An all too familiar scenario for many Americans is having credit card debt that becomes increasingly unwieldy. Negotiation for lower rates with credit card companies is possible, but which route should one take? On the one hand, the borrower can play good cop. Good cop, Bad Cop If you elect to sweet talk your creditor  … Read more

The all-important credit score is a record of your borrower past and determines your credit future. It tells your lending institution that you make your payments on time and how you borrowed and spent in the past. For many people, the credit scoring process is inscrutable and they are surprised when they are turned down  … Read more

Don’t expect miracles from the credit card industry this year. For those borrowers looking to enter into credit card negotiations, creditors are racked with misgiving about consumer spending and revolving debt behavior. Furthermore, a confluence of factors in the financial world– new federal regulations, checked consumer spending and an inconsistent but improved economy–have credit card  … Read more

Considering a short sale? Have more than two mortgages? You may be in for prolonged frustration and heartbreak. Many lenders, especially second mortgage lenders, take out mortgage insurance. In the case a borrower defaults on his or her mortgage, lenders can collect from a mortgage insurance pool. Mortgage insurance is taken out to minimize risk,  … Read more

The IRS is notoriously careful when it undergoes an investigative process. This band of starched auditors is comprised of accountants and bureaucrats whose sense of humor could survive in a desert. To some degree, this federal agency is laudable because of their efficiency and accountability. In effect, they guarantee America’s tax code is followed to  … Read more

With the federally regulated prime rate steady at 3.25, this week saw a 23.1 percent spike in refinancing index. These mortgage indices are used to measure spikes in consumer refinancing, which is a strong indication of lower mortgage rates at banks across the country. In recent months, consumers have been able to take advantage of  … Read more

From the vantage point of 2011, many mortgages that were good deals in 2003 are not so attractive now. One way that borrowers can change their plight is with loan modifications. A loan modification is essentially changing the terms of the original deal. These come in a variety of ways including: payment term extension, principal  … Read more

Foreclosures across the nation have dropped by a whopping 29 percent as compared to this time last year.  Many people are taking this as a sign that the economy is improving and the housing market is experiencing a renaissance.  This is not necessarily the truth, experts say.  In reality, what might be causing the slowdown  … Read more

Should you rent an apartment/house or purchase your own home? The conventional wisdom is a resounding “BUY!” The theory goes that renting simply makes the landlord more money while the renter gets nothing out of it. This is only half true. Of course the landlord makes money, that’s why landlords do what they do. The  … Read more

Recent studies in California show that mortgage modifications are hard to get for most, even homeowners who stand to benefit from the Obama Administration’s Home Affordable Mortgage Program, popularly known as HAMP.  According to the report, of 568,630 borrowers who have requested mortgage loan modifications, 46 percent were denied immediately, 23 percent received a permanent  … Read more