How do you think you can avoid foreclosure of your lovely home?

Foreclosure – a term, which no one wants to hear in his/her entire span of life. People, who unfortunately fall prey to foreclosure, know how much it hurts to lose their loving homes. They also realize the impact of foreclosure on their credit status. It is as good as filing bankruptcy. Moreover, they know it just almost ruins their credit score and makes it harder to get a loan or a credit card in future, which indirectly exacerbates their already agonized plight.

What is it?

You might have taken a home loan when you have purchased a home. Upon that loan, your lender would have taken a property security interest. Now, in case you are unable to make your mortgage payments, that security interest entitles your lender to auction off your house in order that he can recover his investment. This is called foreclosure. And, if the property devalues and cannot be sold for what was owed, then the lender reserves the right to file a deficiency judgment lawsuit against you. In this case, you not only face the deficiency judgment against you, you also owe an additional amount to HUD. You would better know how this could shatter your credit. Worse, you may not get any financial favor in future as well.

How can you avoid it?

If your home is on the verge of being foreclosed and if you have no possible way out, do not panic. You still have some options by which you can avoid it. Do not overlook the warning letters from your lenders. If you cannot really make any payment towards your mortgage loans, then make an arrangement with your lenders. Explain your current financial situation to them. Corroborate your information with documents, such as your monthly income, your credit balance in banks etc. Contact a housing counseling agency approved by HUD. They will help you in giving you some information on Govt. offered programs and services.

Your lender may arrange a repayment plan based on your present financial situation. He may reduce or suspend some of your payments owed to him. However, you need to provide bona fide information to him to substantiate your claims of financial crunch. If you are sure that your current financial situation would improve within a short span of time, then you may refinance your debt or extend the term of your mortgage loan.

Below is a video, which elaborately explains some of the options that you have to avoid foreclosure.



Do not lose your home. Contact any mortgage lender and strike out a deal as to how to avoid foreclosure. Continue to stay in your home for any assistance that you may expect to get. If you evacuate your home, you may lose the chance of getting home back. Get a housing counselor at 1-800-569-4287 approved by HUD. Beware of any scams. Do not sign any paper or any agreement, which you do not understand yourself. Be prompt to act and prevent your lovely home from being foreclosed. All the best to you…

How will you consolidate your debts?

What will you do when you are under a huge burden of debt? What sorts of thoughts are likely to come in your mind regarding this debt? How do you think you can pay it off? This kind of questions often perturbs you, isn't it? The answers to these questions can be found in a debt consolidation. Debt consolidation is nothing but a type of loan, which you think of taking to pay off many other debts. People often go for it to have a lower interest rate, a fixed interest rate or just to have the convenience to pay one person instead of many lenders. A number of unsecured loans can be formed into a secured loan. All of your debts come under small monthly payments.

You can consolidate your debt yourself. You can take advice from an expert but you better have a good knowledge of it yourself and then go for it. There are a number of frauds who may lure you to have your debts consolidated for a small amount of fees. Remember your debts may not be paid off under them and it may remain a debt forever. Find a legitimate debt consolidation company and ask their advice.

The answer to the frequent question, 'how do I consolidate my debts?' is simple. Instead of paying interest for all of your debts, you pay it to one loan that you will take. In this way, you can track your payments. Your interest rate will also be less than that of multiple debts' interest. Take a personal loan that is equal to your amount of debt. Calculate how much you can afford to pay and how much balance will be remaining to pay off your debts in full. You also need to figure out the time by which, you think, your debts will be fully paid.

You can take help from CCCS (Consumer Credit Counseling Service) as well. They offer some programs through which you can periodically pay your debts off. However, you have to qualify for this program. Your income flow must be in tact i.e. if you are not currently working, you may not be eligible for this program (as they would assume that you are not in a position to make any payment towards their program). They will charge fees for their service. Your credit will also be affected negatively if you enter such a program. However, it is still a good option if you are overburdened with debts.

Debt settlement is also another option to pay off your debts. You need to initiate this by contacting your respective lenders. They have to be convinced with your debt settlement offers. Banks generally accept your offer provided it is an acceptable one to them. They also do not like to have more number of pending debts. So, there is a chance. Some companies will accept only 30% of your total balance as a settlement offers and some may ask for more. You need to negotiate this very well with your banks.

In the end, I would say, the sooner you act the better there is a scope to have a debt free life. Use your credit wisely and when you find yourself under debt, do not lose heart. Be the expert yourself for a debt consolidation plan. Verify all the pros and cons of debt consolidation program and then make payments towards it periodically. Do not forget this time to keep records of your payments and your current balance. All the very good luck to you!

Reverse Mortgage- What should you know before you get it?

A reverse mortgage can also be termed as a lifetime mortgage. It is another form of loan available to seniors above 62 years. In the reverse mortgage the lender lends you money based on your home value, the equity value in your home and your age. The lender makes the payment instead of you making the payments. The lender pays you the money either in monthly installments, or in a lump sum or as a line of credit. No repayment is required until you stop using your home as a principal residence, sell it, or leave it permanently or you die. The amount of money will increase with time since you are not making any payments for it.


When can you apply for it?

You must be at least 62 years old to qualify for a reverse mortgage. You must own a home in which you are currently residing. Your home should have a low mortgage balance or your home mortgage must be fully or nearly paid off. You will also need to get consumer information from HECM (The Home Equity Conversion Mortgage) counselor before obtaining the loan. The home must be a single family home or a 1-4 unit one.

What you need to consider before you get it?

Obtaining a reverse mortgage is higher than a traditional one. You may need to pay some of the incurring costs in cash only. You will continue to pay your property taxes, insurance and so on. If you intend to leave your home or free it for you children, it will not be suitable for you because your relatives or children will not be able to inherit it unless they pay it off after your death. The reverse mortgage reduces the amount of equity in the home as well.

Remember the costs of reverse mortgages are higher than those of traditional loans. They are also much more complex. You had better compare offers for reverse mortgages before you apply for them. You must consult a housing counselor. He will help you decide on right mortgage for you. And more importantly do not sign a loan application before you completely comprehend it. Ask help from those mortgage counselors. All the best for you.

Insurance for your Antique Cars

Insurance for your Antique Cars

People who own some lovely antique cars take pride in showing them off to others who do not have one. To them the car is as good as one of their family members. However, antique cars are very prone to damage and the servicing charges are very high too. So, you should always think of a special insurance cover for your antique cars. This will ensure the security of your cars and you can too take them out without any worries. You can also take part in vintage car competitions with these cars.

What differs an antique car from just an old car?

The distinction between an antique car and an old car is very thin and each insurance company sees this in different ways. In general, a car is rated, in the eyes of the insurance companies, an antique car which is over 25 years old and which is not used for commercial purposes or not as a public transport. It should be solely for show purposes. It also must have some value in the collector’s market and should be in a good condition. If an old car does not meet these criteria, then it will only be considered just as an old car, and will be covered under the general auto insurance policies. But, if the car falls under those aforementioned criteria, then it will get special insurance rates much lower than the usual auto insurance policies. You had better consult an insurance expert to classify your car in the antique genre.

How to categorize your car as an antique one?

To be termed as an 'antique car' to fall under the special insurance cover by the insurance companies, your car must be evaluated and categorized as such. For that, you need to choose an apt appraiser who has the knowledge of those cars and the makes of them. If you cannot find an expert appraiser, you may approach the American Society of Appraisers (ASA). The ASA will guide you to find a good and knowledgeable appraiser to evaluate your car. Information such as the make of the car, the age of it, the model, color, the engine number of the car, the Vehicle Identification Number (VIN) is taken into account. VIN is needed to prove the authenticity of the cars.

How to insure your car?

Three types of insurance policies cover your antique cars. Actual cash value (ACV) sets a value for your car when the car is insured and the value depreciates with age. If any claim is made for the insurance, you will get either the stated value (SV) of the car or the ACV, whichever is lower. SV also depreciates with time. The third one is the agreed value coverage (AV). AV coverage is a set amount of insurance coverage, which was agreed upon when the policy was made, and you will get the agreed value of your car if you make a claim for it. This coverage is the best recommended for your antique cars. Antique cars must not be insured on a depreciative insurance policy.

How to get insurance agencies for your antique car?

There are many mediums to find out an antique car insurance agency. You can locate them through directories or through internet. I will recommend you to look up in internet. It is a vast medium and you can easily get any one of them. First check out the terms and conditions of those insurance companies for antiques cars. These agencies will also help you to compare various insurance policies for different antique cars.

So, get your most dear car insured with a special insurance policy and continue to take care of it. Know all the pros and cons of those policies and finally settle on any one of them. Then relax and stay worry-free.

Resources

When it comes to Quebec auto insurance you have many choices right at your finger tips. Finding a car insurance company to acquire assurance vie is as simple as going online. You can get quotes directly sent to your email account. By filling out some information, such as your name, address, and type of vehicle you are driving, you will be able to have quotes sent to you immediately. Being able to compare different companies with the ease of a few clicks of the mouse allows you to find the best deals out there and gives you the insurance you need to drive legally.

Why is health insurance important?

Amidst all the wealth and riches we have, we sometimes tend to forget that health is the most important asset to us, and once it is lost, no real wealth means much. Therefore, we should always be careful to take care of this precious and invaluable treasure. Some people are born healthy and some are not. But it is totally impossible to predict what may happen to our health at any time. God forbids, but we may fall prey to some sudden sickness. Heart attack, loss of consciousness, abrupt bleeding and so on, are a few to mention. The worst may be an accident. Then it does not even matter how healthy we have been. In those emergencies, we must be very careful. We should be aware of the fact that to which hospitals or nursing homes we are being admitted for treatment. And, we know very much that we need handsome money for good treatment. But, do we keep huge cash with us all the time? Are we sure of enough money at our ATMs, or savings accounts? May be yes or may be not. Then, what to do? We cannot leave these emergencies to fate. We must have a good health insurance to help us in those circumstances. There are quite a good number of agencies and brokers who can help you get a good insurance. You can find these brokers at InsureLane health insurance, where you can get free health insurance quotes today!"

The health insurance comes for our rescue in emergencies. It protects us and covers us financially. It is alike with other insurance policies i.e. life insurance policies and motor insurance policies. You need to pay a sum of money, namely premiums. The amount of premiums depends on the insurance policies of concerned insurance companies. You pay monthly, quarterly, or yearly towards your policy. To avail of the policy, you need to be hospitalized. Once treatment is on, the insurance company will pay your medical bills from your policy. Generally, the insurance company bears all the medical costs associated with your treatment. The pre-hospitalization charges like some medical tests and post-hospitalization charges like the cost of medicines are taken care of by the insurance company. So, you can at least relax and get a good medical care. You would not be in fear of running out of money and hence, need to think of compromising your treatment.

The health insurance comes with many benefits, and for sure does not leave you in the lurch. We do not know when we may fall sick. Therefore, it is better to stitch in time and save nine. Make sure you make your premiums without default, and stay stress free. Prepare yourself for the uncertainty and fix it when it is crucial.

Useful resources:

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