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Archive for April, 2010

A Few Facts And Fallacies About Foreclosure

There are many misunderstandings concerning the issue of foreclosure. Unfortunately these misconceptions have lead many homeowners to take all the wrong actions in trying to stop the foreclosure process which ultimately caused them to lose their homes. Below are a few of the myths that seem to persist regarding bank foreclosures.

The bank wants your house so they can resell it.
Nothing could be further from the truth.

The bank almost never wants your house; they want the money you owe along with interest. Typically banks usually hate going through the foreclosure process and will bend over backwards to work with homeowners in avoiding a foreclosure.

The bank won’t my payments. I’m all out of options.

The bank wants you to bring your payments current. Period. Remember they are in the money business. The interest on your loan is their lifeblood. All is not lost however. If this isn’t practical for you then a mortgage negotiation professional can set up a plan for you to pay just a portion of the arrears set a plan to pay future current payments and catch up on the remaining arrears over time.

The foreclosure notice was delivered today; I have to start packing

Depending on your state of residence you may have a very long foreclosure process. This may give you several months if not longer to move. Remember that you have to find a new place to live because eventually you will be physically removed.

I’m in foreclosure no bank will refinance me out of this foreclosure

This depends on the amount of equity in the home and its Loan To Value ratio. If that ratio is right there are specialty lenders who will pay off your current lender and hold the note.

I’ll just file bankruptcy and save the house

For starters this isn’t as easy as it once was. Bankruptcy laws are getting tighter and deliberately more difficult. A chapter 7 bankruptcy will stop the home foreclosure on a temporarily. The caveat is you need to do something else to keep the house in the long run if you are facing foreclosure.

The bank has our house so we can wash our hands of the whole affair.

This assumption has come back to haunt many people. If there is a deficiency you may still owe the difference plus any interest even though you no longer own the home.

I pulled off a minor miracle and got all the money I owe the bank to bring me current but I’m afraid it’s too late to stop the foreclosure process.

Wrong. In most states if you have all of the money you owe the bank they have to take it and stop the foreclosure. It is the law and besides the bank doesn’t really want the house back in the first place.

My house is gone and I can never buy it back.

There may be hope. Some states have redemption rights where they can keep the house if they can pay the bank off in full principal and arrears within a limited time period.

They get to keep all my stuff once they take the house.

The rule of thumb here is if you can carry it away it’s yours. You keep your personal property but permanent attachments to the house should stay. Dont turn it into an issue by taking everything from floor to ceiling. That will just insure trouble.

The bank started this process. They can’t expect me to pay legal fees.

They do and you will if you want to keep the house. The amount will vary depending on what is contained in your mortgage agreement.

There’s nobody to help me stop my home foreclosure

In this you have more help at your fingertips than you might imagine. Many methods and many professionals can help you avoid foreclosure.

These are a few of the rumors out there involving foreclosure. The best advice is to contact a foreclosure prevention specialist and allow them to handle the process.

About the writer:nbsp;nbsp;Free consultation on how to stopforeclosure. A plan for stopping foreclosure whether they want to try to keep or sell their home. Information and contacts of people/organizations thatcan help them avoid foreclosure.Learn more at http://www.SaveMeFromForeclosure.com.

Credit Cards – Resisting The Plastic Temptation And Using Credit Alternatives

Credit cards. Theyre either the bane of your existence or they spend most of their time resting peacefully in your wallet untouched and building your credit score. Credit cards are enticing pieces of plastic that feel like free money in your pocket but they can be very damaging to your credit score and your financial health if not managed wisely.

Credit is very beneficial if used and managed responsibly. However if you are one of the many Americans with unwanted credit card debt and unable to pay down your balances your credit score may be taking a hit. The first step to paying off your credit cards and being debtfree is to stop using them and start using the alternatives to credit cards.

The most obvious alternative to using credit cards is using cash. Using cash ensures that you are only buying what you can afford. The best rule of thumb to live by is this: if you cant pay cash for something then you cant afford it. If you are looking to make larger purchases like an appliance or car then start planning and saving now so that you can pay cash for the item. Using cash is an excellent alternative because it helps rid us of the habit to always reach for and swipe the plastic for everything. Its a hard habit to break and using cash makes that easier.

Additionally the actual act of handing over physical cash that you can see and feel will help you start making better money decisions. When idly walking through the mall a sharp pair of shoes or handbag may catch your eye and you may be tempted to give in to this impulse buy if using a credit or debit card. But when you actually have to hand over hard earned cash you may think twice about whether or not you really need those shoes or that handbag.

Another alternative to credit is a debit card. A debit card can be used in the same way as a credit card but the funds are drawn directly from your personal checking or savings account. Since you pay for your purchase immediately with a debit card it is very important to keep accurate and detailed records of your spending. Track the balance in your account to ensure you dont overdraft and incur additional fees.

While a debit card spends like cash it looks and feels like a credit card so youre not going to get the added benefits of physically seeing where your money is going or learning to live without plastic. You will however be making purchases without a credit card and not incurring debt and that is the most important benefit of a debit card. Before you start using your debit card all over the place read the terms and conditions of use because some financial institutions may limit the number of times you can use your debit card in a day. They may also assess small fees for use.

The last alternative to credit is using personal or bank checks which draw money directly from deposits made into your checking account. This is an excellent way to keep track of your finances. Almost all financial institutions offer monthly statements that itemize each check the amount and the date the check was processed. When using checks it is crucial to keep excellent records because writing a check against an account that doesnt have enough money to cover it will result in the rejection of your payment. This will certainly lead to additional fees from your bank and can be treated as a criminal offense in some jurisdictions.

While you are working on using alternatives to credit cards make sure you are not applying for more credit cards just because they offer a low interest rate or exciting rewards program. The next time you go to your mailbox and have a preapproved credit card offer rip it up and throw it out. Then you can take a minute to applaud yourself for resisting the temptation of plastic and working hard to eliminate your credit card debt.

About the writer:nbsp;nbsp;Jim Parrillo is the CoFounder and Director of Technical Services for Stand Sure Information Services Inc. a Trustee approved provider of Form 23 Personal Financial Management courses for personal bankruptcy debtors.

Mr. Parrillo is a licensed real estate broker coauthored the Personal Financial Management textbook used by Stand Sure Information Services Inc. and also consults as a project manager and website developer for various companies.

International Debit Card Realities

The worsening state of world economies due to the onslaught of the global financial crisis has helped bring international debit cards to the spotlight. With all the benefits of international credit cards but without the act of indirectly borrowing money when making purchases with them international debit cards are now gaining worldwide recognition. Not to mention that international debit cards with an offshore primary account that is completely safe from being frozen these are indeed the new trend in handling finances.

There are certain realities about international debit cards that cannot be ignored. And only with knowledge of these can a holder make use of his cards full potential and avoid making mistakes in its use. Three realities are given below to help people understand more about international debit cards.

Consumer Protection

There are various protections methods employed by international debit card providers. Visa and MasterCard the two main symbols of the debit card industry for example forbid minimum and maximum purchase sizes surcharges and arbitrary security procedures on the part of merchants. The providers usually charge higher transaction fees to merchants for credit transactions since they have more chances of being associated with fraud than debit network transactions. This may lead them to “steer” customers to debit transactions. Consumers arguing charges might find it easier to do so with a credit card since the money will not be leaving their control immediately.

Fraudulent charges on an international debit card can also cause problems with a checking account because the money is withdrawn immediately and may thus result in an overdraft or bounced checks. In some cases debit cardissuing banks will promptly refund any disputed charges until the matter can be settled and in some jurisdictions the consumer liability for unauthorized charges is the same for both debit and credit cards.

Any fees that the customers have to pay to their banks are the same in spite of whether their transactions are conducted as credit or as debit transactions so there is no advantage for the customers to choose one transaction mode over another. Shops may add surcharges to the price of the goods or services in accordance with laws permit such actions. Banks consider the purchases as having been made at the moment when the card was swiped regardless of when the purchase settlement was made. Not considering of which transaction type was used the purchase may result in an overdraft because the money is considered to have left the account at the moment of the card swiping.

Financial Access

Debit cards and secured credit cards are popular among college students who have not yet established a credit history which is very likely as students usually have no records of debt or loans yet. Debit cards may also be used by expatriated workers to send money home to their families holding an affiliated debit card.

Issues with Deferred Posting of Offline Debit

To the consumer a debit transaction is perceived as occurring in realtime. However when a purchase is made using the credit debit option the transaction merely places an authorization hold on the customer’s account; funds are not actually withdrawn until the transaction is reconciled and hardposted to the customer’s account usually a few days later. However the previous sentence applies to all kinds of transaction types at least when using a card issued by a European bank. This is in contrast to a typical credit card transaction; though it can also have a lag time of a few days before the transaction is posted to the account it can be many days to a month or more before the consumer makes repayment with actual money.

Get the 2GetCash international debit card now and enjoy a wide range of benefits with but a small fraction of the cost.

About the writer:nbsp;nbsp;Who am I?I am who I am..2GetCashLoss Mitigation Leads Secrets