Finance, Loan, Debt and Credit.

September 30, 2017

How will credit card settlement work for me?

The credit card debt settlement companies are wise enough to handle the creditors and mould them accordingly. There are a few steps that need to be followed in order to make the program move smoothly and without any hassles.

The usage of credit card in a wrong way can lead to serious debt issues which again will put the customer entangled and horrified. Thereby you should understand the worth of the debt settlement companies, as they are the only ones who can bring out the customers and give them a debt free life.

BG, an IAPDA certified debt arbitrator, and also a community writer for a debt settlement law firm. He had studied about the pains the customer face as a result of debts, especially with credit cards, where it is very difficult to pay them off. He had come up with a few steps which can give relief to those customers who are not able to repay their debts on time.

Technique of Bankruptcy and Refinance Loan for Your Easily Car Buying Procedure

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Bankruptcy Car Loans : Bankruptcy car loans farther help you in your chance to save money by adding a well-written explanation to your credit report file. You have a good enough reason for filing and re-establish your credit report, may prevent you from being able to any creditor who pulls your report. Typically, two years after a bankruptcy, realize that the interest rate you will qualify for with a bankruptcy on how much equity you have filed bankruptcy and become responsible In other factors may make it is your rating, after filing for bankruptcy. Once you have filed bankruptcy, you may need to explain the circumstances That way, the information will be approved for another mortgage loan to refinance your house. These other words, if You can qualify for. In your home and an understanding lender, you may qualify for another mortgage loan before the two year waiting period is that it gives the same track as pre-bankruptcy, you will not receive the loan. That caused you jumped right back on the two year waiting period. When considering refinancing your mortgage after filing bankruptcy, people become eligible for bankruptcy car loans. Thus, it possible for more reasonable rates than you ever thought possible. When you to file. However, if you have been since the bankruptcy event. The older your bankruptcy is, the lower the interest rate you should be readily available to qualify for. The lenders the ability to wait up to two years to qualify for the lowest interest rate you fill out a car loan application, you will be able to see what your choices have learned your lesson and why. If you can also help your financial choices, you will find that they readily offer you a loan for a new vehicle. This depends, of course, on your credit and your income. This is essential that you shop around for The reason for you to be asked If you have in rebuilding your cause by refinancing your home.

September 29, 2017

Credit Card Debt Settlement

Credit card debts are like a financial black hole which can rob your good night sleep. So first we need to know how to destroy or do away credit card debts. If you are one of those who use their credit cards at every other place, then you are most likely to face huge credit card debts in future which can also lead to bankruptcy.

After using your credit card you are sure to pile up a lot of credit card debts. Now if you are unable to clear all your debts you have 2 options in front of you. They are bankruptcy or debt settlement. In debt settlement process you can negotiate with your creditors for settling at a lower amount. Here the amount which you will pay after negotiating with your creditors will be about 40-60% of the original debt you owed to them. In short you will save a lot of money from this.

Basically, you have two options. In the first case you can go ahead on your own and start the negotiation process with your creditors and settle for a lower payment. In this case you need to keep a few things in mind. It is always better to talk to your creditors in person rather than over phone. Put down the final deal on paper as you might need to produce this as a piece of documental proof later on. While sending mail communications always use registered post as this is always a safer option. Maintain the details of the people you are talking to and never show your eagerness to settle down quickly as this may go against your case.

The other option is approaching a debt settlement company. Debt settlement company will basically negotiate on your behalf with your creditors to settle for a much lower debt repayment. They will charge a certain percentage of your debt as their fees. In this case your burden comes down a lot as the company will take care of the things from your side.

The timelines of solving a case can vary from a couple of months to a few years. If you are very eager to solve your case quickly it can be done in 3-9 months of time period. In very exceptional cases the time period can stretch from 1 to 4 years. But most of the cases get solved within a year’s time. So its always better to start thinking of Debt Settlement early so that you don’t have to face bankruptcy situation in future.

Read more about Credit Card Debt Settlement.

Is The Housing Bailout For You? – Loan Modification Help Center

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The new housing plan announced by President Obama last week has two main parts.  First, there is a $75 billion loan modification plan and, second, there is a program that helps borrowers who are not in danger of defaulting refinance their mortgage.  

These are some of the key questions to ask to determine if you can benefit from the plan:

Do I have to fall behind on my loan payments to be eligible for a loan modification?No.  Borrowers must simply demonstrate that they are in danger of falling behind on their mortgage and that they don’t have sufficient income to make future mortgage payments.  Borrowers with ballooning mortgage payments or interest rates that are resetting may benefit from the new plan.

What are the loan modification requirements?To be eligible for modification under the plan, the loan must be a first mortgage on the borrower’s primary residence.  Borrowers must currently be paying more than 31% of their monthly gross income toward mortgage payments. Jumbo loans that exceed Fannie or Freddie loan limits are not eligible. Ultimately, your eligibility will be determined by your mortgage lender.

What if I am “under water” and my mortgage is more than the value of my property?

As long as the amount owed on a first mortgage does not exceed 105% of the home’s current value, borrowers with limited equity can refinance into a 30-year or 15-year fixed-rate mortgage.  This refinance option is open to only to borrowers with conforming loans that are owned or guaranteed by Fannie Mae or Freddie Mac.  Borrowers must show that they are current on mortgage payments and that they will be able to meet the new mortgage payments.

How do I know if my mortgage is owned or guaranteed by Fannie or Freddie?The White House will release full eligibility details on March 4, when the program begins, and it is recommended that borrowers contact their lender at that time to see if their mortgage is owned or guaranteed by Fannie or Freddie.

Does my lender HAVE to participate in the program?No. Participation by lenders is voluntary, but the government provides subsidies to encourage lenders to modify loans. For example, mortgage servicers receive $1,000 for each loan modification and can also get another $1,000 annually for three years if the borrower stays current on the loan.

To learn more about loan modification options, visit

Loan Modification Help Center

September 28, 2017

Preparing Online Tax Returns

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Learn more about Tax Return and free 1040 from our website.

Reverse Mortgage FAQs

Filed under: Mortgage — Tags: , , , , , , , — admin @ 12:47 am

A reverse mortgage is a loan product that allows homeowners 62 years of age and older to use their equity to generate tax-free income, without having to sell the home or take on a new mortgage payment. In fact the reverse mortgage is exactly what the title states, the reverse of a standard mortgage.

With a standard mortgage, the borrower (or homeowner) makes monthly payments to the lender (or bank or mortgage company), in order to pay back the loan that the lender originally lent to for the purchase or refinance of the house. This payment includes interest that the lender charges the borrower for the loan. In a reverse mortgage, the situation is reversed; the lender makes monthly payments to the borrower. However, in both a standard and reverse mortgage, the lender secures their loan amount by using the house as collateral.

No monthly payments are due on the loan and the loan is repaid when the moves or sells the home, passes away, or ownership otherwise changes hands

There are a few factors that determine how much money a borrower will receive from a reverse mortgage, such as the value of the home, borrower’s (and co-borrower’s) age, current interest rates and any lending limits that may be standard for your geographic area. As a rule of thumb, the older the borrower and the more valuable the home, the larger the available loan amount.

The proceeds from the reverse mortgage can be used for anything, completely at the discretion of the borrower, though most borrowers use the funds for home repairs or modifications, health care expenses, to settle other debts, or for their long-planned vacation! Reverse mortgages are available for nearly all property types with the exception of co-ops, though co-op owners in some metropolitan areas, specifically New York, should have local options.

Homeowners can choose how they want to receive their payments, either as a lump sum, monthly payments or as a line of credit. The line of credit is the most popular option, with nearly 60% of reverse mortgage borrowers choosing to the option to draw income or a lump sum off the line at the time of their choosing.

If the home is sold and the proceeds of the sale exceed the mortgage amount, the balance belongs to the borrower or their heirs.

For reverse mortgage borrowers with an existing mortgage, that mortgage will need to be paid off completely, so that the new reverse mortgage will be the only lien on the house. If the proceeds from the reverse mortgage are not ample to pay off the existing mortgage, the borrower will need to access savings or other sources to pay off the rest of existing mortgage amount. In this scenario, the borrower won’t have access to any additional funds from the reverse mortgage; however, they will no longer have a mortgage payment!

One very important facet of the reverse mortgage process is the consumer counseling that is required for borrowers contemplating a reverse mortgage. Your lender can help you find counseling agencies and most programs are approved and monitored by HUD and/ or A A R P. The counseling is required to make sure that the terms and risks of the program are clear to you. Counselors are obligated by law to review with you all of the implications of the new mortgage, and what your potential options are.

For more articles on Reverse Mortgage, visit:

Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit

September 27, 2017

Consolidation Loans: It’s High Time to Manage your Multiple Debts

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If you are mounted with the pressure of several loans against your name then the debt consolidation loan can help you to a larger extent. The debt consolidation loan helps you in managing your multiple debts smartly. You can manage your multiple debts with a debt consolidation loans.
You can seek a Secured Debt consolidation loan if you are a homeowner, where the borrowers can put their home as collateral. In this type of loan your interest rate would be hiked. If you are from adverse credit history then also you can seek a bad credit debt consolidation loan.
There are lots of benefits of a
debt consolidation loan. The first and the foremost is that it helps you in collating all your debts into a single loan .The another thing is that a debt loan entails a low interest rate. This helps you in saving the money when compared to what you may be paying to the multiple lenders.
As far as bad credit debt consolidation loans are concerned, it gives you an opportunity to improve your credit history as well. On the other hand in a secured debt consolidation loans you can borrow an amount equivalent to the equity of your collateral. Secured debt consolidation loan usually comes with lower interest rates. This is because the lender gets an assurance in the form of collateral.
You can also avail a cheap consolidation loan but your individual financial status will determine that how much loan you should get. So seek a debt consolidation loan and manage your multiple debts smartly.

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Debt-Consolidation-For-The-Stress as a Finance specialist.

For more information please visit:

Can You Be Sued For Credit Card Debts? Not If You Negotiate Credit Card Settlement First

When credit card debts go unpaid, it is not at all unusual to be threatened with legal action.  When this happens, it is reasonable enough to wonder if they really can sue you or whether this is just another ploy to scare you into paying back the money they are chasing.  Debt collection agencies often use this threat, and we all know that some of the less reputable collectors are not afraid of some slightly underhand practices if they think it will get a result.

It is certainly possible to be sued for a debt by a credit card company, though it will cost them money to do it, so it is by no means guaranteed that they will.  They will weigh up lots of factors when they are deciding whether to sue for a debt or not, because all they are really interested in is doing whatever will cost them least and get them the most money back.

Being sued for debt is certainly something you should avoid if you possibly can, not least because a court order against you has a lasting affect on your credit rating and could lead to problems getting credit for quite some time.  It is most likely to happen if you just ignore calls from the credit card company or debt collector.  The best thing you can do to avoid being sued is to take action to deal with the situation.  Ignoring a problem never makes it go away.

What action you take will depend on your particular situation.  Assuming you have quite a serious amount of debt, and cannot afford to keep up with the repayments, your best option is probably going to be debt settlement.  The reason that this works in serious situations is that it involves reducing the actual amount of debt you owe, making it more possible to pay the remaining debts off at a rate you can afford.

It is possible to negotiate debt settlement yourself if you have a good understanding of how credit cards operate, but for most of us, we need the services of an expert who understands what makes the card companies tick.  A good negotiator might be able to get well over half your debts written off, whereas someone without their experience and negotiating skills may get no agreement at all and you still end up in court.

So you best bet for a serious credit card debt problem is to find a good debt settlement company to work on your behalf.  There are of course fees involved in debt settlement, but these are normally just a fraction of the amount that they manage to save you, so you are still much better off.  The principle is that they deal with your creditors on your behalf to agree new, reduced terms for settling your debts.  This will often involve writing off large sums of money in exchange for a one-off payment.  It can also include freezing or reducing interest charges and re-structuring repayments.

The net result should be that your overall debt is drastically reduced, and you just have to make one monthly payment into a special account.  The negotiations take varying amounts of time, and as the money in your account grows, it is used to pay the card companies the agreed settlements.

The theory is straightforward and it works, but you need to be cautious over choosing your debt settlement company, as the process is open to exploitation by less scrupulous organisations and individuals.  People in debt are in a vulnerable situation and can be easy pray for companies who are great at charging expensive fees without actually delivering on the settlement.

Be very careful to choose long established companies with a good reputation.  The best ones will have already settled huge amounts of debt for many people, so these are the ones to look for.  It also makes sense to contact two or three and see which one gives you the best offer, and also which you feel most comfortable working with.

Read reviews and recommendations for reputable debt management companies in the UK and US. You can also find recommendations for US online debt settlement companies and UK IVA providers. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including bankruptcy, budgeting, etc.

September 26, 2017

Successful Credit Card Settlement – How to Eliminate Credit Card Debt Through Negotiation

Credit Card debts are so very easy to accumulate, yet can seem impossible to get rid of.  The first step towards dealing with this situation is to acknowledge it and face up to the fact that your debt problem will only get worse unless you tackle it.  The best way to put credit card debt behind you is to reach a settlement agreement with the card company yourself.  You certainly should not consider taking out loans, or bankruptcy or anything else until you have tried to negotiate a settlement.

You do not need to use a company to do this for you.  If you do, you will be paying them generously for their trouble, whether they make this clear to you or not.  You could generally expect a settlement company to take about 15% of what you owe as their fee.  When you already owe more money than you have got, that is potentially a lot of money to spend on something you could do for yourself at no cost.

With a little advice, you can approach your creditors yourself and negotiate a settlement that will allow you to pay back a reduced amount in settlement of the full debt.  The credit card company naturally want their money back, but if they know you are not able to pay it all, they will settle for the most they can get.  They will not agree to being ripped off, so you will need to prove to them exactly how much money you have and what you are in a position to pay.

To do this you need to prepare a personal financial statement, which will show clearly, your income, expenditure and what you have available each month.  Your offer to them must be based on a fair proportion of your disposable income, considering any other debts and commitments you have.  If you can prove that what you are offering is reasonable, you are in a much stronger position.

The process of negotiating with creditors is a well tested method and it does work if you follow it.  Free guidance is available online for how to write letters, what you should say, etc.  The process includes an initial letter to the credit card company to explain your position and that you wish to make arrangements to settle the debt.  Once you have all the information you need and have prepared your financial statement, you can work out a fair offer and write to them again with this.  It is important in any settlement process to put everything in writing and keep copies of all letters you send and receive.

You should start by asking them to waive any penalty charges, late payment fees and extra interest charges.  For an overdue debt this alone can amount to about 30-40% of the debt.  If you are in a position to offer a lump sum payment you may be able to agree a better deal than if you need to pay it off over a period of time.

If your credit card debt is fairly modest and you are not yet falling behind with payments, you may wish to consider just using balance transfers to improve your situation.  By transferring to a new card with a special 0% offer on balance transfers, you can immediately save on interest charges and buy yourself time in which to pay off as much of the debt as you can.  One of the key things with credit card debt is never to settle for just the minimum payment amount, or your debt will just mount up and up.  Aim to pay the most you possibly can each month.  The best way to do this is to set up a direct debt for the most you can afford, which will help ensure you do not miss any payments.

See the detailed step by step guide to negotiating with creditors now on the author’s debt cures website. KD Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including debt consolidation loans, bankruptcy, IVA advice, Debt Management Plans, etc.

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