Archive for August 30, 2010

DFWMoneyMatters | August 30, 2010
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Options to pay off your mortgage, before it hurts your credit.

Each month, many people struggle with their mortgage payments due to high interest rates that are continuously on the rise. Many people begin to find the struggle to pay their mortgage to much and end up over their heads in debt. Although many lenders will allow the borrower to take some time to catch up on payments, if the borrower does not have the money their home will be repossessed. While selling the home is an option, it could end up on the market for quite some time and the fees for solicitors and agents could begin to pile up. However, selling with a specialist company and remaining in the property by renting is an option.

Applying for a sell and rent back option is easy. All it takes is a few minutes online and after answering a few questions, a response will be given within 24 hours. After hearing if you qualify or not, you will be able to find out home much you might be able to sell your home for and, if satisfied with the price you can sell for, given a written quote. After learning how much you will be able to sell your home for, you will be given a quote of how much rent you would be paying each month to remain in your home. If there ever comes a time that you ever would like to buy back your property, you would be able to buy it back at the fixed price you were quoted at the time it was sold. This prices are fixed and will not increase over time.

For anyone who is struggling with their mortgage payments, this could be a great opportunity to pay off your mortgage before you fall behind on payments and hurt your credit rating. It will also allow your family to stay in the house they live in and save money on moving costs. This can work just as well for anyone already behind on payments. If a lender has already begun the process of taking you to Wagoner County District Court, they can then show you how to stop the process and give you some time for the sale of the property to go through.

However, the sooner that you apply for a sell and rent back option, the easier the process is. Being in debt can cause tremendous amounts of stress and can affect entire families. There are thousands of homeowners, who for a number of reasons, struggle with their mortgage payments and have fallen behind and their only option is to sell. Rather than selling and leaving the home, the sell and rent back option is much more attractive. If the owner has enough equity on the home and depending how much their is to pay off, some of the money could be used for other debts as well. There is no cost to find out whether or not this would be a good option for you, so if this sounds like a possible solution for your mortgage problems, please look into it.

Category: Credit, Foreclosures, Personal Finance | Tags: , , ,
DFWMoneyMatters | August 24, 2010
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Smart Ways To Invest Your Money Using Online Investing

Online Investing

Online Investing, Making Money

Online investing is a relatively new way for individuals to establish or build investment portfolios. Members can open new accounts, fund existing accounts, and engage in trading activities 24 hours a day, 7 days a week from the comfort of home.

Online Investing provides newbie investors with the necessary tools to become educated about the different types of investment products. Seasoned investors find online investing a convenient option which allows them to buy, trade, or sell when the stock market reveals fluctuations.

Individuals should become familiar with the various types of investment products prior to establishing an online investment account. Most of the major investment firms offer online investing tools to help clients determine which products are best suited for their personal investment goals.

Common investment products include: certificates of deposit (CDs), treasury bonds, stocks and options, life insurance annuities, mutual funds, and tax-deferred income annuities.

Some of the most recognizable investment firms offering the option to establish online accounts include: Fidelity Investments, Edward Jones, Merrill Lynch, and Charles Schwab. Each investment website offers an array of interactive tools, online webinars, and article libraries to help clients become familiar with their company and available services.

In addition to offering online tools, many investment companies also have physical locations where clients can meet with brokers to discuss their goals and develop short- and long-term investing plans. Most investment brokers offer complimentary consultations to potential clients. Consultations can take place by phone, in person, or via instant messaging systems.

Investors should take time to research each company and available products. Considerations should include the anticipated return on investment; fees associated with online investing activities; potential risks of each product; and tax consequences.

Both newbie and seasoned investors may find online investing to be intimidating. They are often concerned about security breaches, identity theft, and potential financial problems that could occur by exposing personal information. Suffice it to say that nothing is immune to computer hacking, but investment companies go to great lengths to protect their clients financial portfolios.

One reliable source for learning about security features and investment products is InvestingOnline.org. The website includes an investing simulator tool which allows visitors to buy, sell and trade virtual stocks to learn how the process works. Visitors can also take quizzes to determine their level of online investing skills and review sections which discuss how to avoid being scammed, along with tips for keeping information safe.

Everyone has their own unique approach to investing. Some people prefer to invest in one type of product. Others like to incorporate different products with profits they earn from their first investment. While other investors use two or more brokerage firms to purchase multiple products. The choice is completely up to you and what you feel comfortable doing.

Online investing has opened up a new world of opportunities and leveled the field so that everyone can capitalize on the various types of investment products. Investors who take time to become educated about the process and learn which products pay the highest return can build a strong financial portfolio that can help achieve their goals.

Category: Investing, Personal Finance | Tags: , , ,
DFWMoneyMatters | August 16, 2010
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It is Possible to Repair Your Credit after a Foreclosure

We know it sounds unbelievable, but the truth is that there is life after your underwater mortgage and there is life after foreclosure—and it’s not such a bad life after all!

Well, now the “experts” are telling dire tales about how you’ll never get credit again if you foreclose on your underwater mortgage.

We don’t know about you, but we’re not getting fooled again! At least, that’s what we decided when we realized that we were raping what was left of our savings to keep paying our mortgages even while our businesses were suffering.

So we took the foreclosures and here’s what we found—yes, your credit will take something of a hit after foreclosure. But if you plan carefully, you’ll be able to survive that hit with flying colors!

Here’s what you need to do. Once you know you want to foreclose on your underwater mortgage, start planning before you miss a payment. Will you need a new car within the next 5 years? If you’ll be able to keep up with the payments, get that car now.

The next things you can do are to apply for a mortgage modification OR hire a Realtor to list your house and negotiate a short sale on your house. You almost certainly won’t get a mortgage modification, and there’s a chance that you won’t be able to sell your house in the short sale and it will end up foreclosing anyway.

Why do these things, then? Because, while you’re in the application and the short sale processes, you can live in your current house payment-free! Think of all of the money you’ll save on mortgage payments that you can use to start your new life.

But you’ll need to do something else with that money, too—keep up with your other bills religiously. If you do that, it’s more likely that your mortgage will be seen as an aberration rather than an indication that you can’t be trusted with credit.

Remember—more than 2 million foreclosures have happened since 2007, and more are coming. With all of that company, just how likely do you think it is that a mortgage foreclosure alone is going to hold any of us back for very long.

Now, there is one thing you don’t want to do while you’re deciding what to do with your underwater mortgage and carrying through with your foreclosure. You don’t want to listen to your mortgage lender. To banking institutions and their CEOs, we are only numbers on a page.

They’ll tell you your life and your family’s lives will be over, that you’re an irresponsible deadbeat, and all sorts of other nasty things if you talk to their employees during your foreclosure! If it gets to the point that they won’t stop calling you—and it probably will—scrap your land line and invest in a pre-paid cell phone to get yourself some peace of mind.
By: Bud and Kristin Gragg
Under Creative Commons License: Attribution

Category: Bankruptcy, Credit Repair, Foreclosures | Tags: , ,
DFWMoneyMatters | August 8, 2010
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Personal Finance, The stuff that really matters, and they didn’t teach you in high school.

One thing that many high schools today fail to teach students is personal finance.

Studies have shown that many students graduate from high school without knowing the basics of personal finance. Many of these same students will shortly be sent a credit card after their graduation and because of this it is easy to see why so many people today have problems with debt and bad credit.

Broadcasting Some Bad Habits
The news and media are a part of the problem as well. We live in a society where people are constantly told that they need to borrow money in order to pay for things like cars, houses, appliances, and other large expenses. Financial experts tout the benefits of using secured loans, home loans, or other credit tools in order to pay for the things you need. The concept of saving money is rarely mentioned. Many people borrow until they realize that they’ve borrowed too much, and then it is too late. They end up debt they can’t get out of, and their credit could be ruined.

Save For Your Future
Saving money is a simple way of getting the things you want. It promotes discipline, honesty, and hard work. It is also a way of building long term wealth, especially if you put the money in an IRA, 401K, or other long term investments. It is a fact that the average American who makes $33,000 per year are guaranteed to make well over $600,000 in 20 years. The problem is, after 20 years have passed, most Americans don’t have anything to show for it. This is because they fail to save money.

Money, Money, Money
Most choose to take the easy way out and loan money from banks and credit card companies to pay for those big expenses like houses, cars, and education. These institutions will always charge interest on these loans. Consumers will never pay back what they owe. They always pay more, because interest is money that is charged on money. In effect, credit card companies become the masters, while many consumers play the role of being slaves. These institutions are guaranteed to get back more than they loan because of the interest they charge.
Because of this, it is important to save money for big purchases. Since we live in a society that is credit based, there is nothing wrong with having one or two credit cards. However, too many people end up with so many credit products that they put their financial future in danger. Saving money is a simple thing that anyone can do as long as they have a job or own their own business. You want to set goals for yourself. If you make $33,000 per year, this means that you probably make about $2,750 per month.

Imagine What You Would Do
What if you could set aside $750 of that money and save it? By the end of the year, you would have saved $9,000. Instead of carrying this balance on your credit cards, you could have it in your bank account. If you do that for another year, you would have saved $18,000. As you can see, doing this for a number of years can give you a fantastic amount of money. This is especially true if you invest a portion of it in mutual funds or other investments.

Personal Finance Training Starts at Home
Parents should teach their children about the importance of saving money while they’re young. Don’t count on the school system to do it, because it is likely they won’t. Instead of buying them something when they ask for it, why not having them do chores or jobs and then pay them? This will teach them to be mature and responsible when they are young, and when they get older they will not be prone to getting credit cards or loans in order to pay for expenses; saving money can help you avoid having bad credit.

Joe Kenny writes for credit card comparison site http://www.cardguide.co.uk, visit them today to transfer your credit card balance and start clearing credit card debt today.

Read more: http://www.articlesbase.com/finance-articles/saving-money-can-help-you-avoid-bad-credit-24412.html#ixzz0vytH4MqK
Under Creative Commons License: Attribution

Category: Personal Finance | Tags: , , ,