Debt consolidation seems like a no-brainer. You replace high-interest credit card debt–issued by companies that can seemingly change the rate and terms of your loan at will–with a better loan. The new loan lets you lower the payment by stretching the balance over a longer term, the rate is often much lower, the interest may be tax-deductable, and the terms you sign up for are the terms you get. A fixed rate stays fixed, an adjustable rate changes according to the rules. No bait. No switch. So, what’s not to like? Continue reading ‘When You Should Avoid Debt Consolidation’
Loading ...
Many people with credit problems also have IRS problems. And if you’re a homeowner with IRS tax debt, you may have a big ugly tax lien against your home. If you have a tax lien on your home and you’ve tried to refinance, you know it’s pretty much impossible. Until now. Continue reading ‘Tax Liens No Longer Obstacle to Refinance’
Loading ...
Fannie Mae doesn’t want to kick you out of your rented home. The mortgage behemoth is finalizing plans to allow renters who pay their rent to remain in homes that have been foreclosed upon. Residents can either sign a new lease with Fannie Mae and continue to live in the property until it is sold, or take a cash payment for moving expenses. Continue reading ‘Foreclosure Will Be Less Devastating to Renters’
Loading ...
You need some help. You’ve heard lenders everywhere are modifying mortgages for those in trouble. So you call yours. You wait on hold for 45 minutes. Someone finally answers, speaks to you for 15 seconds, and promises to send you a form. And there you are, days later, formless and your next payment due with no help forthcoming. Continue reading ‘Lender Blowing You Off? Get Help with Mortgage Modification’
Loading ...
Watching your neighbor with the three cars, RV, and boat get a mortgage bailout and a lower rate–while you keep paying more–is tough. You’d like to refinance to a better rate, but your home value is down and there’s no equity for refinancing. And there’s your irresponsible buddy down the street, seemingly being rewarded for his spendthrift behavior. You can’t beat him–should you stop making your mortgage payments and join him? Continue reading ‘Should You Skip Mortgage Payments to Get a Better Deal?’
Loading ...
While lenders have come under fire for not doing enough to help borrowers remain in their homes, it looks as though those who have tried are meeting with surprisingly high failure rates. An Office of Comptroller of the Currency (OCC) report shows that mortgages which were modified by the lender (actual terms changed to lower payments, rates, and / or balances) to make the payments possible continue to fail. Continue reading ‘Modifications Malfunction: Surprising Failure of Foreclosure Prevention’
Loading ...
There are many ways to give yourself some breathing room in a financial downturn. Refinancing, consolidating debt, using low-or-no interest balance transfers, eating in, using the library, taking a second job–but one often-overlooked option could put money instantly in your pocket. Continue reading ‘Financial Emergency? Give Yourself a Raise with a W-4′
Loading ...
(2 votes, average: 4.5 out of 5)
