible in today’s market. Some have incurred additional debt in order to survive. Under normal circumstances, refinancing to lower mortgage rates would be out of the questions. However, for FHA mortgage holders, a credit history is not necessary with the FHA streamline refinance program.

In the past, many homeowners used the FHA mortgage program to purchase their homes. FHA offers many different loan products and benefits which make them especially appealing to first time home buyers. For these homeowners, the FHA streamline program is a life raft to a better loan.

The FHA streamline is a fast and easy refinance as long as any equity available is not taken out as cash. In fact, homeowners using the streamline program do not even need to have any equity; underwater homeowners are also eligible for the program because it does not require an appraisal since home value is not significant.

For many homeowners, credit history and credit scores are an issue when obtaining a mortgage refinance. This is not the case with the FHA streamline. This program does not have a credit history or credit score requirement. A homeowner’s credit is based on the existing mortgage payment history.

Further, guidelines for the streamline do not require an employment or income verification. However, some lenders may require it while others may not. In most cases, even homeowners who have lost their jobs can be approved for the FHA streamline.

Qualifying for the streamline is as follows:

  • The loan must be an existing FHA loan that is insured by the Federal Housing Administration.
  • The home must be owner occupied as the primary residence. It can be a single family to four family unit.
  • The existing loan must show current and on-time payments. The homeowners cannot have more than one late payment in the most recent 12 months.
  • There must be a “net tangible benefit” which means that a savings must occur with the new mortgage.

Homeowners must use an FHA approved lender in order to obtain a refinance through this program. Not all lenders are FHA approved. Since mortgage rates are significantly lower today than in the past, homeowners can expect to see a substantial amount of savings when using this refinance program to move to a better mortgage.

How to Get Out From Under an Upside Down Auto Loan

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An upside-down car loan, also known as negative equity, is a situation in which you owe more on an asset (in this case a vehicle) than it’s actually worth. Negative equity can be obtained in many ways, such as having a high interest rate or just paying more for a car than it’s actually worth. Many people have troubles in getting out of their car loan because of being upside-down. But while it’s a pain, there are some options for you to pursue.

One is to lease a new car. With this new lease, you can add the amount you still owe (known as the deficiency balance) into the low monthly payments of your lease and still not pay as much as you did before. The catch is, the only way to truly get rid of that negative equity with this idea is to make sure you will be able to pay every month and finish the full term of the lease. So if you prove to be a punctual person, then by all means, you might want to pursue this option.

Another option is that you can always go talk to the person who lent you the money. There is a possibility that the company will be willing to lower the interest rates for you or renegotiate the terms of the loan. However, this is fairly rare. Most lenders would rather repossess the vehicle than lower your interest rate.

You could also try to sell your car for how much you owe, in order to get out of paying the deficiency balance. Make sure if you do sell the car though, you sell it yourself. Selling to a dealership might not help, because the trade value of a vehicle is much lower than the retail or private party value. If you have negative equity, where you owe more for the car than it’s actually worth in retail value, you’re going to have to pull some money from elsewhere too, in order to pay off the loan.

If you know a trusted party, then you might also be able to transfer your loan to them and let them take over the payments you owe. While this might be difficult, it still might be possible to do and it will still be better than the last option.

The option that should be taken into consideration last, is to just walk away. This is known as voluntary repossession. You allow your lender to repossess the car because of your inability to make the payments. If they do decide to take the car, they will file for the money in your account balance and if you can’t pay the balance, a judgment could be put against the money that you owe.

All these ideas have proven to work for some people, and for some they haven’t. You will just have to pursue the best option listed above, given your situation, and hope for the best.

Car Title Loans – Fast Easy Cash For the Unemployed

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Many families today find it hard to meet their monthly expenses. The paycheck that they receive each month may not be enough to cover even the basic living expenses. If those who have jobs and have monthly checks to wait are having a difficult time and experiencing a money crisis, how much more are those unfortunate victims of this economy who do not have a job? With the situation of the economy today, many are those who are losing their jobs. In fact, there are not enough jobs to go around. If your savings have run out or you need cash for emergency reasons, it is good to know that you may have some extra cash in your driveway. You do not have to sell your car, but you can use it to apply for car title loans. If you own the vehicle and have a clear title, you can easily qualify for this loan and get some extra cash.

How Can Title Loans Help?

Cash loans for car titles or car title loans can give you quick cash. There are times when you face time when you could use extra cash and if you are still looking for a job, a title loan can surely help. If you are worried about your credit history hindering you from being able to get this loan, fortunately that is not the case. Even if you have less-than-perfect credit score, you can qualify easily as long as you have a car in your name. Since these loans allow you to access the equity in your vehicle, you can borrow the money you need without any hassle.

How Long Does it Take to Get Cash?

Car title loans are processed very fast and on a very short notice to the borrower. Unlike traditional loans where you need to wait for days or even weeks, approval can happen in just a few hours then you can get the money you need. Also, most lenders have online application, so you do not have to go out and drive to their location just to apply. You can get approved at the comfort of home or office. Because of this, most people who need urgent cash turn to these loans because with this option, they can acquire fast cash without the hassle of credit check and mountains of paperwork.

Car title loans are secured through the value of your vehicle, not by credit history or level of income. This immediate fund approval option can be a savior that will save you from distress because of urgent financial troubles.

How to Use Your Car to Get a Logbook Loan

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Do you have a problem with a bill and you need instant cash now? If you do, there is a solution for you. Get a quote on a logbook loan.

Finding a Logbook Loan Lender

There are plenty of places where you can get a logbook loan. Just look on the internet and get a quote of any number of loan lenders. All you need is the logbook or title to your car.

What is a logbook loan?

These loans have increased in their popularity due to banks who are just not lending money out especially to anyone who has bad credit, or no credit. But if you have no credit card or saving and you credit it not good what do you do with an emergency? If your child is sick or your car needs work done on it or worse yet – the electricity has been cut off, what can you do? Because of the current economic outlook you might have a real problem.

Call for Quote

This is why more and more people are coming to logbook loan lenders to get a quote. To be eligible for one of these loans all you will need is a vehicle that is finance free and in your name. If you have that you can apply for a logbook loan and have your money in about an hour.

Follow These Steps

How do these loans work? It’s easy – just follow these simple steps.

Step One

Fill out an online from. You will get an instant no commitment loan free quote and talk to you about what is needed.

Step Two

Then you need to visit which every lender that you are interesting in using:

  •  The V5 or logbook and MOT
  • Evidence of your identity and your income
  •  Details on your vehicle insurance
  •  Two recent bills or letters to verify your address

The lender will cover everything with you before you come in and will make the whole process as easy as possible for you so you can get your cash and be on your way.

The lenders staff will answer all your questions as well as a full and clear explanation of how the logbook loan works. They will make sure that this loan is suitable for you and that you are able to afford the repayments. You can keep driving your car during the time of the loan.

Step 3

Finally you will drive away with your money. This loan is money loaned on your vehicle’s V5 document and based on what the evaluation is on your car. It’s just that simple to get logbook loans from any lender.

Complete Your Higher Education Dream

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In India, basic education is barely affordable for most of the country. For those who can afford it, it may not be enough to secure a job. After a high school degree, a bachelor’s is never enough. A post-grad degree, a foreign degree or even a diploma for some vocational training are all more valuable for being accepted in the workplace. Instead of skimping on education, it should be treated as an investment, since, besides a degree, you are placed into a context where your classmates can be potential colleagues or a support system of contacts. Usually the institution has placement programs which may aid in securing a job. And plus its roster of ex-students who have gone on to successful careers may just be your next employer or business partner. The value of an education is worth the investment. However if you can’t afford it, there are options, like education or student loans to avail of. One of the most creative educational systems in the world is the American system, where the fees are high, but it offers the opportunity to try out anything and be anything. Most Americans are able to go through their bachelor’s and master’s through student loans.

In India there are several options of student loans available through financial institutions or banks themselves. In India, almost all banks offer up some scheme or the other for aspiring students. Like a personal loan, an education loan is unsecured. Which means you don’t need to put down some collateral. However unlike a personal loan, the educational loan interest rate isn’t as high due to this. If a loan is taken over Rs 4,00,000, you may have to provide some collateral. This can be anything from securities like stocks and bonds to property. In the failure of being able to repay the loan the bank can confiscate this to balance the debt. The loan fee doesn’t limit itself to the tuition. It can include the excess fees that come with exams, library use, laboratory use, hostel stay, educational tools like books, equipment, uniforms, computers or laptops, etc. However, most of the items bought will belong to the bank in name.

In order to avail of an education loan, you will have to be accepted by the educational institution already. You will be asked to provide proof of this as well as the fees and additional expenses you will have to pay. You may have to prove to the bank that you are a meritorious student, able to pay back the loan, by providing proof of your previous grades. Finally, when you are paying off the loan, you will be exempt from paying tax on the interest amount.