Think credit reform ala the CARD Act is helping consumers? Think again! The Center for Responsible Lending (CRL) claims that card companies are doing whatever they can to add, um, whimsical price changes and interest rate increases for multitudes of customers. Here are 10 ways credit card companies are still putting the screws to their clients–even their best ones. Continue reading ‘10 Reasons to Consolidate Debt aka 10 Ways Credit Card Companies Are Still Working You Over’
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For those with good credit or bad credit, debt consolidation has become more difficult as home values tumble and available home equity evaporates. But what about debt consolidation with personal unsecured loans? Can you still get them if you have bad credit? Do you even want one if you can get it? Continue reading ‘Is it Still Possible to Get a Bad Credit Personal Loan?’
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Some of the most affordable housing can be some of the hardest to get financed. Ever see commercials for those outfits that loan on mobile homes? Only 14%! Wow. Maybe I’ll just put it on my Visa card instead. So, can you really get an affordable mortgage on manufactured housing? Sure, if you buy the right kind of manufactured housing. Continue reading ‘Can You Get a Mortgage on a Manufactured or Mobile Home?’
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Today, Congress passed a measure to make the Home Buyer Tax Credit available to more people who meet income eligibility requirements, not just first-time home buyers. And those income limitations have been raised as well. See if you qualify for a tax credit under the new plan, and how to take advantage of it.
Continue reading ‘And Tax Credits for All: Congress Extends and Expands the Home Buyer Tax Credit’
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Starting today, thousands of borrowers facing foreclosure will be able to stay in their homes and avoid the trauma of being evicted. Fannie Mae’s new “Deed for Lease” program allows impossibly situated borrowers to transfer their home ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that. Yes, you still lose your home–but you avoid explaining to your kids why they have to squeeze into a crummy apartment and change schools, you don’t have to schlepp from landlord to landlord and blush whenever they check your credit, and you don’t have to add the joy of moving to your holiday celebrations. Not a small thing. Continue reading ‘Facing Foreclosure? Stay Home with Fannie’s Deed for Lease Program’
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Congress passed a congressional resolution late yesterday that should help those with poor credit get mortgages in more expensive areas of the country like California. A provision of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits from $625,500 in high-cost areas to $729,750 through 2009. Yesterday’s actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010. Continue reading ‘Cowabunga! Higher FHA Loan Limits a Boon to Cali Buyers with Poor Credit’
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The housing market over the last two years has received a major beat-down. Put it this way; if the housing market were a sports franchise, it would be the Detroit Lions–zero wins, sixteen losses last year. One fan even tried to claim the team as a “total loss” on his tax return. But 2009 has shown some improvement–both the Lions and the housing market are picking themselves up and moving on. Continue reading ‘Wait No Longer for the Bottom of the Housing Market’
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Yes, rates are low. And if you are paying over 6% on your mortgage, you should probably look into refinancing and saving some money. However, not everyone who could benefit from refinancing will be able to do so. Here are three reasons you may not be able to refinance–and what you can do about them. Continue reading ‘3 Reasons You May Not Be Able to Refinance Now–And What You Should Do’
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