Tough Enough For It

Our economy is suffering extremely during these times.
With the cost of fuel going up and the housing market
crashing Americans are starting to feel the squeeze. Especially
us folks who carry credit card debt! Fortunately, there are Steps
we can take to work through this.

Yes, it’s true!

None of us were brought up to Face the Crisis that were encountering.
We were not taught it in schools, or by our parents how to manage
Finances.

In fact, you might say that we were all “pretty much”
taught the same way… which was to grow up…
get a job, or… go to college and build a career

A smart person will have an open mind. However, this
doesn’t mean that you have to be gullible to everything
that is out there.

It doesn’t hurt to educate yourself… nor does it hurt to
talk with some people who are already Working in this
industry to work out of these problems.

You may really like what you see, and it may open new paths
in your mind to a new way of business, or… It may steer
you into a whole different direction

Do you agree that getting educated is an important thing
for you to be doing right now?

But the only way to find out is to try. If you don’t try…
well then… that is when you lose in more ways than just
your finances…

When facing foreclosure Time is of the Essence. You MUST act fast to protect your rights.You have options. Don’t face foreclosure alone.Contact someone in your area who understands the foreclosure process and who knows the foreclosure laws in your state.

Time is your enemy!

The mortgage payment is considered late if the lender or servicer receives it after the due date set out in the mortgage. A history of chronic lateness will harm the owner if or when a real emergency occurs. Serious consequences can begin when a payment is more than 15 days late. Here is a typical scenario:

* At 15 days late: The lender usually charges a late payment fee (the timing and amount of late charges vary from lender to lender or servicer to servicer).

* Two or more mortgage payments owed: Unless specific arrangements are made with the lender, all payments and late charges must be made before another payment is accepted and the loan is considered current.

* Three or more mortgage payments due and unpaid: The loan may be given to the lender’s attorney and foreclosure proceedings initiated. The entire balance of the loan may be due and payable immediately. In addition to the loan payments due, the owner is liable for legal fees incurred by the lender. At this point, the owner is in danger of losing the home.

Sometimes those in severe debt want to simply give the keys to the bank. This is called a “deed in lieu of foreclosure” and may not be as seriously damaging to credit but can still harm chances of renting a home or apartment elsewhere.

In an analysis of the subprime mortgage subprime servicing performance from October 2007 to January 2008, state officials said seven out of 10 seriously delinquent borrowers are still in trouble.

The report, which was issued by the State Foreclosure Prevention Working Group, said that figure has not changed since the group comprising state attorneys general and state banking regulators issued its February report, which analyzed servicing performance during October 2007.

“Without a systematic approach, we see little likelihood that ongoing efforts will make a serious dent in the level of unnecessary foreclosures,” the group said. (Reporting by John Poirier; Editing by Andrea Ricci).