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Mortgage and Loan Tips

Refinance your mortgage, reduce your loan payments, and more...

Is Peer-to-Peer Lending Too Risky?

Posted In:  mortgage

Peer-to-peer lending has shown itself to be a smart debt management technique in a time when credit is hard to come by. Credit card companies are raising rates and dropping consumer rewards, and the relatively inexpensive rates charged by social lenders can save consumers a bundle. Borrowers can consolidate high interest loans into one lower interest loan and take up to three years to pay back the debt. The sheer brilliance of this scheme, so well timed in this economy, got me to thinking about social lending as an investment. Is peer-to-peer lending a good investment?Read the rest...

The Dangers of Payday Loans and How to Escape the Trap

Posted In:  mortgage

A pay loan is a short-term loan that will be paid back on the next payday of a given individual. Borrowers generally must provide one of two ways to pay back the lender automatically, via a post dated check or an automatic debit from your bank account to be handled online. Finance charges on payday loans range from 15 to 30 percent. For every hundred dollars borrowed, that makes $50 to $30 dollars on top of the loan amount. That puts you on thin ice with financial resources already stretched to the breaking point.Read the rest...

What to Know Before Choosing a Mortgage Company

Posted In:  mortgage

Unless you can pay for a new home in cash, choosing the right mortgage company is going to be the best way to get a home loan. There are many mortgage companies out there to choose from which makes choosing between them an overwhelming decision. All mortgage companies are not the same and there are some that are better choices than others. That’s why knowing how to choose the right one for you is so important.Read the rest...

What You Need to Know About Taxes and the Mortgage Debt Relief Act of 2007

Posted In:  debt reduction  taxes  mortgage

According to Time Magazine, bankruptcy filings are up 35% from the year before. Many people have found relief in short sales and debt forgiveness, but this can lead to concerns about the tax implications. Not to worry, Uncle Sam has your back when it comes to default debt resolution.


How Forgiven Debt Affects Your Income Taxes

A Supreme Court ruling in 1931 established a precedent for borrowers’ obligations to pay tax on cancelled debt, just as if it were regular income. The decision was reaffirmed in 2005 on the basis that the taxpayer realizes an increase in income when debt is forgiven. You had more money in your pocket and Uncle Sam wanted his cut, but that has changed.Read the rest...

How to Fix Your Credit Score Quickly

Posted In:  credit cards  mortgage

A bad credit score can be fixed in as little as a few months and even within a week in some cases. Knowing how to fix your credit involves targeting the areas of your credit that have the most weight in your credit calculation, and correcting any errors in your credit report. By doing this you can fix a bad credit score faster and more efficiently than with less-focused efforts.Read the rest...

What to do if Your Mortgage is in Default

Posted In:  mortgage

If you are more than 30 days behind on your mortgage payments, your loan is in default, and you have probably been receiving friendly - or not so friendly - reminders to bring your loan current. At this point, you still have a good chance of keeping your house, because your lender doesn't really want it. Foreclosures cost lenders money.Read the rest...

How to Modify Your Troubled Mortgage

Posted In:  debt reduction  mortgage

If you are having trouble paying your mortgage and are in danger of losing your home, you may be wondering how things got so bad and how you can keep your home. You may have heard stories about lost paperwork and denied loan modifications. While it's true there have been difficulties, lenders do want to help you.

The Troubled Mortgage Problem

The steep economic downturn left both borrowers and lenders alike unprepared for the fallout. When the housing market collapsed, people were unable to sell the homes they could no longer afford to keep. Many people also found they owed more than their homes were worth.Read the rest...

Private Lenders: Save your home?

Posted In:  mortgage

Private Lenders If you are facing a credit crisis like many American homeowners, there is still a way for you to keep your home. If you cannot qualify for a traditional mortgage, you might be able to secure a mortgage through a private individual or a company specializing in private lending.

What You Need to Know About Private Lenders

There are a few things about private lending you will need to know. First, those who specialize in private loans do not care about your credit score, but they do care about your equity.Read the rest...

How to Buy a House at Auction

Posted In:  mortgage

With the glut of homes on the market, buying a house at auction seems a tempting way to find more affordable housing. Whatever you do, don’t pay anyone to find a house for you. During the housing boom, you may remember seeing services advertising to help you find auction homes for a fee, but even then, you could find auction homes on your own. Similar services are still around, but they generally provide more advanced property search options for serious investors.  Read the rest...

Foreclosure: Should you walk away from your home?

Posted In:  mortgage

In this economy there are a huge number of homeowner’s who owe more on their homes than the houses are worth. It’s become so common that no one will looking down on you if you decide to walk away from your home. Still, that doesn’t make it right. 

Seeing so many people decide to let the bank take their homes makes the prospect look more appealing to those who would otherwise never consider defaulting on a debt obligation. So at what point should you think about walking away? Read the rest...