New Yorkers I talk to are pleased to see the sharemarket up 30% from its lows, but are cynical as to the rally's resilience and are using the bounce to raise cash. As I found in London, 'the bounce' is the number one topic of discussion across fund managers and analysts. Most are shaking their heads at the speed and steepness of the rally. Some recovery off lows was justified as news has certainly being "less bad" over recent weeks, but most...more
During a real estate downturn its easy for someone to overlook the big picture and question why they should be interested in investing in the residential real estate market. It can be difficult not to listen to media reports and members of Congress talking about how hard it is to be alive. Dont forget that before this real estate downturn, real estate was the hottest investment you could find. While its true that what goes up must come...more
Seller Financing to the Real Estate RescueBanks arent lending, sellers cant sell and buyers cant buy. Seller financing opens up huge pools of potential buyers who are willing to pay fair market value and above average interest rates to the seller who is willing to take payments instead of all cash at once.Fifty percent of potential buyers today no longer qualify for conventional loans due to stricter lending guidelines being put into place as a result of the current mortgage meltdown and new government regulations. Many banks are still holding bad assets, which forces them to loan what little funds they do have to only their very best credit worthy buyers.Owner financing has traditionally been used to purchase real estate that conventional lenders regard as non-conforming or difficult to liquidate in the case of foreclosure for a borrowers failure to pay the note when due. Owners have often carried back financing on: Unimproved land Recreational land Mobile homes w/land Farmland Rehabbed houses Property that didnt conform to standard lending guidelines In todays tight credit markets, nice middle class homes, luxury homes, condos and commercial...more
With Australians right around the country frugally looking for ways to tighten the purse strings during this economic downturn, it makes sense to look at every dollar thats leaving your account and work out where the moneys going.There are obvious ways you can reduce spending like cutting back on take away and your morning coffee, but to be...more
Contrary to the TV footage of the January sales, Australians have become a nation of savers.Not only have we been saving, we have also been paying down credit card debt and maintaining our mortgage repayments despite falling interest rates. In fact, after a decline in December, APRAs January figures show that deposits grew 1.4% and credit card...more
But bear with me for just a moment while you imagine this scenario: its the first week in December, youre about to start on the three week spending binge of gifts, food, decorations, booze and holiday accommodation, and you realise you havent set aside a penny, not a bean, to help you foot the bills.Fast forward to the end of January 2010, and you have the same Christmas debt hangover you had the same time a year ago.And without wanting to be the grinch who stole Christmas, here are a few statistics from the latest Dun & Bradstreet National Consumer Credit Expectations Survey: Eighteen per cent of Australians expect to apply for new credit or a credit limit increase One in five (19%) households expect their level of debt to increase in the coming months Seventeen per cent of Australians anticipate a need to use credit cards to pay for bills they otherwise couldn't afford One in four (25%) households are concerned about the amount of money they spent at Christmas and 7% expect they will struggle to pay their bills as a resultSo with all that in mind, the idea of starting to save for this years silly season probably seems less ridiculous.By putting away $20 a week...more
MortgageA mortgage is a type of loan, primarily used to purchase property, in which a lender or mortgagee provides credit facilities or finance to a borrower or the mortgagor, after obtaining a legal protection in the form of an official commitment,...more
The most vital part of your financial well-being is your credit score, commonly called your FICO score because most scores are determined on the Fair Isaacs Corporation Credit scale. When we typically think of the importance of our credit scores, we...more
As the UKs recession develops, debt advisers are being swamped by people desperately struggling to manage their mortgage repayments, credit cards and loan repayments. There has been a 40 per cent increase in people with arrears on mortgages and...more
Private student loan consolidation cannot be generally mixed with federal student loans due to the low interest rate on the latter. However, there are several options open to refinance the private student loans by replacing them with another.The main...more
The number 1 objection I hear from real estate agents when the subject of doing a lease option or rent-to-own is broached is "How do I get paid?" Sometimes the agent will be concerned about how they get paid but don't want to flat out ask it. So...more
A frustrating situation that bankruptcy attorneys are often faced with is meeting clients who have drained their retirements in an effort to avoid bankruptcy, only to end up filing anyway. In a bankruptcy situation, funds in a qualified retirement...more