Ruth asks…
Why the Gov.can’t help mid-class people with mortgage problems and credit problems?
You get sick and work slows down,then get layed off? Who do you turn too after you have paided in for years?
answers:
Because that is not the government’s job. You get yourself in trouble, you get yourself out of trouble.
The government DOES NOT MAKE MONEY. They get their money from the people who work and pay taxes. You get yourself in trouble buying a 60-inch plasma, don’t expect everybody else to pay it off for you.
When you get in trouble, are you going to ask the police to put a gun to your next-door-neighbor’s head and force them to give you money when it was nobody’s fault but yours that you’re in a bind? Well, asking the government to get you out of trouble that you got yourself into is just like asking the police to put a gun to your neighbor’s head to take his money to pay off your mortgage…
Think about it!
Chris asks…
I would like to know if I would have problems renewing my mortgage due to my credit cards being in default?
I have not missed a mortgage payment in 2 years, but my credit cards are in default, and I have one line of credit that has had late payments. Will this affect my mortgage renewal, and would I be able to shop around for a different mortgage lender?
answers:
Mortgage renewal? No such thing. Are you talking about a refinance? Yes, a refinance will be heavily damaged by problems with credit in other areas.
Betty asks…
Why the Gov. doesnt help people with their mortgage and credit problems, you get sick and work ends.Layed off?
answers:
They do help you. You can collect unemployment. The money from unemployment, supplemented by your emergency saving account, should get you through bad times. Every one should have an emergency fund of 3-6 months of living expenses.
Sharon asks…
credit problems?
me and my wife had decent credit then katrina hit we fell behind on everything mortgage credit cards she lost her job we had to move to west virginia for two months put the kids in school we had no power here 3 yrs later we caught up the mortgage but we lost one of my cars had no choice if i would have had damage or lost my house i would have been able to get all the loans there was no help for people who just lost income and had to relocate for a short while is there anything i could do me and my wifes credit scores are in the 500s 525,540 i have 75,000 equity in my house but nobody will give me a look because of score default mortgage on rental trailer its a shame we did everything right and now its going to take years to get our scores back up any advice web sites mortgage companies that might help
answers:
Listen ,watch and read dave ramsey and his book title is total money make over and he has so many ideas he helped us out quite a bit.
Carol asks…
Are GICs in 401k’s at Risk Because of MBIA’s Credit Downgrade and Bank/Mortgage Problems?
Many 401k funds offer GICs (guaranteed investment contracts).
Are these likely to be at risk or affected because of the current problems banks are having with sub-prime mortgages?
answers:
Most likely “no.” The word “guaranteed” is a bit of a misnomer because the GIC is backed by an insurance company (most times) and their enormous assets. When they place an interest rate on their GIC, they do it with full knowledge of their assets and liabilities and the fluctuating interest rates and how that impacts their assets. (hey, these guys aren’t paid 6 figures for nothing.)
Two things you can do – look up the historical default rate on GICs (which will be very low, if it even is greater than 0), and see which carrier sold the GIC to your 401k. I think that either answer will be reassuring.
This article from NY Times 1990 stated that “no participant has ever lost a dime” but you probably want more recent research 
http://query.nytimes.com/gst/fullpage.html?res=9C0CEEDA143EF934A15756C0A966958260&sec=&spon=&pagewanted=all
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