can-i-get-a-mortgage-after-filing-bankruptcy

Can I Get A Mortgage After Filing Bankruptcy

Writen by Nikola Govorko

Usual opinion is that with an item like bankruptcy on your credit report you do not stand a chance of getting a mortgage. While it might have been true until as little as 4 - 5 years ago it is certainly not true today.

It is natural that bankruptcy does not help your credit score but it is not something that can prevent you from buying your own home in near future, in say next 2 to 5 years.

And in case that you already have a mortgage on your record, you will be happy to know that you can refinance your mortgage and get a much better deal which can enable you to pay off your creditors much easier and faster. You will have to work long, hard and smart to repair your credit rating.

Here are steps you will have to take in order to get a mortgage after filing for bankruptcy:

1. Make a budget that you can stick to and the one your family can live with. It is very important to make a realistic list of your monthly income.

In this list include any income that you can count on100%, leave all the other possible money sources out. You can do it easy with a pen and paper or you can use your PC/Mac.

Place any other possible sources of income on a separate list, so if it happens OK, if it does not no harm done to your budget planning.

2. List your expenses include all your monthly bills in this like car or a home loan, rent, insurance payment, utilities and food. Keep ALL the bills, and at the end of the month you should have much clearer picture where does your money go to.

Many people do not do this, and that is a HUGE mistake. Small $10-20 bills soon ad up without you noticing it. It is not big expenses that push people in debt, in most cases it is lots of small charges you do not take notice off until you have to pay them. You have gathered similar information before, probably when filling for bankruptcy. At the end of the month or at the beginning of one, when you do the math you will be able to find out if you are living above your means.

If that is the case you are just going to have to give up some of the unnecessary costs. What that is I can not tell you, each of us is different but usually things like cigarettes, bar bills, DVD rents and other entertainment oriented expenses are not necessary for living normal lives.

You would be surprised to know how much you can save on things like this.

3. Pay ALL your bills ON TIME importance of this can not be stressed enough. If you follow above two steps you should have less trouble with this probably the most important step in your credit repair.

Make sure to have your mortgage, car loan, or a secure credit card bill (that you have naturally been paying on time) listed with credit bureaus.

It will provide the proof your creditors need that you have been working hard on your credit repair and that you have learned how to live within your means.

4. Fourth step is optional; you can apply for a mortgage after bankruptcy even with bankruptcy discharged yesterday and just about any time you want.

But even if you are approved you will have much higher interest rates to payback and those rates can be just thing that will push you even more towards financial bottom.

If not absolutely necessary wait for at least a year (during which you will naturally working harder then ever to improve your credit score) and then apply. Also make sure to check all your options, apply online with reputable lenders and get as many offers as you can right to your e-mail.

This is much, much easier, faster and over all better way to apply for any kind of a loan then the traditional methods.

So can you and should you apply for mortgage after filing bankruptcy? The answer to both questions is YES. But you will have to undertake above steps to get a better deal.

life-settlements-and-financial-planning-for-senior-citizens

Life Settlements and Financial Planning for Senior Citizens

Writen by Natalie Aranda

There is a new kid on the block for certain high net worth senior citizens. It is called the life settlement. It is a secondary market in life insurance policies. For years the insurance companies have operated what is called a monopsony. This is where a particular buyer so controls the market that he can also control prices. It is a reverse of monopoly where it is the seller who controls the market. In the case of insurance companies before the advent of life settlements, if a person was interested in cashing out his policy, he had only one buyer. It has been compared to a person who buys a house, and after years pass, and his circumstance change, he is able to sell the house only to the original builder, and at the price the builder paid to build the home. It is not likely this would be tolerated for very long.

This was the situation in life insurance settlements. In cases when a policy holder’s life situation changed to such a degree that his policy was outdated, he could take the cash value offered by the insurance provider that sold him the policy, and at whatever terms the provider dictated. That was his only option. There are a lot of ways that a policy holder’s life situation could change. Loans are repaid, some of his assets that contribute to his high net worth are sold off. Now, quite likely, he is over insured. The cash value of that policy could contribute to other investment opportunities more in line with his financial plan. It is now possible to basically sell the policy to the highest bidder, and take the cash settlement, called the life settlement, and reinvest it in a more appropriate policy. He is then free to utilize the remainder however he wishes.

The concept of life settlements began in Canada a few years back, and rapidly spread to the United States, and then on to most of the world. Now, most of the major insurance firms, and quite a few Financial Investment agencies have begun programs geared toward life settlements. It is a growing resource that provides another option to the senior citizen in his quest for financial security, and with the increasing number of seniors it is a growth field that will become more and more popular and well known in the coming years.

dont-let-interest-rates-fool-you

Don’t Let Interest Rates Fool You

Writen by James Monahan

Albert Einstein has referred to interest as the eighth wonder of the world, the greates invention of the human race, and the most powerful force in the universe.

Why is this so? Interest has three major functions in finance. It is the surcharge placed on the repayment of borrowed money or goods; it is the return which is derived from investments; and interest also refers to a person’s right or claim to a corporation, such as that of a creditor or owner.

In economics, interest is referred to as rent on money. Rent, or economic rent, is further defined as a payment to a factor of production (land, labor, and capital goods).

Like any other form of rental, interest rates constantly change to reflect market conditions. Interest rate is the percentage by which balances grow, and the initial balance is referred to as the principal. Interest rates have remarkable effects on finance and economics, thus, they are the most watched market indicators.

History suggests that the Sumerian civilization is the first to have developed a structural credit system based on grain and silver, the two main commodities. Before the advent of coins, Sumerians practiced a credit system where loans were made in the form of metals based on their weights.

Loans of grain and silver made trading possible. Silver was used by towns, and the country economies used grain.

As proof to this historical claim, archaeologists have uncovered metal pieces believed to be used in trade in Troy, Minoan, and Mycenaean civilizations. They have also found similar items in Babylonia, Assyria, Egypt, and Persia.

Today, credit has changed into an entirely new system. Banks, individuals, and other financing institutions have developed their own system of collecting interest for the repayment of borrowed money, or debt.

This practice; however, is considered usury by religious orders such as the Jewish and Christian. In Islam, a special type of banking is practiced, which is consistent with Islamic laws, such that the collection and repayment of interest is prohibited. There are Islamic banks which cater to this specific banking system.

Interest accumulates in two ways: by growing linearly with time (simple interest), and by growing exponentially over time (compound interest). Simple interest, the method by which interest accumulate linearly with time, is seldom practiced because the interest earned by the money previously is assumed to have remained in the account.

When this happens, the amount of money which is subject to interest increases because the previous interest remained with the capital money.

With compound interest, outstanding balances, which may include the principal and other add-on amounts, balance grow exponentially through time. This means that periodically, the total balance grows by percentages of the total of the principal and the interest paid in previous periods.

In this mode of interest, the rate of compounding influences the whole amount of interest which is paid over the duration of the loan. The growth function in compound interest is an exponential function with regards to time.

Today, there are two general types of interest rates for debt instruments. Debt instruments are also called income streams, which pertains to the stream of income for the person who lends money.

There are a number of debt instruments such as business-based, collateral-based, consumer-based, contingency-based, government-based, and insurance-based instruments. These interest rates are fixed-rate and variable rate.

Fixed-rate instruments, the more common between the two, have fixed value throughout the instrument’s duration. This interest rate is usually used in bonds.

Variable-rate instruments are typically attached to an index which floats according to the economic conditions such as prime rate (interest rate given by lenders to customers who are considered trustworthy) and CPI or consumer price index (statistical measure of the average of prices of a set of economic goods and services bought by wage earners in urban areas).

top-5-factoring-companies

Top 5 Factoring Companies

Writen by Stu Pearson

Because factoring is such an obscure function of small business, despite its popularity within the business world, it can be difficult to find the right factoring company to help you out. Getting the right bid, the right terms, and having the cash flow through your business seamlessly is a big deal if you want to concentrate on the big picture. As you probably know, the internet is a wealth of information for small business owners. With that in mind, consider the top 5 factoring companies you can find online.

The first of the top 5 factoring companies you can find online is a site called FactorBids.com. This site is good in that it allows you to submit an application that will result in about a dozen factors bidding on your application. You will get a response in about 3 business days. The site is very professional looking and is very user friendly. Like many other sites that allow financial institutes to bid on business, everything is negotiable with this. A factor can change its bid or even cancel the deal completely, but then again so can you with this site.

The second of the top 5 factoring companies online is getfactored.com. At this fast and user friendly website you will be able to get quotes from up to four factors with just one application. That saves you time, which is a hot commodity for small business owners. This site also has a sister site, FreightCash.com, that specializes in factoring for trucking business, so that is something to keep in mind as well.

In the top 5 factoring companies, the third site to consider is Factors.com. Despite having sponsors on the site, it does offer you a great deal of information. The site is essentially a directory of companies by the industry they serve. You simply find your industry and will then have access to a number of factoring companies that specialize in businesses with needs just like yours.

Fourth is cfa.com, the site for the commercial finance associate. As factoring companies go, this one will help you narrow your choices down to factors who are CFA members. That means they are reputable and safe for you and your business. The site is a little cumbersome, but the information is good and you will be able to find a factor that can help you quickly.

Fifth on the top 5 factoring companies is another information site that will lead you to reputable factors. Factoring.org is the home of the international factoring association (IFA). The site is great if you are informed about factoring, but there is not a lot of information for beginners. Since IFA members are bound by a code of ethics, you know the lenders on the site are going to be easy to work with.

Finding a factoring company can be hard. However, these five factoring companies will help you find the right factor to help with the financial side of your business. Each is worth your time and with just a few minutes of research you will find which of these top 5 factoring companies on the internet can help you find the right factor for you..

the-best-time-to-starty-your-own-business

The Best Time To Starty Your Own Business

Writen by Tom Koziol

I started reading business opportunity magazines approximately 40 years ago.

credit-card-merchant-services-what-should-i-be-looking-for

Credit Card Merchant Services - What Should I Be Looking For?

Writen by Mike Singh

Credit card merchant services come in many different varieties and are available to provide many different services for you. These services include accepting credit cards, bank transfers and debit cards. Merchant services also can help you pay industries a lot quicker than normal. These services can also help you feel much more secure and make paying bills a lot easier and convenient. Privacy is a priority and personal information should be pretty safe when it comes to these services.

Businesses can also benefit greatly from credit card merchant services. These services can allow businesses to more easily accept payments and stop turning away customers because of a lack of cash. This can only help your business by allowing you to reach a wider customer base. A great part of a lot of services is that it is easy to stop and start whenever you want and there are usually no fees or cancellation fees either.

Credit card merchant services are also one of the very best ways to be paid for any service an individual may provide as well. This is because there is none to very little risk involved with it. This eliminates checks bouncing or fees being charged because of it. Your customer base will also expand as well because you can accept customers who do not have cash but only have a debit or credit card available to them for payment or you will be able to accept these payments over the phone if you like.

Merchant services only takes a few minutes and very little effort to start it up. Because of this in just minutes you can bill via email and get paid online. Your money will be available instantly or pretty close in most instances. This can only make your business thrive even better with faster and more convenient payment options available through card services.

One huge benefit of using credit card merchant services is increasing sales. Because you have been better equipped to handle more business you will have more customers and therefore more sales. This in turn can only help your business grow in size and profits. Not only this but you will find that card services can also help secure the finances of your business as well.

After seeing all the benefits of merchant support there seems to be no reason not to try it. Having more customers, more options available to them to make payments, more ease and convenience in online business and increases in profits are all great incentives to get on board with merchant support.

a-look-at-the-world-of-economics

A Look at the World of Economics

Writen by Mike Freemen

The subject of economics is one of the most important, but it is also one of the least understood. It has been said that getting a roomful of economists to agree on anything is an exercise in futility, and this has led many people to assume that the world of economics is too difficult for the lay person to understand.

While the world of economics can be intimidating and difficult to understand, simple economics as it applies to real people is quite a bit more straightforward. After all, when you set a family budget for the month, you are engaging in economics. When you shop around for the best price on that plasma TV or laptop computer, you are engaging in economics. When you study the stock market to choose the best mutual fund, you are using economics to guide your decision making.

Fortunately for all of us, it is not necessary to hold a masters degree in economics in order to make sound economic decisions. A careful study of the market around you and a good understanding of the business world you are in can be your guide when it comes to economics. Starting with a business you know can be a good way to make sound economic and investment decisions, and a great way to start building your financial future.

Learning how to save and invest has always been important, but it is perhaps more important today than ever before. There is no doubt that the economic landscape has been changing, Those traditional defined benefit pension plans that protected our parents are fast disappearing, and today every worker needs to have a good understanding of economics and the stock market in order to effectively invest his or her 401(k) to save for retirement. It is important to begin a comprehensive economics savings plan as soon as possible, since time can help savings grow and accumulate for the future.

Many people think that the study of world economies is a dry and boring pursuit, but in fact this is not the case. The world of economics affects all aspects of our daily lives, from how much we pay for a gallon of gas to how much we pay for that morning cup of coffee. Learning how the economies of the world work can have a great affect on your own economy, so it makes sense to learn at least a little bit about this seemingly esoteric science.

preventing-fundraiser-burnout

Preventing Fundraiser Burnout

Writen by Michelle Pearson

Since many schools and other organizations today find themselves suffering from a chronic state of under-funding, they are increasingly forced to hold multiple fundraisers through the course of the year. Unfortunately, this can lead to a complete ‘fundraiser burnout’ for many customers as well as for fundraising salespeople.

So the critical question is: how do you maintain real interest on the part of customers so as to keep support for your group strong, and how do you keep your salespeople from flagging, losing energy and interest in raising money for your organization? Although there are many potential solutions, here are just a few examples to get started with.

In order to keep customer interest high, and as a way of maintaining goodwill, sell different products during each fundraiser throughout the year. There’s nothing wrong with repeating a successful fundraiser, but once a year is probably more than enough - even an extremely popular fundraising option can quickly lead to customer burnout if it’s repeated too frequently.

As a matter of maintaining customer goodwill, offer useful products and services in your fundraisers - everyone loves cookies and chocolates, but there comes a point where customers will only be buying them to support the organization; some will just quit buying them at all. If you find a way to provide goods or services that supporters of the organization already want, then they are able to support your organization by buying something that they might have somewhere else anyway - a win-win situation.

As a corollary of this, be sure not to have too many fundraisers - you’re better off with a few wildly successful ones than a dozen mediocre fundraising programs - customers will buy more readily when they’re asked to buy less often, and salespeople can stay excited if they’re not asked to sell constantly.

To keep your salespeople excited, offer creative incentives to encourage them to compete with one another. Depending on your organization, the chance to throw pies at a principal or dunk some other authority figure could go over very well. Also, make the connection obvious - show your salespeople the benefits that the organization will see from fundraising and by extension the benefits that they themselves will see.

There are many other ways to keep fundraising fun and ensure that your customers and salespeople stay interested - just make sure to use common sense and think positively and creatively - your organization is bound to be successful!

check-21-amp-you

Check 21 & You

Writen by Roger Sorensen

Every year nearly 60,000 airplanes take off and land with an estimated 36 billion paper checks at an annual processing cost of $8 billion. Who pays this $8 billion dollars? The banks and credit unions across the nation, that’s who. Why do they go to all this effort and expense? Many state commercial codes stipulated that only a canceled check was proof positive of payment.

Since there are nearly 18,000 financial institutions in the United States, most of them have not been able to charge fees to cover this $8 billion cost of letting you have a checking account. This means that all of that money has to come out of other fees, penalties and loan rates.

At least this was the truth until October 21, 2004 when a new federal law took effect trumping states rights to regulate banks within their borders. The Check 21 Act allows a paper preprint of a check to be considered the equivalent of the original check. In English this means a bank in Oregon can copy a deposited check, send the image to your bank via electronic means and receive their money all in the same day.

Image exchange checks will not replace the old fashioned method of moving paper checks any time soon, though the number of checks written a year is decreasing an estimated 5%. Analysts expect the image exchange checks to surpass paper processing in 2006.

So why do banks want to invest in the equipment and security measures necessary to move checks electronically when the other method works? I can name you 5 reasons for every check every financial institution handles and they are all named Lincoln. Every check a bank does not handle is a savings of 5 cents, for an annual average savings, per bank, per year, of $266,000.

How will this affect you, the consumer, who writes 120 checks a year for every man, woman, and child in this country? It doesn’t affect you very much, except you will likely be receiving a printout of your checks with every statement.

The exception to this is if you are one of the millions of consumers who will write a check on Thursday, the day before your paycheck is deposited. You have become accustomed to writing a check and having a couple days to get the money into the account before the check reaches your bank. You are using what is called the float principle. Simply put, the float principle is the amount of time it takes a check to be deposited, trucked and flown to your bank.

With image exchange, the float is sunk. Through 2006 the banks and credit unions can collect an estimated $170 million per month in bounced check fees on nearly 7 million checks written on accounts before the money was in the account.

That $170 million translates into 5 cents for every check written in the nation, or nearly $266,000 per bank, per year. This money will be taken from consumers in the form of “service fees”, turning that $35 check into a $70 check because of the $35 bounced check service fee. Who is more likely to have insufficient funds in their checking account - the above average income or the below average income consumers?

I guess it depends on your definition of below average income. The ultra-below make less than $10,000 a year and mostly operate without checking accounts. The ultra-above make more than $250,000 and use electronic or plastic means of paying for their purchases and everyday expenses.

That leaves the rest of the nation, approximately 200,000,000 of us to provide enough service fees for the banks to average a quarter million dollars in unearned income each year. We’re the people writing 10 checks every month for every member of our household. We’re the busy parents of active children trying to do everything and be everything in what we call an American dream.

How can you protect yourself and keep from adding to your banks bottom line? Control your checkbook and perhaps even change your spending habits. As more and more banks switch to the Check 21 system, you have to be ready for when it happens to you.

You can do this in a very simple, practical, and easy manner. Flip- flop the order of writing checks. Let me demonstrate on Sue, a typical mother of two children (12 & 14) who works at a local office building. Every Friday her weekly paycheck is deposited in her checking account electronically.

How Sue will respond to Check 21 is that from now on she will no longer do the grocery shopping on Thursday after soccer practice. Instead she will wait until Saturday after gymnastics, or even Monday on her way home from work to swing by the store and pickup a couple bags groceries for the week. By making this switch in routine, she will know the money for the groceries is in the bank.

Now let’s make the assumption that instead of some imaginary woman named Sue, this person was you. Did you see what happened? Instead of writing a check before the money was in your account, you waited to write the check after the money was in available. This guaranteed your check would clear and you would not be charged any unexpected service fees.

By waiting to write checks until after the funds are in the account will take a little practice on your part and might be more difficult to do than it sounds. If you make the effort, and train yourself to think like a banker so you can avoid service fees, you will come out money ahead.

As the rules of banking change, you have to know and understand your rights and what these rule changes mean to you. Check 21 legislation was enacted to make check processing easier and more convenient for financial institutions across the country. They are also anticipating a surge in income through service fees. Do your best to avoid padding their bottom line - write checks only after the money is in your account.

saving-tips-for-grocery-shopping

Saving Tips for Grocery Shopping

Writen by Kimberly Griffiths

Let’s face it grocery shopping can take a bite out of your paycheck. While this isn’t an expense that you can eliminate, there are ways to make it more affordable.

As you try to make ends meet you have a new appreciation for stretching $10. A good way to save money is to shop with just as much cash as you feel you will need. This is one way to ensure you do not go over you budget.

The key to grocery savings is not to be brand loyal. Always watch the grocer store circulars and use coupons in conjunction with a store sale price, or better yet find a buy one-get-one-free sale. Be a smart grocery shopper. Use all of the coupons and grocery cards you can for items you need to purchase.

Grocery Shopping Suggestions:

* Eat before you go grocery shopping so you won’t be tempted to make impulse purchases.

* Don’t forget to buy the generic or store brand for those items where a brand name is not necessary: sugar, flour, toilet paper, paper towels, napkins, etc.

* Stock up on food staples when they are on sale.

* Buy store-brand cereal instead of national brands. If your household goes through a box or more per week, you can save over $100 per year by purchasing store brands.

* When buying pre-packaged fruits and vegetables for a flat cost, i.e. 5 pounds of potatoes for $1.88, actually weigh the bags and find the bag that weighs more than 5 pounds.

* Check out the price per ounce/pound/piece. Just because it is a big box, doesn’t mean it’s cheaper! Sometimes two smaller packages are cheaper than the big box. Compare prices ounce per ounce.

* Stretch the food that exists in your cupboards. I bet you have enough odds and ends to last you at least a week in meals if you’re creative. I have learned to make wonderful meals out of rice and beans, noodles, and herbs.

* When you cook a meal, cook twice as much and freeze the leftovers. This works great with cookie dough too.

* The weeks when the sales are not so good could be light buying weeks. If you have some food in reserve, on these light weeks the extra food is like money in the bank. If you ever hit a rough patch, you might have enough to carry you through that time.

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