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| Need a loan?; you should read this | |
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| Tweet Topic Started: Mar 15 2009, 08:56 PM (1,127 Views) | |
| Cobb | Mar 15 2009, 08:56 PM Post #1 |
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I work for a bank and want to share this info. In my experience anyone who asks for a loan are not qualified. One reason is that they are already late on paying bills, they are either upside down in regards to debit to income ratio or are employeed. This is one reason you need to see what you qualify for in regards to a loc or line of credit that can be used for anything, vs a credit card. The rate is fixed and you use it like your checking account. If you own a home, look for a heloc, home equality line of credit. As for personal, auto loans, banks are phasing them out as many are defaulting. Credit cards screw the consumer as the rate can be easily jacked up and limits squished. As for delinquent accts, ask about deferring payment, making a payment arrangement and curisty late fee refunds. No guarantee of refunds, but it cant hurt to ask. If you do nothing, it is usually sent to collections, check systems and hurts your credit. Some stuff we can do, other things the system is locked down and no one can change. Any other bank related questions? |
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| billy508 | Mar 15 2009, 10:45 PM Post #2 |
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billy508
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So the answer is NO!!!!?. Oh Well. ........................................................................................................................Thanks for the post
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| 2000Firefly1.3L | Mar 15 2009, 11:45 PM Post #3 |
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or just get in touch with a loanshark |
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| Bon2000 | Mar 16 2009, 12:01 AM Post #4 |
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i have sevaeral questions.de[ending on what you do at the bank..... Who governs our(united states money) and who determines its worth in the world markets,why are banks screaming for bailouts and not using the money to help the consumers? do you think after the market has lost over 63% of its value in less then three months we should trust any bank or government to do whats best for us and our money? these are just a short list of many many questions i want to ask someone why is it we can get a bank loan for a car and pay it off in five years but cant do the same for a house? thanks Edited by Bon2000, Mar 16 2009, 12:01 AM.
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| Cobb | Mar 16 2009, 09:57 AM Post #5 |
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The feds have regs in place, its up to the consumer to report the bank for it to be enforced. Do not know about the worth. Since Authur Anderson, you cant trust any banks or business books. FYI, Merille Lynch was in debet for 160+ years and never turned a profit. The banks are using the bail out to pay off bad debt to stay in business like the big 3 auto makers, not for new debt. Are they supposed to do that? for example, Bank of America used the money to absorbe merille lynch,not supply the economy with more loans. Not sure anyone trusts the government, the banks goal is to make more money. They share it it you have money too, they take it from youi if you do not. The best thing to do with your money is what you want. If I put it in a bank, make sure its fdic insured. If you have more than 250 grand, put it in multiple banks. Now interest sucks, so you may get a better return on realestate. A house is more long term than a car. You may not have a car after 30 years like a home. Now most mortgages are no penality for early payment, so you can pay it off faster. Myself, when I use to work 2 jobs, I saved 600 a month, put 200 into mods to my scion and paid the bills with the rest and ate out. I then used the sav money to buy a 2 bd room condo with 30 year mortgage, so if I did not work 2 jobs or 1 great job, I can still to afford where I live. I figured I can always pay early or live the highlife with a low mortgage payment. Now check your loan before you decide to pay it off early. Some loans like a car the interest is factored in, so there is no advantage to pay early. Other loans like a credit card or line of credit or mortgage you are charged interest daily times the money owed, so those loans make more sense to pay off early. |
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| Cobb | Mar 16 2009, 10:02 PM Post #6 |
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To follow up the question about the feds giving the banks money to reloan, everyone I talk to who wants a loan does not qualify. Those who do default on it sooner or later. Its just terrible how many people are loosing their jobs, those who have missed payments, screwed up their credit, then they decide they neeed a new loan to pay the old ones, etc. As for the mortgage disaster, some of it I do not understand. Say a couple buys a house for 350 grand. The bank pays for the house, the couple owes the bank and set the terms in the closing. The market devalues, like a car when you drive it off the lot. So, the house is worth 150k now. Now the family would rather live in an apartment and default, then pay the original 350 as the market changed. They only agree to pay if the bank will refi for 150 the new market value and eat the 200 grand the house lost. Maybe I am the idiot here? Maybe I should of drive back to the toyota dealer after I bought my scion xb for 18 grand, which henrico county says is worth 15 grand and say I will only pay for 5 grand minus my trade since henrico says its lost 3 thousand in value and I got 10 in trade??? |
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| 2000Firefly1.3L | Mar 16 2009, 11:17 PM Post #7 |
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It's easy to understand the credit-crisis when a bank, through derivatives and fractional reserve banking they can lend out money from thin air... depends how far the rabbit hole you want to go down but it depends on your moral character really if you're prepared to confront reality and do your own research into the few that control the masses, and how they engineered the banking collapse to bring in a world, central bank where we will have to pay our carbon taxes to. |
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| Bon2000 | Mar 17 2009, 12:10 AM Post #8 |
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exactly 2000firefly1.3L.....im not a conspiracy as they call it theorist,but i do believe that we have been sold out and made to suffer because of a one world currency forcing complete divisions of classes of people,and hardships for those in the low income or middle income families.......first it will be the amero.... Edited by Bon2000, Mar 17 2009, 12:13 AM.
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| 2000Firefly1.3L | Mar 17 2009, 01:21 AM Post #9 |
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Franklin Delano Roosevelt Memorial
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| Woodie | Mar 17 2009, 06:29 AM Post #10 |
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Wow, he sure had some big balls to say that! The United States first big socialist, the guy who blackmailed the Supreme Court to allow him to trash the Constitution and start all this Federal giveaway crap that's killing us now. Also the guy who tried to fix a major recession by spending like a wildman, succeeded only in dragging it out for over a decade, creating the Great Depression. Sound familiar? |
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| Bon2000 | Mar 17 2009, 07:49 AM Post #11 |
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Cobb, Many of the people you think are just letting a house go back because you say they don't want to take a loss on it are doing so because they can't afford to eat,much less make an 1800 dollar mortgage payment,if you look back,in the eighties everyone was encouraged to get as much credit as we could and then all of these shady loan comapnies with insane intrest rates popped up,inflating prices in the markets for thier own gains,so people kept buying in.much like the stock market,great for a while but sooner or later it all catches up and has to correct,we are at that point,but noone will let it correct,just keep pumping taxpayer money into it and fiurther pushing the deficit up,to which we can never pay off. Who controls when credit dries up,its the same people who tell us the oil is in great shortages? How come there is much reserve and the gas prices are still high.they are more reasonable then they used to be,but still by the price of oil per barrel,not in line. |
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| Cobb | Mar 17 2009, 08:40 AM Post #12 |
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As one who has access to customers info, its those who have money that are upside down who are refusing to pay and letting it to go forclosure. Sure there are some people who cant afford the payments, then we have others on unemployment who are still making payments. One reason I went for half what I was qualified for and then drug it out 30 years so I can aford no matter what I do. Not sure about the new world order. I met a guy in rehab back in 96 who use to talk about that all the time, then a major war between the races. I never put much belief into what he said. As for the current situation, I believe the gov should stay out and let the market decide. Let the big 3 fail, let the big banks crumble and small banks pop up in their place. As for oil, thats a great question. We use to harvest our own oil til we found cheaper else where. For some reason we had partners over seas in the middle east that pratically gave it to us. Then opec I believe was formed and our new friends decided to not sell any to us except for eiher iran or iraq. Once the oil embargo was over. I have been told from a geology class in college that we have used half of our know as well as unknow supply and at the current rate be oil free by 2012 or 2041. Now US and the US Canada border contains a lot of oil, but its more costly to harvest. Opce has discovered they can get upwards to 200 bucks a barrow so they are artifically creating a shortage to raise the price by limiting what they put on the market. The price of oil is also effect by the fear factor, people are betting the price goes up, and price goes down by buying and selling short and further driving the price up. I just hope our gov or some large corp is hording gas at todays prices to resell at a later date at a discount and share it with us. Edited by Cobb, Mar 17 2009, 08:48 AM.
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| 2000Firefly1.3L | Mar 17 2009, 12:09 PM Post #13 |
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The peak-oil myth was a created crisis by OPEC. The limited/peak oil is a myth, a number of scientists believe oil to be abiotic rather than fossilized by compression over time. The US has all the oil they could need in their own country for a long time. The only reason they are in Central Asia is because they want to control the area, the neo-cons and bankers believe it's their destiny to conquer the world. http://www.rense.com/general82/posd.htm http://www.nextenergynews.com/news1/next-energy-news2.13s.html |
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for example, Bank of America used the money to absorbe merille lynch,not supply the economy with more loans.

9:54 AM Jul 11