Work Out Your Foreclosure And Keep Your Home

by Doc Schmyz

The last thing anyone wants to loose is your house. Unfortunately even though we know this fact, sometimes we tend to take our mortgage payments for granted and end up loosing our homes. In this case, a home foreclosure will happen. When a borrower fails to pay his or her mortgage for a number of payments (usually 3 or 4) the lender will issue a foreclosure by selling the house or repossessing it.

More often than not banks often lead the homeowners to believe that they don't have other options available. However there are other alternatives that homeowners can use to keep their house.

These are some of the options that homeowners can use.

Short stop

You can get a short refinance for the foreclosure of your property. If you don't want a new loan to cover an existing one, you can ask the help of a friend. A borrower's friend or relative can buy or pay off the mortgage.

Negotiate a payment plan

You (the homeowner) agree to pay a portion of the amount and agree to pay the rest in the following months. The homeowner shows proof of their income and pays a down payment. This is a much easier way and most lenders agree to this plan.

Change of plans

In some cases a temporary change in the terms of the loan can be given when properly negotiated. These changes include but are not limited to, amortization extension and reduction of interest rate. A foreclosure negotiator handles the job of getting these plans approved.

Third party sale

The property on foreclosure is sold to a third party. The proceeds will go to the mortgage lender as a settlement for the debt.

Friendly third party sale

The third party who buys the property sells it on foreclosure to clean the deed of other holders. Then the property is sold back to the borrower.

The above mentioned are just a few ideas of what you can do to keep your home if faced with foreclosure. Do not be afraid to ask for help. Be forward and upfront with your lender if you have fallen on hard times. If you have to take a second job to earn extra money then do it. It is far easier to work to stay out of foreclosure then to try and fix it once you have gotten a notice. Do not let your personal ego and pride cost you your home.

Debt Management Without Bankruptcy

Debt Management Without Bankruptcy

by Chris Blanchet
Obtaining a bankruptcy discharge is well-known to be an easy process. For most debtors, the appeal of bankruptcy blinds them to the negative fallout of bankruptcy, not the least of which includes a bad credit score, difficulty finding new work, higher insurance premiums, and the fact that the public record of the bankruptcy is available for all to see. In most cases, all a debtor needs to do is devise a repayment plan by increasing income or, more likely, finding ways to reduce expenses.In order to stay one step ahead of your finances and maintaining a debt-free lifestyle (once you achieve this), you will need to be creative in finding ways to reduce debt. Creditors only lend to you because they expect to be repaid, rather than not seeing a single cent through bankruptcy. With this in mind, some creditors might be willing to negotiate a reduced principal repayment. However, many others will not and if this is the case you will need to make some short-term sacrifices in order to repay the debt and get ahead.Since so many people aren't aware of where their cash goes on a monthly basis (this is one reason why debt may seem unmanageable), many don't even bother to think of creative ways to reduce expenses and this is what could lead to long-term regret when bankruptcy is the only alternative rather than one of many alternatives. Here are some ideas for reducing such expenses:-Stop using credit cards. Use a debit card instead. -Sit down and plan a budget for all expenses. There are many options available, but the point is to stick to it! -Save. Don't rely on loans to bail you out each time you need to buy something other than groceries. -If you need to borrow, borrow from family and friends who typically offer interest-free loans and no formal repayment requirements. -Instead of eating out, prepare your own meals. This can be fun and even romantic, thereby killing two birds with one stone. -Look for sales and bargains instead of going for high-cost name brands. -Don't change your lifestyle too much in one go. Introduce one change at a time if you are able to do so. -If you pay your family's expenses, you need to involve them in cost cutting measures. -Take stock of essential and non essential spending. Food, clothing, shelter, medical care, education are essential expenses. If you don't need a second car, a second home, or multiple credit cards consider getting rid of them. Use any profit to repay unsecured debt. -If your income does not cover all expenses, consider taking a second, part-time job until you are able to come out ahead again.By avoiding bankruptcy, you will avoid the heartache and delayed regret that normally stems from a discharge. Although a repayment plan does not provide immediate relief from debt, there are many techniques and software available to help you improve cash flow and repay debt.

Ease of leasing a vehicle compared to ownership.

Ease of leasing a vehicle compared to ownership.

Although now far fewer companies are buying cars and not having the leasing route, which in most respects is a much simpler option, it is still business to do. Why is this so? Well in some cases the company is cash rich and do not see any sense in using any form of funding for the company's vehicles. It is very rare cases, it may be that the company car is going to be done by such a high mileage, the purchase looks more attractive.

For most businesses, leasing, or is commonly known as the United Kingdom, contract hire is a much better option. There are many uncertainties attached to the vehicle owner, and most important is the most important question of what the vehicle could be worth when they come to sell it?

There are plenty of guides to future values, such as the CAP, but the vehicle be worth what they are predicting a three-year period? The difficulty in the CAP is that they can only assumptions based on what they know. They can not take into account the sudden deterioration in the economy or things, such as the 2008 fuel costs of the shock.

Try as they may accurately access the future values of the leasing companies sometimes residual values terribly wrong and they suffer the financial consequences. What do they want to do, but can not, it is built more flexibility, so that the unknown factors that can change the future values. However, the contract hire is a highly competitive industry, and they lose their competitive edge, they were trying to protect themselves in this way.

If the main differences between the contract hire and ownership of vehicles, the disruption the company's staff, when it comes from the sale of vehicles at the end of their useful life. Someone, the company must be given to job destruction, and whether it will consult the dealer to get the best part of the exchange terms, which also sell to the trade or privately advertising is still the staff from their normal duties. Of course, to get the best price, the cars do not normally need to be ready for sale.

Can not be much consolation to full motoring costs; to know from the beginning, which is the vehicle will cost, right down to the last penny, which is not possible to purchase a vehicle.

It is also the capital cost seems strange that some of the companies to commit something to the order of 350,000 own money in a relatively small fleet perhaps 20 cars. Some people use car finance company, or what is better known as hire purchase or finance lease agreement, then at least they did not commit their own capital, but it does not help with the very real worries of the residual values.

All the existing benefits of the contract hire, such as off-balance sheet borrowing fully budgeted cost and the vehicle with a maintenance contract, a considerable reduction in staff time, why more companies do not use this method? It is perhaps only by the fact that some companies are still not fully aware of all the benefits of this extremely versatile financial method.