Of all the dangerous and misleading myths circulating about credit scores, one of the most damaging involves your balance. Unfortunately, many people hold a mistaken belief that carrying a balance on a credit card can actually increase your score. Interest-bearing...
Show documentation to receive a loan modification
When you can no longer afford to pay your mortgage, you may feel tempted to stop making these payments. However, you could be able to receive a loan modification. In this situation, your lender usually needs to see several kinds of documentation. You might hesitate to...
How may a bankruptcy help after defaulting on my home loan?
A lender sending you a notice for defaulting on a mortgage generally means that your account has not received a payment for 60 days. As noted by U.S. News and World Report, the next step your lender takes may include filing a lawsuit to begin foreclosure. Creditors...
5 mistakes you must avoid when filing for bankruptcy protection
No doubt it is with a feeling of relief that you have decided to file for bankruptcy protection. However, if you want the bankruptcy process to go smoothly, you must be alert to potential problems. Here are five mistakes you must avoid. 1. Failing to list all...
How may a Chapter 13 bankruptcy plan work repay my debts?
Debtors with steady income may qualify for a Chapter 13 bankruptcy. As described by CreditKarma.com, you may personalize a three-to-five-year payment plan to repay creditors. This may provide a workable option to restructure your debts by consolidating them into an...
What should you know about debt collectors?
Debt collectors must abide by the Fair Debt Collection Practices Act (FDCPA), an act enforced by the Federal Trade Commission. This act classifies certain practices, behaviors and actions as illegal and harmful to the person these collectors have targeted. In order to...
How do you keep yourself out of credit card debt?
Digging yourself out of debt will undoubtedly serve as one of the most difficult financial hurdles you will overcome. Of course, once you find your way back out of it, it would make sense for you to avoid getting back into it at all costs. To this end, you can take...
Can communication prevent foreclosure?
Financial hardship can bring added stress to many areas of your life. Your ability to repay debts you owe, such as a home mortgage, may dwindle and leave you questioning the stability of your future. A foreclosure could impact your family and disrupt your children's...
Do you know your debt-to-income ratios?
For many Americans, money seems to be in short supply nowadays. Because most cannot afford to pay for even a $1,000 emergency, turning to credit cards is often the only option. If you have too much debt, though, you may worsen your financial situation considerably....
Improving the costs of a home mortgage
Owning a home can provide many benefits, including shelter and financial security. Affording a home requires the careful collaboration of financial goals and strategies. Because a home mortgage is often one of the higher debts that people owe, lowering its cost can...
