I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven’t just stopped going to school (and thus cause my loan payments to become due)? Or must I obtain enrollment verification from my current school and send it to each loan agency myself?
Although most lenders find out if you transfer schools, it’s best not to wait to hear from them, as they may have you in repayment status, and if you go too long without making a payment, you’ll default which will ruin your chances of federal aid in the future.
Best thing to do is call each loan servicer, inform them that you changed educational institutions, and ask if they need you to provide anything to them to keep your loans in good standing with them.
Good luck with your education!
Would these debts be "forgiven" also and if so, does this affect your house which was used to achieve the loan?
The answer to your question is pretty complicated. I would definitely contact a financial professional and discuss this before making any decisions regarding bankruptcy.
The short answer is the debt may be forgiven if it’s directly part of your bankruptcy. But you’ll still have a foreclosure on your home and the lender of the home equity loan and home equity line of credit could put a lien on your home, but it’s doubtful they could force you to sell or leave your home. You’ll really need to talk with them about that. Be up front about your situation and see if you can work out a solution in both your best interests.
Remember, your credit will be shot for several years after a bankruptcy and it won’t help to have a foreclosure as part of your credit history. This is a bad time to have really bad credit. You’ll have a lot of difficulty getting loans in this market with terrible credit.
If there is any way you can avoid bankruptcy and foreclosing on your equity loans, I recommend taking that route. It will save you a lot of headaches and financial stress down the road.
I already own a house and now I want to buy my parents a house. Besides the programs for first-time homebuyers, are there mortgage loans out there that require less than 20% down?
In the UK lenders are very slowly increasing % loans and it is now possible to borrow up to 90% with a few high st lenders.(eg RBS) However rates with low deposits are not particularly attractive. Not all lenders will lend if the property is to be occupied by a dependent relative.
You do not say if you have a mortgage yourself. If you have your earnings must cover both mortgages. If you do not have a mortgage, or even if you do, you could remortgage your own house to raise a larger deposit & qualify for lower rates. To get best advice speak to an independent mortgage adviser.
Yes, there is such a thing. I saw it online somewhere a few days ago.
Gee, I can’t imagine the interest on that!! (ugh!)
OK, I searched. Put "50 year mortgage" (in quotes) in your search box. You’ll get pages of info & sites.
What are the requirements for the two home loans?
Well, the obvious answer is that SONYMA loans are only available for property located in the state of New York.
Here’s more info on the SONYMA loan application process:
http://www.nyhomes.org/home/index.asp?page=143