Personal Finance My parents are refinancing, mortgage company requesting extensive financial info from me as well - unsure how to respond |
- My parents are refinancing, mortgage company requesting extensive financial info from me as well - unsure how to respond
- Is there a way to be disabled and still make a living?
- Foreign debt collector wants $25,000. Help!
- Need to spend $600 in my FSA or I lose it
- Deceased dad with potential medical bills left a bank account with named beneficiaries. Can the hospital claim that money since it's not technically part of the estate?
- 26 year old teacher wants guidance
- Second credit card? I’m 20 and want to start a few lines of credit, currently only have Discover Student card.
- Family Member Victim of Internet Scam
- How aggressive should I be paying off mortgage Looking at amount of interest drives me insane...like everyday
- US - Doctor asks to pay extra $800 for procedure, is there something I can do?
- I’m 23. Making $37k a year, what direction should I take? Any tips to start growing money?
- I am so confused! How does a Roth IRA work!
- 401k allocation, 31 y.o., any bonds?
- HUD Home with $100 down payment?
- Pay Mortgage Quicker by Paying Principal Only
- Second Car, Low Savings: WWYD?
- Woke up today to see the IRS has deposited $10,000 into my account, anyway to give it back?
- Is spending more on rent for space and happiness worth it?
- How do you save money/ decrease spending on groceries and Target/ Costco trips?
- Put money into an IRA and had to pull it out later in the year, not sure how the taxes work.
- Question : How do I avoid PMI on a new mortgage?
- Homeowners Insurance didn't get paid via escrow due to billing address issue what to do next?
- Bought an expensive sports card that was not as described, ebay and Paypal can't help, is chargeback the only option left?
| Posted: 30 Dec 2020 01:35 PM PST My parents are refinancing their mortgage to seek a lower rate and the mortgage company has seemingly gotten stuck on the fact that my mother co-signed my student loans. At their request I've so far provided 1) 12 months of statements from the student loan servicer showing that the loans payments have been made on time, and 2) 12 months of bank statements (in which I redacted the non-relevant transactions and bank account number) to show that I make the payments on the loans and not my parents. Now the mortgage company has responded to say that they need 12 months of unredacted bank statements, which personally makes me more than a little uncomfortable - sharing a full 12 months of financial history, including bank account numbers, address, etc., seems ludicrous to me when I have absolutely no relationship, documentation, signed agreement, etc. with this company. On top of that, given the seeming inability for any large corporation to keep confidential information secure, I feel I'm justifiably nervous. I'm looking for any advice on how to respond to the mortgage company as they are insisting that they need this in order for my parents refinance to be approved and I obviously don't want to throw a wrench in things for them. Thank you in advance for any responses! Edit - Thank you for all of the responses, it seems like this standard so I feel a bit less nervous about simply submitting the statements, thank you again! [link] [comments]  |
| Is there a way to be disabled and still make a living? Posted: 30 Dec 2020 04:07 PM PST Disabled. Single dad. 33 years old. No work experience in anything except running really old printing presses. I'm not going to even pretend that I have skills because I dont. It took me 15 minutes just to type this out and my talking ability is much to be desired. Broke my back when I was 24 and got a nerve disease that will continue to get worst. Along with tremors and various organ issues. Finally got disability but I made more per week running presses when I was 18 years old than I get in monthly disability. 1/3 my check goes to my kids mom. I moved back in with my parents and they thankfully dont charge me rent. All my money goes to food for my kid and I, medications and doctor appointments. Ive been bleeding money out of my savings because $1,000 a month in New Jersey doesn't get you very far. What options, if any, do I have to get some sort of finacial independance? Nobody is hiring a disabled 33 year old. As you can imagine I'm a high injury liability with very little potential to make a company money. Edit: I greatly appreciate everyone input. I truly do. At the end of the line you find fine folks like yourself. If I had money to pay you I would. Thank you all. Dont stop giving suggestions though! Could use every one of them. [link] [comments]  |
| Foreign debt collector wants $25,000. Help! Posted: 30 Dec 2020 03:13 PM PST Using a throwaway. Five years ago I was working in the UAE, when I was laid off and had to leave suddenly since my visa was cancelled. I left with some credit card debt ($4000) and no way to pay since they only accepted ATM or in person payments. I am now living in east coast America, my credit is great and make all payments on time. I received a letter from a CA in California last week that they are collecting a debt of $8000 with $17000 in interest. I have sent a debt verification letter but haven't heard back over the holidays. What do I do with foreign debt at a collection agency? Would the collection agency even be able to report this since it is foreign? How would the statute of limitations even work? I originally moved to a southern state with 3 year SOL but moved after 2 years to another state that has 6 year SOL. This is very stressful, please help with advice. Thanks. [link] [comments]  |
| Need to spend $600 in my FSA or I lose it Posted: 30 Dec 2020 12:52 PM PST I started a new job in August. When filling out paperwork I signed up for the FSA using the amount I thought I'd safely spend every year. Apparently they don't pro-rata this amount so instead of having a year to spend this I have 3 months (now 1 day) to spend it or lose it. I can't carry it over and must incur the spending in 2020. What can I "blow" $600 on in the next day? Any ideas? I checked the FSA store but I don't want to buy a decade worth of sunscreen. [link] [comments]  |
| Posted: 30 Dec 2020 07:15 AM PST My dad died in October and asked me (daughter) to be the administrator of his estate just before he died. He had cancer and was insured, but the insurance company is being funny about one medical bill for nearly $50k and asking for a lot of forms and documentation before they will pay out. I'm fairly sure the bill will end up being covered since every other medical expense over the past year was, but in the case it isn't, I want to make sure I don't spend money that the hospital can later claim is due to them. Dad left two bank accounts (checking & savings) with my brother and I as named beneficiaries, meaning it isn't part of the estate technically. At this point the estate consists of personal possessions including a few vehicles, but even selling all of them would not cover the $50k. IF the insurance doesn't pay and the hospital demands the full amount, is it possible they could demand the money come from his bank account even though it doesn't belong to the estate? I've seen conflicting sources online saying that medical bills can sometimes be paid using non-estate funds like this. I am afraid to cash out the bank account and then be held responsible for the bills later. Does anyone know for sure if the money can be safely withdrawn or if there is a risk the hospital could cause legal trouble over it? Thanks in advance. [link] [comments]  |
| 26 year old teacher wants guidance Posted: 30 Dec 2020 02:34 PM PST I am a 26 yo male making about 60k a year as a teacher/coach. I currently rent and get a great deal $280 a month. I am looking to be engaged in the next few months and already have purchased the ring. My current financial situation is this: 19,000 in savings $24,500 between all my investments- 457,403b,401k, $32,000 in private loans at 5% interest $28,000 in federal loans- currently stopped and about 40% through on PSLF My expenses are rent $280 Phone $40 Car insurance (paid through June) $100ish Union dues $110 Private loans $500 Federal loans $200 Spotify $10 And usually between $100-$200 on credit card (I use it to pay for gas) My credit score is 770 What should I be doing any advice or help? [link] [comments]  |
| Posted: 30 Dec 2020 11:15 AM PST I've had the Discover Student IT card for over a year now, it was my first card so my credit went from 0 to whatever it is now. I'm interesting in getting a second one to open another line of credit and maybe get some better rewards or cash back or something. Any suggestions? [link] [comments]  |
| Family Member Victim of Internet Scam Posted: 30 Dec 2020 12:40 PM PST Hi, throwaway account here and apologies to the mods if this is not the correct and/or appropriate post. Just a few days ago a family member of mine was the victim of an online internet scam for a fake gold/oil investment trading platform for an extremely large dollar amount. During the scam the family member took out a home equity line and withdrew early on their retirement to put into what was believed to be at the time an investment/brokerage account. As of now the main concern is paying back the $146,000 the family member drew out early from their retirement account, there is a 60 day window of when it needs to be paid back and the deadline is coming up Jan 20, 2020. They are still about 2 or 3 years away from withdrawing from retirement without tax penalties. We are looking to take out another home equity line for the $146,000 on another home that is fully paid off. The interest rate is currently 1.99% for approximately the first 9 months and then switches to a floating interest rate, the plan is to refinance again at that time. Does anyone have any other suggestions or ideas on how best to proceed in this scenario? In addition the family member took out an additional ~$190,000 in home equity line on another home which switches interest rates/comes due in approximately 5 to 6 months from now. The plan is the refinance that into the home mortgage loan, but not sure if that is the best and/or only scenario. Apologies if I rambled, as you can imagine I am a bit frazzled at the moment with what happened. I should have watched over the family member better and made sure they weren't falling victim to scams but the best we can do now is file a police report and escalate the fraud to the banks. All advice and help is greatly appreciated on this subject! [link] [comments]  |
| Posted: 30 Dec 2020 09:23 AM PST Some background... Recently happily remarried Both are debt free, (beside mortgage) very blessed Have a beautiful home valued around $600K Owe around $235,000, refinanced in July from 4.375% to 3% (30 year fixed) monthly payment is $1050 no escrow, pay insurance separately Contribute 18% to 401K with 4% match. Recently increased contributions as I turned 50 this year and allowed to contribute $26K instead of $19,500.. If I recall correctly that is... Have close to $450K in the 401K plan Make roughly about $100K a year Pretty blessed with good job, a little uneasy with economy as I believe everyone is. Future in industry seems solid, mining, company states that future is good. Wife owns a salon does really well also Right now I have around $14,000 in bank No car loans, no credit card debt No other debt My bank account increases a little every month, and would be a lot higher except to the fact that I pay at least $800 to $1000 every month extra toward principal of the mortgage loan Should I build more of an emergency fund? Would it be wiser to contribute more to the 401K like maybe up to 21% and not worry about paying so much principal down? (Is now not the best time to put more in 401K) Should I consider refinancing to a 15 year fixed? And be married to the larger payment? I hate the idea that something could happen and the payment would be a huge burden I enjoy the $1050 payment, easy right now I just always look at the loan details and see how much of each payment goes to interest, it drives me insane. I like to see how fast the principal goes down, and how much I am saving over the life of the loan... like seeing the balance at what should be month 16 when only have paid 6 months I am obsessed with looking and scheming ways to pay this off asap. Almost feel I should not pay so much, rather save and enjoy life, travel and relax some. I feel like I cannot enjoy things when I see the amount of interest I pay every month... Please convince me one way or another, thank you [link] [comments]  |
| US - Doctor asks to pay extra $800 for procedure, is there something I can do? Posted: 30 Dec 2020 03:02 PM PST Bit of a background - I had to get my wisdom teeth removed The cosmetic surgeon looked at our insurance, said that all costs are covered by insurance. A month or two later, they called to say that there is a an $800 fee not covered by insurance, and that I need to pay for it. Let me know if there's a better subreddit to ask about this, but I'm blindsided as the procedure already happened and I didn't compare costs against other dentists/cosmetic surgeons. Can I do something about this? EDIT: The assistant oral surgeon called back and said that she'll write off the cost of this into the 2021 budget. My insurance is expiring tomorrow, as I'm switching to a different insurance. Should I still get the EOB and follow up with the office on what they are charging for? [link] [comments]  |
| I’m 23. Making $37k a year, what direction should I take? Any tips to start growing money? Posted: 30 Dec 2020 11:13 AM PST I'm 23, graduated college and currently work at a non-profit full time for almost 2 years now at NY making $37k. Currently, I still live with my parents because I can't move out with the salary I make. Expenses: - Usually my credit card bill is about 200-400 average a month for household/groceries/shopping/food. Retirement/Investments - I started a Roth IRA with only 2k. (Debating if I should max it to 6k in total for 2020) - I have a Robinhood account about 3k in stocks some examples: NIO and NEE stocks.
My goal is to buy a house or move out to an apartment myself. Being able to be independent from my family. I'm fairly a beginner at investing, stocks, and retirement since I have to learn everything myself. It would be helpful if anyone can share their experiences or advice. Thank you! [link] [comments]  |
| I am so confused! How does a Roth IRA work! Posted: 30 Dec 2020 08:08 PM PST I actually know the basics of what it is however what I don't understand is how you end up with so much money after X amount of years after contributing X amount of money out of pocket. So the maximum yearly contribution now is $6,000 so let's say you put $500 each month so in order for your account to grow you would have to buy something such as stocks, bonds, mutual funds, ETF etc...with those $500 you put in there monthly? From there hope you have some kind of return from whatever you buy? So do you just keep buying more and more things as the years go by month after month? That's what confuses me if I just keep buying let's say a certain mutual fund for 10 years month after month I will basically be paying different prices for it but eventually I should have an average return of 5%-7% as they say? Or does some of that growth in my IRA account itself pay me interest or do the investments I have do? Thank you in advance! Sorry I am clueless. [link] [comments]  |
| 401k allocation, 31 y.o., any bonds? Posted: 30 Dec 2020 02:58 PM PST I currently have 85% in US stock index, 15%USbond index. I'm wondering if this is too conservative at my age and if I should have 100% in stock. I also have a roth and other investments heavy in US index stock but still not sure if I should be holding any bonds. [link] [comments]  |
| HUD Home with $100 down payment? Posted: 30 Dec 2020 07:22 PM PST Has anyone purchased a HUD home with this little of a down payment? The program is called Denver Home Ownership. The only stipulation that I know of is that it has to be owner occupied for you to use this. [link] [comments]  |
| Pay Mortgage Quicker by Paying Principal Only Posted: 30 Dec 2020 03:34 PM PST I always understood that if you are going to pay additional money into your mortgage to write that it is for the principal and then that gets removed from the backend of the mortgage. I recently saw a tiktok(don't judge) where the user states: say you are paying your 10th mortgage payment. Send your normal 10th payment along with a separate check send a principal only payment for the 11th payment. This will eliminate the interest for the 11th payment. Pay your normal 12th payment and send a principal only payment for the 13th payment eliminating your interest for the 13th payment." I didn't think this was possible, but I could be wrong? Can this work? Would every bank be different? Here is the tiktok: https://www.tiktok.com/@j0shg0lden/video/6908691296978750725?lang=en Thank you [link] [comments]  |
| Second Car, Low Savings: WWYD? Posted: 30 Dec 2020 07:16 PM PST My partner and I (ages 40 and 36) woke up recently and questioned everything about our financial decisions/wellness. We wished we had done more saving and investing outside of our 401k. We feel we have been irresponsible. We unfortunately need a second car after moving to a more rural town from the city. We've been sharing one car for over 10 years but the time is coming where this isn't sustainable in our new town. Ideally I fantasize about having no second car payment. We currently only have $18k cash in the bank. We are striving for $50k (which is 6 months expenses for us) but we never get there. Would you: A. Pay cash for a cheaper car (under $10k) and drain the savings soon B. Get a small car payment and take on more debt C. Try to keep waiting until we hit $50k + the price of a used car then buy the car cash D. Other? We both max our 401k's out and are newly eligible for bigger bonuses this spring. We have no debt outside of our home and first car payment. We have two kids in daycare which is a big contributor to our high expenses. [link] [comments]  |
| Woke up today to see the IRS has deposited $10,000 into my account, anyway to give it back? Posted: 29 Dec 2020 07:59 PM PST So my wife and I both got a deposit, we were expecting one in the form of a tax refund, she got the correct amount and I obviously got an insane amount sent to me, Not sure what else to say, I stopped by my bank branch and the guy that I spoke to says there's nothing they can do about it, I googled the issue and apparently this happens often, and that my bank should have been able to send it back no problem, I just don't want it to be an issue and I definitely don't want to be charged interest, which apparently also happens [link] [comments]  |
| Is spending more on rent for space and happiness worth it? Posted: 30 Dec 2020 05:51 AM PST I make this post because I recently made a gut decision (after going through my expenses) that I want to upgrade from my studio to a one bedroom in my complex for more space, especially an outdoor balcony space that I don't currently have. The apartment is nice and upgraded, my complex is safe, maintenance is quick, and the office staff have many resident events. I could pay for a one bedroom that costs around the same as my current studio in other complexes in the area, but they look more run down and sometimes I have students complain about how their units there are full of bugs. Anyway, I have issues with doubting myself when I make decisions that involve change, especially with money involved. Currently my rent is around 30% of my monthly net income, which is $2,562. This is the amount that I make after being taxed and contributing to my insurance and retirement pension (I teach). I have lived alone in my studio for the past 5 years and have nearly $16k in savings for emergencies, which I'm aware isn't a ton. In addition, I have around $1,700 in stock, $1,200 in a bond, and nearly $3,000 in a Roth IRA. I have no credit card debt and always pay bills on time. The new apartment would be more around 36-37% of my take home pay monthly, which I know is less than ideal. I calculated that my rent plus expenses such as school loans I pay starting back up in March (in forbearance due to Covid), car, insurance and gas, gas and electric, internet, renter's insurance, groceries, Netflix, and Spotify. Water, sewer, trash is tacked into the rent. That would add up to a bit over $1,900 when combined with rent, leaving me about $600 or a little less for wiggle room, which ideally I'd like to save as much of as possible. I estimated my gas and electric to be on the high side since my unit right now is all electric and I have never had a gas bill myself. The good thing is that my complex is to work is only a 5 minute commute, so my life isn't spent in traffic ever. I plan to sacrifice a little by shopping at Aldi and not eating out (which I already don't usually do). I hate going out to bars and stuff (I'm 31 and over it honestly) and I am more introverted, so I like being alone at home which is why I love the idea of having a bigger space with an outdoor balcony. Before Covid, I would do an occasional brunch with friends or happy hour, but I can't see that happening for a while still. Even if we do go back to doing it at some point, I'm going to have to say no once in a while. As long as I don't impulse buy crap that I don't need like video games and stick to my budget religiously, I should have a few hundred in savings each month. I guess part of my doubt comes from reading this sub and convincing myself that paying 36-37% of my monthly income toward rent is not a great idea. Do you think I could manage this and still be alright financially? I thought I was 100% set on the decision but I am stressing myself out and convincing myself this could be a stupid move. I'm just tired of living in such a small space after doing it for 5 years but want to upgrade to a space I know I will love. Has anyone ever been in this position? How did it work out for you? Thanks. [link] [comments]  |
| How do you save money/ decrease spending on groceries and Target/ Costco trips? Posted: 30 Dec 2020 07:19 AM PST We've been pretty good at saving money monthly. However, when I was going through our monthly expenses the biggest tickets were groceries, Target, Costco and restaurants. We spent 1,500 (the highest) on these items in September. We are a family of 3, soon to be 4. What tips do you have for reigning in these types of expenses? Want to make this a goal for 2021. [link] [comments]  |
| Put money into an IRA and had to pull it out later in the year, not sure how the taxes work. Posted: 30 Dec 2020 09:42 AM PST I put 1.9k into a roth ira and then later had to pull it out to pay something off. Vangaurd had the option to have the taxes deducted for the withdrawl. how does this work? I pulled out 1.9 and recieved net 1.7 which i understand might be due to an early withdrawl penalty. My 2 questions are: Does this also count as income since i put it into the roth ira and pulled it out this year? and Do I owe taxes on the 1.9k for due to penalty? [link] [comments]  |
| Question : How do I avoid PMI on a new mortgage? Posted: 30 Dec 2020 01:07 PM PST Hello All, First time home buyer here... I just got approved for a 30 year fixed with. 2.5 rate and 2.65 APR.. I am putting down 10% less than 20% threshold (370k mortgage) and of course with that comes PMI. I see threads on here about people who got around PMI with even less what I am putting down. so how come? I have Googled and Googled.. only PMI exemption I see are the LPMI rates which are higher. What's the trick if any? [link] [comments]  |
| Homeowners Insurance didn't get paid via escrow due to billing address issue what to do next? Posted: 30 Dec 2020 08:18 PM PST First year homeowner here. Shortly after we got our mortgage it was sold to a servicer named loan care LLC. Our homeowners insurance bill was due on 12/27/20 and it did not get paid via our escrow account even though a bill was generated. It seems that the bill that the insurance company sent was to our old mortgage holder and not the new servicer so I am assuming that this is why the insurance was not paid. Was / is it my responsibility to make sure the insurance company and city have the new loan holders address for proper billing of insurance and taxes? If this address issue is not something that is my responsibility does the loan servicer have to pay any late fees? Also would it be a good idea to go ahead and pay out of pocket for the home owners insurance outside of escrow? I'd like to avoid this if possible as I'm sure I'd be reimbursed with a escrow credit... I'd prefer to keep my money in a savings account instead of an escrow account, as the saving account would earn interest. Also does anyone have any additional wise suggestions / things that would be wise to check since our loan was switched to loan care for servicing? Thank you for taking a moment to answer my questions. [link] [comments]  |
| Posted: 30 Dec 2020 08:17 PM PST Long story short is I can't use ebay, and Paypal had an error that prevented the seller and I from handling this case through them. The seller is telling me to do a chargeback and mail them the card. What problems can arise from this? I'm concerned that he will say that I did not send the card (even with tracking), and try to pursue legal action. Thanks for any feedback. [link] [comments]  |
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