Archive for the 'Personal Finance' Category

Can You Use a Cash Advance Loan Responsibly?

Payday loans can cause a lot of financial trouble when not used responsibly. In general, these types of loans are designed to be a short term loan that can be paid back in full on your next pay period. In this type of scenario, they can be very useful and potentially save a lot of […]

Decrease Your Bills, Then Modify Your Loan

When you are facing foreclosure, a great help to your unstable financial situation is the possibility of obtaining a mortgage modification. This is when the original terms of the mortgage on your property are altered so you can make more affordable payments on time. Naturally, for this to become a reality, both you and the […]

Lost a Job? Prevent Eviction by Cleaning Out Foreclosed Properties

One of the businesses that have been booming despite (or because of) the current economic downturn is cleaning out foreclosed homes. When banks purchase homes at auction, they usually begin eviction proceedings. After the eviction has been completed, any items remaining in the property will be thrown away. The lender or the county, depending on […]

Short Sales, The IRS, Forgiven Debt, and Income Tax Exemptions

Homeowners who sell their homes through a short sale are often very concerned about the tax implications of the sale. The bank, by forgiving a portion of the debt, is then responsible for reporting the forgiven amount to the IRS as income to the borrowers. At tax time, the former homeowners are responsible for including […]

Hopelessly Corrupted — Credit Card Companies, Debt Collectors, and Mandatory Arbitration

One tool of the credit card companies has always been to force consumers into unfair arbitration proceedings, where very little is done to help strapped borrowers get back on top of debts. While most people who were involved in such negotiations had a feeling they horribly biased against the consumers, the full extent of the […]

Foreclosure and How to Deal with a Bank Being Taken Over by the FDIC

From Washington Mutual to the local bank on the corner, the government has been busy since the financial crisis began shutting down banks almost every week. Many of these banks are becoming insolvent due to their exposure to the subprime mortgage market and other risky loans that they extended to consumers or invested in to […]

Wage Garnishment Through a Deficiency Judgment After Foreclosure

Homeowners are often worried about further collection attempts after a foreclosure has been completed. After losing their homes, they worry about seeing their car repossessed, bank accounts levied, or wages garnished. But in most cases, there is little chance of a deficiency judgment or future collection attempts due to the numerous obstacles in the path […]

Stopping Foreclosure Questions and Answers

If you are facing foreclosure and looking for ways to stop the process, you likely have many questions.  This article is going to deal with the most commonly asked questions when a person is looking for ways to stop the foreclosure.
I have received a foreclosure notice. Is there anything I can do to stop it?
Yes, […]

Foreclosure Fallout

If you are facing foreclosure and feeling overwhelmed by all the technical jargon that the bank is throwing at you, stay patient and make sure you understand everything that is going on in the process.  If you are looking to stay in your home you DO HAVE OPTIONS.  You may be running out of time […]

Saving vs. Spending — Which One is the Real Problem for the Economy?

There is no question that the economy is collapsing. From a Dow at nearly 14,000, we now have a Dow edging closer to the 5,000s. Hundreds of small lenders have gone out of business, a number of banks have failed, and numerous companies and industries have lined up for federal government bailout money. Both overspending […]

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