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Monday, November 17, 2008
Before buying a home, read the fine print of your contract so that you are aware of the details. This is especially true if you are purchasing a home with a subprime loan. If you can't make your loan payments and you face foreclosure, you will want to have already become familiar with foreclosure law.
Foreclosure laws state that if you can't pay for your home that you have a certain amount of time to evacuate your home. By reading the fine print before you sign you can be well informed of your rights in case you fall on hard times and for some reason can't pay your loan payments.
Subprime Mortgage Lending
Due to their inability to continue paying for their homes, many people have been foreclosed, a sad fact which the media has reported on. These foreclosures are often a result of lenders who offered subprime mortgages that they claimed would help their clients to own their own home and live out the American dream.
They even assure these people that they don't need good credit. So, they offer loans and low rates to get people into their first homes. However, what these people generally don't know, because they don't read the fine print, is that their interest rates are going to jump in a few years. What happens is that these people can no longer afford their payments and they are now subject to foreclosure law.
Notice To Vacate
Foreclosure law states that a homeowner will have to vacate the premises of their home within a set period of time after they have failed to pay their home loan payments. When payments are not made, the bank or other lending agency with whom you took out your loan will inform you of the date by which you must leave your home if you cannot make your payments. The police will get involved if you refuse to leave by the set date. In many cases people are being forced out of their homes because they did not take the time to read the details of their loan agreements and were not able to afford their payments after the interest rate went up.
You can protect yourself from foreclosure by doing all you can to make sure you will be able to pay back your home loan. That way you will be able to stay in your home without worrying about losing it to foreclosure. The Internet is a useful tool for individuals who would like to learn more about foreclosure. You can read people's personal experiences with foreclosure as well. If you want more information, speak to a lawyer who works with foreclosure law.
Foreclosure laws state that if you can't pay for your home that you have a certain amount of time to evacuate your home. By reading the fine print before you sign you can be well informed of your rights in case you fall on hard times and for some reason can't pay your loan payments.
Subprime Mortgage Lending
Due to their inability to continue paying for their homes, many people have been foreclosed, a sad fact which the media has reported on. These foreclosures are often a result of lenders who offered subprime mortgages that they claimed would help their clients to own their own home and live out the American dream.
They even assure these people that they don't need good credit. So, they offer loans and low rates to get people into their first homes. However, what these people generally don't know, because they don't read the fine print, is that their interest rates are going to jump in a few years. What happens is that these people can no longer afford their payments and they are now subject to foreclosure law.
Notice To Vacate
Foreclosure law states that a homeowner will have to vacate the premises of their home within a set period of time after they have failed to pay their home loan payments. When payments are not made, the bank or other lending agency with whom you took out your loan will inform you of the date by which you must leave your home if you cannot make your payments. The police will get involved if you refuse to leave by the set date. In many cases people are being forced out of their homes because they did not take the time to read the details of their loan agreements and were not able to afford their payments after the interest rate went up.
You can protect yourself from foreclosure by doing all you can to make sure you will be able to pay back your home loan. That way you will be able to stay in your home without worrying about losing it to foreclosure. The Internet is a useful tool for individuals who would like to learn more about foreclosure. You can read people's personal experiences with foreclosure as well. If you want more information, speak to a lawyer who works with foreclosure law.
About the Author:
Is secured debt consolidation a good way to get your debt paid off? Find out more about what it is and whether it's a good choice or not on the Debt Smackdown website.
posted by Credit Counseling at
9:19 AM
0 Comments
A rather large percentage of recent college graduates as well as current college students have many very real concerns to consider regarding their often excessively high student loans. Paying back money borrowed through student loans put an added stress on individuals who already have to pay for necessaries like rent, mortgages, car payments, and taking care of family members. Personal student loan consolidation is one way in which people can ease the burden of paying off their high cost student loan debts.
What is Personal Student Loan Consolidation?
It is important to know that personal student loan consolidation is another loan. Whether you have a private or federal student loan, after consolidating you are basically getting a new loan that pays off your multiple existing loans. Basically you are trading many bills at the end of the month for just one with personal student loan consolidation. You don't need to be experiencing a financial crisis in order to consider a personal student loan consolidation, rather consolidating your student loans can help you simplify your life.
Benefits of Consolidating
Besides making the entire process of paying back your student loans easier, personal student loan consolidation may cause your monthly payments to become lower. This is owing to the fact that your new consolidation loan may very well be charged a lower interest rate than your previous student loans had been charged. That lower interest rate will let you save money that can be invested or used to pay off your consolidation loan faster.
The Downside
As with any financial situation there is always a downside you need to consider. Before you sign up for personal student loan consolidation you also want to consider a few drawbacks to this option. Even if you see a statement saying you will get lower monthly payments don't assume this means that you will be saving money. Rather you may find out it is just the opposite if you sign before considering the fine print.
If the term of your loan is exceptionally long, such as thirty years, you could wind up paying lots of extra money in interest charges. A shorter loan term will save you money.
What is Personal Student Loan Consolidation?
It is important to know that personal student loan consolidation is another loan. Whether you have a private or federal student loan, after consolidating you are basically getting a new loan that pays off your multiple existing loans. Basically you are trading many bills at the end of the month for just one with personal student loan consolidation. You don't need to be experiencing a financial crisis in order to consider a personal student loan consolidation, rather consolidating your student loans can help you simplify your life.
Benefits of Consolidating
Besides making the entire process of paying back your student loans easier, personal student loan consolidation may cause your monthly payments to become lower. This is owing to the fact that your new consolidation loan may very well be charged a lower interest rate than your previous student loans had been charged. That lower interest rate will let you save money that can be invested or used to pay off your consolidation loan faster.
The Downside
As with any financial situation there is always a downside you need to consider. Before you sign up for personal student loan consolidation you also want to consider a few drawbacks to this option. Even if you see a statement saying you will get lower monthly payments don't assume this means that you will be saving money. Rather you may find out it is just the opposite if you sign before considering the fine print.
If the term of your loan is exceptionally long, such as thirty years, you could wind up paying lots of extra money in interest charges. A shorter loan term will save you money.
About the Author:
Are you trying to find safe debt reduction? Visit the Debt Reduction Academy, where you can sign up to receive your free 5 day mini course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Grab your copy now at http://www.debtreductionacademy.com/minicourse.php
posted by Credit Counseling at
7:47 AM
0 Comments
The baby phat rush card is a prepaid credit card. It was created by Russell Simmons he co founded the popular Def Jam record label.
The rush card works like this; you deposit money into your account, then you use your card to make purchases. This card guarantees approval for everyone.
There is no credit or chex systems check. The baby phat rush card is issued in a pink design and the rush card is issued in a black design.
With this card you have free direct deposit. To enroll in this you only have to fill out a form and turn that into your employer or payroll department.
Then you checks will be deposited into your rush card. You will still get a breakdown on your hours and how much the deposit was.
This card can be used at ATM's over 800,000 locations throughout the world. In addition you get free online account access.
You can make purchases using your rush card online and over the phone. You can also use your account and write physical paper checks.
To use this feature you visit the website and input the person or business that you want to write a check to. This includes name, amount of payment and address.
Then a physical check in your name is sent to the payee. This is a great way to pay your bills, no more buying money orders.
With bill pay you can save money on buying money orders. If you use direct deposit you will no longer have to pay check cashing fees.
However, we do not recommend the baby phat rush card. This is because they have many fees that other prepaid cards do not have.
An example is the convenience fee. This is a fee you are charged every time you use your card.
You will be charged $1.00 with a maximum charge of $10.00 a month. However during a month you will be charged $1.00 for every transaction you make using your card.
Only at the end of a full calendar month will the extra convenience fees be refunded to you.
This can work out to you waiting almost a full two months before you are refunded for your extra charges. This is insane, furthermore who only uses their card ten times in a month?
I don't know how they get away with charging these fees it seems unfathomable. In addition making their card holders wait so long before being reimbursed.
Also with the rush card in order to use bill pay you must pay $2.00 and then an additional $1.00 for every check you write. There are many prepaid cards that offer this service for free.
The rush card claims there are no hidden fees however that seems to be a very contradictory statement. Especially when you are forced to read the fine print to discover that you will be charged one dollar for every purchase you make.
In sum, look at some other prepaid cards. They have fewer fees and better benefits for being a card holder.
The rush card works like this; you deposit money into your account, then you use your card to make purchases. This card guarantees approval for everyone.
There is no credit or chex systems check. The baby phat rush card is issued in a pink design and the rush card is issued in a black design.
With this card you have free direct deposit. To enroll in this you only have to fill out a form and turn that into your employer or payroll department.
Then you checks will be deposited into your rush card. You will still get a breakdown on your hours and how much the deposit was.
This card can be used at ATM's over 800,000 locations throughout the world. In addition you get free online account access.
You can make purchases using your rush card online and over the phone. You can also use your account and write physical paper checks.
To use this feature you visit the website and input the person or business that you want to write a check to. This includes name, amount of payment and address.
Then a physical check in your name is sent to the payee. This is a great way to pay your bills, no more buying money orders.
With bill pay you can save money on buying money orders. If you use direct deposit you will no longer have to pay check cashing fees.
However, we do not recommend the baby phat rush card. This is because they have many fees that other prepaid cards do not have.
An example is the convenience fee. This is a fee you are charged every time you use your card.
You will be charged $1.00 with a maximum charge of $10.00 a month. However during a month you will be charged $1.00 for every transaction you make using your card.
Only at the end of a full calendar month will the extra convenience fees be refunded to you.
This can work out to you waiting almost a full two months before you are refunded for your extra charges. This is insane, furthermore who only uses their card ten times in a month?
I don't know how they get away with charging these fees it seems unfathomable. In addition making their card holders wait so long before being reimbursed.
Also with the rush card in order to use bill pay you must pay $2.00 and then an additional $1.00 for every check you write. There are many prepaid cards that offer this service for free.
The rush card claims there are no hidden fees however that seems to be a very contradictory statement. Especially when you are forced to read the fine print to discover that you will be charged one dollar for every purchase you make.
In sum, look at some other prepaid cards. They have fewer fees and better benefits for being a card holder.
About the Author:
Instead we suggest the account now visa they offer free activation, free direct deposit, free credit builder & free bill pay. We also suggest the all access visa to read a review visit us.
posted by Credit Counseling at
2:18 AM
0 Comments
