D' Finance Bench

The Right Place To Sit At For Financial Advises

How to Avoid Foreclosure

Foreclosure is a very stressful ordeal. Many homeowners that are facing foreclosure often avoid dealing with the facts that put them into this situation in the first place.

While there are some home owners that knowingly engage in mortgage fraud and never intend on making a single payment, most homeowners are honest people who have simply been caught in unfortunate circumstances.

Many homeowners facing foreclosure have made payments faithfully for years, but they find themselves in a situation where they are simply unable to make the payments anymore.

There are numerous reasons why home owners can be facing possible foreclosure. Job loss is one of the most common. Having a sudden illness or medical emergency can also be a reason for not being able to make house payments on time.

There are other extenuating circumstances, such as divorce or the inability to pay an interest rate that has increased. No matter what the cause for the situation, there are several steps you can take in order to avoid foreclosure on your home.

The best defense is a good offense. Don’t ignore the situation. Don’t just toss the letters from the mortgage company into the garbage and avoid phone calls. If you know that something is happening and that you will be unable to pay your mortgage payments on time, the very first thing that you should do is call your mortgage lender.

The second thing to remember is that your mortgage holder does not want to foreclose on you. Most mortgage lenders want to work out some sort of payment schedule so that you can keep your house and they will be able to get their payments.

Be honest with the mortgage company. Let them know what your situation is and when they can expect to have a payment. Your main goal is to keep the mortgage company from filing a Notice of Default. If a lender files a Notice of Default, your options are severely limited, so you need to take control of the situation and make the first move towards finding a resolution.

By contacting your mortgage company in requesting time to make up the payments that you have missed, you’ll be well on your way towards avoiding foreclosure.

September 23, 2012 Posted by | Mortgage | , , , , , , , | Leave a comment

Credit Score and It’s Affect To Your Financial Life

A Credit Score Is…

A set of three digit number on which serves as the average of your credit grades  shown on your credit report. The grade is evaluated by financing institutions based on your re-payment mannerism. If you pay good then you’ll have good score.  The higher the score, the better. The score usually ranges from 350-800. Continue reading

August 30, 2012 Posted by | Credit Score | , , , , , , , , | Leave a comment

Gasping For The Debt Free Life

debt reductionA debt is basically the quantity of money that one owed to a financial institution (e.g bank or credit company).  This is presented in form of different repayment terms like bond, loan or mortgages. Most of the time, you will be required to pay a certain interest rate based on the amount that you owed. The whole amount must be paid according to the term that both the debtor and lender agreed. There would be a required penalty if you can not re-pay your debt on the set time.

One particular cause why people tend to dive into debt pit is due to income reduction. The prices of the things needed for our daily lives increase, yet, it is comically sarcastic how wages would usually go down due to some economy crap. That is an unfair fact, but what can we do? That’s why people would rather be rescued by loaning money. The way you managed your financial matters also has a huge impact on your debt issues. If you happened to have unorganized way of managing your money, you would likely end up in cycle of endless debt. There is gambling too, a moronic way of obtaining money. or it would be the other way around where you’ll become instantly “a thousand dollar richer”.  Some of us would rather take the short cut of “freeing” theirselves from money issues by means of spending money for the “chance” of doubling it, that is, if they are lucky.  During medical emergency times in the family, and the affected happened to have no medical insurance or money at all, then the only option is by borrowing money. This is when debt starts to arise. The patient can’t work and he has debt from his hospitalization expenses, you can figure out the rest of the scenario. Continue reading

August 28, 2012 Posted by | Debt | , , , , , , , , , , | 4 Comments