Settle the Debt

By James Pynn

There is hard evidence that suggests the loan industry has, and still does, target minorities. ACORN maintains African Americans and other minorities were, and still are, disproportionately targeted. They are burdened with significantly higher interest rates than their white counterparts, even when median income levels were comparable. The ramifications of predatory lending are families that are straddled with tremendous interest rates and significant debt. The end result seems to be foreclosure. Pursuing debt settlement and mortgage refinancing are viable defenses against the predators.

Predatory lending, according to the Investors Dictionary, is the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against." There is irrefutable evidence that predatory lenders have targeted, and still target, racial minorities, the undereducated, and the elderly. Although predatory lending is often associated with mortgages, other forms of predatory lending include credit cards, payday loans, and overdraft loans.

It is troubling that most predatory lending is collateralized. That is, these loans are only given with vehicles and homes as collateral. The Association of Community Organizations for Reform Now (ACORN) supplies ample evidence that indeed the loan industry targets poor and minority families. Think predatory lenders work from underground lairs? ACORN successfully pressured HSBC Finance and H&R Block into changing some their predatory practices. Its been said the man who comes to repossess your home wears a suit and tie, not a ski mask.

There are a number of subprime lending (the nice way of saying predatory) defenders. The National Home Equity Mortgage Association (NHEMA) claims the practice of lending high-risk loans is essential for some families that would normally have no chance of owning a home or own a car. They claim the laws targeted at predatory practices actually restrict the ability of low-income families to move to safer or more profitable neighborhoods.

Hidden in the foliage of mounds and mounds of paperwork lies a number of clauses designed to tear you apart. Welcome to the predatory lending jungle. Although there is no legal definition of so-called predatory lending, you need only turn on the financial news or skim the business section of any newspaper to see the far-flung effects of this monumental greed. Moreover, there are some laws in various states that target specific practices often identified as predatory. The loan industry is rife with corruption and the incredible number of foreclosures provides ample evidence.

About the Author:

Should you have suffered from predatory lenders, it is not difficult to find reliable debt settlement companies. These debt settlement programs can help you regain financial freedom.

Everything Your Need to Know to Dispute Bad Credit

By Vincent Polisi

Your credit score is a key factor taken into account when a lender is reviewing a loan application. These scores are formulated by analyzing your past credit performance, but the information gathered and included on your credit report may not be accurate. Having inaccurate data on your report can lead to lower scores and less favorable loan terms.

The first step is to obtain a free copy of the credit reports from each of three primary credit reporting agencies: Equifax, Experian, and TransUnion. It is necessary to get all three reports because each of them are based on different databases and a mistake on one report may not be recorded on another. The lender is likely to look at all three scores; therefore, the savvy borrower should as well.

Once you receive the free credit report copies the next step is to look at each part very closely, even line by line. This report will show every creditor, the amount owing, and whether your payments are on time or late, or if the loan is in default. Make sure that everything on the report is actually your loan or credit card account, also making sure that all of your loans are indeed reported and that the available credit is listed. Each bit of this information is a part of your overall credit score.

The process of retrieving credit data and entering it into the agencys database is prone to mistakes, especially on reports that are not monitored frequently or for people that have common names. In view of the enormous amount of data received and the massive task of sorting it and then entering it into the agencys database, mistakes are virtually inevitable. This means it should come as no surprise to find at least some mistakes on a credit report.

If you find mistakes and false information you can appeal the information by contacting the reporting agency. The main credit reporting agencies have websites that will have a claim form available on them that will make resolution of the problem easier. To make your claim move forward smoothly it is a good idea to include any documentation that will substantiate what you are saying and why you think it is incorrect. It is important to frequently look at your credit reports; getting old information removed is much easier than having new data removed or corrected.

The credit reporting agencies generally take about 30 days to look into a credit appeal after the claim is filed. What they find in their investigation will decide whether the information stays or is removed from your report. If a lender does not acknowledge the claim the credit bureaus will remove the information as required.

About the Author:

Vincent Polisi is the founder of Finance the Dream which offers houses for rent to own and lease with option to buy homes throughout America. To find out more about how they can help you get into your dream home, please visit them at financethedream.com. To learn more about lease options, please visit his blog.

Everything You Need to Know About Chapter 13

By Wendy Polisi

The global financial crisis was a downturn of such unprecedented scale that many Americans were caught completely unawares and far from prepared. Without easy credit available many Americans found that their liabilities and expenses far outweighed their ability to pay for them. The number of bankruptcies filed increased dramatically due to the tightening of credit markets.

Most people think of the classic Chapter 7 bankruptcy when they consider filing for bankruptcy. Although some personal property is exempt, generally all the petitioners assets are liquidated under a Chapter 7 bankruptcy. Medical debts, credit cards, and unsecured debts are discharged; debts that are not discharged will be reaffirmed and rescheduled for payment. There is also a means test to make sure that the petitioner is being abusive by filing a bankruptcy claim. The test is required by the United States Trustee over Chapter 7 bankruptcies and may actually deny bankruptcy relief to people who are actually making enough money.

The alternative to Chapter 7 bankruptcy is a Chapter 13, which is known as a reorganization bankruptcy. It is called reorganization because it restructures the petitioners finances to arrange for eventual payment. It is a good option for people who have assets that would be liquidated under a Chapter 7 and want to keep them; it is also for people who have sufficient income to repay their debts with restructuring. Special protection is given to third parties such as a spouse or co-signer under Chapter 13 bankruptcies. Reorganization under a Chapter 13 plan take three to five years to be complete, whereas Chapter 7 discharges debts within just a few months.

To be eligible for Chapter 13 filing, the debtor has to demonstrate that he will have a steady and reliable income over the period of the Chapter 13 plan. Further, once showing that this income will be available, required living expenses are subtracted from the predicted income. If there is enough money remaining to make significant headway in paying down the debt the filing will be allowed. Another restriction refuses Chapter 13 relief to people with more than $336,900 in unsecured debt and/or $1,010,650 in secured debt.

It is interesting to note that stockbrokers and commodity brokers are not allowed to file a Chapter 13 bankruptcy, even for their personal finances. Chapter 13 bankruptcy is available to most people that can qualify with these very basic restrictions.

Because the filing process for a Chapter 13 is so complicated, the filer needs the help of a professional to make sure paperwork is correct and complete. Because it is a bankruptcy a fee will generally be required up front before the professional accepts the job and it is important to begin the filing process before the situation is too dire. A Chapter 13 bankruptcy can be a good solution for professionals and others with a solid income; self-discipline is absolutely necessary to make the reorganization work the way it should.

About the Author:

Wendy Polisi is the founder of Credit Repair College and Finance the Dream. Credit Repair College empowers people to take control of their financial future by learning everything they need to know to repair credit on their own. For more information on free credit repair please visit them on the web. Finance the Dream offers rent to own houses throughout the United States.

How to Prevent Home Foreclosure - Negotiation Tips to Stop the Bank from Foreclosing on Your House

By Ben Casey

Avoiding a home foreclosure is possible if you take the proper steps and are willing to endure some embarrassing and uncomfortable moments. A foreclosure's impact last much longer than the actual process itself which is why you should do everything you can to prevent the bank from taking this drastic step against you and your family.

You can still possibly prevent foreclosure if you are willing to be up front with your bank and let them know exactly where you stand financially when it looks like you're going to default, or start missing payments. Loan modification is also a tool to help you recover from a close call, and involves adjusting the terms of your loan, such as interest rates and monthly payments, or could even mean adding missed payments to the tail of the mortgage.

Some mortgage lenders, would prefer to avoid foreclosures with their properties and will agree to sell a house quickly for less than its market value. This is called a short sale. It can stop foreclosure, but its probably more beneficial to the bank than it is to you. A short sale acts very similarly to a foreclosure in terms of reducing your credit score, which is something you should avoid if you care about your credit score. However, if you do elect to go through with a short sale, you can expect to be able to qualify for a new mortgage much sooner as compared to if you were foreclosed on.

If you do nothing and take no effort to work with your bank, then don't be surprised when they begin foreclosure proceedings. Here is what will happen:

The bank will send you a Notice of Default shortly after you miss your first payment " usually after 30 days.

Shortly after this (at 60 days post missed payment), the lender will contact you to encourage any payment amount to help keep you current on your loan.

After 90 days, foreclosure begins to look unstoppable as the option for the bank to foreclose on your property opens up.

You may then find that, in as little as 180 days from your first missed payment, your property will go to auction. After that you have the option to either leave voluntarily or wait for eviction, which could take several weeks or several months to happen.

About the Author:

Discover how a credit attorney helped a local couple get qualified for a mortgage with a less than perfect credit by deleting charge offs and collection items. You can also visit creditforcouples.com to get a free credit repair letter or call 1-866-246-7311 for a free consultation with a credit expert.

Refinance Mortgage Loans - If You're Serious About Saving Money

By Morgan Hamilton

It can actually be quite challenging to know when the time is right to refinance mortgage loans. It is a timing thing more than anything else. Get it right and you lock in very favorable interest rates which will save you thousands of dollars over the life of the loan. Get it wrong and you're going to pay a lot more money than you need to.

Mortgage refinancing considerations are even more complicated now with the economic crisis still in full swing. Lending institutions that were once giving loans and mortgages to just about anyone have tightened their belts considerably. It is, in fact, extremely difficult to even get a loan unless you have pristine credit and a good reason to need one.

Considering whether or not to refinance a mortgage requires evaluating a number of different things. First and foremost are the origination fees which are charged by the lending institution for processing the loan. Add to that an appraisal fee that is required and attorney fees which may be optional depending on your state. In the end, it adds a cost to refinancing that can make a difference to your decision.

The reason why this is so important is that even if you do manage to get a more favorable interest rate which will lower your monthly payments, that savings could be wiped out because of all the fees that you have to pay. With that said if you are planning to own the property you seek a mortgage on for 10 years or more then it is probably a wise decision, generally speaking, to go ahead and refinance.

So, if you are planning a move in the not too distant future, you may not want to refinance even if you can get a loan at a lower rate. To refinance mortgage loans profitably, the lower interest rate will have to be in effect long enough to make up for the upfront expense of the loan.

It is advisable that you use an online mortgage calculator which will allow you to run different scenarios as far as interest rates and duration in years of the loans go. You can even plug in the fees to get an idea of how your over all payments will compare to see if in fact it is in your best interest to refinance mortgage loans.

When considering refinancing options you will have the choice of two different types of mortgages and two loan term options. The first option is the fixed rate mortgage. It locks in the interest rate on the loan for the duration of the loan. The second is the ARM or adjustable rate mortgage. The interest rate on this type of mortgage can go up and down with the rate as it is adjusted by the Federal Reserve Board within a certain set of parameters. They usually start out at a very low rate. Mortgage terms are most commonly 15 years and 30 years.

If you are planning to sell your home sooner rather than later an adjustable rate mortgage may be the best choice for you. Many first time home buyers are drawn in by the low rate without considering the effect a rise in the rate may have on their monthly mortgage payment.

Weighing all the factors is crucial to refinance mortgage loans to your benefit. Taking the time to evaluate various scenarios and different outcomes will guide your decision making process. You will want to decide whether or not to refinance based on the long term results not just the amount of your immediate monthly mortgage payment. The hidden costs may end up costing you more than you save.

About the Author:

Learn how you can lock in savings when you refinance mortgage loans by visiting www.yourfinanceoptions.com.

Loan Modification " Another Kind of Refinance?

By Tom Maneval

The term Loan Modification means changing or modifying the terms of an existing loan. It is not a Refinance or Refi per se which is a New Loan usually done to pull cash out of the equity in a house or to get a better interest rate than the existing loan but its effects are similar.

Loan modification deals with the current loan where the home owner and lender hash out modified terms to make it mutually workable and beneficial. Loan modification can solve a problem for both the home owner and lender. Foreclosure costs the lender money. Demonstrating to the lender that you want to save your home and help to work out some type of plan that will in turn resolve the dangers of foreclosure he will in turn be willing to negotiate. Loan modification allows homeowners and lenders to change the terms of a loan in order to help the borrower stay in the home and avoid foreclosure. It is a process that must be understood and thought out completely and thoroughly.

The sad reality is that there are many home owners who are facing hardship with their own mortgages and are contemplating foreclosure or looking for alternatives. The key to being accepted by the lender and gain access to this saving grace is to prove without a doubt that you are suffering from some type of hardship. A hardship is what can help you to achieve a loan modification and in turn save your home from plummeting into foreclosure. Home loan modifications are established for homeowners just like you who have lost your job, had a decrease in your income or are suffering from a hardship that may be keeping you from work.

Loan modification programs are becoming more popular. Generally this is in the form of a lower interest rate with a fixed loan program. Many of the programs vary in how they work. Contact your lender and advise them of your hardship and get more information. Each mortgage lender or servicer will have different loan modification programs and processes. As mentioned before, loan modification programs are just becoming mainstream and therefore there is little standardization but as time goes by the process should settle in. Take the time to educate yourself so you can take advantage of the billions of dollars in homeowner assistance programs now being offered.

Loan modifications used to be reserved for borrowers whose mortgages became delinquent because of job losses, divorce proceedings, or illness, but today they are also open to those individuals who are suffering in the aftermath of adjustable rate mortgages skyrocketing and placing the monthly payment beyond the means of the borrower. The loan servicer can use several methods to achieve lowering of the payment such as reduce the interest rate to as low as 2%, extend the terms of the loan (possibly up to 40 years), forebear loan principal at no interest. Forbearance is a negotiation process with your mortgage lender to work out the delinquent payments you have not paid due to your financial hardship. The most common loan modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, forgiveness of payment defaults & fees, or any combination of these. It is unknown how long these government assistance programs and loan modification programs will last.

A person could, in the long term pull cash out of the house, however it would not come in the form of a lump sum, as in a refinance, but in increments. A person may recover from his hardship and earn a higher income again. His expenses would still be lower. This net positive income difference would be the payment plan and if managed correctly could present new opportunities in the future by the existence of new capital to either pay down the mortgage or invest in ideas for more income or for whatever else one might use an equity draw.

Due to these government assistance programs, the time has never been better for consumers (who own homes) to take action and request that their loans be modified towards better terms and a lower interest rate. It is touted as the top solution to stop foreclosure rates from reaching alarming heights. A loan modification will decrease your monthly payments, lower your rate, avoid foreclosure, and save your home.

About the Author:

Consult with your attorney or qualified professional on these important matters. You may search other options to handle your mortgage and loan modification solutions.

How to Borrow Money From People

By Pat Luna

The only constant thing in life is change. You might never have had to borrow money before, but there always is a first time. The important thing for you is to see that you don't let things run amok this first time, so that you are still around to do it a second and a third time.



There are various was to borrow money, and the economics of it are rather simple and straightforward. Sometimes you borrow with collateral, and sometimes you borrow without; sometimes you have to pay back with an interest, and sometimes you don't. The situations vary based on your relationship with the lender, your current situation, and whether you are in luck or not.



These days, you may even borrow from the Internet. Just log on and seek out any type of loan that you are looking for. The websites should pop up in seconds, and after filling out the required info, you could have the money in your account in just a couple of hours, minutes even.





If you have troubles with the interest rates offered you by the persons that you are borrowing from, by all means, don't settle for it. Ask for better conditions, and if they are unwilling to cooperate, move on to someone else. It is your business they'll be losing, your money you'll be conserving.



The United States is full of financial services providers, both large and not large. Some are even likely to be personalized to you. When you need to borrow, start with them, what you are familiar with. Only if you don't like what you get should there need you bother with others.





It will be wise for you to shop around town or the Internet for the best firm or facility to borrow from. A lot of first offers may look juicy and final, but I bet if you look closer you will find something better. That is the kind of loan you should take: the type you are comfortable with.



You do have a number of genuine needs as we all do, but you want to know that they warrant a loan before you borrow money to service them. In addition, you should see that the loan is capable of paying for itself. Anything short of that defeats the purpose of the borrowing.





You could take a personal loan for an emergency; anyone would understand that. Except that should have had insurance to handle that in the first place. In any case, however hard you try, you are bound to come to those instances when a loan is the only thing that can bail you out. Be grateful that the facilities are as close by as they are today.





Sometimes you don't really want to borrow, but you have to. The bills are all around you all up to your ears, and you can't seem to catch a break. The loan might have a catch or two, but you can deal with them. Don't think too long about it; plan only for the pay back. You may take that loan.



How many of the folks out there driving fancy cars and living in fancy homes do you think paid for all of these luxuries from out of their own pockets? You'd be surprised to learn that less than one percent of them did; the rest just did loans and some are still even trying to pay them back. Isn't it high time you stopped thinking like a defeatist? Go get a loan, will ya?



Loans sometimes work for refinancing or to consolidate your debts. The way it works is for you to draw up some monthly plan and stick to it. Work that out with someone in your bank or credit company so that they don't swallow you when - if - you fault in your payments.





Loans are meant to help you solve long and short-term financial problems of any magnitude. Even if you think that your situation is unique, let the bank package something equally unique for you. Don't hold back to the point that you can do nothing else useful.

About the Author:

Get additional information, visit Bail Me Out Fast

A Credit Debt Solution For Free!

By John Kelly

If you find yourself in a great deal of credit card debt, the last thing you will want to do, is spend money on a credit debt solution.

Fortunately there are steps that you can take to get rid of your debt. The first and biggest is a change in the way you do your planning and budget.

If credit card debt is getting you down and you truly want to make a difference in your life, without going back to the same old bad habits you will want to find a credit debt solution straight away.

How to do it

The first thing you will want to do is look at your spending habits and find out where the money went. A credit card can easily land you in debt as it is very easy to use money you can't see.

A credit card is essential for some things like car rental, however most people buy a lot of things on their credit cards that are not essential.

The best thing to do is to include these small items that you are buying in your budget and not to rely on your credit card.

Now that you have done this, for your free credit debt solution you are going to want to find some credit card debt reduction software that you can download for free. This is going to help you with your budgeting and show you different ideas of where you could be putting money away or putting money towards your card to pay it off.

There are a lot of great free credit debt solution calculators and other tools for Excel that you can find, and which are really going to make this whole process as easy on you as possible.

About the Author:

Frank Stevens is author of How To Fix My Debt, a blog that review and recommend the best and quickest way out of debt, for anyone that find themselves overwhelmed. Visit Johns blog if you are looking for a credit debt solution. Visit the Uber Article Directory to get a totally unique version of this article for reprint.

Credit Ramifications and Loan Modifications

By Anthony M. Flores

If you are in foreclosure and have high mortgage payments, a loan modification may be a blessing for you. You may qualify for a loan modification and relieve yourself of a lot of misery being in foreclosure.

There may be credit ramifications during the foreclosure process.

Lenders are very unforgiving to loan defaulters who do not pay their home loans back.

If you have a high credit ranking and your loan goes past 30 days, expect a drop of up to one hundred points on your credit score.

Your credit score will not be affected if you are current while doing a loan modification. However, if you allow your payment to lapse it may drop your credit score. A drop in your credit may reduce your chances of getting better credit offers in the future.

On a positive note, if you are thinking of a loan modification program, then it may surely help you to achieve your goal of lowering your monthly household bills.

The objective of a loan modification is to lower your payments to be manageable and slowly put you in a position to increase your credit score by making your payments on time every month. Most loan modifications are fixed for a period of two to five years. This period of time is perfect amounts of time to get you caught up and reestablish your credit at the same time.

A late payment does not have the long term credit implications like a short sale or credit counseling.

A loan modification is a sure fire way to help you preserve your credit rating and reduce your mortgage payment. Contact your local loan modification company to see if you qualify today. Make sure that you properly research the loan modification company that you plan on working with. Some important documents to gather include, your last two years tax returns, w-2s for the last two years, recent bank statements, last two pay stubs, a hardship letter and a financial statement that lists all of your monthly expenses minus your monthly income.

About the Author:

Modified Mortgage Solutions is an expert in loan modification processing, and an authority in loan modification processing questions.Please contact us with any questions.

Well-ordered Mortgage Interest Rates Are Affordable.

By Jim Scott

These days there are several types of mortgages that one can easily get confused to which one to choose. Well, to avoid any such confusion one can easily log on to the famous mortgage websites of the town and get detailed information from there. This is one of the easiest ways to gather knowledge. One has to understand the rules and regulations of the various mortgage types and how he/she can be benefited from it at the maximum.

The various types of mortgages which one can decide to deal with are Endowment mortgage, Repayment mortgage; Interest only mortgage, Basic home mortgage, Balloon mortgage, Bimonthly mortgage, Biweekly mortgage and many more. One has to be very cautious while going through the various mortgage processes. Although all the mortgage types are beneficial, but because each individuals needs are different, he/she decide it according to the necessity.

It is not that because his/her friend or a relative had selected a particular mortgage, so even he/she should go in for the same. One of my friends is a rich businessman. He has a passion to increase his property whenever he gets an opportunity. Gradually he has made up two houses and two shops because he has two children. Now he is deciding to buy a shop and a house for himself. So he decided to go in for the biweekly mortgage because he could easily afford to repay the mortgage company the amount.

The Affordable Mortgage Rates are not only reasonably priced but also convenient for the borrowers to clear out the debts in simple procedures. Of course one has to think about his/her budget before going in for a new property. There is no sense in buying a property if one cannot pay the installments to the mortgage company. It is always advisable to take ample of information about the facts, rules and regulations before buying anything. There are so many websites these days which offer complete information along with the current market rates of the property.

I had to choose the Mortgage Rates Calgary which would be easy for me to pay. After getting the entire details from the website and even from the Fixed Home Mortgage Company, I was satisfied and decided to proceed enthusiastically. I chose the Home Mortgage Rates so that I could continue with the dealing conveniently. My friend had also accompanied me and he also helped me out.

About the Author:

Find the best mortgage rates online for all your financing needs at Jim Scott's site for Home Mortgages, and Best Mortgage Rates.

Bad Credit Mortgage Things You Should Do

By Phil Fowler

If you have horrible credit and are looking for bad credit mortgage loans that are available, there are a several things that you should be doing while hunting. Without doing these must do items, you will surely fail in your goals of being approved to purchase or refinance a home.

Credit checking and repairing is essential to your ability to qualify for a loan. Just like brushing your teeth to keep your teeth clean and healthy, there are things you must do to keep your credit strong and healthy.

We are not telling you to pull a credit report every month, but do it at least once a year. Just like a regular doctors check up to see if anything is wrong, a credit checkup can save you many horrible problems. One growing problem is identity theft and fraud. Checking your credit report is the best way to know if someone has stolen your identity. Checking your credit will also help you see what accounts are being shown and accounted for on the credit report.

Next help your credits health is by nourishing it and taking care of it. How do you nourish a credit score and credit history? When planting a tree you need some essential things for it to grow. Credit is exactly the same way as far as how it grows and takes root. Credit scores raise naturally every 6 months if proper care and nourishment has been given.

To help your credit score take root, make sure you are making monthly payments on time and every single month, do not open new credit accounts, and make sure to be paying down high credit balances, and DO NOT close any open credit accounts. Too often people pay things off and close accounts. What you are essentially doing is plucking a beautiful flower from its stem.

As you can see there are a few things you can do to help your credit out to help you get a mortgage loan.

About the Author:

Phil writes about fha and collections on your report and about fha income calculation for self employment

Credit Score Repair Basics

By Rob Kosberg

Here are some basic tips and credit score repair tips that will allow you to maintain your credit report and protect your financial future.

All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied a loan and realize that we must repair it or if we have been a victim of identity theft. Below you will find what is typically on your credit report and some precautions you can take to prevent identity theft from happening.

The first thing you want to do is to obtain copies of your credit report. One report will not do because each credit report could have different information on you. You must receive a copy from each of the three major credit-reporting agencies. Legally, you are entitled to one free copy of your report from each company, once a year. You should also look into monitoring your Fico score so that you can really gauge things, but you do not have to go that far if you do not want to. However, it is the Fico score and everything reported on you that determine whether lenders will work with you and at what cost if they do.

The reports will have several sections. Know that there will not be personal or private information about your race, net worth, or salary included. There will be the usual identifiers such as name, address, and social security number in the first section. There will be a section related to any trade lines. These lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each trade line was opened, limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.

If you have liens or judgments against you with the court system, this information will be found on your credit report as well. This would include taxes, divorces, judgments, and bankruptcies.

Any time you apply for a loan or charge card there will be an inquiry made to the reporting agencies. Your report will include not only these inquiries but inquiries by you. Inquiries normally remain for 2 years. Be aware of your inquiries as they can be a good early warning sign if someone is attempting to get credit in your name.

Of course, there is no hiding that it is important to make sure that your credit report is cleaned up and stays that way. Each piece of negative information that is reported on you will remain on your report for seven years. Bankruptcies will remain for ten years.

It is important that we obtain and seriously review our reports to be aware of differences on each one, locate any and all errors. It is up to each individual to monitor his/her own profile, fix errors, and repair, if necessary.

About the Author:

With never before seen challenges in the credit markets its more important than ever to have excellent credit. For more information check out Rob Kosbergs' Complete no cost Report on Maintaining and Repairing your Credit Score by going to credit score repair for your no cost information. You may also visit Increase credit score for a Report on Raising your Credit Score.

Loan Modifications to Help Restructure Existing Loans

By Dianne Logan

From the start of the mortgage crisis and the follow-up credit crisis, the US administration and Treasury have take positive steps to control the situation and put the plug on US banks and financial institutions going kaput. In the latest initiative the US Treasury has committed another US$486 million to make housing affordable in the states of Alabama, Connecticut, Massachusetts, New Hampshire and other states. Beginning March 4, 2009 trial loan modification program will be offered to homeowners.

The program elements for this mortgage modification include guidelines on reduction of monthly payments, Service incentive payments and one time bonus incentives. The administration and Treasury are of the opinion that these new initiatives will spur a growth in loan modifications and stabilize the housing market. However, every servicer who wants to avail of this new program will have to enter into an agreement with the department to avail these new incentives no later than December 31, 2009.

It is important that all stakeholders need to make this program a success. The lenders and investors, borrowers and servicers have taken note of this important program to ensure that the trial run and subsequent acceptance into the Home Affordable Modification program happens seamlessly. In May 2009, there were 300, 000 + foreclosures in the US which shows that it will still be sometime before the US housing markets stabilize. Therefore loan modifications become an integral part of preventing foreclosure. House owners should note that loan modifications are complex calculations and they should approach the right loan modification service agency to check out various options.

Loan modification programs have certain eligibility criteria and borrowers should be aware of them. In the March 2009 program, the mortgage to be modified must have initiated before January 1, 2009. Similarly, new borrowers will be accepted into this program till December 31, 2012. The payment program will continue for a period of 5 years and monitoring will continue till the end of the Program. It is important for borrowers and lenders to understand that the modification program initiated by the Treasury is to help both lenders and borrowers come out of their present crisis. It will help lending institutions from going kaput and it will help individuals to repay their mortgages in a way which is suitable for them. The treasury will bear the cost of financing the program and paying financial institutions the deficit of the mortgage.

While working with the service provider on a Mortgage Modification program, borrowers can capitalize any fees or other charges associated with the program in the new principal amount. This will help them to minimize any fund outflow from their accounts. There are many other charges some of which can be capitalized and some may not be capitalized within the new program. Service providers who offer loan modification programs need to devise the best strategies for the borrower based upon their financial conditions. This will help the individual to get the best deal, the lender to recover the outstanding and fulfill the Governments objective of the entire program.

About the Author:

For more information on Loan Modification programs and Mortgage Modification Programs Visit BlownMortgage.com

Debt Consolidation Loan -Some Valuable Facts!

By Antwan White

A debt consolidation loan is a helpful tool, to many people. Using it correctly is a must though.

Because it is a loan, you are taking on a new line of credit. Misuse it and you could add more debt to the lot you already have

Debt Consolidation Loan Video

Use it correctly and you could save money, pay down your debt faster and be able to improve your credit standing.

What Is A Consolidation Loan?

A debt consolidation loan is one that is designed to help you pay off the lines of credit you have by forming a new loan.

For example, if you have four credit cards, the new loan will be used to pay off the four of them, making just one larger loan.

When looking at a debt consolidation loan; it pays to consult trusted professionals as a risk free way to achieve the best possible outcome. Most consolidation loans are based on a fixed interest rate that is added each month to the loan.

When selecting this type of loan, there are several considerations you'll need to make. Look for a lower interest rate than you are currently paying on your credit cards. Be sure you qualify for the loan. Most of these loans need to have collateral available to be given to you, such as your home's equity.

Determine what the monthly payment on the loan will be, and be sure you can make that payment without a problem. Check out the fees. You always want to keep yearly fees to a very minimum

If selected correctly, these loans can help you. With a lower interest rate, you should be able to save money by not paying as much in interest payments. If you can pay more money on the loan each month, you'll be able to pay off your debt faster, too. Do be careful about the repayment, though.

If you don't pay off your debt on time, and pay more than the minimum each month, you could be putting yourself into a costly situation for the long and short term. Consolidation loans can be difficult to get, especially those that are not based on asset value.

Lenders are leery about lending money to those borrowers that have poor credit without some valuable asset backing them up.

But, it is often considered a very risky business to pay down your high interest rate credit cards with a home equity loan, simply because you are tying up your unsecured debt with an asset. Weigh your options here closely.

Making The Biggest Mistake If you are struggling with debt and hope that these consolidation loans will help you get out, you need to avoid the biggest mistake you can possibly make. That is using your now paid off credit cards again. Because the consolidation loan will pay off your current credit cards, any open cards can be used again.

But, doing so puts you even further into debt. Remember, just because you have paid them off with a new loan doesn't mean your debt has disappeared.

In fact, it is still waiting for you! Many people make the mistake of paying off the credit cards with these loans only to use credit cards again, putting themselves in perhaps the worst situation possible.

If you are considering a debt consolidation loan, look for the best one available to you. You need a low interest rate and a fixed monthly payment. You need to pay more than the minimum each month to get out of this debt.

You definitely don't want to use the credit cards you've paid off again. Manage your debt carefully and these loans will work ideally for you. Don't do this, and you could have twice as much debt quickly.

About the Author:

RealCase is the internet's leading authority on debt consolidation help and advice. For more free and reliable information on debt consolidation loan, we suggest you visit RealCase today. Their trusted and dependable advice will help you quickly and begin getting your finances in order.

Fix Your Credit Report And Return To Sound Financial Health

By Rob Kosberg

It is important that everyone make an effort to fix credit report imperfections in order to help them appear more financially reliable. The reason why this is so important is because at any given time, a person's credit score can effect several areas of their life. People should fix credit report issues so they can live a life free of financial worry.

Chances are that if you have applied for a job recently, you had to sign a part of the application giving the company permission to run a credit check. The reason why employers do this is to get a good idea of the kind of person they might be about to hire. If your credit report reveals a lot of bad standings, then some employers may not view you as being a reliable employee until you take action to fix credit report issues.

A poor credit score also makes it difficult or even impossible to secure a mortgage or other types of loan. Almost every area of your life is affected for good or for ill by the state of your credit rating. If you need to fix credit report problems, the first step is to order a free credit report. You're entitled to one credit report per year free of charge and you can even obtain reports which list the information held by all three of the major credit reporting bureaus.

Once you obtain a copy of your free report, it is time to begin your credit score repair. The higher you can get your score, the better. The only way to raise your score and fix credit report problems is to take a close look at everything on your credit report. Make sure all of the information is correct before doing anything at all.

Start with your name and address; it's surprising how common it is to have even these essential details listed incorrectly on your credit report. From there, go down the list and look carefully at all of the negative items listed there. If you see something which seems to be listed in error, contact the credit bureau at once to let them know. Credit bureaus make mistakes too; and they don't know that an item is inaccurate unless you contact them to let them know. If you want to fix credit report errors, you need to check your credit report regularly.

The more negative items that collect on your credit report, the longer it is going to take to repair your score. It may seem as if everything is crashing down on you as far as your finances go, but it is highly recommended to fix credit report problems now before things get really bad. Just about everything shows up on a person's credit report.

When you pay a bill late, it usually is listed on your credit report. Past due accounts of amounts even as low as $5 can hurt your credit rating. It may not seem like much of an issue, but it is. We're not always in total control of our finances, especially when times are tough. However, everyone can and should work to fix credit report problems and try to take back the reins financially.

When you fix credit report issues, your improved financial state will make you able to receive financing for a home, vehicle or other expenses. Take your efforts to fix credit report problems a little at a time, setting aside weekly payments which fit into your budget realistically and soon enough, your credit score will start to rise.

About the Author:

With unprecedented challenges in the credit markets it?s more crucial than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Report on Maintaining and Repairing your Credit Score by going to Credit Score Repair for your FREE information. You may also visit Increase Credit Score for a Report on Raising your Credit Score.

The Truth About Getting Out Of Debt

By Dean Byler

The most talked about topic in the world today is 'debt'. Virtually everyone; either directly or indirectly, as most of them see it as a nightmare. With high mortgage rates, high interest rates and an increase in day to day bills; any person's dream would be to get debt free.

When the going gets tough, how can a person actually get debt free? For individuals who are trying to get out of their pool of debt, small things can matter, like watching your credit card spending, paying bills on time, thinking twice before buying stuff and many more minor adjustments.

If you want to get debt free, then cutting down on your expenditures can help a lot in the long run. Many people see credit cards as a life saver. When you don't have the exact amount of money you need to purchase something you've always wanted, a credit card can be really handy.

But what most of these credit card holders forget is that what they are using is actually credit and not their own money. So the more you use the card, the more debt you will be faced with.

To sidestep electronic paying systems and to get debt free early in the month simple routines can help. One way is to pay the bills early. If you are already having a lot of bills that needs to be paid, don't exceed your limit and worsen your situation.

The new 38 inch TV does look cool. But can you afford it? The next minute you'll that find half of your salary has vanished paying off something you brought home months ago. Oh and yes, the TV's price has gone down ridiculously, and you're forgetting the interest that's being paid to the bank as well as the dealer. Buying what you can afford is quite an easy way to get debt free fast.

Saving for a rainy day is fine, but it won't really matter if you aren't debt free. If your loans and credit card debt have gone beyond the line of no return all your savings are useless. Making sure that you save as twice as much you borrow will save you one day, and these days' people need all the help they can get.

Sometimes people tend to use their credit card to purchase their morning coffee. Spending even the slightest amount can increase in hundreds. So get debt free by purchasing your coffee with the money you have, instead of using a credit card to make the purchase.

About the Author:

Author Dean Byler is interested in just about everything dealing with finances and how to manage them. Learn more about Government Debt Consolidation Loans at his blog which deals with Credit Card Debt and other financial matters.