This morning’s expert panel looked into your financial emergencies. How can a single parent save money for college? What is the process to remove negative activity from your credit report? For answers to these questions and more watch the video clip below.
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In this tough economy some are praying on our nations most vulnerable. Watch the video clip below to learn what scams to look out for and tips to protect yourself from becoming a victim.
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Today’s panel looks at ways to reduce debt and plan for a lengthy retirement. What’s the best way to lower student loan payments? How do you handle a large debt to the IRS? What should you do if you are upside down on your mortgage? For answers to these questions and more watch the video clip below.
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I am so upset. We are supposed to close on our refinance of our house tomorrow and one hour ago I find out that they are asking for a 1007 form from the appraiser. This is a rental house. The bank collected $550.00 from us for the appraisal. I have also been informed that the appraiser is charging more but still under the $550.00 we gave the bank and they are not going to pay him more as he has a contract with them for $50.00 to do the 1007 form. I informed the bank today to pay the man or I would pay him again so we can move forward. What can I do? I what they are doing legal? They also have moved the closing now for almost 60 days saying they cannot find forms we gave them. Please Help!
– Tuscaloosa10
The 1007 form is generally required as part of the appraisal for rental properties – it’s called a Single Family Comparable Rent Schedule, and it’s used by an appraiser to gather data about other rentals in the neighborhood. These would be used as comparables – the appraiser will pull together information about their proximity to your rental property, their leases, monthly rent, and so on and so forth. The bank wants to make sure that the rental income you’re claiming you’ll be able to receive from your property is feasible, because in most cases, rental income is necessary to secure the loan. Most borrowers can’t qualify without it.
So your hands are pretty tied – it seems that this form wasn’t originally ordered by you or your bank, or there was a mistake in the paperwork. The most you can do at this point is put pressure on the appraiser – and the bank – to speed things along. And if this was the bank’s mistake – it sounds like the whole process has been disorganized – I’d make sure they know that you’re not happy. Talk to a supervisor if necessary.
Home sales in May plummeted after the end of the new home-buyer tax credit. Last week, I spoke with Matt Lauer on the TODAY Show about why that tax credit helped home sales stabilize, and I also shared a few tips about how you can manage your money to be prepared financially in the case that another government “safety net” is eliminated.
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This morning on Money 911, we answered a variety of your money questions. For help with anything from overdraft fees and 529 plans to banking security and more, watch the clip below. Have a different question? Submit it to me here!
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Our financial situation has changed drastically in the past couple of years, and even after scraping up every last penny, we’ve gotten to the point where we can no longer make all of our monthly payments. We have been looking at out options, but are pretty confused. Can you explain to me how debt consolidation works? – Carol, Florida
Carol,
Debt Consolidation is a process where you roll all or some of your debts into a single loan, preferably at a lower interest rate than the ones you’re paying now. This idea is good in theory, and in some cases in practice. But there are also predators in the industry who will charge you thousands of dollars and pressure you into making a decision that’s not in your best interest. Instead of giving them your business, try to consolidate yourself using a Home Equity Loan or Line of Credit (HELOC), by refinancing your mortgage, or taking out a personal loan at a lower interest rate. Then take the new, cheaper loan, and use it to pay off credit cards, car loans, More…
What is a Uniform Gift to Minor Account, and how does it differ from a 529 Plan? How can I pay for my wedding and avoid building more credit card debt? How can I remove old accounts from my credit report to boost my score? I helped the Money 911 panel answer these questions (and more!) on the TODAY show this morning. Watch the clip below for our money advice.
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Traveling? Find out the best ways to carry money during your vacation. Looking to buy a house? Discover how much money you’ll want to set aside before you take the plunge. Considering refinancing your mortgage? Determine if it’s the best choice for you. For help with these issues, and many more, watch the clip below from this morning’s Money 911.
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Mortgage rates are at a 50 year low — should you consider refinancing? This morning on TODAY, I spoke about this surprising change, and how you can decide if it’s the right time for you to take advantage of it. Check out the segment below!
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