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Disk Cleanup Utility #microsoft, #microsoft #windows, #windows #xp, #windows #vista, #windows #7, #windows #8, #service #pack #2, #sp2, #service #pack #3, #sp3, #tweaks, #tips, #registry, #performance, #features, #screenshots, #maintenance, #group #policy, #clean #install, #update, #professional, #help, #firewall, #knowledge #base, #shutdown, #installation, #file #sharing, #xp #power #toys, #upgrade, #theme, #setup, #fat32, #ntfs, #slipstream, #messenger #removal, #forum, #ctp, #control #panel, #xp #forum, #vista #forum, #win #7 #forum, #virtual #machine, #virtualisation.


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Disk Cleanup Utility

To keep a PC running smoothly, regular maintenance is critical. Many users shy away from maintenance tasks, thinking it is a long, drawn out manual affair, but the Disk Cleanup Utility can easily determine which files on a hard drive may no longer be needed and delete those files. In addition to freeing up potentially significant amounts of hard drive space, using Disk Cleanup on a regular basis can significantly improve system performance.

Starting Disk Cleanup

Disk Cleanup is available on both Home and Professional versions of XP. The utility can be accessed using the methods listed below.

  • Click Start | Programs | Accessories | System Tools | Disk Cleanup
  • Click Start | Run and in the Open box type cleanmgr and click OK
  • In Windows Explorer or My Computer, right-click the disk in which you want to free up space, click Properties. click the General tab, and then click Disk Cleanup .

Use the drop down menu arrow to select the drive you want to clean.

Click [OK ] and Disk Cleanup will analyze the selected drive to determine the amount of space that can be freed.

Note: Be patient. Analyzing the drive can be a lengthy process depending on drive size and contents.

Once the drive analysis is complete a list of file categories will be presented for your selection.

Instead of automatically proceeding with cleanup once the drive analysis is complete, Disk Cleanup allows you to review the categories of files that can be deleted. Click on any of the categories to display more information relative to that category in the Description section of the window. If you re unsure if you want to delete the files in a category from the description, use the [View Files ] button. A complete list of files scheduled for deletion will be displayed in Windows Explorer. Use drag and drop to move any files you want to save to a safe location and leave the category selected. If all the files are to be saved, close the window and then remove the checkmark from the file category so it will not be included in the disk cleanup. After all the categories have been reviewed, click [OK ] to begin the disk cleanup process.

File Categories in Disk Cleanup Utility

There are a number of different types of file categories that Disk Cleanup targets when it performs the initial disk analysis. Depending on the individual system, you may or may not have all the categories listed below. An excellent example of this would be Backup Files from a Previous Operating System. If a clean install of XP was performed then this category will not exist. It pays to click on each of the categories and note that the [View Files] button can change depending on the category selected.

Downloaded Program Files

These are ActiveX controls and Java applets downloaded from Web sites that are temporarily stored in the Downloaded Program Files folder. It s not program files or zip files that you have downloaded from other locations.

Temporary Internet Files

This refers to Internet Explorer s cache of Web pages that are stored on the hard drive for quicker viewing. None of your personal web settings are affected by selecting this category, nor does it delete any cookie files.

The main thing to be aware of in this category is that it only refers to the Recycle Bin for the selected hard drive or partition. This is important since XP uses an individual Recycle Bin for each drive and partition, not just one as is the case in some Windows versions.

Temporary Remote Desktop Files

These files are the result of using the Remote Desktop utility. If you repeatedly use Remote Desktop with the same computer or group of computers, leaving these files intact will maintain the speed of future connections. Deleting them will necessitate downloading the remote systems icons and wallpaper the next time a connection is established.

Setup Log Files

These are really pretty useless unless you have a specific reason to go back and see what occurred during XP setup.

Backup Files For Previous Operating System

I mentioned this category earlier as one you may not have, but if you did upgrade from a previous Windows version and selected the option to be able to uninstall XP, it may well exist. It takes some major hard drive space to copy all the files necessary to back up a previous system s core files, drivers, etc. This entry can range anywhere from a few hundred megabytes up to a gigabyte, so unless you are still considering dumping XP this is a good category to select.

Users with slower dialup connections and those using laptops frequently make websites they use often available offline. Depending on how many levels deep you save the sites, they can eat up gigabytes of hard drive space very quickly. Worse than taking up space, the sites often contain outdated information. A good candidate for deletion.

Compress Old Files

Unlike the other categories, Compress Old Files doesn t delete any files from the drive. It compresses files that Windows hasn t accessed for a specified period of time. The files are still available, but there will be a slight increase in access times because the files will be decompressed the next time they are accessed. Note that when Compress Old Files is highlighted an Options button appears. Clicking it will allow you to set the number of days to wait before an unaccessed file is compressed.

There may be other categories that appear in your Disk Cleanup window, but in all cases, highlighting the item will display an explanation of the category in the Description area.

More Options Tab

In addition to the categories that appear on the Disk Cleanup tab, the More Options tab offers additional opportunities for freeing up hard drive real estate. There is nothing on this tab that isn t available elsewhere within XP in stand alone fashion, but having them grouped here does serve as a convenient reminder.

In Windows XP there are three choices available on the More Options tab: Windows Components, Installed Programs, and System Restore.

The Cleanup button in the Windows Components section launches the Windows Components Wizard. Select a general category of components and drill down using the Details button to locate the desired Windows component.

The Cleanup button in the Installed Programs section opens the Add/Remove Programs dialog box. Any installed program can be removed by selecting the individual program and clicking the Change/Remove button. You cannot batch programs together to be removed. Each removal operation must be treated as a separate entity.

Clicking the Cleanup button in the System Restore section opens a dialog box where it asks if you are sure you want to delete all but the most recent restore point. The difference between using this option and going directly to System Restore is that you have no option to selectively delete restore points with this method. It s all but most recent or nothing when accessed via Disk Cleanup. Click Yes or No depending on your choice.

Post Disk Cleanup Procedures

Using Disk Cleanup will almost certainly rid your system of a substantial amount of unneeded files. You could stop here and not suffer any ill consequences, but there are a lot of gaps and empty spaces on the hard drive where the files were removed. This would be an excellent time to run Disk Defragmenter to organize the hard drive into contiguous sections. The hard drive heads will spend less time seeking all the pieces of a file and you ll see another performance boost.

Additional Disk Cleanup links

For many months now I ve been posting a reminder about Patch Tuesday or Second Tuesday as it has come to be known when Microsoft releases the latest round of updates for Windows XP and other products.

As always, I strongly suggest you read about any update prior to installation, especially updates carrying a less than Critical rating, and have a current system and data backup available in case it s necessary to restore the system to a pre-patch condition.

The Elder Geek sites contain many articles and suggestions for modifying the Windows operating system. I’ve tried these tweaks and tips on many systems. Sometimes they work, sometimes not. The point is, ensure you have a current, tested backup of all system and data files and understand how to restore the system in case something goes very wrong. You can still yell at me, but I assume no responsibility for your actions and use of the information and disclaim any legal responsibility for any consequences of such actions.

Copyright © 2002/2003/2004/2005/2006/2007/2008/2009/2010/2011/2012/2013, Jim Foley/The Elder Geek, All Rights Reserved Worldwide
Reproduction, in any form, of information on this site is prohibited without express written permission.
Microsoft is in no way affiliated with, nor offers endorsement of, this site.


8 low-interest student loans. #student #loan #consolidation #calculator


#low interest loan
#

8 low-interest student loans

NEW YORK (CNNMoney) — Falling interest rates are enabling a growing number of companies, state programs, and foundations to offer alternative education loans that are significantly cheaper than some of the federal government’s offerings.

Some banks and credit unions, for example, are offering fixed-rate loans (which generally require the student and parent to take joint responsibility) at rates as low as 5.5%. You can shop for these private loans at sites such as custudentloans.org, overturemarketplace.com, simpletuition.com or studentchoice.com.

CNNMoney has identified eight other little-known startups, state programs and foundations that offer bargain loans charging as little as 1%. Some even offer the chance to get as much as 75% of the debt forgiven.

While these loans are less costly than the 7% annual percentage rate charged for unsubsidized federal Stafford loans, benefits such as income-based repayment and student loan forgiveness can make the Stafford a better deal in many circumstances, say experts such as student loan attorney Heather Jarvis. For students who need to borrow more than federal student loans allow, however, these low-cost options present a good alternative to federal parent PLUS loans — which don’t offer such nice post-grad perks and charge a total annual percentage rate of 8.8% with fees.

Of course, even low-interest loans have to be repaid. So Jarvis and other experts warn students to keep their total borrowing—even of bargain loans—below the amount they realistically expect to earn in their first year after graduation.

Low-interest alternative student loans


Top 8 Complaints and Reviews about Just Military Loans #payday #cash #loans


#omni military loans
#

Consumer Complaints Reviews

I recently applied for an emergency loan. Just Military Loans took almost 2 weeks to process everything a loan. The first step before anything at all was to set up an allotment and send the company confirmation, which was really strange. After submitting everything they need, they had to speak with my commander. I gave them the number to the commander’s office, but they wanted a DSN phone number, we do not have a DSN phone number since it is a brand new facility. The representative would return phone calls when she wanted, and emails were never returned. After leaving multiple voice mails for the lady, I get a voice mail the next day stating that they were going to cancel my request for the loan due to non-corporation. Yet, every time I attempted to get through, I would be on hold for 30 to 45 minutes.

Finally, they got in contact with the commander and said that the funds would be processed in two days. When I asked when the first payment would be due, the rep said the 1st of November! This way 12 days after we had got approved for the loan, not to mention the time they spent giving us the run around. However, the contract that I signed states first payment would be due in 30 days, December 1st. I left multiple voice message asking for the rep to clarify why the contract said one thing, and she told me something different no one ever called me back. I even emailed the rep on multiple occasions, no one has ever respond. I attempted to contact the companies 800 number, and left a message on their website to receive a phone call back, still no response.

It is now January 1st, and I have yet to get any information. I am not sure who is servicing my loan, where the payment are going, or why they took the payment out 12 days after I received the loan. I will never use this company again, nor would I ever refer any military to them. If I had not really needed the funds at the moment I was ready to cancel the whole thing.


8 low-interest student loans. #graduate #student #loans


#low interest loan
#

8 low-interest student loans

NEW YORK (CNNMoney) — Falling interest rates are enabling a growing number of companies, state programs, and foundations to offer alternative education loans that are significantly cheaper than some of the federal government’s offerings.

Some banks and credit unions, for example, are offering fixed-rate loans (which generally require the student and parent to take joint responsibility) at rates as low as 5.5%. You can shop for these private loans at sites such as custudentloans.org, overturemarketplace.com, simpletuition.com or studentchoice.com.

CNNMoney has identified eight other little-known startups, state programs and foundations that offer bargain loans charging as little as 1%. Some even offer the chance to get as much as 75% of the debt forgiven.

While these loans are less costly than the 7% annual percentage rate charged for unsubsidized federal Stafford loans, benefits such as income-based repayment and student loan forgiveness can make the Stafford a better deal in many circumstances, say experts such as student loan attorney Heather Jarvis. For students who need to borrow more than federal student loans allow, however, these low-cost options present a good alternative to federal parent PLUS loans — which don’t offer such nice post-grad perks and charge a total annual percentage rate of 8.8% with fees.

Of course, even low-interest loans have to be repaid. So Jarvis and other experts warn students to keep their total borrowing—even of bargain loans—below the amount they realistically expect to earn in their first year after graduation.

Low-interest alternative student loans


Top 8 Complaints and Reviews about Just Military Loans #car #loan #rate


#omni military loans
#

Consumer Complaints Reviews

I recently applied for an emergency loan. Just Military Loans took almost 2 weeks to process everything a loan. The first step before anything at all was to set up an allotment and send the company confirmation, which was really strange. After submitting everything they need, they had to speak with my commander. I gave them the number to the commander’s office, but they wanted a DSN phone number, we do not have a DSN phone number since it is a brand new facility. The representative would return phone calls when she wanted, and emails were never returned. After leaving multiple voice mails for the lady, I get a voice mail the next day stating that they were going to cancel my request for the loan due to non-corporation. Yet, every time I attempted to get through, I would be on hold for 30 to 45 minutes.

Finally, they got in contact with the commander and said that the funds would be processed in two days. When I asked when the first payment would be due, the rep said the 1st of November! This way 12 days after we had got approved for the loan, not to mention the time they spent giving us the run around. However, the contract that I signed states first payment would be due in 30 days, December 1st. I left multiple voice message asking for the rep to clarify why the contract said one thing, and she told me something different no one ever called me back. I even emailed the rep on multiple occasions, no one has ever respond. I attempted to contact the companies 800 number, and left a message on their website to receive a phone call back, still no response.

It is now January 1st, and I have yet to get any information. I am not sure who is servicing my loan, where the payment are going, or why they took the payment out 12 days after I received the loan. I will never use this company again, nor would I ever refer any military to them. If I had not really needed the funds at the moment I was ready to cancel the whole thing.


Chapter 8: Loan Servicing #rv #loan #calculator


#hud loans
#

GENERAL SERVICING RESPONSIBILITIES

  1. Objectives. All servicing policies are directed toward achieving the following basic objectives:
    1. Implementing the national housing goal of a decent home and a suitable living environment for every American family ;
    2. Protecting HUD s interest in the guaranteed loan by minimizing the probability of the mortgage terminating in default and foreclosure and by minimizing HUD s loss where claims cannot be avoided;
    3. Encouraging private investment in HUD guaranteed home mortgages at the lowest effective cost to mortgagors; and
    4. Assuring an adequate standard of fair dealing among all participants in a HUD guaranteed mortgage transaction.
  2. Mortgagee responsibilities. Mortgagees must consider the comparative effects of their various actions, and must take those actions, which can reasonably be expected to generate the smallest financial loss to the Department. Many complex servicing problems arise from irregular employment, low income, and a general lack of financial management experience. Mortgagees are expected to adopt a flexible servicing program that recognizes differences in mortgagors individual characteristics and circumstances in order to minimize any adverse effects of these problems.
  3. File Retention. Servicing Mortgagee. All servicing files (including the loan origination documents) must be retained for a minimum of the life of the mortgage plus three years. Upon verbal or written request, the mortgagee shall make available to HUD staff legible hard copies of all servicing information as well as the entire loan origination file within 24 hours.

    Documents that must be kept in their original form include:

    1. The mortgage note.
    2. The mortgage instrument and riders.
    3. The loan guarantee certificate.

    All other documents can be stored in whatever manner the servicing lender determines. However, all documents must be able to be reproduced into a legible hard copy.

  4. Transferring Loan Files. Upon the transfer of servicing and/or the sale of a mortgage, all servicing records are to be transferred to the new servicer or mortgagee. It is the responsibility of the acquiring mortgagee to obtain the complete loan file including all loan origination and servicing records.

    Whenever servicing is transferred, the transferring servicer shall notify or arrange to notify the mortgagor in a mailing that reaches the mortgagor no later than 10 days before the due date of the first payment to the new servicer. This notice shall include the name, address, and telephone number of the new servicer and include any special instructions for handling payments during the conversion period.

    The mortgagee transferring the servicing of a 184 loan is to notify the Program ONAP of the change in servicer no later than 30 days after the due date of the first payment to the new servicer. A sample format for this notification and the information needed is in Appendix 4. Change in Servicing Lender.

  5. Location and Staffing. Servicers are not restricted to geographic areas when servicing Section 184 loans. They must, however, establish adequate facilities to assure that mortgage loan information is promptly made available to mortgagors and HUD staff when needed. The office must be sufficiently staffed with trained personnel competent in all aspects of mortgage servicing. Mortgagors must have access to a toll-free telephone number and/or a collect-calling service.

Top 8 Ways To Get A Mortgage With Bad Credit #alternative #student #loans


#get a loan with bad credit
#

7. Find Alternative Lenders

Since the subprime meltdown, many of the lenders that cater to low-credit borrowers have gone out of business, but there are still some out there. You have to be very, very careful here, because these kinds of lenders are in a prime position to take advantage of desperate borrowers. Be on alert for scams and check out your lender’s reputation with the Better Business Bureau .

You could also get in a touch with a reputable mortgage broker who is licensed in your state. Unlike your local bank or credit union, brokers have access to countless lending resources and are often up to date on many of the programs available to low-credit lenders.

Where Do You Start Looking?

Consider the following resources from several well-known banks:

If there’s a way to get a mortgage deal done with your credit, a mortgage broker is likely to find it.

6. Make It Temporary

As we mentioned up front, getting a mortgage when you have a low credit score is very expensive. If you’re going to do it, it pays to make this solution temporary and aim to move on to a more conventional loan as soon as possible. This doesn’t mean you have to get a short-term loan, but plan on paying the mortgage and all your other bills and debts on time so that you’ll have the credit score to refinance into something better within a couple of years.

5. Consider Adjustable Rate

If you’re borrowing with a low credit score, you may have to consider an adjustable rate mortgage simply because the interest rate on a fixed loan will be so high much higher than any rates you’ll see advertised by local banks or online. This should help keep your mortgage payments low enough to be more manageable.

Understanding the ins and outs of an adjustable-rate mortgage can be a tricky business, especially for first-time buyers; if you re looking to educate yourself on this, be sure to consider the Consumer Handbook on ARMs. as it offers a detailed, and unbiased, look at this topic.

The risk to an ARM. of course, is that interest rates will rise, causing an increase in your mortgage payment. However, loan experts tend to agree that this is less of a factor if you’re planning on staying in the loan for a short time.

4. Don’t Agree to a Prepayment Penalty

Lenders may try to convince borrowers to go with a loan with a prepayment penalty. This is essentially a clause in your mortgage contract that allows the lender to collect extra money if you pay off the mortgage early or make extra payments above a certain limit to help reduce your debt. Not only can a prepayment penalty be expensive, but anything that discourages borrowers from reducing their debt is bad news.

If you can pay more on your mortgage, do it – it can save you thousands. And don’t let the lender talk you into a deal that’ll force you to do otherwise.

Still feeling uneasy? Check out this list of questions you should ask your mortgage lender before making a commitment.

3. Boost Your Credit

If you have poor credit. one obvious way to improve your chances of getting a mortgage is to improve that score. This is a solution that takes longer, but even a small increase in your score can make a real difference. Order a copy of your credit score from all three bureaus– TransUnion. Experian and Equifax start looking for any inaccuracies. Disputing inaccurate information can give your score a significant boost almost immediately.

You can do so by filling out a dispute form and sending it to each company. If you have more time, you can work on improving your credit score by ensuring that you pay down your overall debt and make all credit card and loan payments on time every month. You can check out other tactics for improving your credit score at MyFICO.com .

2. Make a Higher Down Payment

One thing that can make you a lower risk to a borrower is a big, fat down payment. If you have access to some cash, this can go a long way toward helping you secure a mortgage loan. After all, lenders need some assurance that they’ll get their money back. The more equity there is in the home you buy, the easier it is for them to do that. Plus, a higher down payment will mean that you won’t have to pay private mortgage insurance, which is required of homeowners who put down less than 20 percent of the cost of the home.

So how much should you put down? As you may have suspected, there s no right or wrong answer; consider Bankrate.com s Down Payment Calculator to get a sense of what amount you should be aiming for. You can accept down payment money from family or friends, but it must be a gift, not a loan, and you’ll need a “down payment gift letter” to prove it.

Be sure to also check out Dividend.com s Guide for First-Time Homebuyers

1. Find a Co-Signer

If you can find someone to co-sign for your loan, you could avoid a bad credit mortgage altogether. Keep in mind, however, that this agreement means that you will be putting a family member or friend on the hook for your debt. If you default, both you and your co-signer will suffer the consequences.

The Bottom Line

If you already struggle with staying on top of your debts, do you really want to add a mortgage to the mix?


8 low-interest student loans. #loans #nz


#low interest loan
#

8 low-interest student loans

NEW YORK (CNNMoney) — Falling interest rates are enabling a growing number of companies, state programs, and foundations to offer alternative education loans that are significantly cheaper than some of the federal government’s offerings.

Some banks and credit unions, for example, are offering fixed-rate loans (which generally require the student and parent to take joint responsibility) at rates as low as 5.5%. You can shop for these private loans at sites such as custudentloans.org, overturemarketplace.com, simpletuition.com or studentchoice.com.

CNNMoney has identified eight other little-known startups, state programs and foundations that offer bargain loans charging as little as 1%. Some even offer the chance to get as much as 75% of the debt forgiven.

While these loans are less costly than the 7% annual percentage rate charged for unsubsidized federal Stafford loans, benefits such as income-based repayment and student loan forgiveness can make the Stafford a better deal in many circumstances, say experts such as student loan attorney Heather Jarvis. For students who need to borrow more than federal student loans allow, however, these low-cost options present a good alternative to federal parent PLUS loans — which don’t offer such nice post-grad perks and charge a total annual percentage rate of 8.8% with fees.

Of course, even low-interest loans have to be repaid. So Jarvis and other experts warn students to keep their total borrowing—even of bargain loans—below the amount they realistically expect to earn in their first year after graduation.

Low-interest alternative student loans


Top 8 Ways To Get A Mortgage With Bad Credit #1 #hour #loans


#get a loan with bad credit
#

7. Find Alternative Lenders

Since the subprime meltdown, many of the lenders that cater to low-credit borrowers have gone out of business, but there are still some out there. You have to be very, very careful here, because these kinds of lenders are in a prime position to take advantage of desperate borrowers. Be on alert for scams and check out your lender’s reputation with the Better Business Bureau .

You could also get in a touch with a reputable mortgage broker who is licensed in your state. Unlike your local bank or credit union, brokers have access to countless lending resources and are often up to date on many of the programs available to low-credit lenders.

Where Do You Start Looking?

Consider the following resources from several well-known banks:

If there’s a way to get a mortgage deal done with your credit, a mortgage broker is likely to find it.

6. Make It Temporary

As we mentioned up front, getting a mortgage when you have a low credit score is very expensive. If you’re going to do it, it pays to make this solution temporary and aim to move on to a more conventional loan as soon as possible. This doesn’t mean you have to get a short-term loan, but plan on paying the mortgage and all your other bills and debts on time so that you’ll have the credit score to refinance into something better within a couple of years.

5. Consider Adjustable Rate

If you’re borrowing with a low credit score, you may have to consider an adjustable rate mortgage simply because the interest rate on a fixed loan will be so high much higher than any rates you’ll see advertised by local banks or online. This should help keep your mortgage payments low enough to be more manageable.

Understanding the ins and outs of an adjustable-rate mortgage can be a tricky business, especially for first-time buyers; if you re looking to educate yourself on this, be sure to consider the Consumer Handbook on ARMs. as it offers a detailed, and unbiased, look at this topic.

The risk to an ARM. of course, is that interest rates will rise, causing an increase in your mortgage payment. However, loan experts tend to agree that this is less of a factor if you’re planning on staying in the loan for a short time.

4. Don’t Agree to a Prepayment Penalty

Lenders may try to convince borrowers to go with a loan with a prepayment penalty. This is essentially a clause in your mortgage contract that allows the lender to collect extra money if you pay off the mortgage early or make extra payments above a certain limit to help reduce your debt. Not only can a prepayment penalty be expensive, but anything that discourages borrowers from reducing their debt is bad news.

If you can pay more on your mortgage, do it – it can save you thousands. And don’t let the lender talk you into a deal that’ll force you to do otherwise.

Still feeling uneasy? Check out this list of questions you should ask your mortgage lender before making a commitment.

3. Boost Your Credit

If you have poor credit. one obvious way to improve your chances of getting a mortgage is to improve that score. This is a solution that takes longer, but even a small increase in your score can make a real difference. Order a copy of your credit score from all three bureaus– TransUnion. Experian and Equifax start looking for any inaccuracies. Disputing inaccurate information can give your score a significant boost almost immediately.

You can do so by filling out a dispute form and sending it to each company. If you have more time, you can work on improving your credit score by ensuring that you pay down your overall debt and make all credit card and loan payments on time every month. You can check out other tactics for improving your credit score at MyFICO.com .

2. Make a Higher Down Payment

One thing that can make you a lower risk to a borrower is a big, fat down payment. If you have access to some cash, this can go a long way toward helping you secure a mortgage loan. After all, lenders need some assurance that they’ll get their money back. The more equity there is in the home you buy, the easier it is for them to do that. Plus, a higher down payment will mean that you won’t have to pay private mortgage insurance, which is required of homeowners who put down less than 20 percent of the cost of the home.

So how much should you put down? As you may have suspected, there s no right or wrong answer; consider Bankrate.com s Down Payment Calculator to get a sense of what amount you should be aiming for. You can accept down payment money from family or friends, but it must be a gift, not a loan, and you’ll need a “down payment gift letter” to prove it.

Be sure to also check out Dividend.com s Guide for First-Time Homebuyers

1. Find a Co-Signer

If you can find someone to co-sign for your loan, you could avoid a bad credit mortgage altogether. Keep in mind, however, that this agreement means that you will be putting a family member or friend on the hook for your debt. If you default, both you and your co-signer will suffer the consequences.

The Bottom Line

If you already struggle with staying on top of your debts, do you really want to add a mortgage to the mix?


Chapter 8: Loan Servicing #money #loan


#hud loans
#

GENERAL SERVICING RESPONSIBILITIES

  1. Objectives. All servicing policies are directed toward achieving the following basic objectives:
    1. Implementing the national housing goal of a decent home and a suitable living environment for every American family ;
    2. Protecting HUD s interest in the guaranteed loan by minimizing the probability of the mortgage terminating in default and foreclosure and by minimizing HUD s loss where claims cannot be avoided;
    3. Encouraging private investment in HUD guaranteed home mortgages at the lowest effective cost to mortgagors; and
    4. Assuring an adequate standard of fair dealing among all participants in a HUD guaranteed mortgage transaction.
  2. Mortgagee responsibilities. Mortgagees must consider the comparative effects of their various actions, and must take those actions, which can reasonably be expected to generate the smallest financial loss to the Department. Many complex servicing problems arise from irregular employment, low income, and a general lack of financial management experience. Mortgagees are expected to adopt a flexible servicing program that recognizes differences in mortgagors individual characteristics and circumstances in order to minimize any adverse effects of these problems.
  3. File Retention. Servicing Mortgagee. All servicing files (including the loan origination documents) must be retained for a minimum of the life of the mortgage plus three years. Upon verbal or written request, the mortgagee shall make available to HUD staff legible hard copies of all servicing information as well as the entire loan origination file within 24 hours.

    Documents that must be kept in their original form include:

    1. The mortgage note.
    2. The mortgage instrument and riders.
    3. The loan guarantee certificate.

    All other documents can be stored in whatever manner the servicing lender determines. However, all documents must be able to be reproduced into a legible hard copy.

  4. Transferring Loan Files. Upon the transfer of servicing and/or the sale of a mortgage, all servicing records are to be transferred to the new servicer or mortgagee. It is the responsibility of the acquiring mortgagee to obtain the complete loan file including all loan origination and servicing records.

    Whenever servicing is transferred, the transferring servicer shall notify or arrange to notify the mortgagor in a mailing that reaches the mortgagor no later than 10 days before the due date of the first payment to the new servicer. This notice shall include the name, address, and telephone number of the new servicer and include any special instructions for handling payments during the conversion period.

    The mortgagee transferring the servicing of a 184 loan is to notify the Program ONAP of the change in servicer no later than 30 days after the due date of the first payment to the new servicer. A sample format for this notification and the information needed is in Appendix 4. Change in Servicing Lender.

  5. Location and Staffing. Servicers are not restricted to geographic areas when servicing Section 184 loans. They must, however, establish adequate facilities to assure that mortgage loan information is promptly made available to mortgagors and HUD staff when needed. The office must be sufficiently staffed with trained personnel competent in all aspects of mortgage servicing. Mortgagors must have access to a toll-free telephone number and/or a collect-calling service.