Archive for March, 2009

Mar
25

Pay Off My Debt in 7 Easy Steps

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Dreams,Values and Goals

  • Write down your goals and values.  Be specific and do not be afraid to DREAM.
  • Have your spouse do the same.  Her goals and values may differ from yours and that is ok.
  • Rate your goals and values in order of priority. ie:1,2,3,etc  Have your spouse do the same.
  • Set your dreams,goal and values side by side.  (This my open your eyes a little.)

Get Organized-find your PERSONAL NET WORTH

  • Do an update of your Assets and Liabilities.  This is best done by a computer program.
  • ASSETS -LIABILITIES = NET WORTH This is nothing but a Personal Balance Sheet to see how you are doing at this point in time.
  • Continue to tract this each month or at lease each quarter.

Accelerated Debt Payoff

  • No one likes debt but it is neccessary to purchase things such as homes and cars.
  • On every dollar that is loaned out, someone is earning interest. You want to drastically reduce the amount of interest you pay.
  • The average person will pay over $150,000 just in interest on his home.
  • Let a computer program do a DEBT ROLL DOWN for you.

Power Spending Plan

  • Power spending is spending your way to wealth. Assets create wealth.  We have to spend to acquire assets.
  • Pay yourself first.  We are telling you to spend differently with calculated results.
  • Track your results and you will save 10%.  These savings could be thousands of dollars.

Credit Grooming

  • 80% of reports have and error that costs you money.
  • Credit scores are used for lots of things.  ie: Auto insurance premiums, auto loans, home loans, credit card rates,etc
  • Learn how to improve your credit score.  Yes. there are things you can do to make it better.

Estate Planning

  • Simple planning can save you tens of thousands of dollars.
  • What happens if you are disabled?
  • What happens if you die?  Your family needs money or you.

Build Wealth

  • When will you retire?
  • How much money per month do you need?
  • Where is the money coming from?
  • Will taxes take it all or just part of it?
  • Did you build it and then lose it to the market?

Now is the time to start the rest of your life. Get out of debt and build wealth.  I know this is what I want, how about YOU?

Contact me.

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Mar
11

Loan Modification Basics

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Who qualifies?

Those individuals who have been classified as having financial hardship.  Some examples include:

  • Those who are a few months behind on their payments
  • Those with negative amortization loans
  • Those with arm loans
  • Those who are upside down on their loans (owe more than home is worth)

Also personal financial hardships, including:

  • Reduced income or hours
  • Divorce or separation
  • Excessive medical bills or back taxes
  • Failed businesses or loss of employment

Why offer loan modifications?

When financial problems occur the home is one of the largest investments people have and is affected the most.  Our purpose is to eliminate debt and create wealth.  If your mortgage payment could be reduced by the mortgage company you now have the ability to pay off accumulated debt.

We not only pay off consumer debt and your mortgage, we help build a substantial retirement program.  In order to pay off my debt and build wealth there are three changes you need to make in your financial procedure:

  • deposit pay checks directly against debt (personal line of credit)
  • use the banks money to pay monthly bills (credit card)
  • use computer program to maximize debt reduction

Why do mortgage companies do loan modifications?

Mortgage companies are not in the real estate business.  When they foreclose on a property they have to have dollar for dollar assets in their bank.  If they do not have such property they can loan $10.00 for every $1.00 of assets.  Banks and mortgage companies do not want your property they would rather have you in it making payments.

You can negotiate with your mortgage company on your own, but it is recommended to have negotiations done by professionals, ie. attorneys.  You will need to give power of attorney to your professional to act on your behalf.   Loss mitigation department at major banks and lenders give much more credence to modification proposals submitted by attorneys.

What do I have to do to get started?

  • Contact a reputable firm to do your modification
  • Fill out a free qualification form
  • Write a hardship letter
  • Provide copies of all necessary paperwork to submit for modification
  • Let the attorneys negotiate for you

Contact me.

Categories : loan modification
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