Auto loans for people with poor credit
By financen | August 28, 2009 - 3:34 pm - Posted in Auto loans, Poor Credit

Many of you must be looking for some loans at lower interest rates to buy a new or used car. If you are already struggling with your present financial situation, you might need some kind of special financing to help you out. There are many ways of getting auto loans with bad credit and with variety of options. Here are some ways that you can try to get auto loans with poor credit.

The first option that you must try is with your bank. Your bank might be willing to help in such situation if you have a good business relationship with them over the years. You might get approved for a loan at cheap interest rate if you have some collateral. If you have already got some investments with the bank, then your loan approval process will become a lot easier.

If you do not get any help from your bank, then you should try with the different lenders who usually approve 98% of their loan applicants. Your loan approval will get a lot easier if you did not have any multiple repossessions in the past and do not have any tax debts. Browse through the internet and you will find a lot of online lenders offering their loans at decent interest rates.

You may also try for a poor credit auto loan with some lenders. If you are not getting approved for any loan, you can always try the buy here pay here car lot. If you are using this option, be aware that they will be reporting on your credit report otherwise they won’t be willing to help. Get your car thoroughly checked by a certified mechanic before picking the car. You need to be sure that you got a good vehicle on that price.

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Four important things to know before filing for bankruptcy
By financen | August 24, 2009 - 4:23 pm - Posted in Bankruptcy

If you have decided of filing for bankruptcy because of overwhelming debts and there are no ways to come out of this mess, make sure that you are fully aware of its short term and long term consequences. You need to ascertain which type of bankruptcy is right for you. Chapter 7 bankruptcy will stay on your credit report for ten years. Qualifying for any new credit after filing for bankruptcy will be quite tough in the initial years. You never know if any kind of emergency shapes up in the future and you might need a lot of money. Be well prepared before you choose this option. Here are a few things to know before filing for bankruptcy.

Common bankruptcy types: In total, there are four types of bankruptcy. The most common is the chapter 7 bankruptcy which is liquidation or straight bankruptcy. In this process, all your assets and properties will be liquidated to pay off the existing debts. Another type of bankruptcy is chapter 13 bankruptcy in which a repayment plan is set for a certain period of time, usually within 3 to 5 years without liquidation of your assets and properties. Before filing for either type, you have to qualify in the means test. In most cases, people have to file for chapter 13 bankruptcy because they do not qualify in the means test and makes it difficult to file for chapter 7.

Hiring a lawyer: Many people wish to file for bankruptcy without hiring any attorney for assistance. While this is possible, it is always suggested to take the help of a professional bankruptcy attorney so that the legal complexities can be taken care of immediately and the filing process gets easier. If you cannot afford to pay the attorney fees, look for some free legal services in your area. You may contact your local bar association for information regarding their “pro bono”. You may also visit the nearest law school or legal clinics in your area.

Filing without an attorney: Partnerships and corporations require a lawyer to file for a bankruptcy case. Individuals can represent themselves without an attorney. Because of the varied state laws and the complicated system, sometimes the filing process without an attorney can often get too difficult. If you are not fully informed about the process, your individual rights may get compromised with one misstep. Besides, you may lose the legal protection and the benefits if proper documents are not filed correctly.

Credit counseling: Before filing for bankruptcy, you will have to undergo credit counseling with a government approved credit counseling provider within 180 days before the bankruptcy case is to be filed. Not filing the required documents will cancel the bankruptcy case.

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How to sell your home in the present economic crisis
By financen | August 12, 2009 - 4:13 pm - Posted in Economic Crisis, Economy

The economy has been really terrible in the past few years and everyone is aware of the consequences in their individual daily lives. It does not seem like it is going to get better anytime soon. In the meantime, you really need to sell your home at a good price. You need to know how you can sell your home in the present market and get a good deal.

Be mentally prepared that you are not going to get over the price at what you bought your house for. In fact, you are not even going to get the price you paid for it either. You should know few things at least to get a good deal.

The first thing that you should be doing is not to get a realtor involved in selling the house for you. After a month, the realtor is not going to show too much interest in your house and will be more diverted towards those houses that will get sold in quicker time. Since you know the best about your house, it’s better if you sell it on your own. And if you involve a realtor, he is not going to charge a commission after selling the house. If you sell it on your own, you will save that brokerage.

Another way to make the selling of your house easier is to run an advertisement that catches the eye. Do not show in the ad that you are desperately looking for a buyer. You really do not want the buyer to think that he can buy your property at a cheaper rate. A buyer will always be looking for the cheaper price so you do not need to show that you are ready to compromise with the price. After 30 days, if the house is not sold, redo your ad so that potential buyers do not get this feeling that you are facing difficulties in selling your home for quite some time. By using the proper tricks, you can easily sell your home at a good price, despite of the lousy economy.

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How to get through the loan modification process
By financen | August 2, 2009 - 7:04 am - Posted in Loan modification process

Nowadays, there are so many Americans who are facing continuous foreclosures and the number keeps moving up. If you are also facing financial problems and it’s getting hard for you to make ends meet, facing a job loss, or just cant seem to afford the mortgage payments anymore, you might be losing all your hope. There are certain things that you can do to prevent foreclosure.

The most important thing that you need to do is to speak to a qualified mortgage professional and enquire about mortgage loan modification process. This will help you to lower the interest rates and the monthly payments or you might get an extension in your mortgage loan so that it becomes more affordable in your situation.

Do not try to do the mortgage loan modification process on your own. Since you may not be having enough knowledge about this process and the lending industry, the mortgage company might try to take full advantage of this and give you options that will become quite hard for you to afford. If you speak to a qualified professional, he will offer you the options that best fits in your situation. They will try to get the best mortgage loan modification plan so that you don’t have to go through the risk of losing your home.

Many of us think that nothing can be done when the foreclosure notice comes to the doorstep and therefore they don’t even give a try. Get educated so that you can save yourself from even going through a financial crisis and save a possible foreclosure.

The only way to stop a possible foreclosure is a loan modification process and it has been the most successful option for many people. You won’t try to sell your home in a market where there are no potential buyers and when you are already facing problems in keeping up with your mortgage payments. A mortgage professional will custom-tailor a solution that works for you and fits to your budget. It’s worth a try!

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