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Beginning next year, lenders will have to deal with some new rules regarding mortgage loans. New borrowing limits and document requirements may have some borrowers in a panic. Do not panic – be proactive and take steps now if you plan to apply for a mortgage next year. Look for a smaller, community bank that may not be required to adhere to new mortgage rules. Do not change jobs right before applying for a mortgage – job stability is essential to qualify under the new “Ability to Pay” rule. … [Read more...]

For most consumers, filing bankruptcy is a last resort after many months or even years of trying to reorganize or pay off their debt on their own. However, even though some consumers will be able to avoid bankruptcy not all are able to work out their finances without assistance. While filing bankruptcy is not a pleasant experience, it is not as bad as people assume. You can file bankruptcy, rebuild your credit and learn how to successfully manage post-bankruptcy credit and finances. For the … [Read more...]

Under the current bankruptcy code, student loans are non-dischargeable. It is almost impossible for debtors to discharge student loans even though they can wipe out most, if not all, other types of unsecured debts. Currently, student loan debt exceeds credit card debt by 28% with almost one-half of all American families facing paying off student loans. For those that are unemployed or have had a substantial decrease in income, paying off their student loans seems impossible. By reforming the … [Read more...]

A few years ago, the housing market was in favor of the buyer - - many homes for sale with low prices. However, home sales are increasing so buyers need to act faster when they find the home of their dreams. To make sure you get the home you want, put in the time and effort to do research and get pre-approved so you are ready to move when you find your home. Sellers want buyers who are motivated and willing to move quickly. Have your ducks in a row and be ready to fight hard if you end up in … [Read more...]

If you choose not to purchase health insurance coverage and you do not fall under one of the exemptions, expect to see a penalty assessed on your 2014 personal income tax return. Under the Affordable Care Act, individuals and their dependants must have health insurance or pay a penalty for being uninsured. Penalties can be as high as 1% of the family’s household income. The IRS may deduct the penalty from any refund that you may have coming and they can charge interest on penalties that are … [Read more...]

A recent study has revealed two major factors that effect how quickly a home will sell. They also can affect the amount of profit a seller will make on the transaction. The first step to selling your home for the best price is to hire a top-rated realtor. Top-rated realtors move properties faster and for higher prices. The presentation of a home is another factor in a quick sale. First impressions are very powerful and buyers why have a strong positive emotional reaction will act upon those … [Read more...]

What happens when you stop liking your realtor? You have entered into a listing agreement, which is a binding contract on you and your realtor. You will face penalties if you try to break the contract before the specified time for it to end. However, what if you are unhappy about your realtor’s performance and no longer wish him or her to represent you? You can break the contract; however, you will probably be required to pay a fee to cancel and if your home is sold within a specified … [Read more...]