Susan asks…
Who, besides Cash Call, will loan money to people with bad credit?
No payday loan suggestions, please. Thanks!
answers:
Bad idea!
If you are in a bide, ask help from friends or relatives. If you can hang on without borrowing it will be better in a long run. Borrowing money is just get you deeper in the hole you may never able to get out. Take a look at your own daily routine on spending, you should able to save at least five bucks a day. Before you know it, you will able to handle your own finance and the know how in budgeting. Don’t borrow unless you could be dead, otherwise you can figure it out. May be doing chores or find a temporary jobs to subsidize your incomes.
Linda asks…
Does anyone know of a loan company like Cash Call that operates in Michigan?
I know the interest rate is outrageous but I need to prevent a court determination that would cause more damage. I am looking for a second job, trying to sell thinks on Craigslist and there is no one to borrow from. I do not have a checking account for a payday loan and I have bad credit. Loans in my case are not a good thing but there is no other option to prevent further damage.
Thanks
answers:
Without further details, you are SOL. What further damage can a court determination do that a loan shark can prevent?
Maria asks…
Anyone use Cash Call to refinance there house?
I saw a commercial and said they could refinance to a 15 year loan at 4.375 with no closing costs. Has anyone used this company and if so were they good or are they trustworthy. Thank you.
answers:
I have no personal experience with them, however a google search demonstrates a long history of questionable business practices and a complete lack of ethics. They do a lot of bait and switch, a lot a very high interest rate loans and are basically a payday loan company. My guess – you will get you to respond to a fixed rate loan – no one gets these – they don’t do them but they will offer a ARM style loan.
Only a masochist would go into this.
John asks…
What do you call the cash a bank demands from the mortgagee after short-selling a repossessed house?
There is a legal word for the cash amount the bank requires if they sell a repossessed home for less that it’s worth. I know there’s a word for it, but I can’t think of it.
Can you help me out? Thanks!
Thanks for setting me straight. The situation I’m talking about is….
My sister’s house (mobile home) was repossessed by the mortgage company.
The mortgage company sold it for $50,000 less than her remaining balance (I thought that was called a “short-sale”).
I’m writing a letter on her behalf, and I know there’s a technical word for that balance, but I can’t think of what it is.
Thanks for your help!
answers:
It’s a deficiency balance.
No, this is not a short sale. A short sale is where a lender agrees to take less than the amount owed on the property as payment in full and they forgive the outstanding balance. In a repossession, a lender seizes the property and sells it for what they can get at auction.
They then total up all of the fees they levied and charges they incurred in processing the repossession with the outstanding loan balance, subtract the amount received through the auction, and come up with a deficiency balance. They then put together a repayment schedule for the borrower to repay the deficiency. Or, they sell the debt to a collections agency and they try to work something out with the borrower.
Jenny asks…
Anybody have experience with cash call?
I don’t actually NEED a loan, but I’m trying to build up my credit. Is cash call a good way to do it?
answers:
Only do it if its an absolute emergency and if you can pay it off in less than a year. It is an extremely bad loan and you will owe them forever if you don’t pay it off immediately.
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