Monthly Archives: February 2008

How Do You Trade in a Car if You Owe More Then Blue Book Value?

Reply
refinanced

I HAVE A FRIEND AND SHE IS TRYING TO GET A NEW CAR. SHE HAS A 2006 AND HER AND HER HUSBAND GOT THIS CAR TOGETHER. THEY ARE NOW SEPERATED. AND SHE CANNOT AFFORD THE PAYMENTS. THEY ARE $500 A MONTH. SHE WAS GIVING HIME THE MONEY TO MAKE THE PAYMENTS AND HE DID NOT PAY ONE OF THEM AND THEN DID NOT TELL HER. SO SHE WAS A MONTH BEHIND FOR 3 MONTHS AND IT DROPPED HER SCORE. SHE DOES NOT WANT TO LET THE CAR GET REPO’D AND MESS HER CREDIT UP. BUT SHE CANNOT TRADE IT IN . SHE HAS 50,000 MILES ON IT AND IT IS ONLY A 2006. THEY IS WORTH $12,900 AND SHE STILL OWES $19,000 AND DEALERSHIPS TOLD HER THAT HE NEEDED TO PAY THAT GAP OFF. SHE TOLD ME THAT SHE WAS GOING TO TRY TO REFINANCE BUT SHE DOESNT KNOW IF THEY WILL CAUSE SHE WAS A MONTH BEHIND THOSE FEW MONTHS. IF SHE CANNOT GET REFINANCED…. WHAT OTHER OPTIONS DOES SHE HAVE. THIS IS A REALLY DESPERATE FRIEND THAT WAS IN AN ABUSIVE RELATIONSHIP. PLEASE TAKE THAT INTO CONSIDERATION WHEN ANSWERING MY QUESTION.

Why Do Companies Send Out Advertisements for Mortgage Payment Protection Disguised As a Letters from the Bank?

4
mortgage

I always get advertisements in letter form from companies trying to get me to buy mortgage payment protection coverage. These “letters” are always include the name of the actual mortgage lender, and the formatting always looks as if they’re trying to make me reflect that the “letters” are really from the lender, itself.

Is this really their intention? And is this legal?

What Happens if Your Land Contract Holder Does Not Sign Off on the Contract After I Refinanced Via Bank?

2
refinanced

My brother sold me my home on a land contract for 5 years then 2 years later pressured me to refinance via the bank. He had to knock off $8000 off the selling price because the amount owed was more than the bank would finance. We entered into a verbal agreement outside of the mortgage for me to pay the $8000. I had assumed that he had contacted the same financing bank who also was handling the land contract as a adviser to tell them the land contract was paid but he did not and failed to tell me this. He provided a warranty deed with the mortgage sale. Would he not be required to cancel the land contract? He wants me to pay him personally but refuses to sign off on the land contract first. I told him I will pay the adviser bank my payments on the $8000 unless he cancells the land contract. What are my rights?