The Mortgage Mess: Are Solutions Out There? Firedoglake (blog)
This is probably as close to a Home Owners’ Loan Corporation as we’re going to get in the current Administration. Like that New Deal-era effort, the government buys up mortgages and refinances them for the borrower (though this is happening a bit in reverse).
The profile of an underwater borrower current on their payments describes many of the people who have contacted me – and reported their negative experience with the HAMP program. This $14 billion dollar program, paid with TARP money, fits their needs much better and could really make a dent, with principal reductions, in a lot of the negative equity out there in the country.
However, there are catches to what I believe is called HARP (Home Affordable Refinance Program). Once again, the banks or the investors in the mortgage have to be willing to write down the value. And loans held by Fannie Mae and Freddie Mac won’t qualify. This is an effort to reach worthless mortgage-backed securities held by investors and throw them out, essentially. If that can help the homeowner in the process, fine. The real problems are that the homeowner will have to take a ding to their credit rating for a principal write-down, and that investors may have legal constraints:
Affordable Debt Consolidation
www.HelpForDebt.org Affordable Debt Consolidation Are you looking for affordable debt consolidation services. This video will show you how to find ...
has any one ever had to deal with affordable debt solutions, inc. what was your experience? would you recommed?
recommend
Please do not do a Debt Consolidation. It shows on your credit report like a bankruptcy. It is not free to do and it will take you longer to become debt free and it will cost you more money.
Here is a plan that can help you. If you work the plan, the plan will work for you. Get all of the debt paid off as soon as possible, that will enable you to start building real wealth.
A. Have a garage sale and sell whatever you don't use or need and use that money to pay down your debt.
B. Consider getting a temporary part time job and use all of that salary to pay off your debt quicker. It is better to have a no fun year
than a no fun decade.
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts, if you are not already, and make no more late payments, if you have had any. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3: minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? The Human resources Department will have the forms for you to fill out. Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire. Start learning about investments. Do some reading. I like "The Lies About Money" by Ric Edelman, "Ready, Set, Retire" by Ray Lucia, and anything by Ed Slott. They are very good books and each has a little different perspective so you can decide your own comfort level with your investments. Or you can go with the "timed" mutual funds offered by your company 401(k). If you plan to retire in 2040 or 2045 you can choose that plan.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
Check here for an NFCC member near you: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They don't settle your debt. They negotiate lower interest and payments so you can pay off your debt.
Whle in the program, it is noted on your credit file. However, upon completion that notation is removed and you have decent credit.
Absolutely stay away from debt settlement companies. They typically take your money, let all your accounts go 90 dyas past due. Then offer lowball settlements. Not only does this trash your credit, but most credit card companies refuse to play and will immediately sue you.
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International Forecaster February 2009 (#6) Gold, Silver ... Gold Seek International Forecaster February 2009 (#6) - Gold, Silver Gold SeekHow can anyone believe that substituting public debt for toxic private debt is any solution? In the US $12 to $13 trillion has already been injected into the system, truly a mind-boggling amount and that is in just one year. This exchange of debt is |
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Alan Abelson and I agree that home prices have another 10% to 20 ... Motley Fool Alan Abelson and I agree that home prices have another 10% to 20 Motley FoolThe only solution to the current economic mess that we find ourselves in is in fact time. It is going to take time for home prices to fall to an affordable level and the economy will not begin to recover until they do Things are not going to get |
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10-K: INTEL CORP MarketWatch (press release) 10-K: INTEL CORPMarketWatch (press release)Our strategy for the nettop computing market segment is to offer products that enable affordable, Internet-focused devices with small form factors. Our strategy for the enterprise computing market segment is to offer products that provide |
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