Accepting foreclosureHello, everyone. Today’s topic is an interesting. If you’re renting an apartment or a house, you won’t have to worry about the possibility of this happening to you anytime soon. If you own your house, hopefully, you have the funds to pay the mortgage each month continuously. If you are having problems paying your mortgage, you may get to a point where you eventually have to face foreclosure. If foreclosure is looming on the horizon, now is the time to kick it into gear.  Just because you’ve had trouble making payments doesn’t mean you have to lose your home. There’s an excellent chance you can avoid foreclosure. There are three things you can try before accepting foreclosure.

Re-Amortization or repayment plans

If you still have a good source of income but have just fallen behind on your payments, a re-amortization plan or repayment plan can help. Their plans are predicated on you being able to make all your payments in the future. That means that the loan as a whole works for you, but you just couldn’t pay temporarily due to financial hardship. The way it works is your lender basically, wraps all your overdue payments into your old loan, then re-amortizes (redistributes) those accounts over the course of the loan. Once you’re past due payments are re-amortized, you can continue making your payments as normal.

Another similar option is a repayment plan. Instead of re-amortizing your back payments, you and your lender could just work on a repayment plan of some sort. This will be a little tougher for you because the back payments will be distributed over a shorter time, say three years instead of 20 years. It is easier to sell the lender on that than re-amortization.

Loan Modification

The next thing that you should look into is a loan modification. What if you just can’t afford your loan in its current condition at all? Your lender may still be willing to work with you. In this case, you will need to rework your loan from the ground up entirely. Different monthly payments, different length or the loan, possible a different interest rate and payment terms. A loan modification goal is to take your existing loan and transform it into something that makes more sense for your financial situation. There are several companies that you can choose from. Lending Tree, Quicken Loans, and Greenlight Loans are three of them that you can choose from.

Short sale, deed in lieu

Finally, if you really can’t continue to afford your home, you can still avoid foreclosure by working with your bank in an amicable way. One way to do this is to help them find a buyer. If you can find a buyer for the home, the bank may be willing to accept the buyers bid and forgive any additional amount you’d owe the bank. This is called a short sale. With short sales, the price is usually set by the agent, and the seller, not the bank Lowball offers get slow or no response.

Another option is to do a “deed in lieu.” This is where you just give the bank the house. In exchange, the bank releases you from the mortgage. This helps the bank avoid the trouble of having to actually foreclose on the house. Both a short sale and a deed in lieu will have a severely adverse impact on your credit.

Great Stock Market Tips

by Jason Butler on January 18, 2017 · 3 comments

Great Stock Market TipsThe stock market is something that many people want to get into. Before you spend your hard-earned money, you should do a little research first. It can be hard to figure out where to get started. By reading today’s article, you can get some good advice on what you should know before giving this type of investing a chance.

Diversify

Avoid placing all of your eggs in one basket. If you put all of your money into one or two stocks and those stocks fail, you have lost everything. If you choose to diversify, you will have stocks in many different areas to turn to. That will give you a more diverse portfolio that you can see gains from. You should also diversify your holdings. By investing your money in various sectors and investment vehicles, you limit the risk of losing money. It is wise to invest in a combination of stocks, bonds, and cash vehicles with the allocations varying depending on your age and your comfort level about risks.

Shop around

If you are investing in the stock market, be sure to shop around on the front and back load fees in addition to any other fees. Depending on the type of trading you plan to participate in, fees can eat away quickly at your at your earnings. Compare the rates of many investment companies before making your decision.

What do you want?

Before you decide how much you want to invest in the stock market, take some time to figure out what you want your investments to do for you. Are you looking forward to building a retirement fund? Are you looking to make some extra income? Once you get that figured out, you will be able to decide how much you are willing to risk on the market.

Do your research

Do not blindly follow the recommendations of your investment broker without doing some due diligence of your own. Ensure that the investment is registered with the SEC and find some background information that shows how the investment has performed in the past. There have been instances of fraud whereby the info presented by the broker was fabricated.

Have an objective

Keep your adjective and time horizon in mind when choosing your stocks. If you have many years left and are saving for a retirement decades away, invest aggressively. Look at small cap growth stocks or related mutual funds. The percentage of your portfolio in the stock market should be as high as 80% if this is your personal situation.

Education

Having a good education is important when it comes to the stock market. Investors who understand basic accounting principles are much more likely to have success with trading. This does not mean you have to get an accounting degree. You just need to know the basic scoring system of how the stock market works, such as annual reports and stock history.

Terms

Learn to invest in the long-term, as well as in the short term. When you invest in stock, you should have a pretty good idea of how long it will take for the stock to gain value. A short term investment should be made if you notice a trend. However, you should make a long-term investment if you know a particular company has a good chance at beating its competitors in the next year or so.

repairing your creditHaving a personal loan application denied due to horrible credit can be a real eye opener. That happened to me in 2014. My credit was not the best. At the time, wasn’t working full-time and I was struggling financially. Thankfully, things have changed for the better. My credit score is much higher now than it was back then. Many people are in similar situations. They have bad credit, and they don’t know what to do. Improving your credit for a number of reasons can be hard. Poor credit can be hard to talk about or share with others, so it’s hard to get the kind of info you need to make a change. There is info out there if you get out of your comfort zone and look. Here are a few tips that may help you to repair your credit.

File a dispute

Sometimes the information on your credit your report can be wrong. You may need to file a dispute about an incorrect item. Be sure to include as much info as possible in your dispute. The more information the credit reporting agency has on your dispute, the faster it can be dealt with and the sooner your credit score will increase.

Consider a savings account

If you’re serious about changing your spending habits, consider opening a savings account. Most banks or credit unions offer that service for free. You set up auto deposits each month to help you get your savings started.

Become an authorized user

The third thing that you can do is ask someone close to you if they can make you an authorized user to one of their accounts. Make sure that it’s an account with a low balance compared to its limit. It should also have a perfect history of payments. Lastly, it should have been open for at least a few years. As an authorized user, the history of this card will become part of your credit history. That would give you a significant boost.

Control your emotions

When you are trying to repair your credit score, do not let yourself become depressed when you experience setbacks along the way. Your credit score might drop as you try to fix it. This does not mean that you did something wrong. Keep working at it. Your credit will eventually improve.

Review your credit reports

Order your credit reports when you get the chance. There are three different credit bureaus that you can get your report from. They are Experian, TransUnion, and Equifax. You are entitled to one free copy from each bureau, each year. Take the time to review each report for accuracy. If there is anything wrong, you should try to get it taken care of as soon as possible.

Pay off your debt

The next thing that you should is to pay off your debts. First, you need to cut back on your spending. Decide what things are needs and which things are wants. Second, negotiate with your creditors for lower monthly payment installments. Third, use the extra money to start paying off your debts. Fourth, come up with a side hustle that will generate more money. That money will help you pay the debts even quicker.  When your debts are reduced, your credit score improves.

Have you had to repair your credit before?

4 Strategies for Tackling Your Debt

January 16, 2017

Tax season is fast approaching, and you may have just become acutely aware of the debt you have accrued over the past year or years.  To recover from debt can seem like an insurmountable task.  Debt can leave you lying awake at night, wondering how you can get your head above water financially; it’s a […]

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Things You Can do to Become More Frugal

January 13, 2017

It’s still early in the New Year. Hopefully, everyone has been working on their finances this year. If you’re still struggling with saving money, I have a few things that you can do to become more frugal. These are tips that anyone can do. Cut your cable Cutting cable is one of the easiest ways to […]

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Learning How to Save Better

January 11, 2017

There was a time in my life where I had nothing in my savings account. I was bad at budgeting my money and spent it all every month. I pretty much hit rock bottom and realized that things had to change. I started saving a few bucks from each paycheck, and things began to get […]

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Swing Trading – The Simple Way

January 11, 2017

If you are a Forex Trader who needs to be away from his charts during the course of the day but you can spend some time daily monitoring the markets, swing trading might be for you. Swing trading works well for those traders in school or with full time jobs, allowing for them to study […]

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Tracking Your Finances in the New Year

January 9, 2017

Hello, Dinks. With it being the New Year, this is the perfect time for you to take your finances seriously. Many people go into the New Year wanting to change things, but they seldom do so. This is the year that you can make that change happen. If your financial habits aren’t the best, they […]

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What to Do if You Can’t Find a Full-Time Job

January 6, 2017

What’s going on Dinks? I hope the New Year is starting off right for you. Hopefully, you’re enjoying the winter and making money at your job. Unfortunately, I know a few people who lost their jobs last year. They are currently looking for employment. There are a couple of things that you should do while you’re […]

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