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realestatemarketingthisweek.com – Foreclosures the best purchase option for first time home buyers – Part 6 – In the last couple of months, 40% of all the total sales in Maricopa County were foreclosures. 40% of the total market was foreclosures and thats not including short sales, and so normally someone is doing a short sale because their bank is not willing to work with them to do the loan modification. So we could be taking 50% maybe 60% of the supply off the market and as soon as we do that we are going to start to see the bottom of this market. So right now again I think it is a fantastic time to get out there, with government intervention, its a great time to get out there and buy a house. Most people who are out there looking at homes today they have already met with a realtor or they have met with their mortgage planner or both and they are ready to get out there and go. One of the things that is still happening out there is it is still a hot buyers market. The buyer can still go buy a home that fits their needs, their families needs, that they can grow with and the seller in most cases is willing to pretty much do whatever they can as long as they get somewhere close to what they need to yield on the property. They are willing to pay all of your closing costs in almost every case and if there are some repairs that need to be done then they are willing to do those again in almost every case. It has to be of course within reason and it also has to be repairs that … First Time Home Buyer Programs Video Rating: 5 / 5
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realestatemarketingthisweek.com – Foreclosures the best purchase option for first time home buyers – Part 6 – In the last couple of months, 40% of all the total sales in Maricopa County were foreclosures. 40% of the total market was foreclosures and thats not including short sales, and so normally someone is doing a short sale because their bank is not willing to work with them to do the loan modification. So we could be taking 50% maybe 60% of the supply off the market and as soon as we do that we are going to start to see the bottom of this market. So right now again I think it is a fantastic time to get out there, with government intervention, its a great time to get out there and buy a house. Most people who are out there looking at homes today they have already met with a realtor or they have met with their mortgage planner or both and they are ready to get out there and go. One of the things that is still happening out there is it is still a hot buyers market. The buyer can still go buy a home that fits their needs, their families needs, that they can grow with and the seller in most cases is willing to pretty much do whatever they can as long as they get somewhere close to what they need to yield on the property. They are willing to pay all of your closing costs in almost every case and if there are some repairs that need to be done then they are willing to do those again in almost every case. It has to be of course within reason and it also has to be repairs that … First Time Home Buyer Programs Video Rating: 5 / 5
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In the midst of one of this countries deepest recessions comes one of it’s greatest opportunities, for new homebuyers. With mortgage rates and housing prices at an all time low, there has never been a better time to buy a new home. And The American Recovery and Reinvestment Act of 2009 has provided yet another tool to help Georgia families on the road to homeownership. Along with securing a home loan and a good real estate agent, Georgia Homebuyers should begin planning now to take advantage of a new tax credit that will supplement, or even provide, the downpayment for that new home. The following section will provide questions and answers to help new homebuyers understand how the tax credit can, and will, work for them.
Am I eligible for the tax credit? First-time home buyers purchasing any type of home—new, resale or foreclosure—are eligible for the tax credit. A home purchase must occur on or after January 1, 2009 and before December 1, 2009, to qualify for the tax credit. The qualifying purchase date is the date when closing occurs and the title to the property transfers to the new home owner. Do I qualify as a first-time home buyer? A “first-time home buyer” is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. The definition applies to the homeownership history of both the home buyer and his/her spouse, for married homebuyers. For example, if you have not owned a home in the past three years but your spouse has owned a home in that time, neither you nor your spouse may qualify for the first-time home buyer tax credit. However, unmarried joint purchasers may assign the tax credit to whichever one qualifies as a first-time homebuyer (i.e. a parent purchases a home with a son or daughter). Also, a homebuyer may still qualify as a ‘first-time’ homebuyer if the property they own is a vacation home or rental property, and not used as a principal residence. How will my tax credit be calculated? The tax credit is calculated as 10 percent of the home’s purchase price up to a maximum of ,000. Is there an income limit for the tax credit? Yes. Single taxpayers have an income limit of ,000; the limit for married taxpayers filing a joint return is 0,000. For homebuyers with a modified adjusted gross income (MAGI) of more than ,000, and filing a single tax return, and 0,000, for married homebuyers filing a joint tax return, the tax credit amount is reduced. As a final adjusted limit, the tax credit amount is reduced to zero for taxpayers with a MAGI of more than ,000 (single) or 0,000 (married) and is proportionally reduced for taxpayers with MAGIs that fall between these amounts. How do I know my “modified adjusted gross income”? As defined by the IRS, to find the Modified adjusted gross income, or MAGI, a taxpayer must first determine their “adjusted gross income” or AGI. The AGI is the total income for a year minus certain deductions, not including itemized deductions from Schedule A or personal exemptions. On Forms 1040 and 1040A, the AGI is the last number on page 1 and first number on page 2 of these forms. For Form 1040-EZ, the AGI appears on line 4 (as of the 2007 form). Please note that the AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains. The modified adjusted gross income (MAGI) is determined by adding certain amounts of foreign-earned income to the AGI . Please see IRS Form 5405 for more details. If my modified adjusted gross income (MAGI) is above the limit, can I still qualify for the tax credit? Possibly. Depending on your income, you may qualify for a partial credit of less than ,000, even though your MAGI exceeds the qualifying limits. What is an example of how the partial tax credit is determined? Assume that a married couple has an MAGI of 0,000. The qualifying income limit for the tax credit is 0,000, therefore the couple is ,000 over the limit. They would Divide ,000 by ,000 (the final adjusted limit range) which yields 0.5. They would then subtract 0.5 from 1.0, the result is 0.5. To determine the final first-time home buyer tax credit amount that is available to them, they would multiply ,000 by 0.5. The result is ,000. Or, assume that a single home buyer has a modified adjusted gross income of ,000. The home buyer’s income exceeds ,000 by ,000. They would Divide ,000 by the adjusted limit range of ,000 which yields 0.65. When they subtract 0.65 from 1.0, the result is 0.35. Multiplying ,000 by 0.35 shows that the home buyer is eligible for a partial tax credit of ,800. Please remember that you should always consult your tax advisor for information relating to your specific scenario, as these examples are intended to provide a general idea of how the tax credit might be applied in different instances. How is this home buyer tax credit different from the tax credit that was enacted in July of 2008? The most significant difference is that this tax credit does not have to be repaid. The previous “credit” was in effect an interest-free loan. This new tax incentive is a true tax credit. However, and this is very important, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Although certain exceptions apply. How do I claim the tax credit? Is there a form or application to fill out? Claiming the tax credit is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date. Is the tax credit only for certain types of homes? Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. Principal residence is defined identically to the method used to determine whether you may qualify for the 0,000 / 0,000 capital gain tax exclusion for principal residences. What does it mean that the tax credit is “refundable”? The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit. For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of ,000 and had tax withholding of ,000 for the year, then without the tax credit the taxpayer would owe the IRS ,000 on April 15th. Suppose now that the taxpayer qualified for the ,000 home buyer tax credit. As a result, the taxpayer would receive a check for ,000 (,000 minus the ,000 owed). If I have already filed to receive the ,500 tax credit on my 2008 tax returns, for a home I purchased in early 2009, can I submit a claim for the new ,000 tax credit instead? Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly. Do I still qualify for the tax credit if I hired a contractor to construct a home on a lot that I already own? Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. If I finance the purchase of my home under a mortgage revenue bond (MRB) program, can I still claim the tax credit? Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program. Can I claim the tax credit even if I am not a U.S. citizen? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519. Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes ,000 in income taxes and who receives an ,000 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes ,000 in income taxes. If the taxpayer receives an ,000 deduction, the taxpayer’s tax liability would be reduced by ,200 (15 percent of ,000), or lowered from ,000 to ,800. Can I claim this tax credit for a home I purchased in 2008? No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information. If I am in the home buying process, can I access the tax credit money before I file my 2009 tax return? Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties. Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this. If I purchase a home in early 2009, can I choose whether to use the 2008 or 2009 tax credit, depending on which amount is the largest? Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.
For more information on how the federal tax credit can help make your first home a reality, please contact us via email, with your contact information and desired goal. Or, complete a brief online application.
Georgia Loan Pro is making homes affordable for individuals and families through our the South. We are offering assistance to homewoners, and buyers, in
Florida Bad Credit Mortgage, 97% W 530 FICO, Florida Bad Credit home loan
The Federal Housing Administration (FHA) runs several FHA Bad Credit mortgage programs to promote home ownership in Florida. In most cases, Bad Credit FHA home loans are mortgages obtained with the help of the FHA. With a small down payment today only 3.5%, Florida Bad Credit homebuyers buyers can purchase a home. FHA loans make it easier for Florida Bad Credit homebuyers to qualify for a Florida Bad Credit mortgage,
Minimal Down Payment and Closing Costs.
Down payment less than 3.5% of Sales Price 100% Financing options available No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.
Getting a Florida bad creidt Mortgage with isn’t as easy as it was a year or two ago. However, it isn’t as impossible as some news reports make it seem. Even Bad Credit Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. Most Florida Bad Credit mortgage applicants and Refinance clients do so with the help of a skilled and experienced Florida mortgage lender who specializes in Florida FHA bad credit home mortgages to Refinance or Purchase a Florida home
For the Florida Bad Credit home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Most Florida mortgage applicants didn’t know this but FHA has No minimum credit score requirements. Its the Florida FHA approved mortgage lenders that set minimum credit score requirements. At FHAmortgageprograms.com we can go down to a 530 FICO score when most Florida banks and other Mortgage lenders require a minimum 620 FICO. Some highlights of the Florida Bad Credit FHA mortgage program include:
Minimal Down Payment and Closing costs.
Down payment less than 3.5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Purchases (Min 530 score)
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
Additional Conditions include:
12 month cancelled checks or Management VOR Must have 3 good recent trade lines Can you ALT CREDIT such as Cable, Cell phone, Electric, Cable, Car Insurance, ect. Payment shock limited to 1.5 times 33/45 DTI max No late’s or collection in last 12 months NO late’s after BK
Bad Credit Florida first time home buyers and other borrowers, the FHA home loans can have key advantages:
Easy Qualification – The FHA loan has No minimum Credit score requirement and insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.
Minimal Down payment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Down payment assistance programs that work well with Florida FHA home loans.
Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!
Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.
Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.
Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan.
FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.
FHA Loans for Bad Credit Florida Mortgage Applicants
If you have what is known in general as bad credit, and you are trying to obtain a home loan in Florida, then we encourage you to work with an experienced Florida Mortgage Lender with a track record of funding even the most difficult bad credit Florida mortgage loans.
As a bad credit FHA mortgage specialist we have been helping borrowers with bad credit find the right lenders, gather their loan documents, and present complete Bad credit loan packages to Florida bad credit lenders for over a decade. Our technique really comes down to understanding what a Florida Bad credit underwriter is looking for and putting together a complete and thorough Bad Credit loan package.
For some Florida mortgage applicants , it’s the only way to get a Bad credit lender to say yes to a home loan. This is especially the case for a borrower with Florida bad credit mortgage issues.
At FHAmortgagePrograms.com, we know that a temporary set back like a job loss or car accident can leave you with damaged credit even though you have worked hard to meet all of your financial obligations for most of a lifetime. This episode can affect credit ratings quickly and adversely affect the loan process when applying for your Florida Bad Credit mortgage.
We feel the Florida mortgage applicant with less than perfect credit is the one who benefits the most from working with an experienced Florida mortgage lender. A good Florida mortgage lender knows which lenders have the best programs for borrowers with poor credit and knows how to present an application truthfully and ethically in the strongest light possible. No, we won’t exaggerate or misrepresent the facts on your behalf; however, we will work to properly represent you and explain why the situation you are in exists.
Your credit report is the key factor for many of the Florida Bad Credit mortgages we offer, but it is not the only factor. With an experienced Bad Credit Florida Mortgage professional from FHA mortgage programs working on your behalf, you may be pleasantly surprised at the Florida bad credit home loan quote you get from our network of quality Florida mortgage lenders.
We can help you take an objective look at your Florida home loan options regardless of your past credit history. Our experienced mortgage pros are very skilled at examining your credit report. And our Florida bad credit home loan specialists are happy to offer you free advice on how to clean up your credit report in preparation for your home loan process.
For some FLoirda bad credit mortgage applicants, the hardest lifting takes place weeks before the mortgage application. It’s never too soon to pay down collections or settle some old judgments to incease your score and purchase a FLorida home. If you have a weak credit report but want to get a Florida mortgage or refinance your existing one, now is the time to get started. As you can see FHA mortgage loans offer Florida mortgage applicants that have had difficulty in the past the ability to qualify for a Florida mortgage.
It’s actually better for borrowers with bad credit right now than it was before 1990. Before 1990, if a borrower did not qualify for a conventional or government loan, he or she was out of home loan options. The emergence of lenders willing to serve those with poor credit has been a godsend for the borrower who recognizes that a Florida bad credit home loan is a temporary loan.
Used properly with good financial planning, a subprime home loan serves the bad credit borrower for 2-4 years while he or she demonstrates the discipline to pay financial obligations on time. Once the healthier financial pattern yields a higher middle credit score, the borrower can apply for a government insured FHA home mortgage or a fixed rate conventional mortgage.
Even for mortgage borrowers with bad credit, 1st Continental Mortgage has found ways to secure financing for a decade.
30 year fixed rate mortgages for persons with damaged credit to purchase homes; Fixed rate mortgages with one, three, or five year Interest Only periods; Limited opportunities on loans for purchasing or refinancing single and doublewide Mobile Homes on land for buyers with low FICO scores in Polk County and the other Florida counties we serve; A range of Jumbo and Super Jumbo home loans for those borrowers seeking to purchase executive homes
Acorn has been helping illegal aliens receive home loans for years. Finally the media is catching on that the government is complicit in helping the loans to go through. First Time Home Buyer Programs Video Rating: 4 / 5
Tax Credit For Home Buyer Has Enabled the Owners Buy a House
Tax credit for the home buyers has given the homeowners as well as first time buyers an opportunity to purchase a new house. The ,000 tax credit is for the first time buyers and ,500 is for those who already own a primary residence and have plans to change it. However, before you start calculating, you should find out whether you are eligible to receive the ,500 credit or not. The basic requirements are that you have been living in your present house for at least five out of past eight years and your total household income should be less than 5,000 for singles and 5,000 for married couples.
Even though you can buy any house, the total cost price should not exceed 0,000. You will have to make the new home your primary residence, and at the same time you cannot sell your present home. Many people are trying to take the benefit of these ,500 or ,000 as they are completely free, and they don’t have to relay them to the Federal government. In fact, this is the best time to buy a house if you qualify and fulfill the requirements issued by the government.
The prices are low, the interest rate on home loans has gone down, and in addition you are being benefited with the tax credit. It is not necessary that you will have to buy only a new house, you can also take the benefit of the tax credit home buyer program and buy a resale house, keeping in mind it is not from any of your family members.
Your score is a numerical rating based on factors that are measured by your willingness to repay loans. The score is calculated from the information that is in your profile which is a record of all your credit activities. This score predicts your credit performance, which means the higher your score, the better credit risk you are.
The FICO score is the most popular credit scoring system developed. You may obtain your FICO score from any of the three main credit reporting agencies Click Here (it is advisable to monitor all three to ensure current and accurate data ): Equifax (800) 685-1111 Experian (888) 397-3742) Trans Union (800) 916-8800
Since the credit score is derived from a credit history, there must be a minimum history in order to get an accurate score. Before a credit report Click Here to download yours now can be obtained, you must have a minimum of one account that has been open for at least six months, and current activity within the most recent six months.
Credit history is very important to be eligible to apply for a mortgage loan. If your score is low, there are ways that it can be raised, but not in a short amount of time. It is important to create credit habits that will make sure your credit score stays high at the time that you need it. What are some of the factors that are considered in your credit score?
The credit score is only interested in a borrower’s willingness to pay back the loan. It predicts the likelihood that the loan will get repaid based on the accumulation of the borrower’s past performance and current standing. Such information as savings, income or demographic data like nationality, race, religion, marital status, and gender are specifically left out of the credit profile. It is not meant to measure the borrower’s ability to repay the loan. For that, the lender looks at your debt-to-income ratio .
Credit reports track both positive and negative activity in your credit history. It tracks when you make your payments, your balances, the length of the history and the type of credit you have. The number of inquiries and and legal action will also show up, such as bankruptcy or a lawsuit. Late payments can reduce your score, but current payments can increase it.
Different weights are assigned to factors that are considered. Such as FICO assigns 35% of your score to your payment history, 30% to your debt level, 15% to the length of time of of you history, 15% to the type of loans you have and 5% to your credit score requests, which measure your level of pursuit after new credit.
Your credit score is used to consider you in most applications for credit, loans and mortgages, even insurance or employment. It is very important to maintain a high score and ensure your report is accurate.
How can you raise your score? Raising it takes time, you can raise it by as much as 50 points per year by carefully managing your credit. You should develop positive credit habits to promote good credit history. Make sure you pay everything on time, even your utility bills. Make sure you check all three credit bureaus to make sure everything is accurate, make sure you do not max out your cards, leave an available balance. Obtain all reports annually and make any corrections in writing. Click Here to get your score. You should always continue to re-establish your credit, even after a bankruptcy. Most lenders are concerned more about what happens after this derogatory incident. Continue to monitor all reports and make sure all your corrections are in writing.
During hard times, when debt builds up and becomes overwhelming, it can be very difficult to keep up with bills. If you fall behind on bond payments, however, the results can be devastating. It is very likely you will lose your property. However, there is hope for people who find themselves caught in this predicament.
Falling behind on bond payments, however, can be devastating. You could lose your property. There is hope, though, for those who find themselves in this tough situation.
June 1st, 2007, is when the National Credit Act went into effect, and Debt Review was set into motion. If you have financially over-extended yourself, this program is intended to offer help. It provides a means for restructuring your debt, with the eventual aim to be satisfactorily meeting outstanding financial commitments and credit agreements.
Debt Counseling is one option. This is sometimes called Debt Review. Originally, it was developed to help consumers who could not handle their credit agreements and basic living expenses. With this program, a debt counselor parleys with all the consumer’s creditors, for reduced monthly repayments. Once a debt counselor has established contact with these creditors, they cannot take legal action against you. On behalf of the consumer, the debt counselor negotiates with creditors. They work out reduced monthly repayments, as well as reduced interest rates. Debt counselors usually charge a fee.
Debt settlement is another option. This solution involves negotiating with creditors and credit card companies, to settle on an amount of money to be paid, to consider the account paid in full. Most creditors are willing to settle, even if they do not get all their money. They know that if bankruptcy is filed, they receive nothing.
Debt consolidation is another option to consider. This necessitates taking out a loan to pay off your consolidated debts. Usually this gives the consumer a smaller interest rate to deal with, and means there is just one monthly payment, as opposed to paying each creditor separately.
The biggest concern when you are in bond arrears, is repossession. An illness or layoff can easily cause a consumer to fall behind in their monthly bond payments. This can, and often does, result in the loss of property, as the bank will foreclose. One way to avoid foreclosure is to sell the property to creditors. At least that prevents it from undergoing repossession. It really is very important, especially in today’s financial climate, to be prepared for emergencies.
Repossession is the real concern, if you are in bond arrears. An illness or layoff can put you behind in bond payments, and that can mean you lose the property when the bank forecloses. You could sell your property to investors, which prevents it from going through repossession. In today’s economical climate, it really is very important to be prepared for emergencies.
One way to protect yourself is to get a Bond Payment Protection Plan. This type of policy protects and covers your bond payment, in the event of an unforeseen problem. So, if you are unable to make your payment because of illness or unemployment, the insurance company assumes the payment. If you make use of this option, check pertinent provisions in your policy. You will want to make sure you understand exactly what is covered, and under what conditions.
You’ve probably seen the many advertisements that promise, a free credit report. You may have asked yourself, how is it possible for all these companies to offer these attractive free services? The answer is, like a lot of things; there is a catch. The catch, of course, isn’t an obvious one, when it comes time to sign up for a free credit report. What many of these unscrupulous companies do is they get you signed up for a free credit report first. Many consumers are finding out the hard way that they have been taken with things like recurring billing and the like. This is how a large number of companies offering free credit reports make their money.
Fortunately, there is a solution to this. Due to numerous consumer complaints the government has provided a resource that allows you to get a truly free credit report. By going to annualcreditreport dot com you can get a free credit report, thanks to our government. The only drawback, however, is that you can only get one free credit report once a year from each of the three credit reporting bureaus.
So, you may be asking, why is it important first time home buyer to get a free credit report? Your credit report shows a complete history of your credit. In some cases, this is gratifying, and others it is disturbing. Regardless of how great you think your credit is it’s always a good idea to check your credit. With identity theft on the rise, checking your credit regularly is more importance than ever. Getting a free credit report, the right way, doesn’t cost you a thing. What it does for you is allow you to see if there are any issues on your credit history. This can be particularly important for the first time home buyer. If you have unresolved issues looming on your credit report it could negatively affect your credit score, resulting in a higher mortgage rate. And assuming that getting the lowest rate on your mortgage is important, you’ll want to make sure your credit is squeaky clean.
It is not at all uncommon for individuals to find mistakes on their credit report. These mistakes can be cleared up, relatively easily with your creditors. You may have an unresolved bill that’s holding your credit down. Even the smallest of unpaid bills can have a negative affect on your credit. All these things can go unresolved if you’re not on top or credit report. Discovering these issues helps in the process of improving your credit so that you get the lowest interest rate possible on your home loan.
Things are hard enough the first time home buyer. You have to come up with a large down payment. You have two get approved for a loan. You have to cover closing costs. The list goes on. Getting your credit straightened out is one of the easiest ways to get on track for the first time home buyer.
After you make sure you have no credit issues, or you get any unresolved issues straightened out, you’ve taken the all-important first step. There are many first time home buyer programs available. Some allow for lower down payments or lower interest rates when it comes to buying your first home. You can withdraw money from qualified plans early if you’re a first time home buyer. There are even some grants in specific states available. Do some homework and be sure to take advantage of these programs, it can save you substantially. And with the cost of real estate, and just how hard it is to be a first time home buyer, you’ll need every advantage you can get.
If you’re a First Time Home Buyer looking to buy your first home you can visit the site for more details. For more on how to get a Free Credit Report you can get more specifics on that as well.
From 2005 onwards the sale of Payment Protection Insurance (PPI) has been regulated by the Financial Services Authority (FSA). The FSA created a set of rules that are very clear and dictate what firms and advisers selling payment protection should do and say at the time of sale. Misold or miselling a police can occur if the advisor fails to adhere to these rules.
If you have a credit agreement in place and where not made aware by the advisor of the following terms when you took out your payment protection insurance then there is the distinct possibility that the PPI you have could have been misold to you:
Your advisor should have made you aware of the following information:
The advisor should make it clear whether the PPI is optional or not
The advisor should also make you aware of any policy exclusions and then check whether any of these exclusions apply to you.
The advisor should make the costs of the agreement clear, and whether the PPI would then be paid by one single payment, or by regular installments.
If the policy was a single premium policy, then the advisor should have made you aware that the cost of the policy would then be added to the loan or finance agreement and that interest would then be applicable on the policy.
If the policy expires before you finish paying for the loan or finance agreement, then the advisor should make you aware that this was the case.
You will also need to know the exclusion and exemptions associated with the agreement so that you are in a position to fully understand what you are agreeing to. If at any point the advisor has failed to mention any of these points than you have a case of mis-selling a policy.
The FSA set out their rules so that they are they clear and concise. The FSA state that you must be given enough information to allow you to make an informed decision at the time you sign up and agree to your PPI. You will need to be armed with this information so that you can fully understand and calculate the costs of the PPI including interest rates and rates of repayments.
There are many experts out there to help you Claim PPI contact Donns LLP to Claimback PPI.
