Home Equity Loans


Home Equity Loans – Section 32 Mortgages

If you’re refinancing your mortgage or applying for a home equity installment loan, you should know about the “Home Ownership and Equity Protection Act of 1994.” The law addresses certain deceptive and unfair practices in home equity lending. It amends the Truth in Lending Act (TILA) and establishes requirements for certain loans with high-rates and/or high-fees.
The rules for these loans are contained in Section 32 of Regulation Z, which implements the TILA, so the loans also are called “Section 32 Mortgages.” Here’s what loans are covered, the law’s disclosure requirements, prohibited features, and actions you can take against a lender who is violating the law.
What Loans Are Covered?
A loan is covered by the law if it meets the following tests:
- The annual percentage rate (APR) exceeds by more than 10 percentage points the rates on Treasury securities of comparable maturity; (or)
- The total fees and points payable by the consumer at or before closing exceed the larger of $451 or 8 percent of the total loan amount. (The $451 figure is for 2000. This amount is adjusted annually by the Federal Reserve Board, based on changes in the Consumer Price Index.) The rules primarily affect refinancing and home equity installment loans that also meet the definition of a high-rate or high-fee loan. The rules do not cover loans to purchase or initially construct your home, reverse mortgages, or home equity lines of credit (similar to revolving credit accounts).
What Disclosures Are Required?
If your loan meets the above tests, you must receive several disclosures at least three business days before the loan is finalized:
- The lender must give you a written notice stating that the loan need not be completed, even though you’ve signed the loan application and received the required disclosures. You have three business days to decide whether to sign the loan agreement after you receive the special Section 32 disclosures.
- The notice must warn you that because the lender will have a mortgage on your home, you could lose the residence and any money put into it, if you fail to make payments.
The lender must disclose the APR and the regular payment amount (including any balloon payment where the law permits balloon payments, discussed below) for high-rate, high-fee loans. For variable rate loans, the lender must disclose that the rate and monthly payment may increase and state the amount of the maximum monthly payment. These disclosures are in addition to the other TILA disclosures that you must receive no later than closing of the loan.
What Practices Are Prohibited?
The following features are banned from high-rate, high-fee loans:
- All balloon-payments – where the regular payments do not fully pay off the principal balance and a lump sum payment of more than twice the amount of the regular payments is required – for loans with less than five-year terms. There is an exception for bridge loans of less than one year used by consumers to buy or build a home: in that situation, balloon payments are not prohibited.
- Negative amortization, which involves smaller monthly payments that do not fully pay off the loan and that cause an increase in your total principal debt.
- Default interest rates higher than pre-default rates.
- Rebates of interest upon default calculated by any method less favorable than the actuarial method.
- A repayment schedule that consolidates more than two periodic payments that are to be paid in advance from the proceeds of the loan.
- Most prepayment penalties, including refunds of unearned interest calculated by any method less favorable than the actuarial method. The exception is if: the lender verifies that your total monthly debt (including the mortgage) is 50% or less of your monthly income. You get the money to prepay the loan from a source other than the lender or an affiliate lender; and the lender exercises the penalty clause during the first five years following execution of the mortgage.
Creditors also are prohibited from engaging in a pattern or practice of lending based on the collateral value of your property without regard to your ability to repay the loan. In addition, proceeds for home improvement loans must be disbursed either directly to you, jointly to you and the home improvement contractor, or, in some instances, to the escrow agent.
How are Compliance Violations Handled?
You may have the right to sue a lender for violations of these new requirements. In a successful suit, you may be able to recover statutory and actual damages, court costs, and attorney’s fees.
In addition, a violation of the new high-rate, high-fee requirements of the TILA may enable you to rescind (or cancel) the loan for up to three years.
Where to Go for More Information?
The FTC publishes a series of credit and home-related publications. For a free copy of Best Sellers, a complete list of FTC publications, contact: Consumer Response Center, Federal Trade Commission, Washington, DC 20580; toll-free: 1-877-FTC-HELP (382-4357). TDD: 202-326-2502. You also can visit us at www.ftc.gov.
source :http://www.loansforall.org

Loans For Unemployed


Are Loans For The Unemployed Possible?


Although it may or may not be a wise idea, yes, it is possible to get personal loans for the unemployed.  And wise idea or not, sometimes it is necessary.  After all, you have to keep a roof over your head and take care of your family.
The world is a huge place, and there is almost always someone who will loan you money even when you are in a bad situation such as being out of work.  It’s really more a question of how resourceful you are.
Here are a few questions to ask yourself when considering your options:
Do you have family or friends that you could approach for a loan?
Although it might not be the easiest question to ask your family or friends, they do represent one of your safest options.  After all, they are likely to be far more understanding if it takes you a while to find a new job.
Are there any social, charity, or government programs that could help you?
Before approaching banks and private lenders, and especially if you are not absolutely positive you will be able to pay the loan back, you should consider possible options through community or charitable organizations or government programs.  It’s possible you might even find a program that could provide free loans for the unemployed as part of a social program.
Do you have something you can put up as collateral to secure a loan?
Some lenders may not consider unsecured loans for the unemployed – especially when it comes to loans for the unemployed with bad credit.  Although this is understandable, unless you are absolutely sure that you will be able to meet your responsibility in paying the loan back, you should not consider putting collateral up to secure it.  Especially, you should not put your home up as collateral on such a loan (for fairly obvious reasons!).
How can you sell yourself?
Why would a lender want to risk lending money to you if you are unemployed?  What is it that makes you a good investment?  How can they be sure they will get their money back?
If you’re looking for loans for the unemployed, don’t give up.  There is almost always someone who will loan you the money.  The questions and considerations above should help you in your search for loans for the unemployed.

Student Loans


                   How To Get Student Loans Without A Cosigner


Many people don’t realize that it is possible to get student loans without a cosigner and with no credit.  There is actually a huge amount of financial aid that is available for college students every year without a cosigner and no credit required.
Basically, there is a process you should follow when applying for financial aid for college:
1.  Scholarships or GI Bill benefits
Before trying to secure a student loan, be sure to first get any financial aid which does not need to be paid back (i.e., the money is not a loan).  If you are ex US military, for example, you may qualify for funding under the GI Bill.
There may also be a wide variety of scholarships that you could qualify for.  Each scholarship has different criteria, but the web is an excellent place to research all of your scholarship options.
2.  FAFSA (Free Application For Federal Student Aid) Form
The FAFSA form is the application for all types of US federal student aid, including Pell Grants and federal student loans.  Some states also use the FAFSA form to determine your eligibility for state financial aid as well.  Here is the website for FAFSA:
Be sure to complete the FAFSA form in a timely manner if you want fast student loans without a cosigner.
3.  Grants such as the Pell Grant
Grants are not loans and do not have to be paid back, so you want to qualify for any grants that you can before taking out student loans.
Pell grants are one of the most common type of grant.  Pell grants are US federal grants provided to low-income college students (mostly undergraduate).  The FAFSA form is the application used to determine your eligibility for Pell grants.
4.  Government student loans
Government student loans are normally far easier to qualify for than private loans.  Generally they are need based rather than credit based, which makes them ideal when you need student loans without a cosigner.
In the US, a variety of loans such as Stafford loans, Perkins loans, and PLUS Loans are available through the US Department of Education.  As with the Pell Grant, the FAFSA form is the application form for all of these federal student loans and your eligibility is mostly dependent on your financial need, making them ideal when you need student loans without a cosigner and no credit.
These are loans, and must be paid back.  With most federal student loans, payments on the loan are deferred until after graduation.
5.  Private student loans
In general, private student loans are based on credit.  It generally is more difficult to get private student loans without a cosigner and no credit.  In addition, the interest rate on private student loans is normally higher.  All of this means that private lenders should be your last option when you have exhausted all other financial aid resources.
As you can see, it is possible to get student loans without a cosigner if you follow a relatively simple process.  In fact, it is quite likely that you will be able to obtain the financial aid you need for college.  Be sure to follow the process above when seeking aid such as student loans without a cosigner.

LOANS IN NEWYORK

Lead education loans, grants and scholarships in New York in the United States? How and where?


In the United States are very popular and recognised training loans to finance companies and the Organization has identified and their services are amazing. Today I will give them some resources and informational links you will find several finance organization in New York, United States of America.

However. I have a post about how and where to education loans in Texas in the United States published, and he also discussed with the ability that students loans in the workplace in the Americas.

There is a list of education loans for finance companies and consultants:

1. Embryonic: This means that for the New York State higher education services Corporation. You have two systems for the loan. Someone who will never unpaid and another to pay. Program Grand, bag and allocation is not paid. University of New York State Services Corp. has several educational loan services, as subsidies (unpaid) private hours assistance program (TAP), help with part-time workers (TAP), SNEEZE apply support for part-time study. Such as education grants, which provides flight 195 Memorial Scholarship, grants the flight 587 Memorial, military service recognition
Scholarship (MSRS), New York, New York Lotto - leaders of tomorrow scholarship, SNEEZE mathematics and Science Scholarship incentive scholarships education SNEEZE Memorial

for the relatives of the deceased firefighters, volunteer fire brigade, police officers, peace officers, and emergency service SNEEZING grants for health professionals

Scientific excellence scholarships voluntary recruitment, SNEEZE, PLANTSCHEN the World Trade Center Memorial Scholarship, Robert c. Byrd scholarship honors Senator Patricia k. McGee College of nursing.

The award category. They offer students more incentives to SNEEZE State aid for the Indians, SNEEZE Regents awards for children of deceased veterans and disabled veterans, Education Award for private hours Segal, awards.

2. NYHELPs: This is the sister of Rationalised and is available for loan programs of higher education in New York. On the market of the private education loan today. NYHELPs is very rare. They offer very low interest rates, education loans, low - cost and robust.

3. other private companies, training scholarship: there are several companies offer training scholarship for students who live in New York, United States of America. Has names are - Robert c. Byrd scholarship honors New York, Regents health care scholarship for medicine and dentistry, medical forgiveness award Regents loan New York, scientific excellence scholarships. Click this link for more information.


LOANS IN KENYA

Microfinance Caribbean Kenya treatment 
Content
1 In General
Rural enterprise program Kenya (2)
Women's microfinance Caribbean 3
Skepticism 4
Online lending platform 5
6 Trackbacks
Growing smaller microfinance institutions (MFIs) training, international development of the developing countries poor small entrepreneurs, block financing business ideas. 1980'S, among entrepreneurs in poor African countries Kenya and the other popular with more and more on the concept of micro-credit emerged.
Kenya rural enterprise programs
1984: Microfinance of rural enterprises in the Kenya of program (KREP), federal organizations and participation, Caribbean was established.
As MFIs originally KREP welfare program for poorest of the poor, for refunds design initiates.
1989: Publishes new action instead launched KREP entrepreneurs and small loans of grants pass.
KREP manages the Juhudi and the Chikola called two major loan programs.
In the microfinance Caribbean Kenya based on primarily group lending concept.
Gives incentive to repay the loan.
Provides support for those who are struggling to pay. 
Caribbean microfinance for women
Time that woman of Mfi loans to the majority of the focus.
In fact that tends to reduce women's risk tolerance is primarily for.
More likely to invest conservatively
Low default rate male
This trend is more to effective influence in the society of Kenya rights, but women there. Ability to determine right now and their community leaders.