 I need a $5000 loan, but have no credit and only make $300 a month. What do i do? |
My car died and itll cost $4000 to replace it. Problem is, my car is only worth 5000, so i wanna get a used car--that isnt broken.
HELP!... |
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 What is the best way to get out of debt when you are drowning in it. No option for credit.? |
Additional Details
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Additional Details
what do you mean and? like how to cut food costs low and clothes spending?... |
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kthanke@sbcglobal.ne... | Should i let my son get a loan on the proptery we own when i'm so close to 62? |
mortgage reversal at age 62 |
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HELL, NO!! U NEED YOUR SECURITY! IF HE'S GROWN AND RESPONSIBLE, HE CAN GET A MORTGAGE OR SOMETHING BUT IF HE CANT DO IT WITHOUT YOU, THAT MEANS HE HAS NOT BEEN RESPONSIBLE, LOVE IS ONE THING, BUT WHOS GONNA TAKE CARE OF YOU? |
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Christina B
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I am a loan processor for a mortgage company and I wouldnt do it, If he decides to screw you over then you are stuck with the payments and you dont need that. He is a grown man, let him get his own loan and if he cant because of his credit scores that is not your problem, he should have been alittle more responsible with his finances. Please dont help him with a loan Ive seen what happens in these situations and its very sad!!! |
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Nick
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Are you NUTS??? No! |
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Mr Ed
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No not if you can't make the payments if he defaults. |
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?
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i think it'll be better if he does it all on his own. Get him to read a book called Rich Dad Poor Dad from Robert Kiyosaki or Who took my money also from Robert Kiyosaki and it'll teach him to budget all his finances and manage them by himself for himself.
Otherwise consider this, if you do say no to him it will mean that he'll have to try and make it on his own, Harder? Definitely, but more worth while as he'll learn the ins and outs of how to do it.
If you say yes, it's easier for him however it'll be hard on you as you'll have put your house on the line for the hope that everything runs smoothly with him. I would also take into account how much you trust him with your credit rating, your property which is potentially at great risk as soon as you agree, if you want to have a financial tie with a family member if at all, and everything else that runs relevant to your situation. |
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U98
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Would he ever pay you back and at what interest rates. what is the loan to achieve for you. |
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justagrandma
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No, if you do, you will have to think of it as you, yourself, taking out that loan, just in case. In addition you may want to check into some new laws governing the transferrence of property within five years of needing assistance and the implications of this on your eventual care. At our age, you can't be too careful. Any mistakes we make now we will have to live with for the rest of our lives.
His primary concern should be for you.
And if he needs your money because of his poor judgment, then Madam, close your purse. |
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b_slap99
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do you trust him to pay you back? |
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Jo
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I can understand the dilemma. You want to be able to help your son but you are also aware that if he defaults then you will have to pick up the mortgage payments. Of course, all of this depends upon how reliable your son is and has been in the past. If you are in a good financial position, why not consider giving him a small financial gift toward his downpayment. Tell him that you want to be able to make a small contribution towards his property but that you are at a stage in life where you need to feel secure about your own property. He has the rest of his working life ahead of him and in better postition to take on such a long term committment.
Consider giving him a small financial gift as an incentive to make his own financial arrangements independant of you. You will feel good knowing that you have helped the next generation get started. |
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Overton
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No, first of all how old is your son and why does he need your help and YOUR money. I have never borrowed money from my parents, and you should not let him, its sounds like you are worried already or you would not be posting the question. Tell him that the house is yours and that you do not want to discuss it anymore. Good luck and stand up to him. |
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phyllis_neel
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how dependable is he to pay it back?
if you're not sure, don't do it |
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