John D


When a company writes of part of a debt, it is then recorded as income to the IRS and you pay taxes on it. Does the loan modifcation work the same way?

StillCurious


I heard that comparing auto loans before shopping for a car is a prudent thing to do. But I’ve also heard that every time you apply for a loan your credit rating is negatively affected. What’s the truth?

irishman1


I am getting ready to pay back my Sallie Mae student loans and they are expecting me to pay approximately $500 per month for my private loan. The only other alternative they gave me for a lower monthly payment was the Interest Only option, which I have heard is a horrible choice. Given today’s economic condition and the difficulty of college graduates finding jobs, I don’t know how they can expect people like myself to pay $500 per month. Are there any private consolidation companies out there right now that can significantly lower my monthly payment?

Thank you!

BGOQ


As I’ve been doing homework on the loan process for a first-time mortage, it struck me as peculiar that it is recommended (required??) to bring six months of bank statements to your loan visit. This seems to me to be a little invasive on privacy, yet I’m not sure what the purpose is. What do they look for specifically? Is it to verify income, or do they actually look at every single item? What if I have multiple accounts/banks, should I bring six months worth of statements from each bank? Is this the same with bank loans as it is with mortageg brokers? Always, thanks for your answers!

Heather


I am 24 years old and I have paid my college loan late a few times and I am hoping to get a home loan with a descent interest rate, will that still be possible? And what effect do garnishments have on home loans? The garnishment is not home loan related.