When you start to find it hard to make your mortgage payments and you cannot get your loan refinanced, it is time to get a loan modification. Your first step is to write a hardship letter explaining your need. The hardship letter explains why you are requesting a modification and why you need it. It is unfortunate that modifications are rejected because the writer has not learned how to write an effective hardship letter that communicates what is...more
The new Making Home Affordable Plan, set in place by the President, is designed to change the monthly payments of a loan so they become more affordable for everyone. These payments should be 31% or less of the borrowers gross monthly income. Now when a lender notices that a borrower is falling behind, they know what to do to help them. The U.S. treasury has outlined the steps, which are known as the Standard Waterfall. This is how it works:1. The...more
The goal of any credit repair program is to improve your FICO score. A FICO score was developed by the Fair Isaac Co. to help determine the likelihood of you paying if a company agrees to loan you money. Fair Isaac s the only ones who know exactly what makes up their algorithm, which is the mathematical formula used to calculate your score FICO scores are calculated from five factors reported from the three major credit reporting agencies. These five factors are how well you pay, how much do you owe, how long have you had credit, how much new credit do you have, and what types of credit are you using. Seven additional factors are then added and using a "secret formula" Fair Issac determines your score. Included in your payment history are items like bankruptcies, judgments, suits, liens, wage garnishments, collection items and delinquencies. Credit availability, includes how much you owe, what types of accounts they are, and what percentage of all the credit you have that you are using. Under length of credit history the items that are considered are how long your accounts have been opened, what types of accounts they are, and and when did you last use them. New credit includes...more
The recession has hit everyone hard. In fact, it's highly unlikely that there is anyone in the country who hasn't been either directly or indirectly affected by -- it including entrepreneurs. Finding work and clients has become a struggle for many and they are faced with a tough decision: will they go back to work for someone else, or will they be...more
For Immediate Release: Robert EisensteinHomeRun Homes(631) 676-3609(631) 574-2420 homebuyer@lease2buy.comhttp://www.Lease2Buy.comHomeRun Homes Celebrates 7 Years as the Marketplace for Rent to Own HomesRonkonkoma, New York, October 20, 2009 - HomeRun Homes, which has revolutionized the Rent to Own Homes industry with their marketplace website...more
To many people, to declare yourself bankrupt would seem to be the end of the world as you know it. In these trying times, bankruptcy can be brought about by a number of external factors, totally out of many peoples personal control.Unfortunately, such is the stigma of bankruptcy to many people that they will struggle on way past the time that they should have made the choice to go bankrupt, and this can sometimes have a devastating effect on their mental health. Not only that, bankruptcy can be likened to a divorce - until it happens, you can not move on with your life.When making choices in your life, there has to be at least two options at every stage in your decision process. Once you can accept that, making the decision to actually go bankrupt if needed, can be a painless choice. If you try and avoid the inevitable the mental strain that you will put yourself under will be tremendous, I know, I have been there, been close to bankruptcy, and only time will tell if I will have to take the decision.Once I realized that bankruptcy may be an option, I did everything in my power to find out all of the aspects of it. I visited two bankruptcy councilors, and also discussed the pros and...more
If you as a homeowner are in desperate need of a financial break, it is imperative that you have the knowledge and know how to create a loan modification hardship letter. You will need to be able to effectively communicate your situation and why you...more
There will come a time in every renter's life when buying a home seems more appealing than renting. Should you buy or should you continue renting? Well, there are two basic ways to look at this problem. The first way is to think about all the money...more
When you apply for a traditional bank loan, you may (or may not) gain the money that you need, but you won't be able to spend that money any way that you want to. Many people often make the mistake of assuming that bank loan money can be spent in any...more
When you are considering ordering personal checks, remember that you have more options than just ordering them from your local bank. Banking and finance management can be fun when you have your own unique designs embedded in your checks.Personal...more
Almost every American homeowner would like to secure a home mortgage loan modification these days. This article will explain exactly what this means and how to go about getting one.Are you fearing foreclosure like so many of your fellow Americans are...more
An increasing number of young families and singles are moving to the countryside. Their aim is to escape the cutthroat competition in this bad economy and seek a better lifestyle. For instance, recently, a middle-aged couple, along with...more