Debt management: 4 tips for avoiding bankruptcy

October 29, 2010

Recent media reports note that seniors are filing more bankruptcies and suggest that many people filing bankruptcy do so due to credit card debt. Here are some tips for managing debt and preventing bankruptcy.
Know how much you owe: It’s easy to avoid confronting how much you owe in credit card debt, but ignorance doesn’t equal [...]

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Saving your good credit

October 28, 2010

A good credit score allows you to finance your large purchases for the best possible interest rate. Whether you want to finance a house (mortgage), a car (auto loan), or use a credit card to buy a washing machine, the best interest rate normally requires a 720  or better credit score.  Saving your credit needs to [...]

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FHA mortgage loans: What is mortgage insurance?

October 25, 2010

FHA is attempting to balance its need for shoring up its sagging cash reserves for paying mortgage insurance claims with its mission to provide accessibility to home ownership to low and moderate income  families. FHA  took a beating a few years ago when the agency’s market share grew too quickly for ensuring due diligence on [...]

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Lowest loan rates: Only part of the picture

October 20, 2010

When shopping for mortgage loans, mortgage rates often take center stage when comparing mortgage quotes and evaluating which mortgage loans can best meet your needs. Although  mortgage rates are an important component of overall savings, there are additional considerations.
What will your mortgage loan really cost?
Check the APR for each mortgage quote: When reviewing and comparing [...]

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Saving 101: 4 ways to reduce the interest you are paying

What percentage of your hard earned income is going toward interest? If you have a mortgage, an auto loan, and several credit cards, chances are the percentage is higher than you’d like.  Here are 4 ways that you can find debt relief by lowering the percentage of your income going toward interest.
1. Refinance your mortgage: The [...]

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Mortgage Loans: Understanding Foreclosure Process in Your State

October 18, 2010

Understanding the foreclosure process isn’t something home buyers consider when looking for homes and mortgage loans, but knowing how the process works in your state contributes to being a well informed buyer. Several major financial institutions have stopped foreclosure proceedings until courts can determine whether foreclosure actions were filed correctly. Although the current situation only [...]

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Your debt collection rights

October 16, 2010

The Federal Trade Commission (FTC) is the government watchdog for consumer protection laws. The law that they enforce, which protects you from debt collectors, is called the Fair Debt Collection Practices Act (FDCPA). Following are the basics of the FDCPA. Knowing your rights can be a great first step toward debt relief.

The FDCPA covers personal debts such [...]

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How convenient is your debt?

October 9, 2010

Credit cards have been marketed as a convenient way to pay for purchases.  As long as you don’t exceed your credit limit, you can make multiple purchases without much record keeping. When you get the bill at the end of the month, you take one debit from your cash account to pay the credit account – [...]

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Elected officials question Obama administration over mortgage foreclosures

October 6, 2010

Legislators are asking the administration to investigate allegations of mortgage lenders mishandling delinquent mortgage loans and failing to complete foreclosure prevention programs. Responding to allegations of mishandling of mortgage foreclosures and loss mitigation programs, 31 of 34 California legislators including House speaker Nancy Pelosi have signed a request asking the Obama administration to investigate reports [...]

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FHA offers new reverse mortgage loan option

October 3, 2010

Senior homeowners refinancing to an FHA home equity conversion mortgage (HECM) can now select between 2 options. HECM loans provide cash flow without requiring monthly mortgage payments.
Popularly called reverse mortgage loans, FHA HECM loans provide homeowners 62 and above a way to increase cash flow or meet expenses by providing a loan proceeds in your [...]

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