In regards to the American consumer; debt solutions and debt help are essential components to those consumers that have lost their financial footing amidst the current plague of economic hardship.
Mortgage Refinance and Stop Foreclosure
The best way for any homeowner to avoid foreclosure is to refinance their mortgage loan and stop foreclosure. Though a mortgage refinance is often in the Homeowners best interest and option to avoid or stop foreclosure it is often the hardest or most difficult of all foreclosure alternatives or methods of foreclosure prevention to obtain. The reason for this is fairly straight forward; homeowners who need to stop foreclosure are usually in some sort of financial distress and not prime lending material in the eyes of lenders. Continue reading
Bank of America, like many of today’s big American banks , is and will from time to time boast about their efforts to help the American homeowner stop foreclosure and retain home ownership. Well from the best that I can tell it seems as if that is exactly what Bank of America is doing.
346,000 Happy Borrowers – Obama Mortgage Modification
President Obama has helped 1.2 – 1.3 Million homeowners stop foreclosure and obtain a loan modification that allowed them to make home affordable. The President accomplished this with his mortgage assistance program known as HAMP or the Home Affordable Modification Program.
Talk About Hardship and the Importance the American Homeowner
As millions of Homeowners across America scramble to try and find a solution to there current or looming mortgage and foreclosure troubles the importance of a solid and probable hardship story and even more importantly the importance of a well written and concise hardship letter is often overlooked. Continue reading
Debt Consolidation is a form of debt help that is often obtained by consumers with an excess amount of high interest unsecured debt. By consolidating ones debt a large benefit in the form of savings obtained from a substantially reduced cost of the debt. Debt Consolidation is done through obtaining loans with more favorable terms then the existing debt agreements and the capital or funds obtained from the new loan is used to pay off or rather combine the more expensive debt agreements. This loan is often thought of as a debt consolidation loan . Continue reading
As help to the American consumer we are posting a series of four post’s dedicated to a make shift do it yourself get out of debt, Debt Management Plan.
This post is dedicated to taking ones debt inventory and is the second post of a series of four posts.
American Consumers are in debt. In short America needs Debt Help.
We have put together a poor man’s version of a quick and simple step by step debt management plan. This is the first post of a series of four. Today we will focus on an overview or outline of our debt help program. This program will contain three primary steps which are listed below.
Assistance for those overwhelmed with their financial obligations.
It never ceases to amaze me. That invisible ball and chain of stress, anxiety, confusion, fear, and depression. It’s almost as if it talks to you, taunts you with slander that calls you worthless, and irresponsible. Every time that phone rings with another debt collector it says i told you so.
This looming nightmare is your debt. The hardship of debt will hammer away at everything good in your life if you let it. Though life with too much debt is similar to a slow death by drowning, there is help, there is a way out of debt.
Credit card debt is mounting. The American consumer is being consumed by the shadows of their own consumption. The minimum payments are reaching the max. The Max balance limit is shrinking with every opportunity credit card companies are presented with.
It almost doesn’t make sense. Just a year or so ago you couldn’t keep the offers away. Then suddenly you can’t front money to loan yourself. This is a dangerous and bizarre market we find ourselves in. The financial world is one in turmoil. The mortgage and housing industry seems to be out cold and the looming title wave of credit card defaults seems unavoidable.
Obama has given the go ahead for a new wave of housing and mortgage stimulis through the Making Home Affordable Plan. This new program is called the “Hardest Hit Fund“. The foreclosure relief fund will allocate 1.5 billion dollars across five states said to be hit the hardest by the mortgage and housing crisis. Continue reading