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  • $6 Billion in Government Money, Auto Loans and GMAC
    GMAC’S receives $6 Billion in aid money from the government and you would think this would open the door to more auto loans to consumers. You might be right. In October 2008 GMAC changed their policy on the demographic to which they will lend their money to by raising the minimum credit score for an auto [...]
    [December 31st, 2008]
  • Home Prices Continue To Fall
    According to CNN.com, the S&P/Case Shiller Home Price Index declined 18 percent in October from a year earlier. Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University, and Karl Case, an economics professor at Wellesley College, created the home-price index based on research from the 1980s. “The bear market continues; home prices [...]
    [December 30th, 2008]
  • Online P2P Personal Loans Are Popular but Face Regulators
    The amount of money being borrowed through online personal loans could total nearly $6 billion by 2010, according to CBS News. Online lending sites like Lending Club and Virgin Money are growing because more people are seeking peer-to-peer (P2P) loans as an alternative to applying at banks. Many banks have tightened lending standards so much that [...]
    [December 29th, 2008]
  • 5 Tips to improve your credit score
    Improve your credit score by making payments on time 35% of your credit score comes from making your monthly payments on time.  Make a list of each credit card or installment loan payment due date and put those dates on a calendar to remind you each month.  The bill collectors do not care if your monthly statement [...]
    [December 29th, 2008]
  • Three Ways You Can Use Your Home Equity Line of Credit
    One of the advantages of owning a home is that you can tap into your home’s equity for your growing needs. Fortunately, a home equity line of credit makes accessing these funds even easier than ever. Compared to refinancing your home loan or a traditional second mortgage, the flexibility of a home equity line of [...]
    [December 29th, 2008]
  • Fannie and Freddie Agree to New Appraisal Guidelines
    Fannie Mae and Freddie Mac have agreed on a revised code of conduct that aims to improve the reliability of appraisals on mortgage loans purchased by the two home funding companies. The agreement is a compromise between New York Attorney General Andrew Cuomo, lenders, and regulators. The goal of the plan is to prevent lenders and loan [...]
    [December 29th, 2008]
  • Payday Loans Not Demonized: Industry Shocked
    The Los Angeles Times chose Christmas eve to run a story about payday loans. But, for once, it was not the sort of attack piece on the industry that the serious press so often carries.
    [December 27th, 2008]
  • How to Choose the Right Online Payday Loan
    Online payday loans are quickly gaining popularity among the Internet generation. Consumers that need quick cash for unexpected expenses can skip the face-to-face and get right to the offer. The Payday Loan Reform Law polices online lenders to ensure that they are treating the customer fairly. Despite these protections, you’re still responsible for verifying the [...]
    [December 26th, 2008]
  • Little Relief for Jumbo Mortgage Rates
    Although mortgage rates have declined in recent weeks, borrowers in expensive regions like San Francisco and New York don’t appear to be benefitting much. Data from BanxQuote, a financial data firm, showed that the average 30-year fixed rate for a jumbo mortgage above $729,750 was almost 2 percentage points higher than the typical loan rate. Earlier this week, [...]
    [December 26th, 2008]
  • Debt Consolidation Companies: What Exactly Do They Do?
    Basically, what a bad credit consolidation company does is that it acts as your mediator. Your first contact with a non-profit debt consolidation company, will be speaking with a Certified Credit Counselor. They talk to your creditors and try to lower both your interest rates and monthly payments. They will ask you several questions about [...]
    [December 26th, 2008]
  • Unemployed and Need a Loan: A How-To Guide
    Unemployed people are in a bind because they need a personal loan but often, because they’re unemployed, can’t get one. While this is understandable from a lending perspective–how is the loan going to be paid back, if no job income is coming in?–it can be devastating to an unemployed person who needs a personal loan. Here [...]
    [December 24th, 2008]
  • Home Values Took A Dive In November
    According to the National Association of Realtors, existing home sales fell 8.6 percent to a seasonally adjusted 4.49 million units in November compared with October. Relative to the same period a year ago, sales were down 10.6 percent. The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November [...]
    [December 24th, 2008]
  • Automaker Loan: Opinions and Projections
    When GM and Chrysler first approached congress about their cash crisis and looking for financial support, Americans overwhelmingly opposed the idea.  Times have changed, Americans are now in full support of the idea and have a 63% approval rate on the $13.4 billion in aid and 65% think that a bankrupt automaker would further damage [...]
    [December 23rd, 2008]
  • The Realities About Bad Credit Debt Consolidation
    There are some companies who legitimately want to help people with bad credit consolidate their debt. These companies usually charge a reasonable up-front fee, avoid making extravagant claims and will offer professional references upon request.  They will provide sound advice and not promise a quick fix solution but rather a plan to solve the debt [...]
    [December 23rd, 2008]
  • When do I lock in an interest rate on my mortgage refinance?
    Mortgage interest rates are declining As mortgage interest rates come down, mortgage applications have gone up.  It looks like it is time to refinance! This is great news for homeowners who may have been struggling to pay their mortgages.  Usually, there are closing costs associated with doing a refinance.  You want to get the maximum benefit of those costs by [...]
    [December 22nd, 2008]
  • Fed Rate Cut Doesn’t Mean It Will Be Easier to Get a Personal Loan
    The latest Federal Reserve rate cut to a range as low as zero isn’t expected to have much effect on consumers right away, but could start to have an impact on some types of lending as early as the first quarter of next year. The Fed plans to buy up mortgage, credit card, and student [...]
    [December 22nd, 2008]
  • How To Decide Between a Traditional Second Mortgage and a Home Equity Line of Credit
    Whether you’re purchasing your first home or refinancing your existing mortgage, choosing a second mortgage can be a difficult decision. The two basic choices will be a traditional second mortgage and a home equity line of credit. Each has their own benefits, but here are a few things to consider to help ease your decision. Benefits [...]
    [December 22nd, 2008]
  • Student Loan Consolidation: Three Things to Think About
    As times get tougher, it makes sense to look closely at every area of expenditure. For many, student debt is a real burden. So consolidating student loans may be an excellent idea. But it is important to do a little homework first.
    [December 22nd, 2008]
  • What about the $2.6 Trillion in Consumer Debt?
    It’s amazing to think about that number, $2.6 Trillion!  That is a whole lot of dough and there are households all over the US that are in the red. It is no surprise that we are seeing a flood of debt consolidation companies flooding the advertising scene, both online and offline.  The promise of financial freedom [...]
    [December 20th, 2008]
  • More Homeowners Expected to Be Underwater on Mortgages in 2009
    About 12 million homeowners owe more on their mortgage loans than their house is worth, almost twice the number at the end of 2007. Economy.com predicts that number will rise to around 14.6 million next year as home values are expected to fall another 10%. Some states have been hit harder than others. About 50% [...]
    [December 19th, 2008]
  • IRS Wants To Help Distressed Homeowners
    The Internal Revenue Service (IRS) recently announced a new process to assist homeowners having difficulty refinancing their mortgage or selling their home due to a federal tax lien. In most cases, a consumer with a federal tax lien will be unable to refinance their mortgage. The new lender will not move forward with a transaction in [...]
    [December 18th, 2008]
  • Three Things You Can Do to Obtain a Lower Interest Rate on a Personal Loan
    With the Federal Reserve lowering interest rates to near zero percent, many consumers are surprised when they apply for a loan, that the rates offered are not substantially lower than the last time they applied. This is especially true of personal loans, such as auto and credit cards. This is the reality of today’s credit markets [...]
    [December 18th, 2008]
  • Payday Loans: The Top 4 Techniques for Playing It Safe
    With the bad rap that payday loans have gotten over the past few years, you might get the impression that they’re to be avoided altogether. Nothing could be further from the truth. The principles regarding payday loans are very similar to the ones that govern any type of lending agreement. Find a reputable lender. Know [...]
    [December 17th, 2008]
  • When the Fed Lowers Rates that Means Lower Interest Rates, Right?
    Is normally good news to have a lower Fed Funds Rate because it is good for consumers, since car loans, student loans and credit card rates are influenced by the prime rate, which is generally 3 percentage points higher than the fed funds rate. The global financial crisis has left banks weak and with little appetite [...]
    [December 17th, 2008]
  • Payday Loans: An Uncertain Future
    Payday loans are, right now, a state’s issue. In other words, it’s up to each of the 50 states to decide whether–and to what extent–to regulate such borrowing. But all that may soon change.
    [December 17th, 2008]
  • Watch Out for Personal Loan Scams
    Banks have gotten very strict with who they will extend personal loans to, so be wary of lenders who make outrageous claims about loan products. Scammers are working overtime to take advantage of desperate people looking for a way to solve their financial problems. Many of these scammers target people through emails. They may offer mortgage [...]
    [December 16th, 2008]
  • Federal Funds Rate Hits Historic Low
    The Federal Reserve just released great news for homeowners with home equity lines of credit. They have established a target rate of between 0 percent and .25 percent. Prior to the announcement, the rate stood at 1 percent. This marks the first time the target for the federal funds rate has been set below 1 [...]
    [December 16th, 2008]
  • How to buy a home after foreclosure, short sale, or bankruptcy
    How soon after a foreclosure, short sale, or bankruptcy until I can buy another house?  This is the question I am asked more than any other these days.  The dramatic downturn in the economy has left many homeowners who had recently done a move up or purchased their first home to go into foreclosure, short [...]
    [December 15th, 2008]
  • 6 Ways to Shop For Your Home Equity Line Of Credit
    1. Forget Rate, Think Margin The interest rate on a Home Equity Line of Credit [HELOC] is typically calculated by the Prime Rate plus margin. In most advertisements or commercials, you’ll most likely see an interest rate instead of the actual margin. But, the margin is what you should be focusing on. The prime rate is [...]
    [December 14th, 2008]
  • Homeowners Helped by Mortgage Modifications Have Re-defaulted
    It looks like many of the homeowners who were helped earlier this year through mortgage modification programs are in trouble again, according to a report by the Office of the Comptroller of the Currency. In the first half of 2008 mortgage lenders helped about 200,000 borrowers by modifying the terms of their mortgages. The report says [...]
    [December 12th, 2008]
  • A Rush to Debt Consolidation Through Refinancing
    It’s been overshadowed in the news lately but mortgage interest rates are very low.  You are seeing rates as low as 2003 and there has been a flood of loan applications. According to the New York Times, mortgage refinance applications consisted 69% of all mortgage applications during the first week of December 2008. Excellent rates were the [...]
    [December 12th, 2008]
  • Debt Consolidation–Three Reasons Why It Can Be a Good Move
    Debt consolidation does not always get a good press. And there are good reasons for that. It does not suit all borrowers, and for some it can be a bad choice. However, for others debt consolidation can be an excellent way of reducing the monthly cost and worry of problem indebtedness.
    [December 12th, 2008]
  • Fannie and Freddie May Say Goodbye To Appraisals
    It’s been reported by Bloomberg.com that Fannie Mae and Freddie Mac are both considering a plan to allow homeowners to refinance their mortgage without the need for a new appraisal. Government officials are hoping that such a plan could help many homeowners unable to obtain loan modifications from their current mortgage companies.
    [December 11th, 2008]
  • Payday Loans Boosted As Bank Charges Exposed
    Payday Loans Often Cheaper than Bank Overdraft A report published last month suggests that a payday loan may sometimes be cheaper than a bank overdraft.
    [December 11th, 2008]
  • Lack of Home Equity May Lead To Modification Failure
    An article written by Luke Mullins of U.S. News & World Report outlines six reasons recent loan modifications have been defaulting in staggering numbers. According to John Dugan, Comptroller of the Currency, 58 percent of borrowers who received a modification had defaulted within eight months. The second reason listed in the article is referred to as [...]
    [December 10th, 2008]
  • Online Payday Loans Are Risky
    Payday loans are illegal in some states, but that hasn’t stopped some online lenders from offering them to residents of those states. The Consumer Federation of American has a map to help you find out whether payday loans are illegal in your state. No matter how difficult it is for you financially, you are better [...]
    [December 9th, 2008]
  • Modifying your Mortgage Debt and Still No Impact
    An AP report came out this morning claiming that more than half of the homeowners who modified their loan are in default yet again. Ok so all those workout plans and the effort put into keeping homes out of foreclosure, is it all for not? The new data raise questions about whether government money may be better [...]
    [December 9th, 2008]
  • Number of Delinquent Mortgages Could Double Next Year
    TransUnion LLC said it expects the number of delinquent mortgages in the U.S. to double next year, according to the Wall Street Journal. That will be the highest rate of delinquencies in about 16 years. After analyzing about 27 million customer records, the credit bureau estimated that by the fourth quarter of 2009 about 7.17% of [...]
    [December 5th, 2008]
  • How Desperate are Auto Makers to Sell Cars?
    The headlines are unavoidable, the financial numbers are enormous in scope and sales of new cars are down dramatically from a year ago. It’s not a big secret, the auto makers are getting desperate and that could spell opportunity for you. According to Edmunds.com there are a variety of incentive programs available for most makes and models.  [...]
    [December 5th, 2008]
  • Home Refinance Applications Spike
    During the week of Thanksgiving, the Market Composite Index increased 112.1 percent on a seasonally adjusted basis from one week earlier. The Market Composite Index measures residential mortgage loan application volume. “Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period when the GSEs were placed under conservatorship,” said Orawin [...]
    [December 4th, 2008]
  • Payday Loans Industry May Face Tougher Regulation in Missouri
    Lawmakers in Missouri look set to review the state’s legislation governing payday loans.
    [December 4th, 2008]
  • Auto Sales Slip and Auto Loans Follow!
    If you haven’t noticed, the auto industry isn’t showing consumers that they are doing very well these days.  This poor performance on the side of auto industry has really put a damper on consumer confidence which has caused a sever decrease in auto sales as a whole, leading to a decrease in auto loans. Bloomberg.com reported [...]
    [December 3rd, 2008]
  • Home Values Continue Their Decline
    It was recently reported via the Standard and Poor’s Case-Shiller Home Price Index that home prices dropped 17.4% in September from a year earlier. The U.S. real estate market is experiencing the largest drop in value since the Great Depression. Record foreclosures, an oversupply of homes for sale, increasing unemployment, and tighter lending guidelines are contributing [...]
    [December 2nd, 2008]
  • Debt Collection Business Is Booming in Sour Economy
    The debt collection business is booming as more people fall behind on payments for personal loans and types of debt. Each year debt collectors put more than $40 billion back into the U.S. economy, according to ACA International, a trade group for the debt collection industry. According to CNN Money, growth of debt collections of [...]
    [December 2nd, 2008]
  • The Mother of All Auto Loans
    Well the Big 3 automakers are standing in line with some other big names to get their piece of the bailout pie.  Maybe they thought they were just going to give the money away without rules or limitations but that surely isn’t the case. The bail out wasn’t designed to help the auto industry but the [...]
    [December 1st, 2008]
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