16 March 2009
If you are behind in your mortgage payments, it is likely you have received a Notice of Default (NOD) from your lender. A NOD is a public notice to you, as well as the world, that you have defaulted on your mortgage and the lender intends to take foreclosure action if you do not pay by the regulated redemption period. What should you do if you receive a NOD?
Posted in Foreclosure, Hardship Letters0 Comments
16 March 2009
If you’re having trouble keeping up with your mortgage payments, then perhaps a mortgage loan modification might be the answer. A loan modification can reduce your monthly mortgage payments and help you keep current with your mortgage based upon your financial means. However, when you talk to your bank or mortgage lender about a modification, are your or the bank’s best interest involved?
16 March 2009
Credit card offers typically overrun the mailboxes of millions of American consumers. These offers usually make it incredibly easy for those with moderate or even poor credit to obtain a credit card. Sadly, in many cases, poor consumer habits result in maxed out credit card debt and even collection on past due accounts. What can be done to help pay off debt and repair one’s credit score? Enter the era of credit repair specialty companies. These debt relief businesses offer consumers with credit issues a means to help eliminate debt, clear up credit issues with the three major credit reporting agencies, and start building a good credit history. However, with any industry filled with desperate consumers begging for help, there are good services, bad services, and the ugly services. The Good Credit Repair Services
Posted in Debt Consolidation, Tips and Tools for Improving Your Credit0 Comments
16 March 2009
If you are having trouble keeping up with your mortgage payments and find yourself needing foreclosure help, you are not alone. Millions of homeowners have lost their homes due to foreclosure over the last few years. In 2008 alone, over three million foreclosures occurred in the United States. If you are in foreclosure now, what should you expect and how can you manage this stressful situation?
Posted in Foreclosure, Hardship Letters1 Comment
16 March 2009
Almost every working American has a FICO score. Anyone with a Social Security number, a job, and any kind of debt is likely to have a record with one or all of the three major credit reporting agencies. This credit report history results in an algorithmic score that rates each individual’s creditworthiness. A higher FICO score means that a person is responsible in acquiring and paying debt, while a low score tells potential creditors that a person is a higher risk.
Posted in All About Your Credit, Credit Score, Tips and Tools for Improving Your Credit0 Comments
16 March 2009
Millions of Americans are feeling the stings and arrows of the declining economy. In 2008, over 250,000 homes were foreclosed each month – which translates into three million homes foreclosed in the entire year. More credit card debt is racked up each month, and millions of Americans are looking to consumer credit counseling services for debt management help. Now that newly elected President Obama has signed his stimulus bill into law, what does that mean for the average American with debt management issues?
Posted in All About Loan Modification, Loan Modification in the News0 Comments
11 March 2009
What is a Loan Modification? Loan modification is a process whereby a homeowner's mortgage is modified and both lender and homeowner are bound by the new terms. A loan modification is a process where one or more of the characteristics of a loan and/or its terms are adjusted because the homeowner is unable to make payments under the original terms or because the value of the property is worth less than the borrower owes. Great I know what a Loan Modification is. What are the things to watch out for?
Posted in Foreclosure, Loan Modification, Tips & Tools for a Loan Modification, Your Mortgage0 Comments
11 March 2009
Before you get started on the process of attempting to get your loan modified you must first understand that you will need a little patience. The typical time line for a loan modification is between 60 and 90 days. The second thing you must understand is that you need to be very open in terms of your current financial and personal situation. Not disclosing information to your bank or third party negotiator will only lead to disappointment down the road for your loan modification.
11 March 2009
A hardship letter is a letter written to your bank or mortgage company telling them why you can no longer afford to make the payments on your home. This letter describes your hardships and specifically what has happened that caused you to fall behind.
Posted in Foreclosure, Hardship Letters, Tips & Tools for a Loan Modification2 Comments
11 March 2009
If you are a homeowner interested in and qualify for a loan modification, it is important to keep in mind that the lender is forgiving a portion of your debt. There are several types of loan modifications that a lender can offer you: interest rate, length of amortization, principal balance reduction for a first mortgage as well as for a second mortgage. Principal balance reduction is the most coveted approach of all loan modifications. Make sure to avoid quick fix loan modifications that may be offered to you such as a simple forbearance, short sale, deed in lieu, or temporary interest rate reduction. These types of loan modifications may seem appealing at first, but they will generally hurt you in the medium- to long-term.
Posted in All About Loan Modification0 Comments
Sample Hardship Letter for Loan Modification
How Debt Management and Debt Settlement Companies Can Simplify Your Financial Life?
Tips on How to Write a Hardship Letter for a Loan Modification or Short Sale
How and Why to Get Your Free Credit Report Every Year
What Can I Expect If I’m In Foreclosure?
Simple Trick: Should I Pay Off My Mortgage in Half the Time? Comparing 15-Year Mortgages and 30-Year Mortgages.
Debt Card Safety Tips
Steps to take if you lose your Debit Card
Can a Debit Card Help you Build Credit?
Have your Government Benefits put on a Debit Card
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