Paying Up

Acheiving the american dream has become very challenging in today’s economy.  The year 2007 was a very good year for the housing industry.  2006 was unbelievable with housing industry near 11% boom and a fall back to around 5% in year 2007.
Now in year 2008 we are witnessing a complete turn down.  Despite all the new regulations incorporated,  how long will it take for the housing industry to recover?

However if you find yourself facing foreclosure, you should check with Hud at www.hud.gov for some help.  Many home owners have found themselves caught up in thisfluctuating home values trend.  Homeowners who brought their homes during the boom find theselves with a home valued less the the mortgage they financed.  This is not good.  Congress has proposed a plan to soften the blow with a equity certificate to balance the lost.

This new proposal will cause mortgage lenders to take a big lose. This will be very good for the homeowner but favorable for a lender.  With recession rapidly approaching, homeowners best be smart and begin to look for other methods that can rescue them from a bad situation.  The earliest a homeowners begin their search the better the chance they will find a satisfactory resolution.  I caution anyone who has a home for sale or buying a home to read your contracts closely.  The consumer only has three days to review their contract unless stated.

I did not state many specifics because the Federal Government are trying many approaches to head off this recession.  HUD is the place to go for a government guarentee fixed loan http://www.hud.gov/news/fhasecure.cfm.  Keep in mind some mortgage companies are filing  bankruptcy.  So do some homework first.  If you plan to buy a home, be advise, you should wait until the housing market level out.  Keep looking around your savior is out there.      

There are many people in our society afraid to apply for a credit card or some other tool for many reasons.
We will begin with those who allow others to use a credit card or signing others for some type of service.
Many of us started our credit history somewhat shady.  Because  of our past we find ourselves running from bill collectors or filing for bankruptcy all of our lives.  Guess what?  you don’t learn to live a promising financial future because of fear.

Allow me to allow to share this information with you.  Credit history runs in a 7 to 10 year cycle. This means you don’t have to be afraid to use a second chance to clear up your credit.  Most consumers call it credit repair.  I don’t like the words credit repair.  Credit repair implies putting a temporary fix on it. 

The status of your credit is mainly in your hands.  Some consumers file bankruptcy.  Thats the cowardly way but it works.  Once you file bankruptcy, lenders will always stay at arms length for 7 maybe 10 years. Which is even more, when you get credit you will pay the cost.

Stop letting others destroy your financial future.  Most people don’t earn enough money periodically to pay all their bills each month. This means that credit is necessary to acquire big ticket items.  Everything in this world is unpredictable so when an emergency occurs you need money to fix the problem. 

Learn to use credit to bridge the gap.  You can clean up your credit within 6 months.  Once you clean up your credit, it will cost for seven years.  If you maintain paying your debt when due, lenders will drop their guards for you and offer you a lot credit.  The secret is when you pay your bills consistantly for two years you become a shining star.

All consumers have limited rights.  Each consumer must learn what their rights are or it will cost for a professional to work for them.  Take your time and learn to use the resources around you.  A consumer can stop a bill collector from harrassment.  Stop running from the bill collector. 

Take control. Stop running and look that problem in the face.  Get your credit report and check for any errors you may have.  When you find and error, dispute it.  The credit bureau has to investigate your complaint - its the law.  Look for an answer within thirty days.  Opt out of all preapproaved offers.  Check for any accounts that are over seven years - the credit bureaus must delete information over 7 maybe 10 years.  Don’t be afraid to write company a letter.  Make a deal with any collection company on your report.  Follow these instructions and begin to feel better about yourself because you are taking control of your credit history.

Advisor