Whether because of the bad housing market or a negative balance in their savings account, many are stuck renting an apartment. With the many positives like no yard-work, come many negatives. According to Smart Money, there are ten things your landlord will never say to you. Here is a quick summary:
“This building is in foreclosure." - Congress passed the Protecting Tenants at Foreclosure Act, which gives tenants at least 90 days from the foreclosure sale to move out (up from 30 days previously.) Provided the owner
“You should complain more.” - Most states require landlords to keep the property in good repair, with home systems and ...
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How is Credit Reported During a Bankruptcy?
The Fair Credit Reporting Act (FCRA) mandates that the credit bureaus correct errors within 30 days of notification. However, creditors are not required to make any reports on your credit while you are going through the bankruptcy process, which could be anywhere from a few months for a Chapter 7 to 5 years on a Chapter 13 case. When making payments under Chapter 13, many creditors will not report this activity for fear of violating the automatic stay that is put in place when a debtor petitions for bankruptcy. This stay prevents a creditor from taking any further action to collect debts – and some take this a step further to include ...
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7 Tips to Help You to Modify Your Mortgage
Many homeowners are getting burned by reputable loan modification agencies and are being forced to file Chapter 13 bankruptcy to try and save their home from foreclosure. South Carolina attorney Dana Wilkinson gives seven tips to avoid this predicament when you are in the loan modification process in her recent article on BankruptcyLawNetwork.com. Here is a brief summary:
Keep a copy of EVERYTHING – Keep a separate file for any correspondence between you and your mortgage lender. If possible, keep notes of every conversation.
If it’s Not in Writing, Assume it isn’t True – Borrowers must have any important information regarding their loan ...
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How Can I Qualify for the HAMP Loan Modification Program?
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. President Obama introduced the Home Affordable Modification Program (HAMP) in February 2009 to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. HAMP provides eligible homeowners the ability to modify their mortgages to make them more affordable.
The government just recently announced that mortgage lenders would now have an expanded flexibility to assist more unemployed homeowners and homeowners who are underwater on their ...
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5 Tips on Saving for a Down Payment on a Home
With tighter lending requirements the new standard, most new home purchases now require a 20% down payment. With an average home on Long Island costing $395,000*, a homebuyer would need to come up with a $79,000 down payment to secure a mortgage.
Find small ways to cut your expenses: Look for ways to cut your monthly expenditures and save the difference. Start clipping coupons for your food or lower your cell phone minutes if you don’t use them. Turn off all the lights when you aren’t using them. Start bringing lunch to work every day instead of eating out. Use coupon codes when shopping online. You’ll find these little things will add ...
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What the New Credit Card Rules Mean for You
The Credit Card Accountability, Responsibility and Disclosure (CARD) Act was signed into law by President Obama in 2009 and has been fully in effect since August 2010. The CARD Act has changed the way credit card issuers market, bill and advertise their credit cards, which is taking away from their revenue. This change has benefited cardholders in many ways but also could eventually mean the return of annual fees, fewer rewards cards and payments due upon bill receipt with no more grace periods. Here are the important changes you should know about:
Clear Due Dates & Times
Card issuers can no longer set early morning deadlines for ...
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Will Generations X & Y Ever Retire?
Young working adults are facing a tough financial future. According to Yahoo.com, an early or even on-time retirement is not looking realistic for today’s youth. According to the article, 10% of 2008 college alumni graduated with $40,000 or more in student debt. In addition, the median income for 25-to-34 year olds in 2009 was $50,199, which is 7.6% lower compared to 10 years prior and adjusting for inflation. As of right now, there are three challenges facing Generations X & Y in retirement:
Pension, What’s that? - Many employers are not offering sponsored defined benefit plans to employees anymore, which would guarantee an income to ...
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The Components of A Credit Score
Many lenders, such as banks and credit card companies use credit scores to evaluate the potential financial risk of giving a specific consumer a line of credit. A good credit score can mean lower interest rates or increased lines of credit. Most lenders start with your FICO score, which is a numerical figure based on previous and ongoing credit transactions. There are many components that can shape the results of your score, but there are five major factors that make a big difference:
Payment History
Creditors want to see that you have a history of paying your bills on time. Late payments will cause a score to drop considerably. In the ...
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Lowest Rates in Decades? (5 Reasons Why Consumers are Being Turned Down for Home Loans)
Did that headline grab your attention? It seems to be grabbing attention across the country, but when homeowners apply for these rates to refinance their mortgages, they are being declined. What is going on? According to Jack M. Guttentag, The Mortgage Professor on Yahoo, millions of mortgages currently with rates of 6-9% or higher are being declined because of Fannie Mae and Freddie Mac, now in government conservatorships. They were too liberal in their lending for years and are now reacted to the aftermath by becoming excessively restrictive. As per Guttentag, these are the reasons consumers aren’t getting approved:
1. Credit Score Too ...
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Why Your Bills Should be a ‘Family Affair’
Do you take care of the family’s bills with your spouse? If you don’t, you may want to start. According to the NY Times, many spouses are being kept out of the family’s financial loop and this can often lead to marital problems down the road. It can also be problematic if the person handling the bills dies, becomes disabled or divorces. The remaining excluded spouse could be left managing the family’s money with no idea what kind of financial situation they are in, during an already difficult time.
Even if one spouse is writing a check for a bill, the other should certainly know how much that bill is costing the family each month. This is ...
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What Makes Me Different From the Others?