Anyone who’s a homeowner has likely gotten a call from a mortgage broker raving about record lows in interest rates. The option and inclination to refinance your home is there, but is it worth it? Below are some questions you should ask yourself before you are lured with a miniscule rate. 1)     How much time  … Read more

Many people suffer under the illusion that a short sale is the ultimate means to escape a bad credit report. In reality, nothing could be further from the truth. Short sales, though they may save you from the stigma attached to foreclosure, will still damage your credit and make you a liability to new creditors  … Read more

In order to qualify for the standard mortgage, you must have a credit score around or above 700. If it is below that, you are considered a subprime borrower, and not attractive to banks. Subprime mortgage lending was a popular financial instrument in the heady lending days preceding the housing crash in 2007. Essentially, banks  … Read more

There are many reasons why a bank might reject your short sale offer. Some are less mysterious than others, and, more often than not, your bank hasn’t heard the magic bargaining number that will release you from their clutches. Here’s a couple ideas how to get the bank to accept your short sale terms. Its  … Read more

With the Fed prime rate set to remain low for the next couple years, you can expect to continue to hear from banks and other lenders about the glories of refinancing a mortgage. To lock in the super-low rate, there are a few best practices that should help you get a lower interest loan or  … Read more

What does it mean that the United States was downgraded by Standard and Poor’s? Essentially, it means that the credit score for the USA has taken a hit, just as any individual would take a hit if their financial outlook took a downturn. For individuals a lack of budgeting leads to increased debt, defaulted lines  … Read more

Borrowers in debt negotiations make the mistake of appearing eager to settle and ready to go to any length to make everyone happy. They forget that big debt is big business and big business doesn’t have feelings. To debtors, you are a number and that number is what they hope to make off of you.  … Read more

Each year, many Americans come to the unpleasant realization that they owe the IRS money. The tab ranges from a few hundred to many tens of thousands, depending on what that person earns and the assets controlled. What many people don’t realize is that the IRS will take less than a single lump sum payment.  … Read more

Your credit rating is, in many ways, what makes you a citizen in the eyes of the creditors. Without good credit, you will find it nearly impossible to reestablish your life. If you are considering credit card negotiation because you can’t pay your bills, talk to your creditor about protecting your credit rating. It is  … Read more

If you are in any kind of financial negotiation, the same rules apply for whomever you are talking to. Be it your mortgage lender or a representative for a credit card negotiation, there are things you can do to level the playing field and take back some of your good standing as a creditor. Don’t  … Read more