Use A Debt Checklist To Examine Where You Are
October 31, 2007
A Debt Checklist allows you to look at items and areas of your financial life. You need to examine these to gauge how you stand. Even if you believe you are in good shape take a close look at these areas to be sure.
Law Practice Finance
October 30, 2007
How do you finance a growing practice? It is impossible to have a successful practice without good cases and managing good cases to a successful conclusion requires money for working capital. So, how does a growing practice secure the working capital it needs?
Historically, growing practices in need of working capital have had limited financing alternatives. A law practice’s largest and most valuable asset, their case inventory, has been of little value for financial transactions. Most firms find that banks will only lend them rather small amounts, if they will lend at all. Banks simply do not view potential fees from cases as adequate collateral for a loan. They are simply not set up to evaluate this type of collateral. This makes it all but impossible for the smaller firm to finance large cases.
Previously, the only alternative has been to give up a large portion of the fee to a financially stronger co-counsel willing to finance the case.
Attorney Financing With a Non-Lawyer Third Party This paradigm has changed with the introduction of asset-based lending to the legal profession. The development of highly specialized litigation finance companies knowledgeable in case and attorney evaluation now make loans available to many practices for which no financing has previously been available. Moreover, their loan-to-value ratios are double or triple those of traditional financial institutions.
Make Sure Your Credit Report Is Correct to Improve Your Interest Rates And Lower Insurance Premiums
October 29, 2007
Did you know that you could make sure to get the best rates on your auto and homeowners insurance simply by having a good credit score.
Additionally a great credit score will allow you to get the best interest rates on your credit cards, car loans and even your home mortgage. With interest rates as low and as favorable as they current are why shouldn’t you take advantage of them?
What to do ? Probably the most important first step you can take would be to order your credit report in order to view its accuracy and check for any glaring errors that could cause you problems or lower your credit score. A good credit score generally speaking is above 750.
There are 3 companies that offer credit reports. TransUnion, Equifax and Experian. There is a slight cost however a new law allows consumers the right to one free credit report every year. As of this writing only consumers on the West Coast can enjoy this benefit. Mid-west states can start receiving their free credit reports around the 1st of March 2005. For those of you that live in the South expect to be able to order your free report starting 1 June 2005 and if you’re on the East Coast you’ll unfortunately have to wait until the beginning of September 2005 in order to claim your free report.
Mortgage Elimination- A Horrible and Sure Way to Lose Your Home to Foreclosure
October 28, 2007
"Own your home free and clear in 3 to 4 months. Note paid in full!"
How does this statement sound to you? Does it bring out a sentiment of grand larceny or does it peek your interest as a means to quickly and legally increase your personal net worth? Would it be moral to cancel a debt you made in such an easy and unfathomable manner? Most importantly, if you were behind on your mortgage would you pay someone $3,000 to perform this elimination service for you?
Unfortunately, the answer for many homeowners is “Yes”. The statement used above is an actual sales line from a website that promotes mortgage elimination. The Better Business Bureau has issued a national fraud alert for this type of program that is sweeping the nation by way of the internet.
The purpose of this article is to give my opinion to the public as a leading loss mitigation expert that has counseled thousands of homeowners in foreclosure. I have also been contacted by many homeowners from across the nation that are in foreclosure or who have already lost homes due to the failure of this process. These people have been permanently harmed and they will have to vacate the property voluntarily or they will be forced to move by armed policeman.
Steps You Can Take To Protect Your Financial Information and Personal Identity From Fraud
October 27, 2007
Financial fraud and identity fraud are one of the fasted growing forms of fraud. The first line of defense to protecting yourself begins with you. Here are some steps you can take to help you protect and fight against financial and identity fraud.
1. Review and Protect Your Information - The first line of defense in financial fraud is to periodically check your credit report to ensure all your information is accurate. Remember there are three credit agencies (Equifax, TransUnion, Experian) which all operate independently. Make sure you check your credit report from all three because they may each have different information.
2. Destroy Credit Card Mail Offers and Old Financial Documents - If you receive direct or pre-approved solicitations in the mail for new credit cards and do not use them make sure you shred or tear them up before throwing them away. In addition, shred all financial papers including cancelled checks, old bank account statements, or any document with your identity.
The Truth About Credit
October 27, 2007
What you might not know about credit.
Some people don’t know about a loop hole in the credit reporting system.
You probably know that a loan in your name gets reported to the credit bureaus. And this borrowed money shows up on your credit report.
The more you owe on your credit report the lower your credit score will be.
But there is a way to get loans and credit cards that never show up on your credit report.
When you get a credit card in the name of your business, it will never be reported on your personal credit report. So you can get large amounts of cash from the banks I work with everyday and it will never show up on your credit report.
And you can start a business on paper for almost nothing. Just pick out a cool name for your new business and submit it on-line.
That means no matter how much cash you take out in the name of your business, your credit score never drops.
This is the best way most people have ever seen to get cash and use it to buy real estate, because the money is invisible.
How Homeowner Can Save Their Home From Foreclosure
October 26, 2007
Drive around and see how many signs you see that says House for Sale. How many lease purchases do you see? How many abandon houses are on your street? Our country is up against the wall with delinquence mortgages. FHA mortgage lenders are filing claims in the millions from HUD. How do I know? I counsel homeowners every month concerning their mortgage and what they need to do to protect their property and communicate with their mortgage lender.
What is the cause of all these delinquence? There could be several reasons: Lost of a job, health issues, divorce, business failure & income reducing. Before the homeowner even tries to save his/her home, they move out or better yet file bankruptcy. If they only knew what options were available to them, they stood a better chance of saving their homes.
Some homeowners try to make an attempt to talk to their mortgage lender for a possible workout but here is the problem. They are taking to the wrong people and they do not have a plan. I know some mortgage lenders can make it very difficult to be reach and consider you for a workout. Some will tell you that all communication will be handle by their attorney. The only thing their attorney wants to know is whether or not you can reinstate the mortgage and if not, it goes to foreclosure.
Money Problems?
October 25, 2007
You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.
Have you considered preparing a budget?
The first step toward taking control of your financial situation, is to do a realistic assessment of how much money you earn and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses - those that are the same each month - like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary - like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education. Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your cheque book, and creating plans to save money and pay down your debt.
The Changing Shape of Family Finances
October 24, 2007
Super-mums
It seems that the proof of maternal efforts is no longer found in the pudding ? it’s in the spending. Women are increasingly outsourcing personal grooming tasks and the pressure of looking good, feeling healthy, maintaining a tight ship and IQ level has meant that housecleaning and gardening are again fashionable methods to promote the family brand; housewifery is now a career, with all the attitude of 21st century post-feminism. It emerged in a recent BBC report, that a new type of parent was surfacing?.the "manager mum". Manager mums tend to use the internet to save time on tasks and streamline activity, using the Web to undertake jobs such as grocery shopping or banking.
Once they’ve got their partner, it doesn’t seem women can relax about their appearances, with women in relationships spending more on their appearance than their single counterparts. UK housewives spend a massive £5 billion on ‘keeping up appearances’, in terms of gardening, home furnishings and personal grooming, according to a study by Virgin Money Credit Cards. UK women are splurging out an average of £3,488 each on personal appearance and their home and garden. Of the £3,488, 47% is spent on the home and garden, whilst the remainder goes on clothes, haircuts, beauty products and treatments.
Are You A Victim Of A Predatory Mortgage Foreclosure?
October 23, 2007
Help is available to borrowers who have claims against their lenders for violating the Truth in Lending Act and other laws regulating credit transactions. Such violations may be a defense to a mortgage foreclosure. If there is a violation, you may be able to void the mortgage and apply 100% of your payments to principal. You may also be able to recover money damages.
If the answer to any of the following questions is “yes,” please arrange for a professional auditor to review your loan documents (including demand and collection letters, correspondence, and any account histories or monthly statements).
1. Have you repeatedly refinanced your loan? Was the last refinance within the last 3 years? (A common predatory practice is “flipping,” which involves “repeatedly refinancing a mortgage loan without benefit to the borrower, in order to profit from high origination fees, closing costs, points, prepayment penalties and other charges, steadily eroding the borrower’s equity in his or her home.”).
2. Did you increase rather than lower your rate upon refinancing?
3. Are you paying an interest rate in excess of 9.5%?
4. Was the loan obtained to pay for home improvement work that was not done properly, or even at all?
