Wednesday, March 2, 2011

How to save your home from a possible foreclosure

Many people feel lost when they have gone behind in their mortgage payments and are expecting their house to be foreclosed anytime soon. Thousands of Americans are in the same situation during the time of crisis in sub prime mortgage, rising interest rates and a prevailing tough economy.

Here are a few pro-active things to do to save your home from a possible foreclosure if the bank has already sent you a warning letter or are expecting to get it soon.

Apply for a forbearance: It will be a good idea to get in touch with your bank and explain them about your present financial situation if you are finding it hard to make the monthly payments. Most of the banks will be willing to work with you if you have been making timely payments to them in the past. They will offer you extensions to make the payments at reduced interest rates, or suspend payments for a certain period of time until you’re back on your feet.

Mortgage modification: Another proactive option will be to modify your existing mortgage payment plan. You can always ask the lender to offer you different plans on lower interest rates. This is similar to refinancing and you don’t have to get another lender involved or credit to qualify.

Died in lieu of foreclosure: This may be the best option for someone who is struggling hard to make the payments on his mortgages. By doing a died in lieu, the homeowner hands over the home deed to the lender and walks away. This helps the lender to save their credit, and the lender avoid the costs involved in a foreclosure process.

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Saturday, May 23, 2009

Auto loans with bad credit

Many people with bad credit have to face a lot of difficulties in getting approved for an auto loan. There are auto loans for bad credit and this is a tremendous help to those people are being continuously denied by different lenders because of their bad credit.

Auto loans for bad credit are secured by the automobile itself. This way the borrower does not have to worry about arranging any other secured item to show as collateral. When you show any secured item as collateral, the lender will charge you lower interest rate on the loan amount. Interest rate is a very crucial factor in deciding how much you are able to save in the entire loan tenure. Any amount of money saved in the loan amount will give you the freedom to select the automobile of your choice and finance it with auto loans with bad credit.

  • When you are looking for auto loans with bad credit, you may consider the following tips:

Know your credit ratings: It is very important that you have a proper knowledge of your credit scores. This will help you in saving a lot of money just in interests and fees. Most of the lenders will look into your credit report and evaluate your credit history before any loan is granted.

How much loan can you afford: You must know your paying back ability before you apply for any auto loans for bad credit. You may borrow a huge principal amount in the beginning, but if you are not able to pay back the monthly installments, it is of no use applying for the loan with such a huge amount. Calculate the maintenance and fuel costs on your automobile before you apply for the loan amount and calculate the monthly payments.

Finding the right dealer: There are many automobile dealers in the market. Finding a dealer with most suitable prices can save lot of your money.

Negotiating for a fair price: Once you have selected a dealer, see if you can negotiate with him for any kind of discounts. You may also ask for free accessories and automobile insurance to get some added advantages.

Make sure that you a thorough research before you sign for any auto loans with bad credit. This research involves studying and comparing the free loan quotes available on several loan websites.

Friday, May 22, 2009

Credit card debt help

Many people who are in debts try to get back on their feet and improve their financial identity by seeking assistance of some debt resolution companies. There are many debt resolution companies who will negotiate with your creditors, explain them about your present financial situation, and your intentions to pay back your existing debts. People who are looking for such credit card debt help companies should talk to a counselor and weight their options on how to lower the interest rates with their creditors. They will be able to tailor the monthly payment plan in the debt reduction program so that most your monthly payments goes towards the principal amount, than having to pay just the fees. If you get approved for some debt consolidation loans, you will be able to save a lot of money from your monthly bills and spend it on yourself. The most promising option is to spend for your future.

Once you are enrolled in the debt resolution services, you will get a lot of relief from the harassing phone calls from creditors. This will take away a lot of stress that you and your family might have been going through. In most cases, you will also stop getting payment reminders and collection notices from your creditors when you are working with such debt resolution companies.

The biggest advantage of working with a debt consolidation company is that they are able to negotiate with your creditors and can knock down the total outstanding balance by almost 40% to 60%. These firms can offer a loan on a reduced term by as much as 20 or more years. You have the option to extend your term to reduce your financial obligations even further.

It is very important to know how much debts you have accumulated before you can decide which consolidation option are going to work the best in your case. If you are a homeowner, you may acquire a home equity loan to pay off your existing debts at the lowest interest rates possible.

Monday, October 27, 2008

Credit Card Issuance and Loans May Elude Consumers Soon

The economic meltdown seems to be in full swing, despite the financial bailout plan designed to help struggling lenders, corporations and banks around the US. The most noticeable damage for consumers is likely to come in the inability to attain new loans. Why is this? What is causing interest rates to climb? Why has your credit rating suddenly gone bottom up?

Credit card companies and loan lenders are likely the culprits behind your personal financial decline. According to recent news and press announcements, credit card companies and lenders in the US are restructuring how they do business. This means that consumers will feel an immediate pinch where it hurts most – in the checkbook.

Credit card loans were charged off in record numbers for 2008, just as the housing market meltdown was in full swing. In 2009, those numbers are expected to double. As a result of this, credit card companies are doing anything they can to remain afloat. This includes many things that can mystify consumers used to purchasing with credit.

First, credit card companies are increasing interest rates on loans. This means that your payments increase, through no fault of your own. In addition, many credit card companies, including giants of the industry like American Express, are reducing your credit limit. A reduced credit limit means that your credit score is harmed, dropping like a rock, once again through no fault of your own.

How do credit card companies decide whose credit limit is reduced? According to some sources, the decision is based on seemingly arbitrary items like the very stores in which you shop. This can have an immediate, detrimental effect on your finances, as well as the retailers in question. While no one knows which stores are being targeted as "high risk," there is no question that the practice is in full swing, making consumers pay more simply for shopping at a preferred store.

In addition, the restrictions for loans of all types are rising, as well. Lenders and credit companies are seeking any way to reduce the risks taken when they extend credit and this includes not extending credit to those who, until recently, would have qualified for any type of loan. What does this mean for consumers? It certainly means a dramatic shift away from the credit-based economy that has underlined the economy for decades. It may also mean a bleak financial future for many retailers and certainly holds uncertainty for a wide range of credit companies.

Tuesday, August 19, 2008

How to get mortgage loans during a credit crunch

It is quite easy to get a Mortgage loan and commercial loan with a high credit score. All the loan and mortgage companies will eagerly ask you to take loans from them. They will even offer you better rate of interest. I mean to say low rate of interest. So you are getting low rate of interest if you have high credit score.

But what about, when you have low credit score? Definitely many loan companies will hesitate to approve your loan application. Those who agree to approve your loan, they will charge high rate of interest. Here I am sharing a good video on how to get Mortgage Loans and Commercial Loans during a credit crunch. Watch it and share your experience in the comment area.

Sunday, August 10, 2008

Mortgage Loan Process

Find out the real process to get a Mortgage Loan. It will really help you if you think for a mortgage loan. I would expect your thoughts in the comment section, whether this video is helpful or not.

Saturday, July 12, 2008