Loans & Mortgages

New federal student loan program cuts out big banks

Jom — Wed, 28 Jul 2010 00:36:49 -0500

On July 1 getting government loans for college changed for the better. Rather than banks, now the Department of Education handles federally guaranteed student loans. Bank lobbyists were kicking and screaming when the change was added to the health care reform bill earlier this year. The government has removed banks as the middleman for federally guaranteed student loans, and ended the billions of taxpayer dollars in subsidies paid to banks for pushing paper on those loans. [read the full article...]

Can mortgage terms be renegotiated by lender anytime?

zexter — Sun, 30 Aug 2009 23:01:51 -0500

Hi to all the folks out there.

I recently heard from my friend that bank loans for property purchases can be subjected to re-negotiation by the lender. An example will be if an accident happens and a spouse becomes the loan-bearer. In that case, I heard the bank will review the terms of the loan and demand a refund of all outstanding monies within 3 months if the spouse is judged not capable of footing the loan. Is this true?

If that is, then is there any other circumstance when the banks can do something similar e.g. retrenchment, retirement etc? I find the idea of lenders forcing borrowers to assume all the risk in a loan pretty distasteful. If possible I will like to find out how to deal with this.
[read the full article...]

Reverse mortgage and owe $1 million dollars after losing your home

Michael — Wed, 29 Jul 2009 02:36:46 -0500

Reverse mortgages are available to the older Singaporeans to unlock cash from their homes.

This sounds like a good deal for many homeowners here that are known to be asset rich and cash poor.
I suppose the sale price of the home IS THE DETERMINING FACTOR whether to reverse mortgage or not.

This couple is now suing NTUC with the help of Legal Aid
http://www.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20090728-157639.html

[read the full article...]