Mountain Top Loan Services

This current version of the subprime home mortgage fallout has been interesting to track. Now that we are facing an election year, the politicians are coming out of the woodwork with promises to help ailing home owners.

With billions of dollars in mortgages set to adjust in 2008, many people are in panic mode trying to figure out what to do. Many will be able to refinance with fixed rates since they are still relatively low. Others, who aren’t as fortunate, will be facing some tough options if the government doesn’t come to the rescue.

Those options are brought on if you don’t have the credit to get favorable refinancing terms and/or if you are currently behind on your mortgage. They are:

• Foreclosure - This means you have given up on the house and will let the lender pretty much have it. There are circumstances where, financially, this may be the best option. Emotionally this is a very difficult option.
• Get a Foreclosure Bailout Loan - This option comes with it’s own set of problems and given the problems in subprime mortgages, the most difficult to pull off.
• Sell the house - If you have enough equity, you may be able to sell the house via traditional methods. You also need to have the time if you are currently behind. The other way would be to have an investor negotiate a short sale on your behalf.

All 3 of these options have there own pitfalls and benefits so make sure you look at your financial situation closely to determine if you will keep your home or if circumstances require that you let it go.

Tags: foreclosure, foreclosure bailout loan, short sale, subprime

It’s that time of year! congratulations to all the mid year college graduates! That’s a helluva Christmas gift to give to yourself. You’ve earned it, finally.

After the euphoria has gone many of you have the realization that you have a crap load of student loans to pay back. It’s a bit of a shocker sometimes especially if you haven’t gotten a job yet.

School loans can weigh you down like a lead necklace especially if you have a bunch of them. One of the first things you should do is consolidate them in to one payment.

Fortunately, school loan consolidation is a pretty simple process. Typically no credit report is needed and no longer will you need mom and dad to cosign for you.

You are able to get lower interest rates and you have some flexibility in payment terms. For instance, when I consolidated my student loans, I chose a graduated payment plan. This lets you make a smaller payment at first, when your income is low, and a gradually increasing payment over time.

Now, I mention the scenario with folks graduating this semester but it doesn’t matter if you’ve been out of school for 3, 5, or even 10 years. You should still consolidate those loans!

Tags: student loan consolidation, school loan consolidation, college loan consolidation