An owner financed mortgage is not working for this home buyer. Ilyce suggests that this ThinkGlink reader work with a real estate attorney to understand her current mortgage and then refinance from a conventional lender.
If you're facing foreclosure, learn as much as you can about your options first.
Some of the same people who helped you to buy your home may be able to help you save it.
Here are some resources from the Federal Reserve:
www.federalreserveeducation.org/pfed/foreclosure/
This second link lists federal…
Foreclosure: What To Do If You're On The Edge Financially
If you're one of the dozens of folks who have written to me over the past few weeks talking about how you've either missed a mortgage payment or are in danger of missing a payment, the first call you want to make is to your lender to work something out.
Here are some other important steps:
Call your…
Short Sale When You Can't Make Mortgage Payments
When you've bought a home and you owe more that the home value it may become difficult to make mortgage payments. Instead of falling behind on your mortgage payments you may want to contact your mortgage lender to set up a short sale. Be aware that when you sell your home through a short sale the…
Creditors May Set Up Payment Plans
A woman diagnosed with breast cancel neglects to pay some of her bills. Even during illness or hardship, yo uare responsible for paying your bills on time. Think about setting up automatic payments to make sure they're on time. If your late bills have already been reported, work with the creditors…
Should I Get A Home Equity Loan Or Refinance?
A homeowner who is delinquent on payments wants to know if it's better to refinance or get a home equity loan on the home. If you are late on any of your bills, you may have trouble borrowing money at a reasonable price. Talking with a lender can help make sure the homeowner gets back on on-time…
Quit Claim Deed But Name On Mortgage Means Ruined Credit
What happens if you quit claimed the deed for your home to an ex, but did not refinance the loan? Even though you quit claimed the home to your ex, your name is still on the mortgage. If they are late on payments your credit rating will be ruined. Ilyce explains how your credit rating will remain…
Homeowner's Foreclosure Help Comes From Non-Profit
Homeowners can get foreclosure help from many areas. The most important thing for a homeowner who may be thinking about starting the foreclosure process is to talk to their mortgage lender about why they can't pay their mortgage loan. The homeowner may find other places to protect them from…
A homeowner was unable to contact her home equity lender to get a final pay off amount, so she stopped paying on the loan. She stopped making payments assuming that the company would contact her. This method only hurts her, and she will end up ruining her credit history or going into foreclosure…
Credit Cards: Rising Gas Prices Can Affect Credit History
Small things like the rising costs of gas prices can affect a consumer's credit history if they start missing credit card payments. Rising gas prices may force consumers to make only the minimum payments on their credit cards or miss them altogether, which will negatively affect their credit…
Timeshare Seized For Late Payment
Timeshare properties are rather unique and the association may have greater powers to enforce their rights to collect unpaid bills that you otherwise might be used to. Your timeshare documents should indicate what your responsibilities are in paying bills.
A lease with an option to buy can be a good option for home sellers, but what if the prospective tenant has bad credit? There are certain things homeowners can do to protect themselves from an equitable interest claim if they decide to do a lease with an option to buy.
Avoid Late Charges By Paying Online
If you make a payment a few days late, will that trigger higher rates from other creditors? Late payments are not usually reported for less than 15 to 30 days. You should sign up for automatic payments to avoid all late payments. Late payments on credit cards, mortgages or any other bills can…
Late fees make everyone mad - except the companies that collect them. Here are some ways to avoid paying late fees on your holiday bills.
Paying Bills While On Vacation
Looking forward to a good vacation is one of the great pleasures of life but unfortunately you still need to pay your bills while you are gone. That’s easier than you might think. Manage your personal finances away from home with online banking and automatic bill pay. Simply keep track of…
Reduce Interest Rates Through Multiple Payments
Learn how to setup an online smart payment and reduce your credit card debt. By paying multiple times during a month, you can reduce the interest you pay on your credit card debt. Avoid late payments by setting up accounts online with all of your credit cards.
Paying Credit Card Bills Online
can improve your credit history and your credit score. Just as you can prepay your mortgage, and save thousands of dollars in interest, you can also prepay your credit card debt, saving hundreds or thousands of dollars over the life of the loan. Set up online payments to streamline the payment…
Late Payments On Credit Card Means Trouble
Late credit card statements can change your credit score, and not for the better. There are many online resources to help shop for a lower interest rate, help you budget, and help make payments on time.
Old Unpaid Bill Ruins Credit Score
Old bills, no matter how small, can ruin your credit if they're reported to a collection agency. If it's an error, you can try fighting the charges to correct your credit history. If fighting a bill doesn't work, then negotiate a payoff in which you pay the bill in full but they agree (in writing…
Mortgage Lender: Signs Of Predatory Lender
When you get behind in your mortgage payments it can affect your credit score. When you later make the missing or late payments on your mortgage loan, your mortgage lender or bank should give you credit for having made them. If you try to make good on a late mortgage debt and your lender doesn't…
Mortgage Payments On Credit Report
Does your mortgage or mortgage payments show up on your credit report? A history of on-time payments could help improve your score, but sub-prime lenders may not be reporting your score.
Identifying Predatory Mortgage Loans And Lenders
What is predatory lending?
Credit Report Contains Liens, Bankruptcies And More
What can you find in your credit report? A credit report lists both good and bad credit items such as credit cards, liens and bankruptcies. Learn what bad credit items are and how to fix them on your credit report. If you don't understand something on your credit report an accountant may be able to…
Build Credit Using Credit Cards, Not Debit Cards
Have a good credit score and history is critical to buying a home. What can you do if you're trying to improve your credit history to buy a home? Use credit cards wisely. Debit cards do not count toward building a credit history and score. If you can't qualify to get a credit card, you should set up…
Some home owners had trouble making mortgage payments after 9-11. Experts from the Mortgage Bankers Association put their delinquency rates into perspective. Learn also how mortgage lenders and secondary market players such as Freddie Mac work to combat mortgage fraud.
