Contact your lender
One of the first steps in successfully avoiding foreclosure is to call your lender. They may have loss mitigation options that they can discuss with you. Keep in mind that lenders are not in the business of owning real estate and it is in their best interest to come up with ways to help you keep your home including loan modification if necessary.
Understand your rights
Consumers often do not understand their rights when it comes to foreclosure. In addition to the written notification of foreclosure, consumers can and should, ask for their original loan documents if they do not have a copy of them. This will help a homeowner better determine what loss mitigation options might be available to them. Lenders are required by law to provide these documents if they are requested.
Create a profit and loss statement
When you are interested in discussing a potential loan modification with your lender, make sure that you gather the necessary documents. These will often include your most recent pay stubs, proof of other income as well as a complete list of all assets and liabilities. Create your profit and loss
Bridging finance products are a relatively unknown and complicated area of property finance but once understood it can be easy to see that the facility provided has many benefits over traditional forms of finance provided by the high-street banks.
So what are bridging loans? Bridging loans are financial products used mainly by property developers as a short-term facility that can be actioned quickly to raise finance on a property asset. The loan is usually secured as a first or second charge on the asset in question and should only be obtained for a short-time period with a clear cut exit to repay the loan.
Bridging facility products can be far more riskier and cost a lot more to take out than high street finance and most people go down the bridging finance route when their banks simply will not lend on the terms they wish, bad credit situation, or if you want to buy a poor condition below market value property for a property investment for which you would be unable to get a high-street mortgage.
Bridging products are offered as a loan against the value (LTV) of your property, with most companies offering the
These types of loans offer another advantage: quick closing. In most cases the loan application and approval process takes about fifteen minutes, and often less. Some other types of loans (especially loans from banks) can take days (maybe even weeks!) to get approved, adding to the overall frustration of the loan process.
Low Amount Loans
Many loan companies offer loans in amounts as low as $100; this is unheard of in other types of bank loans, where the minimum loan is $1,000 or more. This is great news for people who need only $200- because they don’t have to add up all that additional interest that comes from the higher monetary value that was loaned. So the end result is that you only borrow the money amount that you need, and are not stuck having to pay interest on money that you don’t want or need. This means more savings for you!
Determining the Collateral Value
During the application process, the lender examines the vehicle, to estimate the value of the vehicle. This means that the better the overall condition that the vehicle is in, the higher the potential of the
Anyone can apply for help, however some of the Loans and Grants (Community Care Grants and Budgeting Loans) that are available are only for those who are claiming income related or means tested benefits like Jobseekers Allowance, Income Support or Employment Support Allowance, and who have been claiming these benefits without any breaks for 26 weeks or more.
Crisis Loans are available to anyone who resides in the UK and who has found themselves without income, and without any way to provide form themselves or their family. You can apply for a Crisis loan even if you are working, however you will need to demonstrate that you have no other way of meeting your immediate need, this may include asking for a salary advance or Loan from the Bank.
There are two ways to apply for a Crisis Loan, you can either make a paper application using a SF510 form that is issued by the Department of Work and Pensions and can be collected at your local Job Centre or you can make a telephone application.
A paper application usually takes two weeks to be processed, and is generally recommended if you are applying form
One of the most desirable options by homeowners is a loan modification. However, there is much to learn about modifications and some homeowners may not benefit to the extent they think. Although loan modifications are designed to lower payments by reducing principals, lowering interest rates or extending the life of the loan, the modification offered isn’t always significant enough to keep a homeowner out of danger. Lender are often hesitant to approve modifications, especially if the homeowner has already missed a payment or the home is worth less than what is owed. Even if a lender does approve a homeowner, the reduction in payment may not be enough to prevent the risk of default and foreclosure in the long run. For homeowners to benefit from a modification, they need to review how each type of outcome could affect their payment and request the greatest reduction.
As the more preferred option by lenders, refinancing a mortgage can lower the monthly payment for homeowners. However, refinancing isn’t for those who have already missed a payment or at risk of default. Why? Because refinancing a mortgage comes with additional closing costs on the new loan,
- Loan Amount – A more expensive home will have a larger loan amount unless you can make a large down payment. The higher your down payment – the lower your monthly mortgage payment.
- Interest Rate – Rate can greatly impact your monthly mortgage payment. On larger loan amounts a half percent can make a big difference. For example a $650,000 at 6% over 30 years has a payment of $3,897 principal and interest per month. That same loan at 5.5% has a payment of $3,690. That is a savings of over $200 per month by simply lowering your rate by half a percent!
- Term – The length of a loan can also make a huge difference in monthly payment. Borrowers that have extra money may want to have a 15 year loan in order to pay off a home sooner. For families that want to buy their dream home without tightening the budget there are 40 year terms available. In the scenario above the term was for 30 years. If the term was changed to 40 years the payment goes down to $3,352 at 5.5%. That is $500 less than the original quote!
By extending the loan term
There are a lot of instances wherein debt is unavoidable. Of course you can always save up for it but if you want to buy a home, it will take years to completely save up for that! If you need a home now, simply get a loan so you can buy it and any rental expense that you used to make can be put aside for your monthly amortization.
But before to take on that much needed debt, there are several things that you have to consider – the most important of course, are the three factors that we mentioned at the beginning of this article.
So what are the other considerations that will allow you to take on debt the smart way?
Of course, the usual method is to check how much you can afford to add to your debt payments. But that is not only how you prepare for your debts smartly. You need to consider how you want to live your life beyond this debt. While you really have to base your loan on your current income and expenses, you have to look at your future as well. In a few years,
Google AdWords is another way to ensure that you appear on the top of the results page. You have to choose and bid on keywords and depending on how much you bid, whenever someone searches for the keyword, your ad will appear on the side of the page in the Sponsored Results section. Selecting the right keyword is essential and you can use various tools, such as the Google Keyword Tool to help you in the selection.
You can even market your product or services through email marketing. In this method, you build a list of contacts, or subscribers and you regularly send them emails with relevant information. You keep them updated through your mails and eventually, they might even buy your products or services. In this manner, you are always in contact with your potential clients and you use email to attract them to your services.
If you do not have any product to sell, you can help other people to sell their products or services. With affiliate marketing, you basically agree to advertise other people’s products on your website for a certain fee that varies.
After finding out that the Canadian penny went out of circulation in the fall because it costs more to make than it’s worth, I wanted to see if the same issue had ever come up regarding the US penny. I was a bit surprised to find out that it’s quite a hot topic among Americans. During my research, I was even more surprised to learn that many people leaving comments on various websites regarding the penny debate didn’t know some important facts about our country’s history. For example, some people don’t want to get rid of the penny because that would be dishonoring former President Abe Lincoln, not knowing he is also featured on the $5 bill. Another example along the same lines was that some suggested giving Lincoln a memorial somewhere, not knowing there is a very popular Lincoln Memorial in Washington D.C.
As I continued my research, one piece of information in particular was difficult to verify – how much does it cost to mint the penny? I saw prices range from.81 of a cent to 1.23 cents to as high as 3 cents. According to penny related articles on Time Business & Money, Bloomberg
Paying-off debts can seem as a never-ending cycle UNLESS, you start making more conscious decisions; starting out small, then working your way up to greater decisions. Making well informed decisions of not spending $24 to $36 per month on coffee, and applying those funds to your credit cards, student loans, or mortgage etc., will yield results of lowering the amount you pay in interest i.e. the higher the balance owed on a debt, that is attached to an interest rate, the higher amount you will pay in interest, and again, that’s wasting money unnecessarily. These are some of the things that can affect how soon you reach financial freedom.
Financial freedom is not just being free of debt, but it is encompassed by the ability of releasing yourself of unnecessary stress related to your finances. Financial freedom is also about being able to live life and not just exist; being able to take that vacation you have always dreamed of, being able to spend more time with your friends, and family. The ability to expand on who you are as an individual i.e. it could mean having more time to volunteer