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
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:
If there is one thing that the financial crisis has taught us, it's that we can no longer afford to think about our personal finances as we did in the bubbly pre-recession days. In today's economy, there are new financial realities that every consumer must understand.
Regardless of how the economic landscape progresses in the coming months, there are certain steps consumers can take to safeguard their own financial well-being. Nonprofit firm InCharge Debt Solutions advises following these five steps:
1. Reduce your debt – Paying for debt instead of life's necessities (food, shelter, utilities) is counterproductive, particularly during a recession. Take steps to pay down your debt as much as possible before another downturn.
2. Create an emergency fund. Even if you only have a small amount of "extra" money every time you receive income, put as much as you can away.
3. Cut your expenses. It is amazing how many things you can save on when you really put your mind to it - cable, insurance, entertainment. There are always ways to cut back.
If you're one of the millions of Americans at risk of foreclosure, or possibly already in foreclosure, chances are you are terrified of losing your home. The best way to approach the bank and ask for a loan modification is with the help of a foreclosure attorney. However, many homeowners decide to deal directly with the bank and take it upon themselves to submit a loan modification package and financial worksheet in order to lower their monthly mortgage payment.
