7 Ways to Renegotiate Your Mortgage Terms When You Can't Pay

7 Ways to Renegotiate Your Mortgage Terms When You Can't Pay
If your mortgage due date comes and goes and you're unable
to make your mortgage payment due to a job loss or another
situation beyond your control, don't pretend there isn't a
problem by ignoring it.

Pick up the phone and call your lender because they can
probably help protect your credit and keep you in your home.

Whether you're late because of an unanticipated illness or
because you've been laid off from your job, one late
payment isn't the end of the world, but communication with
your lender is vitally important because it demonstrates to
them that you care about your credit and making your
payment.

When you call them, they'll probably ask you if you just
have a temporary stoppage of income or if your financial
situation has changed. If you've lost your job, and future
payments are in jeopardy, let them know right away because
there are some steps you can immediately take to reduce or
prevent the possibility of foreclosure.

Depending upon what kind of loan product you're in will
determine what steps your lender may or may not be able to
take. If you have a conventional conforming loan, some
lenders may be able to begin analyzing your financial
situation and working out a solution that is beneficial
both to you and the lender. If your loan is in some way
government backed or insured, government rules may require
you to be 90 days in arrears before your lender will be
allowed to discuss alternative options with you. Either
way, you need to communicate with your lender.

Here are 7 examples of what your lender may be able to do
to help you:

1. Waive late payment fees

2. Give you an extended period of time (perhaps as much in
12 to 24 months) to get caught up on your payment by adding
a fraction of your outstanding loan payment balance to your
payment each month until you can catch up

3. Accepting a partial payment

4. Moving your current payment to the end f your loan,
allowing you time to get your financial house in order

5. Granting you a separate interest-free or low interest
personal loan for the amount of your missed payment

6. Interest or principal reduction

7. Loan refinancing or re-amortization

Your lender doesn't want your house ' they want your
payment. While they would prefer that your payment come in
each month like clockwork, lenders are very well aware of
many of the financial difficulties borrowers are having in
making their mortgage payments.

Your lender probably won't volunteer their assistance,
especially if they don't know you're experiencing problems
making your payments.

All lenders don't offer borrowers all of these options, but
your lender most likely has some of these available to help
you out. You do have to qualify for this help from your
lender. You may be required to provide proof of job loss,
as well as a detailed financial statement, but if it helps
keep you in your house I think it's one of the smartest
things you can do.

What do you think? Would you rather make a phone call or
risk your house?

----------------------------------------------------
Darrin Roseborsky is a Refinance Specialist with OMAC
Mortgages, seminar speaker and president of the Roseborsky
Group and HomeRefinanceCoach.com. Darrin can help you
MAXIMIZE your equity PROPERLY and help you choose options
that make the MOST SENSE for your situation! Learn more
about how it works at: http://www.homerefinancecoach.com

Your Money Profile

Your Money Profile
All of us have deeply ingrained habits when it comes to our
attitudes surrounding money. One of the first steps in
having a healthy financial life is to uncover your bad
money habits. All of us have financial patterns and
profiles that need to be investigated.

It is impossible to break free of your poor habits unless
you know exactly the habits that you are trying to break.
Do you spend too much? Do you feel that you don't deserve
money? Are you rarely contented with your financial
situation? These are just some of the questions that we
need to answer in order to begin to break free from our bad
money habits.

There are many fabulous financial books available to you.
Of course, as you become more financially aware, you will
want to move beyond this course and make educated choices
about saving and investing your money. This course will
simply cover the basics. Its intention is to change your
attitude about money which will in turn change your bad
habits.

One wonderful financial book is Money Magic by Deborah L.
Price. She is a financial advisor with excellent advice.
One of her first tasks is to help you identify your "money
type." She divides the different "money-types" into 8
separate categories.

- THE INNOCENT - These people are uneducated about money
and have no interest in learning about money, saving and
the power of investing.

- THE VICTIM - These people blame their lack of finances on
the outside world. They continually feel that their
financial problems are "not their fault."

- THE WARRIOR - These people are rarely satisfied with
their financial situation. Even when they accomplish
financial success, they feel the need to conquer more. They
are never content financially.

- THE MARTYR - These people feel that they don't truly
deserve money or wealth. They constantly put the needs of
others above their own needs.

- THE FOOL - These people are careless and foolish with
their money. They gamble, take chances and are soon parted
with any money that they have. They rarely live within
their means.

- THE CREATOR/ARTIST - These people have feelings of
ambivalence toward money. They are both attracted and
repulsed by money. They are, in essence, afraid of what
money may do to them.

- THE TYRANT - These people use money to control others.
They are extremely protective and non-sharing with their
money. Their life is often filled with conflicts as well.

Most of us can identify strongly with one or more of these
"money types." As Deborah L. Price points out, it is our
ultimate goal to break our negative money type and move
into the ideal money type described below:

- THE MAGICIAN - These people understand how to create,
save and invest their money. They have a strong and secure
relationship with money and do not feel controlled by it.
As a result, their financial situation is healthy, secure
and happy.

The first step in this class involves identifying your
money type. Be honest. If you tend to spend your money
foolishly, you are THE FOOL. If you tend to hoard your
money and use it to control others, you are THE TYRANT. Or
perhaps you are a combination of 2 "money-types." It is
important that you are truthful with yourself. You may
desperately want to avoid the label "THE FOOL." It may
sound harsh and embarrassing. However, it is crucially
important for you to identify your current money type so
that you can move to a healthier and happier financial
position. As you may have heard before, "the first step is
acknowledging the problem."

The second step in this class requires you to identify WHY
you have become this "money-type." There are specific
reasons why you have become predictable in your money
habits. You need to understand why you act as you do when
it comes to money.

THE INNOCENT - Why do you avoid learning about money? Are
you afraid? Does it seem overwhelming? Do you feel that
others will always take care of it so that you don't have
to?

THE VICTIM - Why do you blame your money problems on
others? If you took full responsibility of your money
problems, would you feel guilty? Angry? Sad?

THE WARRIOR - Why are you never content with your financial
situation? Are you jealous with what others have? Do you
feel that possessions will make you happy?

THE MARTYR - Why don't you allow money into your life? Do
you feel unworthy? Do you struggle with self-esteem and
feel that you do not deserve money?

THE FOOL - Why do you spend all of your money? Do you act
before thinking? Do you enjoy the "rush" of shopping and
buying the latest gadgets? Why do you refuse to delay your
gratification and plan for the future?

THE CREATOR/ARTIST - Why do you struggle with the concept
of money? Do you feel that money will corrupt you? Are you
afraid that money will control you? Are you afraid that
money will have power over you and change you?

THE TYRANT - Why do you feel that you need to hold on so
tightly to your money? Are you afraid that you will someday
not have enough money? Do you feel that you alone do not
have power, but your money does? Are you afraid that if you
share your money, others will expect that from you often?

These are only a few questions that you need to ask
yourself about your "money-type." Why have you fallen into
this type? What underlying insecurities have caused you to
fall into predictable patterns with your money?

Once you understand your "money-type" and the underlying
causes for it, you are able to move on to step three. As
with any bad habit, your bad habits surrounding money can
be broken. If you are dedicated to financial health and
happiness, you will achieve this goal.

Financial health and happiness is your ultimate goal and
end result. Can you achieve this goal? Yes! But, it will
require dedication and persistence on your part.

The third step of this lesson is to figure out what
triggers your money type to come to the surface. For
instance, if you are THE FOOL and often spend money
foolishly, what temptations exist that cause you to spend
money that you don't have? No matter what money type you
are, you can apply THE 6-PART FORMULA to find out your
hidden triggers.

- WHEN do I find myself engaging in this habit?

- WHAT feelings emerge as I engage in this habit?

- WHO am I trying to impress/appease when I engage in this
habit?

- WHERE do I find myself engaging in this habit? - HOW do I
feel after I have engaged in this habit?

- WHY do I continue to engage in this self-destructive
behavior?

Once you understand the importance of mastering your
finances, identifying your "money-type", discovering your
hidden temptations and triggers, and implementing an
alternate activity, you are ready to move on to the next
class.

----------------------------------------------------
Jessica Swanson is an extremely successful entrepreneur,
marketer and life coach who has achieved a high six-figure
income. She has mentored hundreds of others to achieve the
same results. You can visit her at
http://www.UnlimitedProsperityTeam.com

Fannie Mae Foreclosure Listings

Fannie Mae Foreclosure Listings
Many people purchase their house years ago using the Fannie
Mae housing program which helped people purchase a house
with little to no money down. Today these people are
facing foreclosures, many of them have already moved out of
their house in their house has been in foreclosure for
several months. The Fannie Mae foreclosure listings can be
found on the Internet and sometimes in the local newspaper.
This is a listing of the foreclosure housing that Fannie
Mae is holding and wanting to sell because no one is living
in these houses and they are not making any money off of
them.

When purchasing a new home, several people don't think of
looking in the Fannie Mae foreclosure listings or any
foreclosure listings because they are not sure of the
condition of the homes or where to look or just how to go
about purchasing a foreclosure home. The Fannie Mae
foreclosure listings are located on the Internet where you
can browse through hundreds of homes all across the nation
that have been foreclosed on to do the owners non-payment.
These homes are all in good shape; they have been
inspected, and are ready to sell.

Fannie Mae foreclosure listing is one of the largest
foreclosure listings available today. Thousands and
thousands of people went through the Fannie Mae system to
get their loans years ago and now cannot afford the
payments on their homes so they have been foreclosed on.
The Fannie Mae Corporation wants to sell these homes
because they are sitting empty and not making them any
money. That's where you come in. You go to the Fannie Mae
foreclosure listings on the Internet, put in your state and
city and price range and you will soon have a list of the
Fannie Mae foreclosure's in that area to choose from.
These houses cost less than what they did years ago because
the Fannie Mae Corporation needs to sell them so it's a
buyers market in the foreclosures houses for sale.

The Fannie Mae foreclosure listing will help you determine
how much you can afford to pay on a monthly basis with
their interactive income and assets calculator. This will
allow you to determine how much of the house you can afford
in which area and for how much. You can even determine
what school district you would like to live in if you have
children.

When you're in the market for a house, make sure the first
place you go is the Fannie Mae foreclosure listing either
in the newspaper or on the Internet because of foreclosure
house is more reasonably priced than a regular house for
sale. This is because a foreclosure house needs to be sold
faster than a regular house for sale, because the houses
than sitting empty with no one paying the mortgage probably
for a long time and so the bank is willing to deal. And
when that happens you will get a fair price, a reasonable
price, on a foreclosed home in the neighborhood you want,
near the school you want and it's a win-win situation for
everyone

----------------------------------------------------
More Foreclosure Information:
http://www.aboutforeclosurelistings.com/
Gary Giardina

The Reason Why Inside Track Where Always Destined to Go Bust!

The Reason Why Inside Track Where Always Destined to Go Bust!
The news that Inside Track has gone bust has rocked certain
parts of the property investing community. Yet, other
investors have nodded their heads knowingly, with the
knowledge that this announcement was destined to happen.

For many years the Inside Track property company had been
the most vocal of the property education companies. Its
advertisements and free seminars led even some of the most
conservative people, to part with thousands of pounds of
their hard earned money. These people where desperate to
grab the dream of becoming a property millionaire.

A few years ago they where riding high with millions of
pounds in profits. They blame their rapid downfall on the
credit crunch and how it has adversely affected their
position to get the types of mortgages that make buying
properties financially viable.

The truth is that inside track where always overexposed and
vulnerable to any downturn in the property market.

One of the problems with Inside Track has always been that
their philosophy never seriously took into account
potential changes in the property market. They emerged
onto the scene at a time when property prices where
increasing dramatically.

At the time, their approach of buying as many off plan
properties as you can, with a small deposit for each, then
waiting for the expected price rises at completion, then
pulling out huge sums of money to re-invest or do what ever
you liked with, worked well. However, the problem was
always that their property investing strategy was
inherently built on a notion that the price of the off plan
properties were ALWAYS going to be significantly higher at
completion than they were when the deposit was put down on
the properties, several months earlier.

The other problem they began to face is that as time went
by, the increasing amount of investment companies that
popped up promising similar things to them, meant that off
plan developments where becoming over saturated with
investors. As more and more investors competed with each
other for less and less buyers and tenants this brought the
prices of resell and rentals for the properties right down,

Inside Track realised early on that people where prepared
to pay thousands of pounds to them, for the promise of
becoming property millionaires. The beauty for Inside
Track was that they could convince people to part with
large amounts of money, without actually having to give
them any cast iron promises as to the returns they will
make.

It was simple for inside track to blame the property
markets ups and downs, or the financial market, if
investments didn't go according to plan.

While Inside Track and it's founder Jim Moore, made
millions of pounds, ordinary people where losing their life
savings, their homes, marriages and much more because of
the flawed nature of the way inside track worked and
invested.

Inside Track would have realised a long time ago that their
way of investing wasn't as profitable for investors as it
was in their hay day. The queue of serious complaints and
lawsuits being filed against them, continued to grow at an
alarming rate. Then BANG! The credit crunch hits and very
quickly it becomes all too apparent that the wisest thing
for them to do financially was to fold now, before things
got even worse.

Experienced investors have for years, warned against the
perils of investing with Inside Track. Yet, because of
their huge media presence and the slick sales talk at their
seminars, average people on the street, were being seduced
daily, into trusting that just by parting with a few
thousand pounds today, they can be the next property
millionaires of tomorrow.

Investing in property can be one of the most tangible ways;
ordinary people can amass great wealth. However, it can
also be the easiest way to make yourself bankrupt very
quickly.

The education people paid to get from Inside Track is
available for free on the Internet. You don't need to pay
thousands of pounds to learn how to make money in property;
you just need to make a concerted effort to do whatever it
takes to get the right property education, no matter what
your budget.

----------------------------------------------------
Do you want to learn more about making money from property?
Then visit the http://www.investment-property-guru.com
website for all the hottest investment property news, tips
and advice.

Credit Cards + Your Travelling

Credit Cards + Your Travelling
There are many reasons that your credit cards + your
travelling will equal a combination that will keep you
safer on the road and possibly even save you money. From
reserving your hotel to purchasing souvenirs at your
destination, a credit card makes traveling a lot easier.
Worldwide acceptance, zero liability, extra features and
even better exchange rates all add up to some great
benefits to anyone who desires to travel.

Especially for those traveling to foreign climes, a credit
card will be the most universally accepted form of payment.
Visa, MasterCard and American Express signs are found
wherever payments are expected and are much easier than
trying to figure out how many pesos are in a dollar! These
three most commonly used card brands transcend language
barriers world over - no translations needed.

Credit cards are a great protection for consumers with
their zero liability clauses. You will only pay for
authorized purchases providing you have exercised
reasonable care in safeguarding your card. There are some
exceptions to this rule but in general you are granted
protection in the event that your card is stolen. As long
as you notify the company as soon as you've discovered the
loss, most cards will hold you blameless and will cancel
the stolen card so you don't have unexpected bills when you
get back home.

The market is so competitive that credit card companies are
bending over backwards to convince people to hold an
account with them. To that end, most cards offer some extra
features that can really help you stay safer and save money
while traveling. Some of these benefits can include travel
accident insurance, auto rental insurance and even trip
cancellation/interruption coverage. Often credit cards
offer a travel and emergency assistance feature, as well,
which can cover things like lost luggage, emergency
transportation and even translation services.

One excellent benefit to using credit cards while you
travel is that you will usually get a lower currency
exchange rate when traveling abroad. Credit card purchases
are exchanged at the interbank rate which is almost always
the best rate available for currency exchange. Most credit
card issuers will charge you a nominal fee, typically 3% or
less of the transaction amount. This is lower than trying
to cash in traveler's checks or convert your cash at the
local exchange rate. There are even some cards that will
not charge any fees for this convenience.

It's reassuring to know that no matter how far you travel,
your major credit card will be accepted and ensure that you
have accommodations for the night. Zero liability will
protect you should you lose your card or have it stolen
during your travels. The extra features on most of today's
cards like the insurances available and trip cancellation
protection are helpful and money saving benefits while you
travel. Overseas travel becomes less expensive when using
your credit cards, as well. As you can see, the benefits
you will gain from your credit cards + your travelling are
numerous compared to the dangers and costs of carrying cash.

----------------------------------------------------
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