While Baby Boomers are generally in better financial shape than their younger counterparts, many of their needs are more urgent due to their relatively short time horizon until retirement. Here are some steps for Baby Boomers to take now:
By Suffolk County Bankruptcy Lawyer, the Law Offices of Allison B. Crain & Associates
Regional Spotlight—New York ranks third in the nation in the number of homeowners delinquent on their mortgages or in foreclosure, the Mortgage Bankers Association recently reported. In 2013, the number of foreclosures reached a three-year high in the state. Experts speculate that the number of high foreclosures is partially due to a still-sluggish local economy. While the unemployment rate is lower than it has been since the end of the Great Recession, many jobs are lower-paying and the unemployment rate is still higher than it was before 2008.
Delays in processing foreclosures
The importance of money is impressed upon most Americans as soon as we’re old enough to buy candy. But the importance of money management is an entirely different story, says self-made millionaire Mike Finley.
“Think about all that we do to prepare children for the world; we fill them up with things we think are most important for doing well as adults and spend tens of thousands of dollars for higher education, but they never take a class on how to manage personal finances,” says Finley, author of “Financial Happine$$,” which discusses his journey to financial literacy and applying the principles that allowed him to retire from the Army a wealthy man. “Our culture celebrates privacy and self determination, which is why, I think, we don’t want to tell students how they should spend their money, but I think young people are hungry for guidance.”
Seventy-six percent of Americans are living paycheck to paycheck, according to a recent CashNetUSA survey. That percentage varies with other studies; however, the percentage never dips below at least 50 percent of Americans who have very little in savings, says Finley, whose voluntary night class on financial literacy at the University of Northern Iowa is always packed beyond capacity. Finley identifies your best allies and the voices that do not have your best interests at heart when it comes to money management:
Foreclosure is a frightening event for struggling homeowners. Should homeowners fail to make their regular mortgage payments, the mortgage lender is able to begin the foreclosure process on the property. However, because New Jersey is a judicial foreclosure state, mortgage lenders must go through state courts for any repossessions. The rules and procedures for this process are listed under The New Jersey Fair Foreclosure Act. The most important of which is the New Jersey Notice of Intent to Foreclose.
After countless hours spent holiday shopping, you finally finished. Now, you're faced with the credit card payments as you roll into the new year. While it may have been difficult to keep your finances - particularly your credit cards - top of mind amid the dash from store to store, those payments aren't going anywhere. Managing your credit can seem like a daunting task—but it doesn't have to be. Even if you've blown your budget and maxed out your cards, you can still take control of your credit and become financially fit.
Here are five things you should do right now to help get your credit back on track and sustain your financial reputation all year long:
Canada Mortgage and Housing Corporation (CMHC) offers the following tips to protect yourself against becoming a victim of mortgage fraud.
Be an informed consumer! Be wary of anyone who approaches you with an offer to make "easy money" in real estate. Remember: if a deal sounds too good to be true, it probably is. Protect yourself and your family from becoming victims of or accomplices to mortgage fraud. This means:
Imagine having a Foreclosure Complaint filed against you in 2010 as you were almost 12 months behind in making your mortgage payment. It is now 2014 and a trial has been scheduled to determine whether you get to keep your home or lose it at an auction sale.
In the intervening years, with the help of AALS you have submitted numerous applications for assistance to modify your loan with the lender, but have been denied for any government assistance program and have only been offered a solution that would require a substantial lump sum down payment. The owner of the loan has changed at least one time during the course of the litigation along with the servicer and the attorney for bank has changed as well. The new attorney for the bank has filed numerous documents with the Court as the trial date has approached and it appears that the new servicer has all of its "ducks" lined up to go forward and get a final judgment of foreclosure and have your home scheduled for sale.
New rules will provide homeowners and consumers shopping for a home mortgage with new rights and greater protection from harmful practices. These rules should eliminate or sharply reduce the runarounds and painful surprises that hurt so many homeowners during and after the financial crisis.
Our florida foreclosure lawyer, Gregory Nordt, Esq. was featured February 19, 2014 on Real Money with Ali Velshi. Basically, Ali Velshi's interviews, from top CEO's to small business store owners, shed light on the financial issues Americans face in their everyday lives, because let's be honest, financial issues are a big deal. This episode of Real Money dealt with something that hits really close to home, in the very literal sense, since Velshi addresses the very dreaded issue, FORECLOSURE, and underwater properties in Florida.
(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.
