david h asked:


I need to consilidate debt to zero - I have a 425 FICO. A big facotr for score is debt to income. I have 750 in credit card debt. The bigest problem is that I have 2 auto loans that I need to get rid of. They are hurting my score. I have gap insurance on them and they are both upside down - Any suggestions

Fernando

Proud to be an AMERICAN asked:


I maxed out on answering questions today, and I didn’t get to answer one about the Rolling Stones, so I’ll ask one instead.

I’ve been a big U2 fan for a LONG time (since before some of you were born!), but it just seemed like their last album was a rehash of old themes, done again. Like a formula - there were no new ideas. Are they going to become like the Rolling Stones, seemingly making the same album over and over? (Although the last couple of Stones albums were pretty good!)

PLUS, I always seem to see U2 doing something OTHER than music. The whole iPod thing seemed like a sell out. And Bono is certainly well-intentioned with his debt relief and international efforts, but again he always seems to be “in your face.”

Again, I still like them, but will they ever be as good - as inspired and adventurous - as they used to be?

Any other old farts out there with an opinion? And if you think my tastes are far too old, give me an idea of something newer to try. Thanks!

Bernard

Jack McSmack asked:


Mortgage banking meltdown: There’s no valid reason but that America’s corporate politicians are subservient to Wall street and the super rich.

The Bush administration on Friday announced plans for a massive and unprecedented federal bailout of the US banking system. In separate appearances Friday morning, Treasury Secretary Henry Paulson and President Bush announced a series of measures to shore up collapsing financial markets and called on Congress to pass legislation next week to use, in Paulson’s words, “hundreds of billions” of taxpayer dollars to buy virtually worthless mortgage-backed assets that cannot be sold on the market from banks and other financial institutions.
Paulson said he would meet over the weekend with congressional leaders to lay out the details of the government plan.
With this plan, the full cost of the immense debts piled up by the banks will be imposed on the American people. It will shift the banks’ liabilities onto the federal government, sharply increasing government budget deficits and the US debt, a process that can only further erode the creditworthiness of the United States and place a bigger question mark on the value of the US dollar.
The immediate line-up of both parties and the media behind the bailout plan for Wall Street stands in the starkest contrast to their indifference and inaction in regard to the plight of millions of American working people, who face a rising tide of home foreclosures, layoffs and sinking living standards. When it comes to the social needs of the people, the universal cry from corporate America and the two parties is, “There is no money,” but when the fortunes of the financial elite are threatened, the full power of the government and unlimited resources are marshaled virtually at a moment’s notice.
There was no suggestion in the statements of Bush and Paulson of any relief for the working class—nothing to stop home foreclosures or help those who have already lost their homes. Rather, hundreds of billions—and more likely trillions—of dollars in public funds will be used to prop up the banks.
The resulting bankrupting of the government will be used to justify a brutal assault on what remains of social programs, including Medicaid, Medicare and Social Security, and demand even greater financial “sacrifices” from workers, whether the next administration is headed by Obama or McCain. Nothing could more clearly demonstrate that behind the façade of American democracy there stands a dictatorship of big business.
In his statement, Paulson said “comprehensive” action was needed “to address the root cause of our financial system stresses. The underlying weakness in our financial system today is illiquid mortgage assets that have lost value as the housing correction has proceeded.”
This is a lie. The root cause of the crisis is the unbridled parasitism of American capitalism, which over a period of decades has dismantled huge sections of industry in order to reap super profits for the rich by means of financial speculation and fraud, based on a colossal buildup of debt. Now the bill is being passed to the American people.
Bush, flanked by Paulson, Bernanke and Cox, called for a government bailout of Wall Street in the name of “our system of free enterprise.”
“There will be ample opportunity to debate the origins of this problem,” he said. “Now is the time to solve it.”
There will, in fact, be no debate or discussion. Nobody will be held accountable for the greatest financial scandal in world history. There will be no penalties. No one who made tens and hundreds of millions from the plundering of America will be forced to give back a dime.
All of the financial resources of the United States are being placed at the disposal of Wall Street and every American citizen, without being asked, is being given the responsibility for covering the debts of the richest people in the country.

Aaron

I’m gonna start another riot asked:


The massive government bailout of the nation’s financial system could help thousands of illegal immigrants who obtained home loans from banks that were encouraged to offer them by the federal agency in charge of preserving and promoting public confidence in the system.

The controversial $700 billion bailout will offer foreclosure relief for those at risk of losing their homes and that includes thousands of illegal immigrants who got mortgages from U.S. financial institutions thanks to a push from Federal Deposit Insurance Corporation (FDIC), which began encouraging banks to offer services to illegal immigrants a few years ago.

Headquartered in Washington D.C., The FDIC insures more than $3 trillion of deposits in U.S. banks and is managed by a five-person board of directors appointed by the President of the United States and confirmed by the Senate. In the last few years the agency succeeded in getting several large lending institutions to offer a variety of banking services to illegal aliens, including home loans.

Now U.S. banks routinely offer services to people without Social Security numbers by accepting the Mexican identification called matricula consular to open accounts. Some states—like Illinois and Wisconsin—even used millions of dollars in public funds to provide low-interest home loans for illegal immigrants with no credit history or documentation in the U.S.

The loan default rate among illegal immigrants is high because they are inherently unreliable, are prone to fraud and may be forced by circumstances to return to their home nation at any point, according to a congressman representing a state that operated a large mortgage fraud ring featuring hundreds of unqualified borrowers that used fake identities to get money.

The veteran Colorado Representative, Tom Tancredo, wants to assure that the bailout, set to pass this week, doesn’t offer incentives for illegal aliens. In a letter to his colleagues in Congress, Tancredo asked that safeguards be included on the bailout plan to verify the legal residency and identity of potential homebuyers. This will prevent illegal immigrants from obtaining federally backed home loans and assure that U.S. taxpayers are not absorbing their debts or bad loans made by banks to illegal aliens.

Could it be a coincidence that the area’s hardest hit by home foreclosures happen to be illegal immigrant sanctuaries like Las Vegas, large parts of southern and northern California and the famous Arizona sanctuary of Phoenix?

Minnie

ROCKET asked:


Are there any types of funding for student loan relief? Federal releif of any kind? Not just defferment but debt relief for school loans. Similar to scholorships but after you graduate.

Maria

Caita asked:


“What would you do in my situation?”

I bought a house in 2005 for 160K, fully financed.

I bought a car few months later for 20K (my fully paid one broke and I needed a new one which represented more monthly payments out of pocket). Additionally I paid for the landscape, gutters, electrical outlets and central air conditioning after I purchased the house, a total of 10K from my pocket that made me put more debt on the credit cards.

So, I started with a mortgage payment of 1K per month, then increased credit card payments while doing all the improvements in the house, and then got a car loan, so in mid 2007 I needed to refinance, and out of the refinancing I paid the credit cards and the car all on escrow without having a penny coming to my pocket . My house got appreciated for 270K at the time, and I took a loan for 190K (for what I pay $1,200 monthly).

In 2008 moved to another state, my house is vacant and for sale for some months now, if an appraiser comes will appraise it for 210K, although no buyer is ready for more than 195K and obviously I won’t be able to pay the realtor commissions if I sell at that price considering I owe 190K and that the commissions are of 6% on top of that. My contract anyways is about to expire. I am current in all the mortgage payments.

Since renting in one state and paying mortgage, gardener, insurance, services in the other is becoming quite a burden, I was looking into options, such as a Short Sale. I know that some debt relief was approved later but I don’t find anything on the IRS website, all I find is what was passed in 2007/ I would like to know which options I have. I really do not care about my empty/vacant house, I care about my credit. If I rent it I will get about $800 a month, so I need suggestions as of what could I do. For instance, is there any possible negotiation with the bank to stop the payments for 6 months? This way it will let me try to sell by owner with the help of some local friends.

Both states are non-recourse states. I do not think buying will be a good option at this time, I do not know how the taxes will affect my situation, I just need some ideas.

How do I short sale the house? and then am I responsible for paying for the taxes and how is that calculated (you have all my numbers there). Does the appraisal value at the time of sale play any role on the taxes or forgiveness of taxes?

Please advise,

Thank you!
An another thing, what happens if I rent the house in matter of taxes, how will that affect me? It is bad enough not being able to pay the mortgage with the rent to get some penalty in the taxes, thanks.

Pearl

Bark at the Moon asked:


or just plunge this country even farther in debt?
$145 billion is the amount he wants to hand out.
Nurse…How do you figure Clinton was worse? If you think a booming economy is a bad thing I guess the Clinton era was a terrible thing. I dont remember him having to give tax reliefs to boost our economy.

Colleen

IN WASHINGTON asked:


i am in debt for medical bills of over 20 thousand the air plane it self is like 20 thousand i was in a bad 4 wheeler accident no health insurance i need a place that can sum all these bills into one or a place for a low cost bankrupcy that is legit please help befor garnashment

Brenda

forsatellitesx asked:


what do i say when i want to refer to another point made in my resolution?

like, if i were to say “6. RECOMMENDS that increased aid and/or further debt relief be rewarded to individual countries that exhibit adherence to Point #5, and”

point #5 is the operative statement that i say right above #6
as in , what do i say instead of “point #5″ what is the right term here

Raul

Bill asked:


Get all the old crew back together…MJ, Bob Dylan, etc. and sing a debt relief song.

Anthony