Questions & Answers

Call your mortgage company. Talk to the loss mitigation department and advise them you can't afford the home and you want to do a "deed in lieu of foreclosure". This will adversely effect your credit score for many years, and perhaps interfere with buying a new house. FHA and VA would be no different, all lenders will report it to the bureaus. Is it possible to rent it? Try to hang in there until the market rebounds? Just food for thought, good luck!

No you need some kind of income. Now if your looking for a cheap car and have some cash on hand, then you can get a car with putting down a good amount of it upfront.

Student loans can not be forgiven unless except under specific situations. You die, you become disabled, the school closed before you could graduate, and a couple of others I'll link later. This is federal law, so if you want the law changed, I'd definitely write your local and state reps. However they will not be able to help your more immediate situation of having a defaulted student loan. Best make small payments (every little bit helps) to start bringing down the balance because a small loan that long ago will have a ton of interest added onto it. Eventually they'll catch up to you and garnish your wages and take your income tax returns.

People who use pay day loans probably can't get credit anywhere else due to damaged credit and had something come up that needed to be paid right away that had they an emergency fund would have covered (flat tire, unexpected bill, illness). People who are using these types of places are probably already living paycheck to paycheck already so that they'll never be able to get out of the cycle of the pay day loan. States that allow people to have more than one pay day loan out at once really open them self to trouble, because then they'll start using one to pay the other and not really pay off either. Not to mention the fees are steep, but if you can't get help anywhere else...they are a better choice than what the bank charges you for over the limit and overdraft fees. I think they have a legitimate place in our society, although not pretty. It's a nature of the financial envirnoment right now. It's really hard to get up out of it.