OT - Middle Class blues
05-05-2009 | 04:42 PM
#12
Community Organizer
Joined: Mar 2004
Posts: 7,111
Likes: 4
From: Mass
Originally Posted by zzziippyyy,May 5 2009, 07:40 PM
^ 
And as we become a more connected society your credit score will matter more and more. Insurance companies and many others already base there service rates to you after reviewing your credit score.
NEVER INTENTIONALLY MESS UP YOUR CREDIT EVER!
And as we become a more connected society your credit score will matter more and more. Insurance companies and many others already base there service rates to you after reviewing your credit score. NEVER INTENTIONALLY MESS UP YOUR CREDIT EVER!
05-06-2009 | 05:57 AM
#17
Thread Starter
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Joined: Oct 2004
Posts: 313
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From: Connecticut, USA
All good comments, thanks. He recently paid for two college educations, which is why he can't pay off the mortgage. A check of the town map elevations shows his garage is 10 inches above the 100 year flood plain, but the bank and FEMA won't accept that from a homeowner. He needs to pay for the certified elevation to verify it so he can avoid paying for insurance. He is carrying a lot of righteous indignation here. I'm not sure what he will do when the fees get tacked onto his mortgage bill.
05-06-2009 | 06:24 AM
#19
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Joined: Mar 2004
Posts: 7,111
Likes: 4
From: Mass
Originally Posted by Crisis,May 6 2009, 08:57 AM
All good comments, thanks. He recently paid for two college educations, which is why he can't pay off the mortgage. A check of the town map elevations shows his garage is 10 inches above the 100 year flood plain, but the bank and FEMA won't accept that from a homeowner. He needs to pay for the certified elevation to verify it so he can avoid paying for insurance. He is carrying a lot of righteous indignation here. I'm not sure what he will do when the fees get tacked onto his mortgage bill.
Any life insurance policies with a cash value?
Any non qualified investments he could use for a margin loan? I like these beacause we are so low a margin call is unlikely and interest is deductable as an investment expense.
Great that he put his kids through school, however rule one- save for retirement first.
05-06-2009 | 06:25 AM
#20
Joined: Oct 2002
Posts: 34,112
Likes: 109
From: Canton, MA
With the new town map, he should be able to go to an insurance broker/agent and get a quote. That is what I use for my cape house.
The obvious and easy thing to do is get a personal loan in the amount of the mortgage and just pay off the mortgage. I don't know what the guy's credit rating is, but $40K isn't much and he has a ton of collateral in the house. His interst rate might go up a bit, but that would be a lot better than paying $1800.
The obvious and easy thing to do is get a personal loan in the amount of the mortgage and just pay off the mortgage. I don't know what the guy's credit rating is, but $40K isn't much and he has a ton of collateral in the house. His interst rate might go up a bit, but that would be a lot better than paying $1800.