Saturday, December 18, 2010

Mortgage and Loans - Mortgage Refinance, Home Loans

Mortgage and Loans - Mortgage Refinance, Home Loans

Coping with Personal Debt

Posted: 18 Dec 2010 05:50 AM PST

Think you’re facing difficulties paying your debts? Will you be getting dunning notices from creditors? Are your accounts being surrended to collectors? Are you currently worried about having your home repossessed or your car?

If you are receiving collection notices or having difficulty making your house or car payment, you’re not alone. Whether the crisis is a result of illness, loss of employment or maybe overspending, it may be overwhelming. Do not let your plight go from bad to worse through inaction.

Consider:

  • Realistic budgeting
  • Credit counseling from a reputable organization
  • Debt consolidation
  • Bankruptcy

How do you know what will work best for you? It depends on your level of debt, your level of discipline along with your prospects for future years.

Contacting Your Creditors

Speak to your creditors immediately if you are having trouble balancing the household budget. Explain why it’s difficult for you, and then try to figure out a modified payment plan that reduces your payments to some more manageable level.

Dealing with Debt Collectors

The Fair Debt Collection Practices Act dictates how and when a debt collector may contact you. They may not:

  • Call you before 8 a.m. or after 9 p.m.
  • Call you at work if the collector knows that your employer doesn’t approve of the calls
  • Harass or threaten you
  • Make false statements
  • Use unfair practices, such as deposit a post-dated check, when they try to collect a debt

Debt collectors must honor a written request from you to stop further contact.

Developing a Budget

Taking control of your state commences with a realistic assessment of your respective budget: The amount that comes in and just how much is spent each and every month. Obviously, common sense tells us we need to spend only as much as we earn in pay, but it often fails to work out this way particularly if a crisis arises.

Recording all your expenses – fixed and variable – is a good way to track spending patterns and remove things that aren’t as important as rent, car, utilities, food, etc.

Credit Counseling

You may consider contacting a credit counselor in case your debts are overwhelming you and can’t figure out how to solve it yourself.

Creditors could be willing to accept reduced payments by entering a debt repayment plan with a reputable company. In these plans, you deposit money every month with the service who then pays your creditors.

Successful plans require regular, timely payments and could take 48 months (four years) or higher to complete. Some agencies charge a tiny fee or nothing for managing your finances. Others charge a monthly fee that can accumulate over time. You will also find credit guidance services which are partly funded by creditors so you might not have to pay a fee.

While a debt repayment plan can eliminate a lot of the stress that originates from combating creditors and overdue bills, that doesn’t mean you can forget about your debts. You still are accountable for:

Paying any creditors whose debts are not included in the plan
Reviewing monthly statements from your creditors to make sure your payments have been received
Making sure that your billing statements reflect any agreement your creditors made to lower or eliminate interest and finance charges, or waive late fees

A debt repayment plan doesn’t erase your negative credit ranking. Accurate details about your accounts usually stays in your credit report for about seven years. A demonstrated pattern oftimely payments, however, will allow you to get credit in the future.

Auto and Home Loans

Debt repayment plans usually coverunsecured debt. Your auto and home loan, which can be considered secured debt, will not be included. You need to keep making payments to these creditors directly.

Most automobile financing agreements allow a creditor to take your car any time you are in default. No notice is essential. If your car is repossessed, you may have to pay the total balance due on the loan, and also towing and storage costs, to get it back. If you fail to do this, the creditor may sell the automobile. In the event you see default approaching, you may be better off selling the car yourself and paying down your debt: you’d avoid the added costs of repossession and a negative entry on your credit report.

When you get behind on your mortgage, get hold of your lender immediately to stop foreclosure. Most lenders are willing to work with you when they believe you’re acting in good faith and also the situation is temporary. Some lenders may reduce or suspend your repayments for awhile. Once you resume regular payments, though, you might have to repay yet another amount toward the past due total. Other lenders may agree to change the terms of the mortgage by extending the repayment period to scale back the monthly debt.

For help with an Augusta GA chapter 7 bankruptcy, contact an Augusta Georgia bankruptcy law firm. An Augusta Georgia bankruptcy attorney could give you the help you need.

The Link Between Estate Planning and Life Insurance

Posted: 18 Dec 2010 03:49 AM PST

NAIFA President Terry Headley on the use of life insurance for estate planning, particularly for the rich.

President Obama Signs Tax Cuts and Unemployment Insurance Legislation

Posted: 18 Dec 2010 03:49 AM PST

The President signs the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, providing tax cuts and unemployment insurance extensions to help middle-class families. December 17, 2010.

GERALYN LUCAS presents OUCH / TAKE THE “I AM” PLEDGE

Posted: 18 Dec 2010 03:45 AM PST

TAKE THE “I AM” PLEDGE on Geralyn’s website: www.whyiworelipstick.com Then listen to a special message from Dr. Marisa Weiss, Founder of breastcancer.org and get more information on mammograms www.breastcancer.org Cant afford a mammogram? There are options call 800-ACS-2345 Video Co-Sponsored by: The Bra-ha-ha A Seriously Uplifting Experience brahaha.org and Cosabella cosabella.com Video Produced by Rachel Webster, Creative Director of Captain & The Fox Productions www.captainandthefox.com Please read this message from Dr. Marisa Weiss about task force guidelines for mammograms. www.breastcancer.org XOXO

Wells Fargo’s Mortgage Madness

Posted: 18 Dec 2010 01:26 AM PST

Ely and Co. President Bert Ely on the growing battle between America’s big banks and community lenders.

How long can an insurance company take to settle a stolen property claim?

Posted: 17 Dec 2010 11:15 AM PST

I had items stolen from my car. How long can the insurance company take to settle the claim? I submitted a list of items and the original cost. This is in New Mexico. Thanks.

Posted by Blogku at 7:18 AM

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