Avoid being ripped off by mortgage help scams

August 31, 2010

A recent “modification marathon” sponsored by a national non-profit organization highlights the continuing need for mortgage help. Homeowners who cannot gain the cooperation of their mortgage companies are seeking help through third parties.
If your home is worth less than your existing mortgage loan, or if you otherwise cannot qualify for refinancing, a mortgage loan modification [...]

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Debt Gone Wrong

August 26, 2010

Debt is an exceptional and important tool. Without lending, most people cannot buy a house, a car, or make most major purchases. Lending is crucial to the economy. But, like anything in life, there has to be balance. A person has to balance between growing their personal wealth using debt instruments (such as a mortgage) [...]

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Home Affordable mortgage modifications: Another one bites the dust?

August 23, 2010

In case you thought the housing crisis is solved, it isn’t. The U.S. Treasury recently announced that 96,000 trial modifications approved under the Home Affordable modification program were canceled in July. What went wrong?
Why cancel a good thing?
The government cites several causes for the program’s cancellation:
The program was set up too quickly, and allowed approval for [...]

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Everything You Needed To Know About Debt You Learned In Pre-School

August 19, 2010

The lesson pre-schoolers learn from the board game “Don’t Dump The Daisy” is balance. The daisy has six petals. If you distribute the marbles evenly among the petals, the daisy stands. But, if you put too many marbles on one petal, the daisy will topple over and all the marbles will spill. This game teaches [...]

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Banks loosen some lending criteria; mortgage lenders follow?

August 16, 2010

The Federal Reserve reports that banks have eased lending criteria for some lending to small businesses. This could be a good sign for home buyers, but the report notes that home builder confidence is waning as  consumers remain on the sidelines regardless of low mortgage rates. Here are some hints for determining if you’re ready [...]

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Credit Card Debt Consolidation Services Are Being Watched By A New Agency

August 10, 2010

The Federal Reserve and Congress have been working for the past few years to strengthen consumer protection in the financial industry. Recently, the President signed a new law called the Wall Street Reform and Consumer Protection Act (H.R. 4173). The new law calls for the creation of a new agency to police the financial industry. [...]

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Underwater mortgage loans: home equity as “life saver”

August 9, 2010

Reports of fewer mortgage loans being underwater is good news, but problems with stagnant US home values and ongoing long term unemployment rates are casting a shadow over any good news about US housing markets and home loans.
Mortgage Loans Going Underwater: avoid “drowning”
Conventional mortgage loans traditionally require 20 percent down, which provides a head start on home [...]

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1 Minute Saving Tip, A Step Toward Debt Relief

August 4, 2010

If you can spare one minute a day, you can start saving more money. Here is an idea that is so simple, yet it has transformed people’s savings patterns overnight. Take the change you collect making purchases during the day and store it in a large container. Never use exact change for a purchase, but always receive change [...]

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Mortgage Loans: Fannie Mae Unveils Website Offering Homeowners Help

August 3, 2010

Fannie Mae’s new website is called Know Your Options, and it provides struggling homeowners with the information necessary for making decisions about selling or keeping their homes, loan workout options that can facilitate catching up on past due payments, modifying loan terms, or selling a home for its current market value. Here are some highlights [...]

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