Foreclosure and Loan Modification Blog

(BPT) - In the next few months, high school seniors across the country will be anxiously checking mailboxes for college acceptance letters. With two-thirds of recent high school grads enrolling in college as of 2012, according to the Bureau of Labor Statistics, it is the first step on a journey towards personal and financial independence for many Americans. Whether an incoming freshman, soon to be senior or recent grad, it is never too early to get financially fit. The key to success is to make the process fun and manageable.

Easy and enjoyable financial planning is the premise behind TheMintGrad.org, a new website from Northwestern Mutual, intended to encourage 18-24 year olds to embrace the notion of F.L.C. (financial loving care) - or the importance of strong financial habits as an essential component of overall well-being. In addition to a wide spectrum of content on topics ranging from investing to interview tips, the site features columns by well-known financial bloggers and user-friendly interactive tools. According to experts at TheMintGrad.org, the quickest way to jumpstart a financial fitness program is to mind your B.I.S.:

Budgeting - Less than one third of Americans (32 percent) put together a monthly budget. Learning to track income and expenses is essential to staying out of debt, especially for someone with limited means. Successful budgeting is similar to dieting. It is important to be realistic with goals and work towards incremental improvements. And like dieting, "cheating" once or twice will not undermine progress unless it becomes an excuse for abandoning the effort.

Should you miss work to attend a foreclosure settlement conference? When you’re facing foreclosure in New York, it seems to consume your entire world. When you’re at home you’re thinking about how to save your home. When you’re at work you think about the same thing. Yes, and when you’re watching the Knicks beat up on the Lakers, fighting your mortgage lender is still on your mind. However, is a New York foreclosure settlement conference really worth your time?

What is a settlement conference?

In response to the foreclosure crisis in New York and around the country, the state implemented mediation programs to help homeowners avoid foreclosure. Its mediation program, or foreclosure settlement conference, you and your lender meet face-to-face to negotiate an agreement. According to the 2009 law, you have to meet the following criteria to participate in a conference:

By John Voket

In this report, I will pick up where I left off: reviewing details from the Connecticut Public Interest Research Group - ConnPIRG - about new Consumer Financial Protection Bureau (CFPB) rules that just went into effect to help protect homeowners and homebuyers from mortgage abuses.

ConnPIRG is a non-profit, non-partisan advocacy organization that takes on powerful interests on behalf of its members. As a founding member of the coalition Americans for Financial Reform, ConnPIRG helped lead the fight to establish the Consumer Financial Protection Bureau.

Abe Scarr, ConnPIRG Director said in addition to the CFPB's new rules protecting homebuyers and homeowners, the agency has released a variety of self-help tools so consumers can protect themselves.

By John Voket 

I received some important information issued through the Connecticut Public Interest Research Group - ConnPIRG - which is one of a network of these nonprofit consumer agencies operating across the country.

ConnPIRG issued a notice that new Consumer Financial Protection Bureau (CFPB) rules are now in effect that will help protect homeowners and homebuyers from the mortgage abuses they say led to the housing crisis.

The Internet makes holiday shopping so easy—no fighting for parking spaces at jam-packed malls, no waiting in endless lines to get to the register. But, even if you consider yourself a pro, shopping online isn't without risks. These five tips from USA.gov can help you protect yourself and your finances as you hunt for that perfect gift:

1. Use a credit card rather than a debit card. Credit card payments can be withheld if there's a dispute with a store, and if the card is stolen, you won't have to pay more than $50 of fraudulent charges. But with a debit card, you can't withhold payments—the store is paid directly from your bank account. And if your card is stolen, you could be liable for up to $500, depending on when you report it.
2. Find out if the public WiFi hotspot you're using at a coffee shop or bookstore is secure. If it's not, your payment information could be compromised over the network.
3. It's risky not to read the terms of service agreement before you buy online. You could inadvertently sign up for subscriptions or get hit with additional fees or restrictions. Terms of service are often in small print or presented right when you are anxious to purchase.
4. Be careful if you're buying event tickets online as gifts. Some venues may practice restricted ticketing, requiring the same credit card used in the online purchase to be shown to get into the event.

According to the Fidelity 2014 New Year Financial Resolutions Study, 54 percent of respondents are planning a financial resolution in 2014, up from 46 percent last year. With the new year officially underway, millions of Americans will be looking for ways to achieve their financial goals.

Robert Lindquist, Ashford University professor and author of "Financial Independence for the New Generation," offers four strategic tips for managing money and creating personal wealth:

Money Is Freedom – To accumulate wealth, we need to save money. This seems simple but many people say that bills prevent them from saving. The trick is not focusing on the amount of savings, but the process. Because it takes discipline to save money, the key is semi-enforced saving – paying yourself first and using leftovers for bills and other needs. Even $1 a day will make a difference.

Cut the Card – If money equals freedom, debt equals servitude. We live in a credit-driven society, with high credit card balances and finance rates. Although we need to establish credit for larger purchases, such as a home, the key is to avoid creating debt. To reduce credit card obligations, it's necessary to cut the cards and apply any extra money, such as a bonus or birthday gift to debt reduction. Creating a strategic plan for lowering balances and switching to a debit card can expedite the process.

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.

When this Illinois homeowner retained us in June 2013, he was over 2 years behind on his $1,100 monthly mortgage payment to Ocwen. The interest rate on that loan was an astronomical 11.60%. He had just been served foreclosure in April, and did the right thing by responding within the 30 day response period. This way, his house would not be fast-tracked toward a foreclosure sale date.

By John Voket

There is no better gift to give yourself this holiday season and in the New Year, than your own home - preferably owned outright. With the hope of getting consumers free and clear of their mortgage debt sooner, we tapped Durham, N.C. REALTOR® Bernice McNutt who blogged recently with these tips on how to pay down that homeowner's debt:

1. Accelerate bi-weekly payments - Instead of paying your mortgage on a monthly basis 12 times per year, McNutt says pay your mortgage every two weeks for a total of 26 payments each year. A $300,000 mortgage with a monthly payment and three percent debt service over 25 years will cost $125,920 in interest. Increase to accelerated bi-weekly payments and shave nearly three years off of your schedule, and save $16,059 in interest.

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.

Imagine if you had hired a law firm to help you save you and your family's home, but that law firm ended up splitting up and forgetting about your case. This homeowner faced that exact situation, and needed reliable help to help him ensure that his home stayed in hiMortgage s possession.

Good people face foreclosure every day, all over the country. The reality of the situation is that most people who face home foreclosure want to pay their bills, but have run into financial instability due to circumstances largely outside of their own control. Since the year 2000, foreclosure statistics have been on a steady upward trajectory year over year, starting at 470,000 homes in 2000, and growing each year to peak at 3.9 million homes in 2011, the most recent year for which full statistics are available. Foreclosures are regularly attributed to non-payment, but there are other reasons they occur, as well. Can foreclosure happen due to late fees?