The big bank mortgage agreement probably won't help you. According to a Wall Street Journal analysis:"The settlement's complex set of requirements mean that about 500,000 borrowers, or 5% of those who are underwater, may be eligible for..." read this article if your mortgage is underwater.
Banking
03/12/2012
02/13/2012
Politicians/banks benefit from mortgage settlement
Feel good about the big bank settlement? You won't after reading this. It seems like the financial sector is getting another 'slide' and homeowners are getting very little relief.
09/26/2011
09/12/2011
U.S. Savings Bonds going paperless
No more Savings Bonds in your birthday card from Nana? Say it ain't so! Paper Savings Bonds are going the way of... well nearly everything else paper. Beginning next year Savings Bonds are going online. No more buying the paper ones at your local bank branch. Instead you will need to go online and buy them electronically at www.TreasuryDirect.gov. That means no more bonds from Nana, now doesn't it?
09/08/2011
Make more money on your savings
Banks aren't exactly generous with their savings account interest payments these days. Many are paying 1/4 percent. But go online and you can quadruple that.
>>Here's a good starting place.
07/05/2011
How to get around bank checking fees
Banks are really beginning to pile on the checking account fees.... but you don't have to pay them. Many banks -probably even yours- will wave the monthly fees, if you have direct deposit for your paycheck. The trick? They won't tell you that, you have to ask. Students and starving artists take note; many financial institutions will consider a monthly check from Mom and Dad a paycheck.
05/31/2011
Can't pay your student loans? Join the Army!
It is no secret many students are graduating from college, deep in debt, with no way to pay their student loans. Jobs are hard to come by and mom and dad are having their own financial difficulties. So here's a solution: join the military. Each branch of the military has its own program with its own rules, but you can get as much as $65,000.00 for signing up. If that sounds like a good option to you, talk with recruiters from each branch of the military and have them bid for your services.
>>Here’s a good starting point for information on the programs: http://www.military.com/Resources/ResourcesContent/0,13964,44245--,00.html
05/12/2011
Banks taking longer to evict residents from homes
If you stop making mortgage payments how long before you're kicked out? Realtytrac.com has been looking at that and says longer now than before. The nationwide average is now 400 days, that's up about two months from last year at this time, when it took 340 days to get to foreclosure. Compared to pre-crises times... an eternity. Back in 2007 it took just 151 days. The average foreclosure in California now takes 330 days.
Foreclosures are down, and that's bad news?
Foreclosures are down 34% from a year ago and 9% from last month. Think there is something to celebrate? Not so fast. Reatlytrac.com says the decrease isn't because of fewer financially stressed homeowners, but because the banks don't want the homes... at least not yet. Banks have more homes than they can sell. So now both homeowners and banks are dragging their feet.
05/10/2011
Credit inquiries are not all created equal
Consumers worry their credit scores are hurt by credit inquiries. Those are the notices added to our credit report that someone checked our credit. Here's the basic rule: if you ask for credit, say checking mortgage or auto loan rates, those are noted. If on the other hand a preapproved credit offer arrives in your mail box, the inquiry that allowed that junk mail is not applied to your credit score. In my next post, why shopping around and asking lenders for rates doesn't hurt your score.
