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Loans and Lenders

Forgotten Regulations That You Can Use to Make Your Creditors Treat You Fairly

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If you are concerned about the way credit card companies and other lenders do business, you will be pleased to discover a little known regulation enacted for your protection. Regulation Z, or the Truth in Lending Law, regulates certain credit card practices and helps you know the true cost of credit and achieve a fair and timely solution to credit ... Read More »

How to Start Your Own Successful Business With Little Money

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Tired of the 9 to 5 grind? Considering going into business for yourself? You’re not alone. Millions of people have a similar dream. A few brave ones take the next step. Unfortunately, for many, the dream can turn into a nightmare quickly. The U.S. Small Business Administration statistics show that well over half of all new small businesses fail. Bankruptcy ... Read More »

Repossession: Why It Happens, What You Can Do, and Your Rights Before, During and After

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If you fail to make payments on a car loan, or anticipate a problem paying in the near future, you should be familiar with the process of repossession and what rights you may have. This article will cover your rights before and after repossession, starting with the security agreement you signed when you bought the car and ending with your ... Read More »

Should I Lease My Next Vehicle?

Figure 1 - The Argument for Leasing

Searching for that perfect car or truck is not such an easy task anymore. Every auto dealer has a special deal just for you — and that deal is not all that easy to understand. Before you go shopping for your next vehicle, think about whether you want to lease or buy and make sure you understand both options. What ... Read More »

How Should I Borrow? The Pros and Cons of Different Types of Loans and Debt Solutions

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If you’re in debt you may have considered borrowing to consolidate your payments, lower your interest costs or even to stay afloat a little longer. Before you borrow, consider your options carefully. No matter how attractively some loans are marketed, they can’t solve your debt problems. The only way to do that is to spend less, earn more and develop ... Read More »

When it Comes to Loan Modifications, Pray You Don’t Have a Loan With Saxon Mortgage from Morgan Stanley

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An excellent article from ProPublica about the continued loan modification debacle from just one medium sized subprime lender trying to process loan modifications. Get Out of Debt Guy – Twitter, G+, Facebook Last week, the government released data showing that there’s a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage companies participating in the ... Read More »

Loan Mods With Chase Going Nowhere Fast

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The new data the Treasury Department released show a number of problems with the mortgage modification program. But JPMorgan Chase leads the pack when it comes to those stuck in loan mod limbo. JPMorgan Chase, the data show, has the most homeowners waiting more than six months for a final answer on whether they’ll get a permanent modification. (What we ... Read More »

Trail Loan Modifications Trash Credit Report and Credit Score

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Carolyn Said of the San Francisco Chronicle wrote an excellent article “Loan modifications often damage credit scores” that covers the reality of the damage that occurs to credit from a loan modification. Here are some excerpts. You should read the full article for more information “Struggling homeowners who get a loan modification to reduce their mortgage payments are often unaware ... Read More »

Worst Banks for Loan Modifications

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Here is a list of the banks with the worst record for canceling loan modification requests. PNC Mortgage – 47.2% Aurora Loan Service – 46.8% CitiMortgage – 42.1% Saxon Mortgage Services – 40.8% Select Portfolio Servicing – 38.6% Wells Fargo Bank – 35.1% Worst banks for expired trial loan modifications without an answer. JPMorgan Chase – 45.3% Bank of America ... Read More »

Homeowners File Class Action Suit Against Bank of America for Not Helping Them With Mortgage Problems

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In a potentially wide-ranging lawsuit, two Seattle-area homeowners have filed a class-action suit against Bank of America claiming the bank has failed to work with owners facing foreclosure. Filed Tuesday, the potentially wide-ranging lawsuit alleges Bank of America failed to keep up its end of the deal cut with the federal government in early 2009 when it took $25 billion ... Read More »

Loan Modification is Broken

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This post is reprinted from the experiences of someone living through a current loan modification. I thought the first hand account was great to help others seem the frustration experienced by many. Get Out of Debt Guy – Twitter, G+, Facebook Illustration Credit: Steve Rhode First of all, I’d like to state how entirely demoralizing it is to seek financial ... Read More »

Concrete Lending, LLC. Very, Very Odd.

I recently received an email from someone that identifies himself as Jeremy Pike, CEO of Concrete Lending, LLC in Naperville, IL. This could be a legitimate business but it sure has all the warning signs and red flags of something to avoid. Photo: Katie Blench Here is the email he sent. Thanks for your response to my personal loan ad. ... Read More »

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