http://thinkglink.com ThinkGlink - Helping you make smarter decisions with your money. en-us Today on the Clark Howard Show, we discussed the following: Recalls: [Simplicity Cribs](http://www.cpsc.gov/cpscpub/prerel/prhtml09/09260.html) and [Aqua Leisure baby floats](http://www.cpsc.gov/cpscpub/prerel/prhtml09/09261.html) were recalled this week. You can find out the latest recalls at [R... http://thinkglink.com/blog/2009/07/03/today-on-the-clark-howard-show-july-3-2009 The terms loan modification, streamline refinance and streamline mortgage are terms that sometimes get mixed up in use. For some borrowers, the idea of a streamline refinance or loan modification is a simple process to go from point A -- the current loan and interest rate -- to point B -- the same loan with a lower interest rate and lower monthly mortgage payment. In this process the homeowner expects that the fees will be low and well below going to a new lender to refinance the loan. http://thinkglink.com/article/2009/07/02/loan-modification-can-lower-your-monthly-mortgage-payment-with-a-willing-lender Going through foreclosure isn't what anybody wants to go through. For some, going through foreclosure can be the start of a process that can drag on for years. If the foreclosure process does not yield enough money to pay off the mortgage that the lender had given the homeowner. That homeowner could be stuck with a deficiency judgment and having to repay the difference for years to come. If the lender does not pursue the deficiency judgment or can't, the foreclosure will still have a negative effect on the homeowner's credit history and credit score for years to come. http://thinkglink.com/article/2009/07/02/foreclosure-affects-credit-but-homeowner-may-avoid-deficiency-judgment Lowering your monthly mortgage payment by refinancing should be one of your goals if you decide to refinance. But that is only one of three issues that you should consider once you decide to refinance. Falling home values have caused many homeowners to be unable to refinance and lower their monthly mortgage payments. But the Obama administration's newly enacted change to the Making Home Affordable program that will allow homeowners greater ability to refinance their homes even if the value of their mortgage is up to 125 percent higher than the value of their home, more people may benefit from the program. http://thinkglink.com/article/2009/07/02/lowering-your-monthly-mortgage-payment-by-refinancing Falling home values have sure hurt homeowners. As interest rates have come down, these same homeowners are trying to refinance their loans but are having trouble due to the lower value of their homes. Recent Obama administration proposals are attempting to help homeowners. Before, if your loan was up to 105 percent of the value of your home you could take advantage of the Obama Making Home Affordable program, this past week that amount was raised to 125 percent. We'll see if the continued slide in home prices and the new plan can help homeowners. http://thinkglink.com/article/2009/07/02/refinancing-mortgages-with-falling-home-values-and-the-revised-obama-plan The homebuying process is full of surprises. Some homebuyers will find out that a home they are looking to buy has title defects, construction defects or, as in the case of this reader, the home to be purchased belongs to a homeowner's association. When a buyer is faced with these surprises, the buyer may see if a cancellation of the contract is possible. In some cases cancelling the contract is specifically permitted under the contract but in other cases the attempt to cancel the contract may lead to litigation. http://thinkglink.com/article/2009/07/02/cancellation-of-contract-possible-due-to-undisclosed-homeowners-association I always seem to move at the worst time of the year (like August in South Carolina and January in Chicago) just to get the apartment I want in the off season, but Rent.com reports that some people will do some pretty strange things for a the ideal apartment. In exchange for the perfect apartment... http://thinkglink.com/blog/2009/07/02/renters-struggle-to-find-the-perfect-apartment With the housing crisis and rising foreclosures, there are more renters on the market. Add these new renters to the existing renters, and you may see changes in renters' behavior. According to a study by Rent.com, more renters are trying to find additional roommates and they're looking for the basic necessities in their apartments, instead of luxury rental units. http://thinkglink.com/article/2009/07/02/changing-housing-market-means-changes-in-rental-behavior I have a checking account and a savings account, a debit card, two credit cards, six student loans, home utility accounts and just as many online accounts to keep track of all my financial information. That means that many usernames and passwords to keep track of, too. It's supposed to be easier... http://thinkglink.com/blog/2009/07/02/tracking-your-personal-finances-online Online financial planning tools like Mint.com, Quicken Online and Equifax's new Debt Wise can help keep your personal finances on track. How do these online financial planning tools work? What features do they offer. A review of Equifax Debt Wise, Mint.com and Quicken Online explains the financial tools they offer, the benefits and the difficulties of online financial planning tools. http://thinkglink.com/article/2009/07/02/online-financial-tracking-with-equifax-debt-wise-mintcom-and-quicken-online The Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac will be able to use the Home Affordable Refinance Program to help homeowners with a loan-to-value ratio up to 125 percent. The previous limit was 105 percent. The 125 loan-to-value ratio will allow borrowers with Fannie Mae and Freddie Mac loans to refinance their loans under the Home Affordable Refinance Program. http://thinkglink.com/article/2009/07/01/home-affordable-refinance-program-expanded-to-125-loan-to-value-ratio Sometimes you've got to know where you've been to know where you're going. When the new credit card laws take effect in February 2010, do you know how things will change for your credit card rates and fees? Bankrate.com has released a study that compares current rates, fees, and other fine p... http://thinkglink.com/blog/2009/06/30/credit-card-comparison-before-new-credit-card-law-takes-effect A new credit card study compares the rates and fees and best credit card offers from 10 of the leading credit card companies. With the new credit card legislation changing how many of the credit card companies do business, this credit card comparison looks at the credit card rates and credit card deals today. http://thinkglink.com/article/2009/06/30/credit-card-study-shows-credit-card-comparison-for-rates-and-fees Since Michael Jackson's untimely death, his fans and followers have been speculating about his fortune - and his mountains of debt. What is Michael Jackson's net worth? New documents uncovered by the Associated Press shed some light on the subject. One thing is clear - Unlike the vast majority of Americans, Michael Jackson's net worth is not tied to his home equity. http://thinkglink.com/article/2009/06/30/michael-jacksons-net-worth-not-tied-to-home-equity We've just updated our list of home buyer closing costs. Over time, most home buyer closing costs have gone up, and since the housing crisis, mortgage lenders have added new fees on top of the old ones that were already fairly onerous. One thing is certain: All these home buyer closing costs add ... http://thinkglink.com/blog/2009/06/30/an-updated-list-of-home-buyer-closing-costs