Tag Archives: lost
What is Federal Modification Loan
I have been asked so many questions regarding federal modification loan. So, here again is a primer for those who are interested in this.
Federal modification loan for homes are made to help those whose houses are in threat of immediate or gradual foreclosure. These are the people whose mortgage is too big that they are definitely having trouble with the payments if they choose to try to stop foreclosure. In short, these are people who will have to give up an arm and a leg to complete the payment. The emphasis on their financial struggle is an important prerequisite to be eligible for federal modification loan.
The program is called “Making Home Affordable” and it was put into place by President Obama. This is expected to give much neede4d aid to the millions of Americans who need to have their monthly mortgage payments rates to be lowered. The questions that most people ask is: does the program have any catch? Most people also want to know what this program does to your taxes and how exactly does it change the monthly payments.
Generally speaking, refinancing plans will leave your credit score unscathed because it will just revise some of the terms in your mortgage loan. The thing that does scathe your credit score is missed payments. If you missed a payment during the year before, then you will not be eligible for federal modification loan.
I had a friend once who was having some problems regarding this matter. He was a very good friend. He had a great wife. She was still young, just around her late twenties. They had a cute 5 year old girl. The guy had it all until he suddenly lost his job because of the recession. The economic downward spiral hit them hard and it hit them without any warning. They were totally unprepared. This was just a new family so they obviously was far from paying their loans. They bought a really nice home near Henderson Nevada, the spot where the big real estate problem first went bonkers. If not for this federal plan, they would have lost so much. The marriage would in all likelihood not have survived at all. Good thing they were able to take advantage of the government plan. You can too if you are smart enough. You just need to make sure that all the necessary requirements are met.
These things happen. It can happen to just about anybody. Do not give in to despair. Rise up, the government can help you but you need to help yourself first and foremost.
The Pros And Cons Of Prepaid Credit Cards (Page 1 of 3)
Observers in the lending industry have estimated that there may be at least 50 million Americans who are not able to qualify for credit. These consumers are usually young, often members of the minority groups and unbankedÂ…and they are faced with the long-standing dilemma of credit: how can I build my credit record if no one will give me any credit at all?
One of the answers offered by credit card companies is a variety of prepaid credit cards, designed for use by specific segments in the market. The prepaid credit cards are meant for that significant portion of the population that cannot meet the qualification criteria for regular credit cards, or who qualified before but have since lost their credit due to repeated defaults and other reasons.
Advantages of Prepaid Credit Cards For those who do not have enough credit history or have had it blemished, prepaid credit cards are an effective way to build or slowly rebuild credit. That may not happen immediately, but it is something to work on over time. The banks that issue prepaid credit cards are also prepared to extend normal credit the moment you are able to show that you have become a worthy credit risk.
For the moment, you may have to make do with prepaid credit cards. You can use prepaid credit cards as you would any other regular credit card to purchase airline tickets, reserve hotel rooms, or order items online.
Prepaid Credit Card for Students
There is a special prepaid Visa credit card for students, which offers a lot of convenience not only for the students but also for their parents. These reloadable prepaid credit cards offer parents several options on how to reload. Parents can add money to reloadable prepaid credit cards by depositing money, by arranging an automatic transfer of funds from their account (a deposit account or their own credit card account), or by online transfer. Using the prepaid Visa credit card is no different from giving the regular allowance to their child, only they do so by electronic means and there is no more cash that changes hands.
The big advantage of the prepaid Visa credit card is that the student is limited to spend only as much money as there is in the card. The parent is thus able to control to some extent the spending behavior of their child. They can use the prepaid credit card anywhere that the credit card brand is accepted.
Prepaid Credit Cards as Gift Certificates Some prepaid credit cards function like gift certificates. You buy the prepaid credit card for a certain amount, and your recipient can purchase items with it at any of the brick-and-mortar stores or online merchants, and also for mail order items, that accept the particular credit card brand. Your recipient can use the prepaid credit card only up to the amount of money that you loaded on it. This particular version of prepaid credit cards is non-reloadable.
Like any gift certificate, recipients of prepaid credit cards can buy whatever it is they want at any time they want. Unlike a gift certificate that, when it gets lost is lost forever to the recipient, prepaid credit cards may be replaced if it gets lost or is stolen.