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Money Talk
By Liz Pulliam Weston
Walking Away from Upside-Down Rental Properties
My wife and I had two houses built for resale, then as you know, things went bad and the mortgages are costing more than we're getting in rent. I do make enough to keep this going but do not want to. Please advise.Using Inheritance Windfall to Pay Off High-Rate Debt
In about three months, my wife and I will receive close to $20,000 thanks to an inheritance. We would like to pay off our credit card debt and close some of the accounts so as to improve our credit scores.BP Stock Dive Caused Savings to Plummet. What Do I Do?
My mom has BP stock. Currently she is moving toward applying for Medicaid to pay for nursing home expenses, and I was advised to put the stock in my name. Now I am watching her stock (and savings) plummet. Do I take it out, or do you think it will come back and I should leave it alone?High Student Loan Payments May Delay Home Ownership
I'm looking at payment options for when I graduate and am very scared for my family's future. I can't afford to pay $1,000 or more a month in student loans and I really want to buy a house so my family can have a home. What should I do?Credit Report: Why "Too Many Inquiries" Note?As part of our mortgage refinance, my wife and I were provided copies of our credit reports by the credit union. Our scores are great, but I was surprised to see in the negative remarks section a note that I had "too many inquiries". Some were unrelated to our loan application.Beware of Scams Tied to Credit Card Debt Relief Act
I've heard about the credit card debt relief act but can't find details about how it works or what I can do to take advantage of it. I see many website companies offering help, but I can't determine which are real or fake.Will Loan to Pay Credit Card Debt Help Credit Score?
I am trying to improve my credit score quickly. I have been offered a loan from my bank. I would like to use it to pay off 70% of my credit card debt and use the rest to pay against the loan. Will this idea actually help my credit or make it worse?How Does a High Student Loan Look To lenders?
I recently completed a master's degree in counseling and am now paying student loans. I am punctual and consistent in my payments. How does having a $30,000 outstanding student loan look to home lenders?Investing Your Inheritance: Short-Term Options
I just inherited about $70,000 in IRAs and checking accounts. I would like to eventually invest it in my next home, but want to wait a little until I feel more certain about my job. What is the best thing to do with this money in the interim?Using Small Credit Card Purchases to Rebuild Your Credit
I pulled my credit report from all three bureaus and I'm embarrassed to say my scores are horrible. I contacted each account on the reports and made settlement arrangements for most. I want to buy a home or condo, and my loan officer advised me to start using the cards for small purchases and paying them off in full each month. He said doing that for six months to a year should help my scores.Don't Play Fast and Loose With Tax Laws
My two brothers have taken over managing my 81-year-old mother's two rental properties. They have told her that a ski vacation she paid for, which she took with their two families, is a business deduction. Same with many other credit card purchases. Are they putting my mother at risk?Can't Pay My Credit Cards. What Do I Do?
I always had good credit until I lost my home in foreclosure and then I lost my job. I am working again but I went from a salary of $60,000 a year plus bonuses to a salary of $20,000. My credit is messed all and still I cannot pay my credit cards. What do you recommend?Married With Children: Student Loan Forgiveness Options
There are programs to help young, single people but why aren't there any services to help "old" people like me who want to pay but need help because we have other financial responsibilities at this point?Tracking Down a Living Trust
My7 had always told me that he set up a revocable living trust for himself and my mom. I've been going through his papers and can find only unsigned copies of his trust.Considering Bankruptcy? Don't Rely On Internet Opinions
I am considering filing for Chapter 7 bankruptcy. My thinking was to file for bankruptcy now to wipe out the credit card debt, so that I can start saving for my retirement and the boys' college.I've read a lot of advice on the Internet, but I'm not sure whether I should file for bankruptcy.Upside-Down Mortgage: Options When You Lose Your Job
My son recently learned that he likely will lose his job April 1. He he will not have the income to keep his house, where he is upside-down. Should he stop making payments and let it go into foreclosure?1099-C For Forgiven Mortgage Debt: Your Options
Normally when a lender cancels or forgives debt, you have to include the forgiven amount in your income for tax purposes, which can result in a whopping tax bill.Debt Settlement Ruins Your Credit
Lots of "credit card remedies" are being marketed now. Is debt settlement a reasonable way to reduce debt?Bank vs. Credit Union - Pros and Cons
I want to stop supporting the greedy banking industry by changing my checking account from a big bank to my local credit union. But I'm worried I will have to give up services I like, such as online banking and free bill payment. What will I give up if I use a credit union?How to Deal With Child's Unaffordable College Expenses
My daughter is a sophomore at a very expensive college, and federal loans cover only part of her costs. She has two private student loans with me as a cosigner, I am an unemployed single mother but cannot get much financial aid.Page 1 of 14
