Posted by admin on May 9, 2010 in
Credit Tips Without a doubt, your home is your biggest asset, and a home equity line of credit can help you take full advantage of it. When you stop to consider how much equity your home builds up over the years, it only makes sense to use it when you need it.
A home equity loan or line of credit will help you during times when you need financial assistance. Sure, you can go to your bank and try to get a personal loan, but at what rate of interest? Same with a credit card. You can easily be looking at a 12%-18% APR on these transactions, compared to an equity loan of 6% or & 7%.
The key is in how you will be using the funds with this type of loan or credit line. They are best utilized in these types of situations:
1. Medical emergency – A home equity credit line works well during times of unexpected medical emergencies, or even a funeral. It gives you a way to get the money you need, quickly and without damaging your credit.
2. Paying off debt – If you are trying to manage and pay off debts from credit cards, loans, etc. then a home equity loan makes sense. Pay off the high interest credit cards and loans, and pay it back with a low interest loan.
3. College expense – If you have kids in school then you know how expensive college can be. Even a community college will run in the thousands every semester. Using some of the equity in your home to pay these expenses can be invaluable.
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Tags: Credit, Equity, Home, Line, Most, Tips
Posted by admin on Apr 12, 2010 in
Loans
The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Atlanta families in their homes, stabilize Atlanta’s communities and assist Atlanta homebuyers during these troubled times. Under these new home loan plans, Atlanta homeowners can:
Refinance their mortgage to a new, lower, fixed interest rate. Refinance even with declining property values. Refinance with lower income and asset verification requirements. Refinance Multiple Investment Properties.
Each of the above possibilities require that Atlanta Homeowners be current on their existing home loans. However, for those Atlanta families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can;
Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home.
Finally, for those Atlanta families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to;
Purchase beautiful Atlanta homes with credit scores as low as 580 Purchase their new dream home with no out-of-pocket money down
The U.S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Atlanta borrowers, to get back on track and improve their current financial situations.
So How Do They Work? Refinance
For Atlanta Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Atlanta Homeowners:
Read more... Tags: Atlanta, Benefit, From, Home, Homeowners, Loan, Programs
Posted by admin on Mar 17, 2010 in
Loans
A Home Loan Modification can help you stop foreclosure and stay in your home. But if youâre like most homeowners, youâre probably wondering how it will affect your credit, and whether in a good or bad way. Unfortunately, thereâs no single answerâit all depends on how far behind you are and the kind of mortgage loan modification youâll be granted.
Best-case scenarios
Technically, since youâre not borrowing any money, a home loan modification wonât hurt your credit score. If youâre paying less in interest, you have a smaller debt burden. And since most lenders prefer an interest rate reduction, thereâs a pretty good chance that a Home loan modification will improve your credit score.
The implications are even better if your lender forgives part of the principal, although this is less common. If they write off $50,000 from your loan amount, it will show up on your report as a smaller loan, which can increase your credit score.
The lender factor
Unfortunately, it doesnât always happen that way. It also depends on how your lender reports the home loan modification to the credit bureaus. Many of them will consider it paid for less than the original amount owed, which will count against your score. If youâre already in foreclosure, the impact on your credit can be substantial. Of course, compared to a short sale or a foreclosure, a Mortgage Loan Modification is still the best way to maintain your credit standing.
Tax implications
One of the early problems with Loan modification is that the amount forgiven is usually taxable. That means if your debt is reduced by $50,000, the IRS views it as income and imposes the corresponding tax. This can catch homeowners off guard during tax season, as many of them donât know the tax implications at the time of the modification.
Read more... Tags: Credit, Home, Loan, Modifications, Score
Posted by admin on Mar 9, 2010 in
Loans
Nursing home malpractice is unbelievably widespread form of abuse in the United States of America. It is consider negligence or an intentional act of abuse by a nursing home service provider; which can cause mental, physically or social harm to the resident. Around 1.5 million Americans are currently cared for in some type of nursing home or nursing care facility. Sadly abuse is common in these types of facilities and the results are a nursing home malpractice lawsuit. This can be a financial strain on the family bring forth the suit, including relocation costs of the family member, legal costs, etc. A lawsuit settlement loan is an excellent no-risk method to cover these costs.
A lawsuit settlement loan is a type of lending product, but in theory not actually a loan. It’s really considered a non-recourse debt; which is a secured loan backed by collateral. In this case, your future nursing home malpractice settlement is your collateral. The reason you can consider a settlement loan as a no-risk option is the fact that if you happen to lose your case you do not have to repay the lawsuit settlement loan. If you do win your lawsuit, the settlement loan is repaid in full, plus interest and any underwriting fees. If your family is struggling to meet the financial needs of your pending nursing home malpractice lawsuit and relocation efforts than a settlement loan might be right for you.
The approval process of a settlement loan is different from traditional loans. You aren’t required to provide your credit history, employment history or income status. The settlement loan provider will review your case; if it has merit and is a strong suit against the nursing home facility they will approve you for your settlement loan and you should receive your money with 48-72 of submitting your application. Frivolous suits against nursing home providers will not be funded; these companies do their research and will deny any settlement loan request that appears to be frivolous. Read more...
Tags: Home, Lawsuit, Lawsuits, Loans, Malpractice, Nursing, Settlement