Monthly Archives: August 2009
Lower Monthly Mortgage Payment Should Be Goal Of Loan Modification Under Making Home Affordable Plan
A lower monthly mortgage payment should be the goal of a loan modification or a streamline refinance. If your lender offers you a loan modification but raises your monthly mortgage payment, see what else they can do to help lower your monthly mortgage payment. Maybe you can participate in the Obama Making Home Affordable Refinance Program and extend the life of your loan and reamortize to lower your monthly mortgage payment. My personal finance and real estate advice is to go to a your lender and get your lender to lower your interest rate to lower your monthly mortgage payment. Lowering your monthly mortgage payment is a goal of the Obama Making Home Affordable Refinance Program.
How Long Does Bankruptcy Stay On Your Credit Report and Rebuilding Good Credit After Bankruptcy
How long does bankruptcy stay on your credit report? Depending on what kind of bankruptcy you filed, a bankruptcy can stay on your credit report for 7 or 10 years. The longer it has been since your bankruptcy, the less your bankruptcy will affect your credit score. To see if your bankruptcy is still on your credit report, you can pull a free copy of your credit report. If it’s been more than 10 years and the bankruptcy is still on your credit report, you can file a dispute and prove that it’s been more than 7 or 10 years since your bankruptcy was discharged.
Ilyce Glink Show Notes – August 23, 2009
Ilyce Glink show notes. We’re offering a new discount for our HOW TO PROFIT FROM FORECLOSURE event. Use discount code: summer to get 30% off the Early Bird Ticket Price. The IRS launches a YouTube channel.
Ilyce Glink on WSB Radio — August 23, 2009
Today on the Ilyce Glink Show, Ilyce took lots of questions from callers, and discussed gift taxes and annual limits on giving without incurring a tax and how to transfer a 401k to a new employer’s account, and how to deal with lost interest from the 401k transfer. She also took more questions about the Making Home Affordable Plan and loan modifications, including whether or not you should hire an attorney to help with a loan modification.
Can’t Pay Mortgage? Homeowner Worries About Deficiency Judgment
What happens if you can’t pay your mortgage? A homeowner worries about getting a deficiency judgment if her rental property falls into foreclosure because she can’t pay the mortgage. Some states allow deficiency judgments on primary residences, but many do not. If your house is in foreclosure because you can’t pay your mortgage, you’ll want to make sure that the lender in your foreclosure can’t come after you for a deficiency judgment. In some circles, when a lender can’t go after the borrower for the debt, the debt is called a non-recourse loan.
Debt Management Plan Can Help You Start To Make Payments On Time, In Full
A debt management plan can help someone whose credit history and credit score have likely already suffered either because their debt-to-credit limits are out of whack or because they have started to pay some of their bills late. As personal finance advice goes, a debt management program can help you improve your credit history and credit score by helping to encourage you to pay their bills on time and in full. However, some debt management programs are really scams and they will take your money instead of helping you pay your bills. Look for a reputable credit counseling service provider.
Buying or Renting a Vacation Home. What’s the Better Choice?
Buying or Renting a Vacation Home. What’s the Better Choice? Vacation homes can be a great way to enjoy your summer vacation, but should you rent or buy these homes? If you buy, you get all the investment benefits on owning a home, but you still have to take care of it. You may end up spending more time tending to your vacation home, than vacationing. Renting a vacation home may be the right way to go, if you’re not prepared to pay for the right to have the vacation home for the short period you might want to stay there.
Seller Disclosure: Lawsuit May Not be Worth Time and Effort To Fix Problem
Seller disclosure is required in most states, meaning a seller has to reveal any defects or problems with the house to a buyer. However, the seller disclosure laws and requirements vary greatly from state to state. If a buyer discovers problems with the home that they think were not revealed through seller disclosure, they should evaluate the money, time and effort it will take to fix the problem. Often it’s a simple fix to the house, but the seller disclosure lawsuit can leave you with a lot of legal fees.
Get Earnest Money Back After Short Sale Falls Through
Get earnest money or down payment back after a short sale falls through. If you have the right to the return of your earnest money or down payment under a contract, the listing broker should have no problem sending your earnest money or down payment back. But you need to make sure you have complied with the terms of your contract to get your earnest money back. It may not be enough to just get the word of the listing broker.
Earnest Money and Seller Disclosure: Contract Must Be Signed To Be Valid
If you put down earnest money or a down payment on a home and you have a seller disclosure issue, you better make sure you have a way to get out of the contract. If the seller disclosure form failed to disclose mold in a home, and you signed a contract to buy the home, you should have the right to also inspect the home to make sure you want to move forward in the deal. If as a buyer, you don’t understand issues like contracts, earnest money, seller disclosure and home inspections, you might want to reconsider buying a house or hiring a real estate attorney and a home inspector before signing a contract to buy a home.
