Posted by admin on Feb 28, 2010 in
Loans
The new housing plan announced by President Obama last week has two main parts. First, there is a $75 billion loan modification plan and, second, there is a program that helps borrowers who are not in danger of defaulting refinance their mortgage.
These are some of the key questions to ask to determine if you can benefit from the plan:
Do I have to fall behind on my loan payments to be eligible for a loan modification?
No. Borrowers must simply demonstrate that they are in danger of falling behind on their mortgage and that they don’t have sufficient income to make future mortgage payments. Borrowers with ballooning mortgage payments or interest rates that are resetting may benefit from the new plan.
What are the loan modification requirements?
To be eligible for modification under the plan, the loan must be a first mortgage on the borrower’s primary residence. Borrowers must currently be paying more than 31% of their monthly gross income toward mortgage payments. Jumbo loans that exceed Fannie or Freddie loan limits are not eligible. Ultimately, your eligibility will be determined by your mortgage lender.
What if I am “under water” and my mortgage is more than the value of my property?
As long as the amount owed on a first mortgage does not exceed 105% of the home’s current value, borrowers with limited equity can refinance into a 30-year or 15-year fixed-rate mortgage. This refinance option is open to only to borrowers with conforming loans that are owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers must show that they are current on mortgage payments and that they will be able to meet the new mortgage payments. Read more...
Tags: Bailout, Center, Help, Housing, Loan, Modification
Posted by admin on Feb 28, 2010 in
Finance 
- ISBN13: 9781578518760
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Product Description
Harvard Business Essentials Your Guide and Mentor to Doing Business Effectively In the faced-paced world of business today, everyone needs a personal resource-a place to go for advice, coaching, background information, or answers. Bosses and colleagues aren’t always available when you need them-and they might not always have the most reliable solutions to your business problems right at hand. The Harvard Business Essentials series fills the gap. Conci… More >>
Finance for Managers
Tags: Finance, Managers
Posted by admin on Feb 27, 2010 in
Credit Tips
Ads abound almost everywhere (online and off) selling books, systems and secrets to help you fix your credit in a hurry. Many of these programs have claims which read like the covers of supermarket tabloids âIn 3hrs my credit score jumped from 580 to 676!â⦠âErase bad credit and smash your debts with just 2 Magic Letters!â. âCreate a completely new credit file in 24hrs!â Are these types of claims ALWAYS too good to be true? The answer is âYes and⦠noâ.” Click Here To Read My Story and Find out…”
While many people would love for you to believe that the only thing that can fix bad credit is time; in reality⦠nothing could be further from the truth. The fact is, time is only one factor which will fix a credit report (but itâs a far cry from being the only factor). How can I back this up? Easy. Under a consumer protection law known as the Fair Credit Reporting Act (a.k.a. the FCRA) the only negative information which can remain on your credit report is not what is accurate⦠but what can be proved as such. Whatâs this mean to you?
It means any negative item on your credit report can only remain there if it is accurate and CAN BE PROVED AS ACCURATE under the guidelines of the FCRA. This undisputable fact presents consumers with both good news and bad news. The good news is that through the FCRA your credit score can most likely be improved dramatically in a very short period of time with only a modest amount of effort on your part. Read more...
Tags: About, Credit, Repair…, Truth
Posted by admin on Feb 26, 2010 in
Credit Tips
As of Jan 1, 2004 according to FCRA Act, all credit bureaus will be required to give out one free copy of credit report per year. However they are not required to give you a free copy more than one time in a year.
A free copy of credit report will help protect you and your family from any financial crisis. If you haven’t recently seen a copy of your credit report, it would be advisable you obtain a copy of your credit report as quickly as possible. It is always recommended to check your credit report at least once in six months. Now days in just a few clicks you can have access to your credit report online. Getting a free copy of your credit report has no obligations and is absolutely risk free.
You are entitled for a free copy of credit report if
• You are entitled for a free copy of credit report if you have been denied credit
• You are unemployed and intend to apply for employment within 60 days.
• If you are a public welfare assistance
• If you report has been revised
• If you credit report contains inaccurate information due to fraud or theft
To obtain a copy of your credit report you need to provide the following information in writing Read more...
Tags: copy, Credit, Free, Report