Real Estate Advice-- Buying a Home When You Have No Credit

Are You Ready for the Future? This is your last chance to see Mike's Video!

2010-12-19T14:55:00.003-07:00

Have you seen the 90-minute video about the economy and investing by Mike Dillard that was just released?

Well I’ll just say this… Whatever you might have planned tonight… Drop it. Forget the Holiday shopping, get a movie for the kids, and turn off the phone.

If you want to know what’s about to happen in the economy, and how to get VERY RICH because of it… Grab a pen, some paper, and check out Mike's free video right now, if you haven’t already…

http://teg.power-income.com

Apparently the word has gotten out, and after what I’ve just seen… I’m not surprised.
In fact, there were so many incredible nuggets of information on this video, that I’ll be watching it again soon…

If you're tired of getting messed over by the government and and Wallstreet who keep handing themselves big fat bonuses at your expense... This is your chance to beat them at their own game...

Check it out now at http://teg.power-income.com

Please hurry... Mike will be taking down his ground-breaking "Tell-All" Video Presentation about prospering in today's economic crisis AND closing the Elevation Group Membership this evening!

http://teg.power-income.com

All I can say is WOW… this is one of the coolest “projects” I’ve ever seen!

2010-12-18T15:00:00.001-07:00

It’s pretty obvious that the big-shot bankers on Wall Street have been getting richer and richer during this economic crisis, while your friends and family members haven’t.

Well if you’re interested in cracking open the “black-box investing strategies” of the rich, so you can see how they’re doing it, you’ve gotta check out this video Mike Dillard just posted…

Despite the fact that he’s not an investor, trader, or financial guru of any kind, he’s made a 280% return since 2008, while the rest of the world has lost 30-40% of their portfolio.

How?

Get this… He found a “map” back in 2007 that’s allowed him to basically predict the future.  
Like I said… VERY COOL…

Check out this video he just posted and you’ll see how he’s doing it…

But, please watch it ASAP! This is your last chance. It will be pulled down on Sunday.

http://teg.power-income.com

Are You Ready for the Future?

2010-12-17T15:15:00.006-07:00

Holy cow… You know that 90-minute video about the economy and investing by Mike Dillard that was just released?

Well I’ll just say this… Whatever you might have planned tonight… Drop it. Forget the Holiday shopping, get a movie for the kids, and turn off the phone.

If you want to know what’s about to happen in the economy, and how to get VERY RICH because of it… Grab a pen, some paper, and check out Mike's free video right now, if you haven’t already…

http://teg.power-income.com

Apparently the word has gotten out, and after what I’ve just seen… I’m not surprised.
In fact, there were so many incredible nuggets of information on this video, that I’ll be watching it again soon…

If you're tired of getting messed over by the government and and Wallstreet who keep handing themselves big fat bonuses at your expense... This is your chance to beat them at their own game...

Check it out now at http://teg.power-income.com

Please don't wait... Mike will be taking down his ground-breaking "Tell-All" Video Presentation about prospering in today's economic crisis AND closing the Elevation Group Membership this Sunday evening!

http://teg.power-income.com

Are Bad Credit Loans a Scam?

2009-10-20T12:07:00.004-07:00

Bad credit loans, that are easy to qualify for, but come attached with high fees, financing costs and terms can sometimes be too expensive an option to consider, but are they a scam? The following article will attempt to detail the times that bad credit loans can be considered necessary and how they are best used to your advantage.

Sure there are some ethically borderline lenders out there, looking to capitalize on the un-informed consumer, that will always be the case unfortunately. The truth about bad credit loans, though, is they are a legitimate lending instrument that help millions of people each year achieve financing for success stories ranging from new homes, cars to commute to work, medical payments for needed procedures, and emergency monies to help in times of crisis. There is no denying that a bad credit loan comes with higher financing costs and fees than could otherwise be found with good credit and additional collateral to secure the loan, but if used correctly and in the right situation the benefits far outweigh the costs.

The fact that we are considering funding a bad credit loan over a more traditional lending instrument implies that we find ourselves in a higher risk bad credit situation when we need additional monies for some endeavor. This negative credit score acts as a measure of our financial reputation, and personal finance bill of health, and the prognosis isn't good. The reality is a score of this nature says you are of a higher risk category to lend money to, and that scares away more conservative lenders making it harder for you to attain the approval for your desired loan.

This is where bad credit lenders step in to provide money to people of a higher risk category, and they are rewarded for their higher risk loan with a higher return through increased interest rates, additional financing costs and fees. Is it a scam to service an unprovided for demand of countless people that find themselves unable to acquire traditional funding, I think not. The key as a borrower to getting the most from your bad credit loan is to be fully informed of the terms and type of loan you are acquiring before you accept.

The truth is, these loans are the second chance after previous financial mistakes that many people desperately need. If used correctly, by not financing beyond your means of paying back your borrowed money, and maintaining an on time payment history, they can help rebuild your reputation as a borrower, increasing your credit score and helping you qualify for better financing in your future endeavors.

In summary, bad credit loans should be used as a stepping stone in your quest to rebuild your financial reputation. These loans are an excellent tool to help you rebuild and get you past difficult financial times when other lenders would shy away from your business and when you have rebuilt your credit score and find yourself able to qualify for much better loans, you can always look back at those days, thank these lenders, and say never again.

By Ariel Pryor. Ariel Pryor is a credit expert who counsels and helps people with Really Bad Credit to get the loans and credit cards and begin rebuilding their credit. If you found this article helpful, let me help you save money and time finding your next Loans for Bad Credit.

Article Source: http://EzineArticles.com/?expert=Ariel_Pryor

For FREE information on how to buy home when you can't get real estate loan go to http://I-Can-Buy.com now!

Six Tips to Help You Recognize a Bad Credit Loan Scam

2009-10-16T17:35:00.003-07:00

The suffering and desperation caused by the ongoing credit crisis and job losses, have spawned a whole new growth industry.

Bad Credit Loan Scams

It's a particularly horrible phenomenon, because the people that operate these scams are preying on those that most need help, and they don't care if they put the last nail, in a family's financial coffin.

People that are drowning under suffocating debt, and have poor credit are being bombarded with ads like these, and many similar ones.

Looking For A Loan Or Credit Card But Don't Think You'll Qualify?

Turned Down By A Bank Because Of Your Poor Credit History?

Get An Instant Loan. Guaranteed. No Credit Check And Low Interest!

A person that's desperate for a loan is easily tempted by advertisements and websites like these, because they offer a simple and quick respite from misery.

It's said however, that forewarned is forearmed;

So let's Look At The Tip-Offs To Rip-Offs.

Just one of the following should cause you to raise your antennae, and more than one of them should send you looking for another lender.

1) If you're offered a loan on the the phone.

Companies that do business by phone in the U.S. are forbidden by law to promise you a loan, and to ask you to pay for it before they deliver.

2) The Federal Trade Commission (FTC), which is a federal agency that investigates and eliminates unfair and deceptive trade practices says;

"If you're asked to pay a fee for the promise of a loan or credit card, then you can almost count on the fact that you're dealing with a scam artist".

3) A lender who isn't interested in your credit history.

A lender who says that he doesn't care about your credit record should certainly give you cause for concern. Why doesn't he care?

Any advertisement that says things such as, "Bad credit? No problem" or "We don't care about your past. You deserve a loan" or "Get money fast" or even "No hassle - Guaranteed", frequently suggests a scam.

4) A lender who uses a copy-cat names, and similar websites.

Crooks will often give their companies names that sound similar to well-known and well respected organizations, and they also create websites that look like the originals.

Call directory assistance, or locate the lender's number in the phone book, and then call the number to verify that they are really who they claim to be.

Be sure to get a physical address. A lender that only provides a P.O. Box is one that you should immediately check out with the relevant authorities.

5) A lender who is not registered in your state.

Lenders and loan brokers are required by law to register in the states where they do business. In order to verify their registration, call your state Attorney General's office, or your state's Department of Banking or Financial Regulation.

6) A lender who asks you to wire money or to pay an individual.

Never make a payment directly to an individual for a credit card or loan, because no legitimate lender would ever request such a thing.

Hopefully the above information will help prevent you from getting ripped off, but please help others too.

If you encounter a company that's doing any of the above, then please tip off the relevant authorities.

Where To Complain

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

Finally - A Little Bit Of Advice That's Not A Tip

If you have debt problems, then the very first thing that you should do is to contact your creditors, and attempt to resolve the problems, and the sooner the better.

If you're unable to resolve the difficulties yourself, or you need some help doing it, then contact a credit counseling service.

There are nonprofit organizations in every state that counsel and educate people and families about debt problems, budgeting, and using credit wisely.

The cost of their services is either free or minimal, and we're talking about $25.00 - and credit unions, universities, military bases, and housing authorities frequently offer low cost advice as well.

To learn more about dealing with debt, including how to select a credit counseling service, visit http://www.ftc.gov/credit.

The author of this article was a film producer, and award winning film sound editor for many years. He has an interest and natural flare for economics, so if you need a loan but are worried about your credit score, then go check out Need Credit Now because if offers a long list of lenders that provide, Auto Loans, Personal Loans and Mortgage Loans, plus Guaranteed Credit Cards to those with bad credit.

By Michael Redbourn. Article Source: http://EzineArticles.com/?expert=Michael_Redbourn

For FREE information on how to buy home when you can't get real estate loan go to http://I-Can-Buy.com now!

One Last Chance for D.C.'s $495 Course for FREE!

2009-04-22T13:02:00.005-07:00

Virtual Short Sale Investing is back for 36 hours only-- One Last Chance for D.C.'s $495 Course for FREE!

Since D.C. shut the doors Sunday night, many people have asked how they can get his new $495 Virtual Short Sale Investing Blueprint and DVD Course for FREE.

D.C. decided to give you one last chance if you didn't get your hands on it before because he knows what an impact it will make on your life.

He knows this because of the impact it has made for him.

Today at 12 noon EST, D.C. is re-opening the doors for you to get a copy...
but you only have 36 hours, until tomorrow night at midnight when he shuts the doors for good.

To get your copy -- AT NO CHARGE -- Click here now...

This is your opportunity to take advantage of the FLOOD of pre-foreclosures all across the country
while all the deals are done for you and you make all the money.

You’ll discover...

How to instantly have a team of People in place that do all of your deals for you while you never have to leave the comfort of your own home.
How to acquire beautiful luxury homes in pre-foreclosure with no money down, no credit needed, no monthly payments and no marketing costs.
The safest way to buy houses using none of your own money or credit.
Why virtual short sale investing is the easiest, most profitable NO RISK strategy in today’s market.
You don’t need any experience because you are leveraging the experience of everyone in your network.
And so much more...

These are the very same strategies that D.C. and his students use to make an average of $143k per deal. Now they’re yours at no cost. (Just pay a small shipping and handling fee to get it sent directly to your door.)

If you are still doing short sales the old way, you are wasting your time. D.C.'s Virtual Short Sale investing has completely changed the way short sales are done!

All the work is done for you so you can have more time off to do what you want, whenever you want.

Claim yours now... http://bit.ly/Pp7Ep

There's only 36 hours left to get D.C.'s new $495 Virtual Short Sale Investing Blueprint and DVD Course for FREE! Don’t miss out.

http://bit.ly/Pp7Ep

FREE WEBINAR TONIGHT-- The Secret to Making an Extra $25K on Your Next Short Sale Deal

2009-04-19T06:16:00.002-07:00

You heard it right!

On tonight’s webinar, DC is paying you $25,000 to use his system to become a Virtual Short Sale Investing Millionaire.

This is unheard of and nobody else has the Guts to do it except for DC.

Not only is he going to partner with you, DC is also going to pay you $25,000!

To get all the details, attend one of his training webinars tonight.

Click Here to Register

3 things you must know about this breakthrough NEW short sale technique:

1. 100% of the Deals are done for you.

2. You spend absolutely ZERO dollars on advertising which is one of the reasons why investors fail in the short sale business.

3. You can do this business from the comfort of your own home without absolutely Zero cash, bad or non-existent credit and no previous experience

On the webinar, you’ll discover the other 4 reasons why investors fail with short sales in today’s market so you can avoid making any mistakes and make more money faster.

Go Here to Register Now!

This is the Last night for the webinars. After tonight, DC is done and the doors
will be closed for your opportunity for DC to partner, negotiate and fund 100% of your deals.

Take your financial future in your hands and join him tonight on the webinar.

There will Not be a replay of this webinar and tonight is the last night DC is doing them so don’t miss out.

Click Here to Register

I just heard from D.C…you need to see this!

2009-04-18T10:45:00.002-07:00

I just heard from D.C. that he’s very close to running out of his Virtual Short Sale Investing DVD/Blueprint courses.

I knew they’d go quick. They’re FREE.

He said he has less than 100 courses left that he’s giving away for the small shipping fee. This course is worth $500 and he’s giving it away for NOTHING!

I already got my copy and it’s awesome. It has a Complete step by step flow chart of how to do a Virtual Short Sale Deal in Today’s market. The best part is 100% of the work is done for you and you can do deals in any part of the country without leaving your home.

You don’t need any cash, credit, or previousexperience to get started right now. This is the biggest opportunity that we’ve ever had in the short sale business and now with Virtual Short Sales, it has never been easier to get started.

Go get it Here!

When D.C. runs out of his VSSI courses, he’s going to shut down the giveaway so go get your copy now before they’re all gone!

Get it Here Now!

Take Advantage of this Economy!! FREE Preforeclosure Training Program!

2009-04-14T15:01:00.004-07:00

It is projected that right now may be the best real estate market for foreclosure investing that real estate investors may see in their lifetimes.

Short sales are abundant, there are unprecedented numbers of motivated sellers, and experts will tell you that most real estate wealth is created in a buyer’s market, just like at the present time.

The time is right to really learn the business of real estate and the business can be made even easier when it can become virtual.

D.C. Fawcett has helped make that happen for real estate investors with the Virtual Short Sale Investing System.

Here’s your chance to get your hands on the Virtual Short Sale Investing System (A $495.00 value) including exclusive membership to the Virtual Short Sale Investing VIP Coaching Club.

And the best part is…It’s FREE…

(Just pay shipping and handling for the Virtual Short Sale Investing System.)

Get it Here Free!

When you get the system, you’ll discover:

100% of the Deals Are Done For You!

All of your short sales are acquired on autopilot without ever spending a dime on advertising!

This is the biggest opportunity to leverage the current foreclosure market that exists...period!

You can do deals in every part of the country without leaving the comfort of your own home.

You don’t need any cash, credit or previous experience to get started immediately.

The old way of doing short sales in DEAD!

We only have 1000 copies…so you must act quickly…

Click here now for more information!

Hurry and Get Your FREE Real Estate Investing Course!

2009-04-14T14:41:00.007-07:00

Today at 12 noon EST my friend, D.C. Fawcett is releasing his new $495 Virtual Short Sale investing Blueprint and DVD Course.

To get your copy FREE -- CLICK Here...

This is your opportunity to take advantage of the FLOOD of pre-foreclosures all across the country while all the deals are done for you and you make all the money.

You’ll discover...

How to instantly have team of People in place that do all of your deals for you while you never have to leave the comfort of your own home.

How to acquire beautiful luxury homes in pre-foreclosure with no money down, no credit needed, no monthly payments and no marketing costs.

The safest way to buy houses using none of your own money or credit.

Why virtual short sale investing is the easiest, most profitable NO RISK strategy in today’s market.

You don’t need any experience because you are leveraging the experience of everyone in your network.

And so much more...

These are the very same strategies that D.C. and his students have used to make an average of $143k per deal. Now they’re yours at no cost. (Just pay a small shipping and handling fee to get it sent directly to your door.)

If you are still doing short sales the old way, you are wasting your time. D.C.’s Virtual Short Sale investing has completely changed the way short sales are done!

All the work is done for you so you can have more time off to do what you want, whenever you want.

Warning: D.C. only has 1000 copies of his Blueprint and DVD Course. Grab yours before their all gone!

CLICK Here to claim yours now...

This is your chance to take advantage of a once in a lifetime window of opportunity. Don’t miss out.

Plenty of Ways to Make Real Estate Cash!

2009-04-04T14:09:00.007-07:00

If you are looking for a quick way to make some cash, then you might want to look into real estate and making some real estate cash. Because of the way the market it is at the moment, there is a real large possibility that you, like others, can make a lot of real estate cash!

For those of you who watch the news, or read the newspaper, you probably are aware of the fact that many people are losing their homes to the bank. This can be a very good thing for people who need to make some money and are turning to real estate! Foreclosures these days can be bought for such a low price and you can turn them around for a large profit and make some serious real estate cash!

The main thing that you need to keep in mind when it comes to real estate and making money is you need to make sure that you have enough in your budget to cover repairs as well as taxes. In order to sell the house and turn it around for real estate cash, you need have the house in tiptop condition!

Once you get started making real estate cash, you can keep on building and buying more and selling more and you can really start to turn this into some sort of small business and use the real estate cash that you make as your actual income. This way you could turn into your own boss, and make the money that you want to make!

If you seriously want to look into making real estate cash and turning old foreclosed homes into some profit then you are going to need as much information as you can get! The more information that you have the better off you are going to be and the more real estate cash you are essentially going to make. After you get all of your information you might want to start building a rock solid plan so that you have an idea of what direction you want to go in. Remember you have control of how much real estate cash that you want to make, so the smarter that you are at it, the better off you are going to be.

So, you have the basics that you need in order to make some real estate cash. You need to have a lot of information and you need to have some sort of plan to get you off of your feet. From there, you are just going to need some funding and then you can begin investing and you can begin to make some real estate cash. It may sound like a hard thing to get into, but the fact of the matter here is, people are losing homes and some people are buying homes. So turn that foreclosed home into a real estate cash cow, and start looking at homes that can make you money!

About the Author: Discover more about Otto's techniques and claim your FREE video webinar right now by visiting: http://www.RealEstateBusinessWealth.com You'll uncover Otto Ruebsamen simple yet extremely powerful techniques to enjoying passive income even in a tough real estate market.

Source: http://www.isnare.com/?aid=361852&ca=Real+Estate

It's not easy to qualify for bank loans right now if you have bad credit, but there are still ways you can buy your own home. Check out my website at http://I-can-buy.com now to find out more.

Start the New Year With a New Home!

2009-01-09T16:49:00.002-07:00

Mortgage Rates are Falling Again!

This is a great time to buy a new home. It's a buyers market and interest rates are dropping.

According to CNNMoney.com, "The New Year has been good to mortgage interest rates so far. Rates are hovering at 5.00% these days. This is just the beginning because the Fed just started buying mortgage papers from Fannie, Freddie. Today the Feds bought $10.2 billion worth and they have a target of buying up to $500 billion by the middle of 2009."

It's not easy to qualify for bank loans right now if you have bad credit, but there are still ways you can buy your own home. Check out my website at http://I-can-buy.com now to find out more.

It's a Good Time to Buy a Country Home

2008-11-24T15:28:00.005-07:00

Here is a good article by Broderick Perkins, Real Estate Examiner:

Attention frustrated home shoppers, there's a Blue Light Special on rural homes.

Hold on now. Don't get your knickers in a knot about turnip farming or slopping pigs.

This isn't about free-range chickens or husking corn.

Down-to-earth lending practices and isolation from big-city real estate cycles puts rural housing on the top shelf with bottom-shelf prices.

Sure, the commute to work could be a real trip, but what about that dream to work at home, say, where the buffalo roam?

That's what I'm talkin' about.

If you've been unable to buy a metropolitan area home, take a good look at rural America, far from the din of city life, but a lot closer to the money to finance it.

Homebuyers who purchased homes underwritten by the USDA Rural Development Housing and Community Facilities Programs are doing far better these days than the rest of the uppity nation when it comes to keeping a roof over head.

And that market condition is freeing up more home loan money for houses in bucolic settings.

Country somethings

Country somethings

The USDA program this year posted the lowest foreclosure rates in the past 40 years, an average of 3.53 percent, down from 3.93 percent five years ago, according to an Agri Pulse interview with Russ Davis, administrator of the USDA housing program.

Meanwhile, with millions of homeowners struggling with mortgages larger than the value of their homes, national foreclosure rates have skyrocketed, at times, nearly double what they were a year ago. Even with foreclosure rates leveling off, the year-over-year rate of increase nationwide remained up 25 percent in October, according to RealtyTrac.

A difference between the two markets is also reflected in the rate of homeownership. While the rate is about 67 percent in metropolitan areas, non metro areas enjoy homeownership rates averaging around 75 percent, higher in the South and Midwest, according to the Hoover Institution.

Rural homeownership is surviving because of sound lending practices and isolation -- both geographical and financial -- from the boom-bust city-slicker markets.

USDA makes loans directly from its service centers, working with 2,000 local banks and mortgage lenders to guarantee the value of the loan in case of default, enabling those institutions to sell the mortgages and not hold as much capital against each one.

To help prevent default, the loans mandate credit and homeownership counseling and, as a result, the end rate of foreclosures is actually smaller than reported. USDA loans come with built-in, pre-existing counseling and financial relief (you know, like that stuff that's had to be legislated for those urban cowboys) for homeowners facing financial difficulties, effectively removing many country homeowners from the foreclosure rolls.

Well, I'll be!

Underwriting also recognizes unique rural America characteristics -- seasonal work, shift work, changing income and migration patterns -- thanks to long-term market evaluation efforts. The out-migration that has occurred since WWII may be in for a change, given today's yen for a simpler life and a piece of owner-occupied housing pie. The trend hasn't gone unnoticed by USDA underwriters.

That saner, detailed approach to underwriting -- rather than the assembly line loans-for-all policy that failed the national housing market -- sheltered the rural housing market from "bubble" conditions that caused skyrocketing home values and the eventual crash.

The result has been more mortgage money to lend, not less. The federal ag agency's loan volume tripled in the last year, increasing from about 35,000 to 100,000 in guarantees, according to Agri Pulse's report.

Credit unions pulled off a similar coup with sound underwriting policies.

USDA's guaranteed housing loans are limited, but you don't have hoe rows or milk cows.

The loans are for:

• People living in rural areas where the population is less than 20,000.

• People with incomes under 115 percent of household median income for the area. In most areas, the upper income limit for borrowers will be $60,000 to $70,000 per year.

• People buying homes, not refinancing or taking out equity loans.

USDA Programs include no-money down loans (Imagine that!), home improvement and rehabilitation loans and grants, construction loans, loans for minorities and true to the work-ethic of rural life, sweat-equity loans that require buyers to help build their own homes.

Get in before the word gets out:
• USDA Rural Development Housing & Community Facilities Program
• USDA Real Estate For Sale
• More on USDA Rural Development information

Article Source: http://www.examiner.com

For information on how to buy a home when you have bad credit go now to http://I-can-buy.com

New I-Can-buy.com Newsletter

2008-09-22T16:06:00.002-07:00

We are putting together a new newsletter with the latest information on bad credit mortgage loan lenders and home buying techniques for people with challenged credit, as well as other important credit resources and links available just for our subscribers. Go to http://i-can-buy.com/bad_credit_mortgage_loans.html now to find out more and/or sign up now.

Home Financing in a Foreclosure-Heavy Market

2008-07-28T15:44:00.005-07:00

In today's housing market, foreclosures are at a high that hasn't been seen since 1979. Seven percent, or roughly one of every 11 homes, is currently in foreclosure. According to the Mortgage Bankers' Association, 6.35 percent of homes are in delinquency but not yet in foreclosure.

The housing crisis is happening everywhere -- from Indiana to Texas and Maine to California. Though we most often hear about record foreclosures in California and Florida, a brief internet search will show you it truly is not limited to any particular region or state.

The housing market woes do not just affect potential home buyers. The mortgage brokers themselves are feeling the crunch. In Massachusetts, approximately 80 percent of the brokers who were in business at its peak (about two years ago) have now left or will leave the housing market by the end of June 2008. Those that are left have had to severely cut back and make changes in order to survive (letting go other personnel, working more hours, selling fewer homes).

Qualified buyers are typically seen as those who have credit scores of above 680 (FICO scores range from 350-800), with good, steady jobs and incomes. Today, many banks, feeling the burden of too many loans gone bad, do not want to give loans to anyone with a credit score below 720.

Also gone are the days of easy-to-get adjustable rate mortgages. Banks have learned that market will not always be in an upswing and not everyone can afford a home mortgage.

If you do end up in foreclosure, it will most likely be at least five years before you'll be considered for bank financing again. In addition, you'll need to have a credit score of at least 680 and at least a 10% deposit.

But what if you have a good deposit now and you need a home now, not five years down the line or whenever the housing market picks back up? Do you have any options? In short, yes.

There are actually lots of people who are willing to do owner financing. If you see a For Sale By Owner sign, it's a good idea to check it out and see what kind of a deal they would be willing to make you.

Creative home financing options can help you and your family get into a house sooner, and help the owner get out of their home sooner. After all, with banks so hesitant to give loans, FSBO homes aren't going to have a very good chance of selling, either. Creative financing can help owners and buyers find mutual satisfaction.

In addition to looking for FSBO homes, there are other things potential home buyers can do to increase their chances of getting a home. To start, save up and get as much cash together as you can for a down payment.

When home owners are faced with letting their homes sit on the market for years (because no bank will give a buyer a loan) or taking a nice chunk of money up front and then a steady income from monthly payments for a number of years, they're going to be tempted.

Having that nice down payment also can help the current home owners get into their next house—a point that should be made to them in case they haven't thought of it. There are also experts available who know the ins and outs and strategies of creative home financing.

Another version of creative home financing is a land contract. This is along the lines of what we've already talked about, but with some sellers, they may be willing to accept a much lower down payment, spread your payments out over 40 years instead of the typical 30, and negotiate with you on the interest loan.

Check with your friends and family. Sure, there are reasons to be cautious when lending and borrowing money with relatives and friends. But if you know people who could probably spare the money for a down payment, and you can offer them a higher interest rate than they're getting by having their money sit at the bank, it could be a very attractive option for both of you.

Do you have other property? If you have other property already, you may be able to get a loan from that property to put towards a down payment on new property. It's worth thinking about.

The next idea is one you should think very cautiously about, but it is an option. Particularly if you are dealing with a FSBO situation, perhaps you could put part of your down payment on your credit card. This should really only be contemplated if you're going to be able to pay that amount off on your card very quickly (say, if you're expecting your tax refund or stimulus check) because credit card interest rates, as well all know, are ridiculously high.

As is true any time you are looking to take on debt, you need to be cautious. The banks have learned their lesson, so they're not going to be as easy to finance a home with for some time.

You, too, as the potential home buyer, need to be careful. Think through just how much debt you can take on. But do not let the current market discourage you from moving forward with home ownership plans. You may have to look a little harder, search a little longer, and maybe keep your dream house away for another few years. However, with the right spirit, intentions, planning, and creativity, you will find a home financing option that works for you and the seller.

About the Author: Cory Shrader writes for the Liberty Home Sellers website. If you are ready to buy a home now, and the bank has tightened its credit policies, putting home ownership out of reach for you now, we might be able to help you. We play matchmaker between potential home buyers and motivated home sellers, who offer "Lease with Option To Buy" and other attractive home ownership deals. Learn more at: http://www.LibertyHomeSellers.com

Copyright © 2008 Cory Shrader

Article Source

At I-Can-Buy.com we found a great source for no credit check loans or no money down loans from private lenders for people who can't qualify for conventional hom loans. For more information go to http://i-can-buy.com/bad_credit_mortgage_loans now!

Get a Bad Credit Loan

2008-07-16T09:36:00.004-07:00

If you have been turned down by commercial lenders and banks for a home loan, you don't have to give up your dream of owning your own home! Because it is so hard to get a bank loan today, many people are turning to investors to help them get into homes. It is often a win-win situation that benefits everyone involved.

There are many ways that investors can help people get into homes. I don't have the time or space to list them all here. Our free ebook, "How to Buy a Home When You Have Bad Credit" shows many of them. You can get see this free ebook on our website at www.I-Can-Buy.com

But I do want to point out one of my favorites! This is the investor quick flip. That is where an investor buys the home in cash for the buyer, and then turns around and sells it to the buyer and finances the buyer. All of this is done without any bank qualifications or loans. Often it happens a lot faster and without a lot of the hassle that buyers get when they try to qualify for a conventional mortgage.

Sure, the investor makes a little on the flip, and the interest rate will be higher on the home loan than it would be with a bank, but for many people this is a small trade off. They get into a home of their own when they never would have been able to do it. Plus, they now have a home that is an investment as it begins to appreciate in equity, instead of throwing their money away on rent payments.

I know of a great group of investors who do these kind of bad credit mortgage loans for individuals who want to buy a family home. They can work with any credit score, no matter how bad. They do commercial loans for investors and people who want to get into real estate investment as well. If this sounds like something you may be interested in learning more about or applying for, go to http://i-can-buy.com/bad_credit_mortgage_loans.html and fill out the information request form today!

Now is the Time to Buy a Home!

2008-06-25T17:50:00.002-07:00

It's a buyers market right now, and I believe that there will be no better time to buy a home-- especially if you have bad credit.

There are so many options available for people with poor credit because it's a buyers market!

I live in the fastest growing county in the fastest growing state, Arizona, and I can see signs of the real estate market turning around here. It won't be long before the rest of the country will follow. So now is the time to get that home at a rock bottom price.

If you want to learn how to buy a home when you have bad credit check out the FREE ebook, "Buying a Home When You Have Bad Credit" on my website at http://I-can-buy.com now!

To learn more about home mortgage loans for people with bad credit or no money down loans, go to http://i-can-buy.com/bad_credit_mortgage_loans now!

Bad Credit Home Mortgage Loans

2008-06-17T13:35:00.004-07:00

I found a great company made up of special investors and lenders who will give loans to people with any kind of credit scores, including bad credit, to buy homes. They do it by buying the home first at a discount of at least 10%, and then they flip it to the buyer. financing the buyer.

It is a great win-win situation, because the company makes a little profit, the seller gets their home sold quickly and gets cash for it, and the buyer gets a home that they would not otherwise have been able to get into.

They do loans with no credit check, but the buyer needs at least 10% cash to put down. If you have good credit, they will often give you a 100% (no money down) loan.

If you are interested in learning more or finding out if you qualify for one of these home loans for people who are turned down for loans from conventional lenders, go to http://i-can-buy.com/bad_credit_mortgage_loans.html now.

To get our free ebook on "How to Buy a Home When You Can't Get a Loan" go to http://I-can-buy.com today!

Now is a Great Time to Start Investing

2008-05-17T17:15:00.007-07:00

Real Estate prices are low, which means this is a great time to buy a home, even if you have little or no money to put down, and bad or poor credit.

If you have never invested in real estate before, and always wanted to, this may be the best time for you to start. Just be sure to do your homework first.

Some good resources for starting real estate investment are:

For Smart Real Estate Investors Only. If You've Got 20 Minutes A Month, I'll Show You The Fastest Way To Real Estate Investing Success. Learn How To Make A Quick $10,000 Or More Buying And Selling Foreclosures In 30 Days Or Less...Without Dealing With a Single Tenant...Smug Banker...Or Even Having Your Credit Pulled. Click Here Now For More Information!

The Ultimate Real Estate System. Introducing A Complete Course That will Show You How To Buy Real Estate Nothing Down, Realize Returns As High As 16% to 50% With Tax Lien Certificates and Purchase Your Next Home or Investment Property For 30% to 40% Below Its True Market Value With Foreclosure Short Sales. Click Here Now For More Information!

Real Estate Investors - Discover How To Raise Cash For Real Estate Deals. The Private Lending PowerPoint Presentation Kit Is An Easy And Affordable Done For You Template For Real Estate Entrepreneurs To Create Your Own Stream Of Private Lenders Giving You Cash And Allowing You To Do Deals In These Tough Times. Click Here For More Information!

ForeclosurePASS - Seized Real Estate. Buy Properties At 90% Off Market Value! The only forclosure system you will ever need. The simple little formula the builds massive wealth through real estate forclosures. Click Here Now For More Information!

Make Money as a Professional Commercial Real Estate Property Scout-- Learn To Find Commercial Real Estate Deals And We Will Fund Them. An exciting opportunity for the average person to work from home‚ earning an extraordinary income by finding commercial real estate property for our private investor group to purchase. No experience required. Train at home to earn more money than most doctors‚ lawyers and CEOs. Click here now for more information!

For more information on how to buy a home when you have little or no credit, check out our online free ebook at http://I-can-buy.com now!

May 2008

Government Auctions - An Alternative To Buying Property

2008-05-17T16:21:00.007-07:00

Most people don't realize that there is an alternative to buying property (e.g. cars, houses, boats, etc.) straight from the source. At different venues around the country, the government holds auctions for seized property that anyone can bid on. All you have to do is show up. This is a great way to get property for cheap.

One type of seized property that you can bid on is an automobile. I bet you didn't think it was possible to get a very decent automobile for $500, but at a government auction, it's entirely possible. Some people even get very good automobiles for that price, or lower in some circumstances. It all depends on what's being auctioned that day, and if you can get there in time for the sale.

Another type of property that you'll see at a lot of these government auctions, are houses. You and your family could be living in a beautiful home, anywhere in the country, for less than $10,000. If you've been struggling to make ends meet and pay the bills on your house, or if you've been considering another mortgage, stop for a moment and think about bidding on a house at one of your local government auctions.

Have you ever thought to yourself, "I'll never own a yacht"? Think again. It's entirely within your reach if you find the right auction. Boats and yachts of all shapes and sizes are being auctioned off just as much as automobiles and houses. How would you like to impress your family and friends by showing them your new yacht? Personally, I'm a big show off and I would love to be able to do this. It's all about finding the right auction.

These are just a few of the things you can find at government auction sites. Property is being seized by the federal, state, and local governments every day, so fresh property will always be available to those in need and looking. Find your dream car, find your dream house, and find your dream boat - start attending government auctions.

By Michael Ullman
http://governmentauctionsitereviews.com/

Some Auction Sources:

ForeclosurePASS - Seized Real Estate. Buy Properties At 90% Off Market Value! The only forclosure system you will ever need. The simple little formula the builds massive wealth through real estate forclosures. Click Here Now For More Information!

AuctionsPASS is your #1 source for Government, Police, and State online auctions. Bid on seized vehicles and property auctioned off on behalf of government and police agencies. Seized Cars From $100, Boats, Real Estate, Collectibles And Jewelry. Auctions are held every day, in every state across the nation. Find out where and when you can get incredible deals. For More Information Click Here Now.

Gov-Auctions.org is America's most trusted & largest resource for Government & Police, live & online car auctions of Government pre-owned and seized cars, trucks, & SUV's. You Will NOT Buy a Quality Car Cheaper Elsewhere. They offer you immediate access to 3,000+ updated auctions nationwide, NOT searchable elsewhere on the Internet and with guaranteed listings in every state. For More Information Click Here Now!

For FREE information on how to buy a home when you have bad credit, go to http://I-can-buy.com now!

5/17/08

Why Buy Your First Home in Today's Real Estate Market?

2008-04-19T17:39:00.000-07:00

Some buyers are hesitating to buy their first home now. Perhaps you are unsure because you're worried about the real estate market, or you're afraid you can't qualify for a mortgage loan. Maybe you don't want to make a move yet, because you'd like to wait until you think the market is going to hit bottom.

But did you know that RIGHT NOW is the best time to buy? Buying an owner-occupied house is not based on the market, it's based on YOUR family's needs and capabilities. If you can afford the monthly mortgage payments, then seize this opportunity to provide your family with the security of owning their own home. In fact, right now IS the best time to buy your first home. Why?

1. Lowest real estate values in many years. As you know, the real estate values are lower now than in the last few years. Will the values rise soon? Will they continue declining? It really doesn't matter because...

2. Long-term appreciation. Although real estate values operate on a cyclical market (increasing, then decreasing, then increasing), over the long term, appreciation still averages about 5% in California and many other states. So if you're buying a long-term family home that you plan to leave for your children, the short-term market fluctuation shouln't affect your plans.

3. High inventory level. Right now, there's lots of houses on the market. Your Realtor® can help you choose from homes in established neighborhoods, bank-owed REOs, foreclosure short sells, and new homes offered by builders. In this buyers' market, you're in the driver's seat!

For FREE information on how to buy a home when you have bad credit, go to http://I-can-buy.com now!

4. More experienced real estate agents. The market fluctuation has weeded out many real estate agents, so the agents still doing well in sales are those quality, experienced agents.

5. More personal attention. With fewer buyers out there, real estate agents now have more time to devote to you, paying close attention to your needs. As a matter of fact...

6. Buyers are preferred. In today's buyer's market, buyers are highly sought after, because they drive the sales and therefore the market. Typically, real estate agents are focused on pursuing sellers, and often ignore buyers. But not anymore!

7. Sellers are more willing to negotiate. Quite simply: more houses for sale = more choices for buyers = more leverage to negotiate better price and terms! Your Realtor® can help you make offers and negotiate the best price and terms for your situation.

8. Great quality loans available. Yes, despite some things you may hear, borrowers can find terrific mortgage loans. And now they're at all-time low, competitive interest rates. You can trust your loan application to a local, reputable lender with a track record of serving borrowers successfully for many years.

9. Loan payoff programs. You've heard of bi-weekly mortgage payoff programs, but now there's a new method: an early mortgage acceleration program that can help you pay off your 30-year loan in as little as 8 years WITHOUT any extra payments! This totally new concept is mathematically sound, saving you $100,000 - $500,000 of interest (depending on your loan amount). Previous borrowers did not have this opportunity. For more information, visit www.RealEstateProExpert.com.

10. Tax break! Don't forget that you can receive a mortgage interest deduction on your annual tax filing. It can be substantial enough to offset any additional expense of owning (versus renting). So now there's no excuse!

Remember, you're not buying for the appreciation. The main reason to buy a house is because you and your family would like to have a safe, secure, stable home. Another reason is that you can begin owning real estate with an owner-occupied investment, and later on you can buy a larger "move-up" house. So if your property appreciates, that is great, it's "icing on the cake", but not the main reason to buy your home.

Now it's time to get out there and find your dream home. Start your search at www.Realtor.com which offers the largest listing of homes for sale online. It's the number one search site for buyers across the U.S., and with good reason - it boasts the most inventory of property available. So don't put it off any longer... Take the first step to fulfilling your family's dream of home ownership today!

R.P. Brown serves the California Central Coast, helping home buyers and sellers to realize their dreams of homeownership.

Experience Includes:

Real Estate Broker; licensed since 1988
Member of local Board of Realtors, CAR, and NAR
Notary Public; commissioned since 1998
Lifelong resident of San Luis Obispo county (4th Generation local family)
A.A. Degrees in Real Estate and Small Business Management
Technical Writing Certificate
Business Major at Cal Poly State University
Established in our community -- connections with many residents & merchants
Past President of 2 local non-profit organizations
Continue to volunteer for local organizations
Previous business owner

Qualifications Include:

Experienced in all phases of Real Estate services, including
First Time Buyers
Buyer's Broker
Foreclosures & Bankruptcy Cases
Mortgage Lending
Property Management
Motivated -- Work hard for you!
Ethical and Trustworthy
MLS access by internet

For more information, visit the professionals at http://www.RealEstateProExpert.com

For FREE information on how to buy a home when you have bad credit, go to http://I-can-buy.com now!

Real Estate Forclosures for Dummies

2008-03-26T16:31:00.000-07:00

For many people looking for a real estate bargain, foreclosures may be the answer. Many cities across the country have been hit hard by the foreclosure boom. Make sure to research your area and see what kinds of deals are available out there.

Stopping a foreclosure is not easy, but if you can stay informed and seek help it may be possible. The equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Now you know what real estate foreclosure means you may know what to look for.

The credit crisis has made obtaining refinancing much more difficult. Tons of money have been lost by lenders on risky sub-prime loans. Now homeowners struggling to make payments are unable to refinance to escape payments they can not afford. This has resulted in a glut of real estate foreclosures.

HUD homes or houses that have been foreclosed on by the governments department of housing and urban development can also be a very good deal. Real Estate Foreclosures become HUD homes when a government backed loan is foreclosed on. To purchase one of these as-is homes make sure to find a realtor who is qualified to sell them.

Tax reversion (property tax foreclosure) Property tax foreclosure is the process of disposing of property on which taxes have not been paid. In all US jurisdictions a lender who conducts a foreclosure sale of immovable property which is the subject of a federal tax lien

Now, with rising interest rates and softening prices threatening to derail homeowners who stretched to buy with risky loans, the message from this movement goes, this is the year for foreclosure bargains. Even more exotic products, such as interest-only loans, where balances don't shrink, or, worse yet, option ARMs, where balances grow, also contributed to foreclosure problems.

Federal, state and local lawmakers have struggled to respond to a growing wave of foreclosures among borrowers with higher-cost subprime mortgages. All this means that the right foreclosure deal may be out there waiting for you.

To Recap, be aware of the different types of foreclosures and which one may provide the best oppurtunity for investment. Be sure to do your research and to find a qualified realtor. Then with a little luck and a little patience the perfect deal may be out there for you.

by Rob Muller

For any inquiries about foreclosures or short sales in Cherokee County Real Estate Rob Muller is an full time Realtor specializing in Cherokee County GA Real Estate as well as East Cobb Real Estate

****************

This may be the best time ever for you to purchase your own home. To find out how, even if you have bad or poor credit, go to http://I-can-buy.com now for free information.

What You Need To Know When Purchasing A Foreclosure Home

2008-03-11T06:57:00.000-07:00

Before choosing to purchase a foreclosure home there is a great deal of information that you need to gather to make sure that you get yourself a bargain. If you take the find to do your research you could quite possibly make some very good savings when purchasing a foreclosure home. So make sure that you take your time to do this research to make sure you make the right choice.

One very important thing to do is to speak to a few sales trustees. By doing this you can find out some very important information about the home you are looking at. Sales trustees are the only people that you can truly depend on to get you the best savings. Ask them about everything you can think of and do not be afraid of holding back. These people are there to help you so it is important that you know what to ask them.

You need to be aware that there could be some serious problems with the home you ask thinking of buying. You need to make sure that you find out about these before you buy otherwise you could end up with a home that you are not happy with. Doing your research and finding out about things like this in advance will make all the difference when you make your purchase.

It is just as important for you to find out about this as it is to find a perfect foreclosure home at a bargain price. You won't find out this information overnight, you will need to be prepared to make a lot of phone calls and be willing to sit through numerous meetings to get this information. You will also need to do plenty of bargaining too.

You should do a title search in order to determine exactly which foreclosure homes in your area have any problems that may not have been listed. If you need help to do this search you could look at using the services of a title agency who will be able to help you. If you don't know of any title agencies off the top of your head try looking in your phone book or searching on the internet. You should be able to locate one very quickly.

Of course you shouldn't just rely on other people to find out all the information about a foreclosure home for you. You also need to be willing to research things yourself and see if there's a better way of doing things. By putting the effort in at the start and doing your research you will stand a much better chance of getting yourself a bargain.

To find out more about va foreclosures check out http://www.stopbankforeclosurenow.org

For information on how to buy a home when you have bad credit go to http://I-can-buy.com now!

Pre-foreclosures: The Goldmine of the Next Decade

2008-02-16T21:19:00.000-07:00

Foreclosure is a process in which a piece of real estate becomes the property of a lending institution due to the legal owner's inability to make scheduled payments on the mortgage or deed of trust.

Typically, the lender files a notice of default after a homeowner fails to make his or her mortgage payments for several months. If the loan is not reinstated, the lender moves to foreclose. As a result, the lender becomes the new legal owner of the property and has the right to resell the property and recover any outstanding loan balances in addition to foreclosure expenses.

The foreclosure process consists of three stages: pre-foreclosure, which begins the redemption period; foreclosure, which is when the home is sold at a public auction; and post-foreclosure, which is when the property reverts back to the lender if it fails to sell at the public auction. Although each stage offers bargain-buying opportunities, the pre-foreclosure stage is considered by many real estate investors to be the most promising time to purchase during the foreclosure process.

Investing in pre-foreclosures means you will be acquiring property any time before the scheduled public auction. As the investor, you will be buying the property directly from the owner. The earlier you contact a homeowner in pre-foreclosure, the more time you will have to make a connection, structure a deal and purchase the property.

There is a common misconception that real estate investors purchasing homes from owners facing foreclosure are taking advantage of the homeowner's misfortune. This is simply not true. A Notice of Default is filed only when a borrower (property owner) has broken the terms agreed upon with lender at the inception of the loan in default. This breech gives the lender every right to protect its financial interests. Therefore, an experienced real estate investor becomes the problem solver by finding a win-win solution that will help the homeowner get out of default.

Property owners facing foreclosure are typically scared or in denial. Many of them hope some miracle will happen that will make their ordeal simply go away. Doing nothing will certainly ensure a homeowner's foreclosure, loss of home, loss of equity and credit rating damage for an entire decade.

When dealing with an owner in pre-foreclosure, talk to them as soon as possible. It is vital to explain the following three benefits of avoiding foreclosure:

1. Protects their credit

By working with an investor, homeowners may be able to avoid foreclosure and begin rebuilding credit. Even if a homeowner endures the process of losing his or her home, the repercussions of a foreclosure on a credit report are far reaching. A poor credit rating affects everything from buying a car to renting a home. With certain businesses, credit is even a factor in employment. Investors often help homeowners protect credit.

2. Make a profit

While it is true that real estate investors purchase at a discount, a homeowner facing default may still be able to recover some of their equity and walk away with profit.

3. Get a fresh start

Stopping the foreclosure allows homeowners to breathe a sigh of relief. As the pain and pressure of the foreclosure lifts, they find it easier to move on and begin rebuilding their life.

Buying in the pre-foreclosure stage can be the most lucrative slice of a real estate investor's business. Once rapport and trust have been established, a professional real estate investor can determine whether the sale of a property would truly benefit everybody involved.

There are various ways to profit while helping people find viable solutions for their defaults. The following three are most common:

1. Purchase at a discount

Real estate investors are not likely to make a profit by purchasing at full market value. As an investor, it is essential to inform potential sellers that you earn your living from your profits. Therefore, you must buy for less than retail price while taking into account acquisition, sales and holding costs and any necessary repairs. A discount of twenty to thirty percent of full market value is common practice among real estate investors.

2. Buy property "subject to" the existing loan

There are widely spread rumors that it is illegal to purchase property that involves taking over an existing mortgage. This is completely false. While assumable loans are practically extinct, it is perfectly legal to purchase property subject to an existing loan. It is important to be aware of the "due on sale" clause stating the existing lender can call the loan due upon the transfer of title. In other words, the lender has the right to demand full payment of the outstanding loan balance at the time of transfer. In practice, lenders would rather receive their monthly payments than call the loan. Purchasing property subject to the existing financing means a smaller out-of-pocket investment for the real estate investor.

3. Create instant equity utilizing a Short Sale

Structuring a Short Sale can prove profitable when dealing with a homeowner facing foreclosure whose property is equity deficient. In this market, troubled lenders would rather discount their mortgages than increase their already mounting inventory of foreclosed properties. The type of discount you create will largely depend on the quality of your Short Sale package combined with the quality of your negotiating skills.

Real estate investors prevent a large number of foreclosures every year across the country. There are many ways for investors to make a profit while helping people move on with their lives.

Undoubtedly, the money is there to be made. Pre-foreclosures are a fabulous way to make it.

About the Author

Brenda Coté is a Real Estate Investor, Real Estate and Mortgage Broker, Mentor, and Wealth Coach. At Transforming Lives, Creating Wealth, Brenda employs a "whole person" approach to support female Real Estate Investors succeed in business and life. To download Brenda's FREE audio workshop, "The Seven Elements of a Wealth-Creation Mindset" please go to: http://www.TransformingLivesCreatingWealth.com

For FREE information on how to buy a home when you have bad credit, go to http://I-can-buy.com now!

Investment Properties 101

2008-02-06T13:15:00.000-07:00

Late night TV is convinced that investing in real estate is the best way to make a million. Many investors are looking at big returns with no money down. While that is unlikely, it is possible to make money in real estate.

But you have to know that this is simply an investment, and with investments come risk. If you don't know what you are doing, you could loose a lot.

Investing in real estate takes forethought and preparation. It could be broken into two parts: choosing your investment and exiting your investment.

Choosing your investment

Beginning investors should start with a small project. For example, Justin has been involved in real estate for over ten years now, and has invested in many commercial and residential properties. He has found that the key to his investments are to purchase in a good location.

Justin started with a simple duplex, which he later refinanced to buy a four-plex. He painted and made a few changes to the four-plex, and sold it for a seven-plex. He also bought another four-plex. He renovated the units and made minor repairs and sold it for a decent return.

He found that fixer-uppers really work well if you live nearby and can do most of the work yourself. This cuts your expenses. Justin learned with each investment and learned to be conservative. Don't let the dollar signs rush you into anything.

Whether you are looking to buy a house, a duplex or an apartment complex, you need to carefully review the property's economics. Are the rents you plan to charge reasonable? Are your expenses correct? Can you live with the cost of the mortgage? What happens when a unit is empty? Do you still have enough income?

You may not want to be a landlord and prefer to buy a house, fix it and flip it. While you can make a lot of money if you are wise, there are still a lot of issues involved. You have to look at the neighborhood, the market and the budget you have for repairs. Do you have enough money to pay the mortgage if the property does not sell quickly? What if you have to go over budget on necessary repairs? What if things are uncovered that devalue the home? What will you do then?

Large cities tend to be better investment areas than small towns because there are more tenants and buyers. Communities on freeways are attractive as investments due to the access to metro areas. Vacation areas and towns are also fairly stable.

Exiting your investment

Things happen. The economy, interest rates, job opportunities and construction trend impact every real estate investor. You need to watch the trends and keep in touch with local brokers, appraisers, investors and real estate attorneys.

No matter what you are investing in, you need an exit strategy. You need to know when you will sell, if you will take money and pay taxes or complete an IRS 1031 tax deferred exchange. Does your plan include enough money for your retirement? Will you pay off the property or refinance it and use the proceeds to buy another investment? What if the value of the home drops?

A weak economy is something you should watch. You need to know if a depressed market will pull out of it or last. This tells you when to exit. If you can't find buyers when you are ready to sell, what will you do? Can you restructure your mortgage or have it assumed by a buyer. Check out what loan assumption costs are and if financing terms change with an assumption. You should research your financing options before you make any decisions, paying attention to more than just interest rates.

You need to think well into the future. Plan for the best and the worst. If you invest with a friend, what will happen if they need to pull out? Do you have enough money to handle emergencies or will you need to liquidate the real estate?

Your exit strategy is vital in making your decisions for the future. Plan with your goals in mind. The key is to take your time, pick the right property and live with what happens. In the worst case, the market goes away from where you expect and the value of the home goes down -- at least you can have the tenants pay for the mortgage.

Copyright 2006 #1 Loans USA
By Martin Lukac

Martin Lukac, represents, #1 Loans USA(http://www.1LoansUSA.com), a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: info@1LoansUSA.com

For FREE information on how to buy a home when you have bad credit, go to http://I-can-buy.com now.

Top 10 cities: Where to buy now

2008-01-31T12:55:00.000-07:00

According to an article at CNN Money.com, the real estate slump could get worse before it gets better. Business 2.0 Magazine, in its November 2006 issue, identifies 10 markets that offer great opportunities for those who have the patience to buy and hold:

1. Panama City, FL
2. Vero Beach, FL
3. Bridgeport, CT
4. Lakeland, FL
5. McAllen, TX
6. San Luis Obispo, CA
7. Wilmington, NC
8. Manchester, NH
9. Fort Collins, CO
10. Atlanta, GA

To read the article go to: Top 10 cities: Where to buy now

If you have bad or even really rotten credit, you can still buy a home. You may never have another opportunity like there is in the real estate market today! Find out how free at http://I-Can-buy.com now!

Every Problem is an Opportunity!

2008-01-18T14:47:00.000-07:00

Has the economy got you down? Remember that every problem is an opportunity!

I saw a great quote from Darwin Romero's blog the other day. He said, "As many of you know the real estate market is going through a period of turmoil and uncertainty right now, but one thing is certain in every real estate market there are winners and there are losers. So where do you want to be-- in the winners circle or the losers circle?

Grasp the opportunities in front of you and don't let today's problems be your downfall tomorrow."

There are some great opportunities out there in real estate right now, especially if you have poor or bad credit. This may be the best time ever for you to purchase your own home. To find out how go to http://I-can-buy.com now for free information.

You Can Buy a House!

2008-01-17T13:43:00.000-07:00

It is possible to buy a house, even if you don’t have perfect credit or a huge salary. Don’t listen to the others who have told you that you’ll never be able to buy. There are many options available to you. Not all of them will be for you, but one of them may be just right for you now. Maybe one will be right for you later. But don’t give up. Keep a positive attitude and keep trying.

I’ve written this book to give you hope and get your creative ideas flowing. If you can’t get a conventional loan, you will need to get creative. And I have some creative ideas for you to consider.

There are also many different nonprofit and community organizations that you can go to for help. This is a great time to get into a home of your own. It has never been easier.

Mary and Jake were told by a real estate agent and mortgage broker that it would take them 5 years or more to clear up their bad credit report enough to be able to buy a house. But, by using one of the methods in this book, they were able to buy a house within 3 months of talking to the real estate agent.

And what is amazing is that once you have a house, your credit gets better! You are making regular payments and you now have equity in a house instead of rent. Next time you buy, if you decide to sell your home, it will be even easier.

It is possible for anyone to do. Some of these ideas are secrets that investors have been using to get rich for years. But why should the rich and the investors know all the secrets. I wanted to make some of these creative ideas available to anyone who wants and needs to get out of the rent trap and into a home of their own.

I've watched countless others get into houses when they had bad credit. And I know how it works from personal experience because my husband and I have been where you are. We never thought we’d be able to get our own home, but we did it! And you can too!

Are you ready to get started? Go to I-can-buy.com and check out the free online e-book, "Buying a Home When You Have Bad Credit."

By Alexis Dey © 2006 Mohave Publishing. All rights reserved. This article may be freely copied as long as it is not modified and this resource box accompanies the article, together with working hyperlinks.

"Great time" to Buy a House

2008-01-11T16:15:00.000-07:00

Mortgage rates are down. House prices are down. Fed chairman Ben Bernanke is waxing eloquent about the prolonged deep housing slump. Sounds like a good time to go house shopping!

"This is a great time if you're a buyer," says Joe Fox, who operates real estate Web sites aimed at sellers and buyers. "You completely low-ball it."

Panicky builders are giving "incentives" on new houses that can run into the tens of thousands of dollars in kitchen upgrades or furnishings like flat-screen televisions. Motivated sellers are chipping in closing costs and dropping prices. "It's an amazing market," says Jason Salzenstein, a publications director who has been house shopping in Boston.

Excerpt from Reuters article By Linda Stern, Wed 17 Oct 2007

http://features.us.reuters.com//personalfinance/news/EE2B5988-7CE5-11DC-926F-1E736240.html

I agree. If you have bad credit and want to buy a home, I don't think you will ever find a better time to get your own home. Find out how with free information at I-Can-Buy.com now!

Now is the Best Time to Buy Real Estate

2007-10-24T16:25:00.000-07:00

Here is an article that expresses my belief that this is the perfect time to buy real estate. Whether you are investing or just trying to get your first home, now is a great time to buy a home, especially if you have bad credit. Check out my website at I-can-buy.com to find out how.

Real Estate Booms & Busts

by Rachelle Simpson Sweet, PhD

Recently, I was on my way back from working with Lou Brown as a coach to his students. On the plane ride home, a fellow coach and I were discussing real estate; of all things! - Can you imagine? ? All of a sudden the man in the seat next to me said "I don't think now is the time to invest in real estate" - blasphemy! - went the little voice in my head. Almost simultaneously my fellow coach and I said, "Actually, this is the best time to invest in real estate." (Jinx) We started talking about the real estate cycles and how this down market is the best opportunity we have seen in years to buy real estate. By the end of the conversation the man seated next to us was asking us for any investments we might have that he could take advantage of in his local area.

This got me thinking about real estate markets and how they work. After all, things do not happen haphazardly; moreover, history often repeats itself. I was also interested in the psychology behind the real estate markets given my background; are you surprised?

There was a lot of talk 2-years ago about the "real estate bubble". U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at a minimum, there's a little 'froth' (in the U.S. housing market). The Economist magazine, writing at the same time, went further, saying "the worldwide rise in house prices is the biggest bubble in history". So what exactly caused the bubble to break, if there ever was a bubble? The answer may not be quite what you think.

I once heard a great analogy for how the real estate market flows. It was likened to a leaf in a stream; sometimes it is flowing fast, some times it goes slow and maybe it meets a waterfall or gets stuck in an eddy. Over the past 100 years there have been many ups and downs in the market place. Sudden changes in the market are rare, although they do change abruptly. Most certainly there is a psychological component that plays into all of these turns. Analysis of past booms seems to indicate that investors often do not understand the supply response to price increases. Actually, there seems to be a tendency for investors to overestimate how unique an investment is, that they favor, failing to take into account the principles of supply and rising prices. Investors can't possibly imagine how many competitors there really are; hence why so many investors bought into pre-construction in areas that were already saturated with pre-construction units. The end of booms seems to be associated with the increase in supply of the investment and its negative affect on price. Hence people getting stuck with an "investment" they cannot sell and then feeling duped.

Looking back at the history of the past real estate market, we can see many booms and busts. In the 1880's there was a boom in southern California Real Estate and what is amazing are the similarities that it has to the recent real estate boom of the 2000's. Much like other booms, investors in the 1880's failed to consider the supply of new homes built and the psychological market reaction. In December of 1887, the Los Angeles Times ran an ad that read: "Phenomenal Success! Sales unprecedented in real estate records, this price will positively be advanced". How may of you saw ads for real estate in Arizona, Florida or Las Vegas in the last couple of years that proclaimed a similar sentiment? Long before the peak of the California real state boom in 1887, the newspapers began to change their tune and run articles proclaiming the "foolishness of real estate investors". Much like the articles I read about 2 years ago referring to the "Real Estate Bubble". By 1888 and 1889, the newspapers were reporting the end of the California boom and the psychological fall out had occurred as people felt embarrassed to have been caught up in the emotion of the boom.

The next real estate boom was the Florida land boom of the 1920's; remember the saying: "...If you believe that, I've got some swamp land in Florida for sale you can buy". Where do you think that saying came from? Stories of appreciating houses in Florida began in 1921 and there began to immerge stories of people striking it rich in Florida real estate. The boom steamed on until 1926 when the boom came to an end supposedly because of a hurricane and a recession. However, what seems truer, by account, was that the over supply of new homes and the change in the psychology of the investor ended the boom. Once again the newspapers that had once reported gold in Florida now reported "schemes" and "doubting prices" in early 1925; in fact the Chicago Tribune wrote an article that read: "On the other hand, there are developments along the Dixie Highway that will never be developed - sheer fraud. City gateways and a lot of street posts stuck up along the pines, ten miles for anywhere, maybe in the heart of a turpentine grove with nothing in sight to warrant they've ever being developed. The lots, however, have been sold, for the professional can always land the sucker."

This reminded me of an article I read a while back about vast developments in Arizona and Las Vegas where no one seemed to live because all the houses had all been bought by investors. One thing is for sure: the over development of real estate units as the boom progresses and psychological reaction of the investors to media touted scams was what brought the boom to an end in the 1920's.

Let's look at the real estate boom of the 1980's and see if there are some similarities. It started on the east coast of the U.S. in the early 1980's and peaked around 1985, while on the west coast of the U.S., it peaked around 1988. The boom ended in early 1991. The sharpest period of declining home prices can be seen around the time of the Gulf War. It appeared that the psychology of the war produced a sharp decline in traffic of prospective home buyers.

The social psychology of the processes that produces a boom and ends a boom are still unclear, but play an integral role. One thing is for sure; the real estate boom of 2000's was much bigger than any other boom that preceded it. I believe the media played a big role in the changing psychology of all these booms and busts. Over the last 100 years of history the media has touted stories of striking it rich with real estate and then after a few years, turns and tout the "scams" and "foolishness" of investing. This seems to be the common element in all booms. A sense of excitement and enthusiasm followed by a sense of betrayal and embarrassment for having taken part in the boom; this change in psychology must have an impact on prices and sales.

As of now, there is a mixed reaction as to where we are in this boom. Some would say it is over and real estate will stay down for another 18 months, yet others feel it is already turning around. I hear reports of 100% mortgages coming back and that the Traffic of Prospective Buyers Index is showing improvement. Moreover, the number of US housing permits given to builders increased earlier this year. Will we see a revival of the market? If it is to happen, then there will need to be a shift in the current psychology of home buyers.

Local markets are microcosms of the larger market as a whole. Here in Chicago, we have had our own booms and busts over the years. One example was the real estate boom after the great Chicago fire of 1871 and the psychology of the people of the town. After the fire, The New Orleans Bulletin reported that "Chicago had had its day and would not be rebuilt". For Chicagoans, this was absurd and rebuilding started feverishly. The rebuilding of Chicago is legendary among recoveries and booms. One article in the Chicago Tribune reported that in October 1871, the ground that had been burnt, if it not be rebuilt, would be worth 1/4 of its former value after the fire. Another article reported that once it was rebuilt, the ground would be worth as much as it was prior to the fire. In 1872, a man by the name of Otto Young moved to Chicago and bought as much real estate as he could despite being told not to by those around him. Otto Young become one of the largest holders of real estate in Chicago. Today that real estate is commonly known as "The Loop". At the time of his death in 1906 he was said to be worth 17 million dollars. No doubt Otto saw an opportunity and jumped on it.

By 1883 a recession had hit much of the US. Many investors came to Chicago to buy real estate expecting to buy for 30 cents on the dollar. Investors found that this was not the case and in fact Chicago, because of its strong economic foundation, had continued to flourish. As the market continues to flourish, in the span of 9 - 19 years after the fire, the price of land in Chicago was nearly astronomical for the era. In 1880 a quarter acre was valued at $130,000 and in 1890 at $900,000. Even though the fire was one of the largest U.S. disasters of the 19th century, the rebuilding that began almost immediately spurred Chicago's development into one of the most populous and economically important cities today. Even today, despite the change in the real estate market and the booms and busts over the years, Chicago remains one of the best places to invest in real estate because of its strong economic foundation. My belief is that as an investor, opportunity is knocking for those who know what to do within real estate. I believe the next 2 years will produce more millionaires in real estate than ever before, especially for those who learn how to buy right and hold the investment for the next boom in 10 - 20 years. Why do I think this? Look back at history; it repeats itself.

If you want to learn more about investing in Chicago real estate join me and other Midwest real estate investors at the Chicago Real Estate Super Conference 2007, November 9th -11th 2007. To learn more about Dr Rachelle Simpson Sweet, visit her web site at www.SweetAcademyofSuccess.com or join her monthly investor group www.WealthInvestorsNet.com

Buyers Market

2007-07-22T16:39:00.000-07:00

The time is perfect for getting that home you always wanted, especially if you have bad credit. It's a buyers market. More homes are close to forclosure than ever before. Find out how to get a home when you can't get a loan at I-can-buy.com now! Check out the free ebook and real estate information, as well as free real estate contracts and documents.

Online Business Opportunity

2007-03-16T10:03:00.001-07:00

Wanted-- A few dedicated hardworking people who want to start their own profitable online business. Great marketing website and support provided. Amazing health product! Millionaires will be made! Go to http://marine-wellness.com now and check it out now!

Now is a Good Time to Buy a House

2006-10-03T12:31:00.000-07:00

If you have been holding back on buying real estate, now may be the right time to get back into the market, especially if you are looking for a good deal, or you have poor credit. Because of the real estate slow down, prices have dropped in many areas. There are also a lot of sellers who need to sell and might be willing to help out someone with bad credit. But this slow down shows signs of picking up.

According to The National Association of Realtor's, their latest report indicates that pending home sales are up (according to the figures for August) by 4.3 percent. This number is still 14.1 percent lower than last August, but it gives the experts reasons to predict that the market is stabilizing.

NAR's chief economist, David Lereah, said recently, "Our sense is that home sales may have reached a low in August -- the Pending Home Sales Index shows home sales should be fairly stable over the next two months, although a minor decline is possible. With fewer new listings coming on the market, we should be able to draw down the inventory supply early next year to the point where home prices will rise, but at a slower pace than historic norms."

So, it looks like the worst is over. Although prices don’t seem to be skyrocketing, it looks like they will begin slowly rising. So if you are a buyer, you don’t want to miss this chance at a buyers market to get a great deal.

If you have bad credit and think that you are unable to buy a house because you can’t qualify for a home loan, check out the FREE information on my website at http://i-can-buy.com and find out how you can take advantage of this buyers market to get into a home of your own now.

By Alexis Dey © 2006 Mohave Publishing. All rights reserved. This article may be freely copied as long as it is not modified and this resource box accompanies the article, together with working hyperlinks.

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Great Starting Ideas For the New Real Estate Investor

2006-09-22T16:33:00.000-07:00

In his interview with me, John Paul Moses, who is the founder of our Local Memphis Investors Group, was willing to give us some tips about how to start as a real estate investor. After reading Rich Dad, Poor Dead by Robert Kiyosaki he decided to start as a real estate investor. The book says to do this you need some preparation, so he went to the Internet and stocked every bit of information from the articles, news groups and discussion forums. By that time he started a long term friendship with Matt Scott who runs a great website called dealmakerscafe.com. That's how he learned the meaning of the word escrow and what the difference was between a mortgage and a trust and real estate basic terminology. The Internet might be one learning ground. If you buy a real estate course you have to be very careful. The first course John Paul bought was in his opinion the worst real estate course and never did a deal from knowledge gained in that course. But at least he learned real estate terminology and spending 400 on that course proved to him that he was willing to invest in his education.

John Paul started by making an announcement in a Sunday paper just saying real estate investors group starting, for information give me a call and he put a cell phone number there for people to contact him. At their first meeting they were about 16 people. He stood in front of those people telling them that he never done a real estate deal but he was there to learn and make sure that they had those meetings. They needed a leader and he took the initiative of being their 1st president. Since then the organization grew to over 500 members. Now they are a full fledged non profit real estate investors association with over 150 members in the Memphis area and since 2002 John Paul has been a real estate investing guy. He stepped down as the president and he is now serving as the executive director of the group. Most of the deals he has done in some way involve somebody from the real estate investors association, whether they were a buyer or a seller, money partner or whatever the case might be. Start working with people in your club because they are real people. You need to think who the buyers are if they have real cash or if they have access to the hard money. So, what you have to do is to pick only those motivated persons and build yourself a great network of successful people to work with and the investor groups are great places to find those people.

His advice for somebody who's looking for the structure of an investment group in another city is that you need to join the national real estate investment association; you need to get small groups of people together and join the National REIA (www.nationalreia.com ). They serve as an umbrella organization that supports the local REIA group. Another benefit of these groups is the availability of hard money lenders or private lenders within the group itself. You need to know what your resources are and just capitalize the costs or hard or private money in that part of the deal. For example they visited the National Group and invited some of their board members to have dinner together. That's the second thing John Paul recommends for everybody who wants to start a group: model yourself, don't try to figure out on your own!

Another thing a person should do is get those magnetic We Buy Houses signs for their vehicle. For John Paul they were worth the 87 investment as they brought him 12,000 profit from transactions altogether on wholesale deals. Nobody should be embarrassed of using them on their cars because the one who's embarrassed is letting money pass by.

John Paul's piece of advice for the new real estate investor is to not to be afraid to act, do not let yourself become paralyzed by fear and over-analysis. You need to take some time so don't panic. Give yourself six months and just consume information. A good way is to listen to tele-seminars or find information on the Internet or pick some books from the library.

By David Neese

David offers a free E-course on quick start strategies for getting started in real estate investing that is delivered free via email and tele-clinic at: http://www.FreeRealEstateInvestingCourses.com David Neese is a real estate investor, hard money lender, entrepreneur, ecommerce marketer, writer, motivator, father and athlete and you can find more information about David at: http://www.DigitalSuccessCoach.com and http://www.RealEstateTeleClinic.com.

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How to Obtain a Bad Credit Home Loan or Refinance with Bad Credit

2006-07-24T17:02:00.000-07:00

The down payments on the bad credit home loans usually range from 3% to 5%. If you do not have enough money to pay the down payment, then you can borrow it from a friend or a relative. However, before doing that, you must check with your bad credit home loan lending company, because some companies do not allow this. Once you finance your home, you should be able to get a second and a third mortgage, and then you can repay your friend or relative.

If you do not want to borrow money to pay the down payment of your bad credit home loan, then an alternative is to look for a down payment assistance program. These programs legalize down payments, which otherwise are usually illegal.

To easily convince the lenders to provide you with a bad credit home loan, you must try and improve your credit rating. To do this, you must make sure that you pay all your bills on time, and buy a major credit card, if you do not have one. Also, you must keep a check on your credit score and credit report.

In deciding whether or not to provide you a bad credit home loan, the lending companies focus on a number of factors such as loan-to-value ratio, monthly income, and debt-to-income ratio. However, there is always a scope of negotiation, and thus you should not hesitate in negotiating for more favorable terms on the bad credit home loan.

How to Do Bad Credit Refinance

You may have heard that people with bad credit can't get anything financed. Well that's a myth because there are many companies that will offer you refinancing and loans no matter what your credit rating looks like. Therefore how to do bad credit refinance is not a problem. But how can one tell if they have bad credit? The major indicators of whether or not you have bad credit are the following:

*If you have a FICO score of 620 or lower *In the past 12 months you have had two or more 30-day delinquencies *Or in the past 12 months, you have had a 60-day delinquency *If there has been a foreclosure or a charge off against you in the past 12 months *If you have filed for bankruptcy in the past 60 months or have been declared as bankrupt *If you're debt-to-income ratio is 50% higher (simply stated your income can't cover the debt expenses)

It's best to know your credit scores before you make a decision how to do bad credit refinance any other loan. The other areas to look for are the loan amount that you are seeking, credit reputation that you have (that is your credit score and your history), and the collateral that you willing to put up (roughly the amount that equal to your loan amount), and of course the ability that you can pay back the debt. Therefore lenders always prefer lower score borrowers than those with higher scores.

Look for lenders who process loans in-house rather than outsourcing for credit refinance. This saves time as well as money. Also, look for experienced loan counselors who can give you the best advice. Some companies will also offer you the facility to check for the status of your loan online 24/7. Shop around for rates and various terms and conditions. The longer you shop, the better chance you will have of finding your ideal refinance package.

With online Internet access you can easily shop and compare companies who are very competitive to earn your business. Today's consumer are now empowered because of the many websites that are availble to get a bad credit home loan or a bad credit refinance.

Dean Shainin is a consultant specializing in home loans, strategies for loan financing, loan information. To see a list of recommended loan companies, tools, resources, free quotes and information, visit this site:
http://www.homemortgageloantips.com

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For more great FREE information on how to buy a home when you have bad credit, go to http://I-can-buy.com now!

Behold the Power of the Lease Option

2006-07-15T17:59:00.000-07:00

Here is a good article about lease options. It is aimed at investors, but if investors know the power of lease option, you should too! For more FREE information on how to buy a house when you can't get a loan because of bad credit, go to http://I-can-buy.com now!

If you are an investor that sells properties using lease options you no-doubt understand why it can be an appealing avenue for those that need rental history and/or rent credits to help a challenging credit file. But, would YOU consider buying a property using a lease option? You better!

There is a reason that some of the most successful real estate investors, including Donald Trump, use the lease option technique (ok, there are actually several reasons!).

Appreciation: One of the typical advantages of controlling a property using an option is that the buyer retains the right to capture some, if not all, appreciation during the term. The longer the term, the greater the appreciation can be. In the single-family arena, where terms are usually 12-24 months, even moderate amounts of property appreciation can add up. For the buyer, especially, every percentage point of appreciation counts. And, if you're nice enough to offer (or get) a 24-month term in a market increasing at 3% annually, $6,000 on a $100,000 property is significant.

Principle Pay Down: If an option is accompanied by a lease the possibilities are greater for increased equity build up. By applying a portion of the monthly lease payment amount to the purchase price of the property one has the opportunity to widen the gap between the market value and the loan amount. Depending on whether the monthly rent amount is inline with market rates...this is free money! A 30-year amortized, $100,000 loan at 7% begins at approximately $82 per month of principle payments. A $100 per month rent credit beats that, dollar for dollar, every month for almost 3 years!

No New Loan: Possibly the most noteworthy advantage of using a lease option in the residential market is that when the Optionee begins the purchase process no "new loan" is required. The prerequisite for this may be working with the right and informed mortgage broker but is usually easily accomplished through a refinance. This can mean no additional out-of-pocket monies for closing.

No Down Payment: I know what you're thinking, "I would never offer such a thing!" You don't have to. As a real estate investor rich in tools to find motivated sellers, you could get your next home using this lease option technique with no money down. You don't have to tell the seller that an option fee may be customary!

When you add it all up the numbers are hard to resist, so don't try! If you're in the market for a new (or new to you) home, use your own strategy against you!

John Long, President of Long Acquisitions, Inc. The company is located in Wilmington, NC and has been in business since July of 2001. Our company is averaging 8 to 12 homes per month. Soon we will be averaging up to 40 transactions per month.

http://www.changeyourlifewithrealestate.com/

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For more FREE information on how to buy a house when you can't get a loan because of bad credit, go to http://I-can-buy.com now!

5 Ways To Avoid Credit Disaster

2006-07-10T15:20:00.000-07:00

Credit is a part of life. Without credit, you cannot qualify for a house, a car, credit cards, or bank loans. You can't rent a car, or reserve a hotel without a credit card.

However, you don't have to have debt in order to have credit. Debt has become a frequently used word. It is defined as something that is owed; something that one person is bound to pay or perform for another. Credit is defined as trustworthiness. It is the time allowed for payment of goods or services obtained on trust.

When you make a credit payment late, or if the account falls into collection, the action can remain on your credit report for up to 7 years! Bankruptcies can be reported on your credit record for up to 10 years. Therefore, it is important that you prevent credit problems from happening.

Here are some ways to avoid credit disaster:

1. Set credit goals. When you set credit goals for yourself, you will have a better idea of what you are trying to accomplish financially. Credit goals will also help you create a strong financial future. In goal setting, you must establish both long-range goals and short-range goals. Setting short-range goals with credit should include establishing a good payment pattern and increasing your credit score.

A long-range credit goal could be a large purchase, such as a house, a business or specific investments. The more creditworthy you become, the more opportunities you will have to make money.

2. Control your spending. Credit and charge cards can easily get out of control. When you are using your credit card, the balance can accumulate quickly. A good habit to get into when using your credit card is to keep an index card in your wallet to write down every purchase you make. Once you reach the maximum amount you can comfortably pay when your credit card bill arrives, stop spending. By tracking your spending on your credit card, you will not have any surprises when you receive your bill in the mail.

3. Pay off your credit card balances in full each month. It is very tempting to pay just the minimum payment on your credit card statement. Usually the minimum balance of $20.00 looks more attractive than your actual balance. However, if you carry a balance on your credit cards, the balances and interest charges are going to continue to add up. You run a risk of finding yourself in a high amount of debt.

You should also make a plan to pay your home and automobile loans off as soon as possible. This can be accomplished by making extra payments each month.

4. Be on time with your bills. Making late payments will have a negative impact on your credit report. For example, you will have a hard time qualifying for a home loan if you have recent late payments on your mortgage. Late payments also have a serious effect on your credit score. According to Fair Isaac, (http://www.myfico.com), payment history makes up 35% of your credit score.

5. Educate yourself about the world of credit. One of the biggest financial problems society has is lack of education of credit and its uses. Familiarize yourself with your legal rights as a consumer. The Federal Trade Commission offers publications about consumer credit that you can request free of charge. Visit http://www.ftc.gov for more information.

Being responsible, trustworthy, debt free, and self-controlled in handling your finances will make your life much easier.

Deborah McNaughton is an author and credit expert. She is founder of Financial Victory Institute, which specializes in financial education. Deborah has programs to train individuals to become credit consultants and teach financial seminars. Visit http://www.financialvictory.com or call 714-993-1171.

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Filing Bankruptcy And 3 Helpful Alternatives To Eliminate Your Debt

2006-06-30T10:45:00.000-07:00

You've got some serious debt problems. Take heart in the fact that a lot of people do these days. The key to getting out from under debt is to evaluate the situation you're in, and then to decide if you’re willing to do what it takes to change it. Are you going to stop using the mall as your playground? If so then you have a chance to get out of debt without resorting to bankruptcy.

In fact there are many tactics to try before you even think of heading to a bankruptcy lawyer. Here are some important considerations and alternatives to help you avoid bankruptcy. New bankruptcy laws make it more difficult to file than it used to be.

From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy.

What About The New Bankruptcy Laws?

There is now a new law for bankruptcy that was passed called the "Bankruptcy Abuse Prevention and Consumer Protection Act". People struggling to pay their credit debts are now going to have to deal with this new bankruptcy law.

3 Effective Alternatives To Help Avoid Filing Bankruptcy

1. Contacting creditors is an alternative to bankruptcy. Instead of filing for bankruptcy, you work out payment options with your creditors. In many cases they are very willing to work with you. It's to their advantage to keep you as a customer. The creditors know the alternatives for bankruptcy will bring them more profits if you don't file for bankruptcy.

2. Getting a debt consolidation loan is a good alternative for bankruptcy. Financial services can combine all your debts into one loan payment every month. A consolidation loan as an alternative for bankruptcy, can help pay off debts. For bankruptcy consolidation loans, you can shop online for the best terms and rates. Lenders are very competitive to earn your business online.

3. You may also consider a debt workout for bankruptcy alternatives. With a debt workout, an attorney contacts your creditors and makes arrangements. In most cases the monthly payments will be less than if the credit account was settled in full. For some cases they want the payment in full, but over a longer period of time than originally stated on the credit agreement.

Filing Bankruptcy And How To Find A Good Lawyer

If you have decided there is no alternative to filing bankrupty,you may be asking yourself, "how do I find a good bankruptcy lawyer?" The best way to find a good bankruptcy lawyer is through referrals. Family members and friends who filed bankruptcy in the past can refer you to a good bankruptcy lawyer. The yellow pages in a phone book is another great place to find reputable bankruptcy lawyers. Another invaluable place to find a good bankruptcy lawyer and services in on the Internet. When you search for a lawyer, try to find a lawyer that deals with your type of bankruptcy. You can get free advice with the first meeting.

What Will I Need For My Bankruptcy Lawyer?

With your first visit, it's important to bring everything you can on the first consultation. You will need a list of all the creditors and how much you owe for your bankruptcy lawyer to consider. This includes any insurance, medical bills, auto loans, taxes, student loans and any personal loans. Your bankruptcy lawyer can give you the advice you need with this important information. This will make the filing process easier if you do decide to file bankruptcy.

If you're not going to be able to change your behavior enough to get your debts under control, then you may, at some time, have to resort to bankruptcy.

Dean Shainin offers online bankruptcy and debt advice. For more information, articles, news, tools and valuable resources on bankruptcy and debt solutions, visit this site: http://bankruptcy.deans-knowledgebase.com

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Even if you have filed bankruptcy you can still buy a home. Find out how at http://I-can-buy.com now!

Bad Credit Home Loans and How To Get Loans

2006-06-21T13:50:00.000-07:00

Bad credit loan is a specific type of loan which depends upon your past credit score and your past credit history. Past credit history is important for both borrower and lender, as it contains all your documents such as financial transactions, repayments of previous loans and county court judgments.

If you have a bad remark or late repayment in your past credit history then your application for loan may take time to be approved because your application will be marked as home loans with bad credit history.

In spite of these bad remarks in your credit history, some banks and financial institutions are ready to provide you with a home loan. Here I want to make it clear that these financial institutions will surely charge higher interest rate from you. How much higher depends on your credit history.

The biggest problem in home loan approval is "how to convince a lender to approve your loan application?" Here are some tips, which can be used as guidelines to get the best deal on bad credit refinancing.

Try for the best available in market – conduct a market research on your own. Visit baks and financial institutions of your local area to know their norms, terms and rate of interest for home loans with bad credit history. You should also check if there is someone you know in the bank. A personal contact is very good to have.

Most of the banks have an official website, thus don’t forget to browse official websites of banks providing bad credit home loans. Ask for online quotes. Compare online quotes and quotes from your local market. Choose the best option for you, with the lowest interest rate.

Improve your credit score – Improving your credit score will surely help you in home loan approval. Follow these simple tips to get a better credit score.

If you have any dispute regarding incorrect entries in your account, please visit the official website of your bank and ask them to clear the dispute. Check your entries after each and every money transaction made by you.

Next, keep your credit enquiries down. I am sure that on time payment of current loans will be helpful to improve your credit score. Avoid any late payment.

While improving your credit score don’t apply for any credit card, auto loan, education loan or any other type of loan. The interest for these loans are generally higher than a loan on your home.

Save for a down payment – Some financial institutions may be ready to offer you 100% financing even with low interest rates but they can ask you for a down payment up to 10%. Hence, it is in your best interest to cut your daily budget to save as much as possible for a down payment.

Keith George always writes about valuable news & reviews.
A related resource is http://badcredit-home-loans.info/
Further information can be found at http://info2you.info/

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10 Things You Must Do If You Want To Repair Your Credit Report

2006-06-16T10:43:00.000-07:00

Credit problems bedevil a large number of people. If you have a credit problem I'm sure you know what I mean. Suddenly everything financial becomes much more difficult and it seems that everyone is out to get you. But a poor credit report is not a permanent situation. There are some things that you can do to fix it. Many things in fact. Here are 10 of the most important. Learn these things and everything else will fall into place, in time.

1. Take Responsibility.

Only you can repair your credit, and only you can take responsibiliy for doing so. Don't expect anyone else to do it for you. A good credit report will only result from responsible money management.

2. Learn About Money, and Debt.

The ability to handle money, and debt, is a learned skill. If you don't have the skill now you can learn it. However it takes time and effort. If you are not prepared to invest the time and effort to learn the skills then they won't find you.

3. Don't Expect Immediate Results.

Credit repair doesn't happen overnight, despite what the credit repair companies may like to tell you. It is a slow process and can take years. Credit repair is a process which is ultimately designed to convince institutions to trust you with their money, and they take some convincing. Don't expect a little effort to produce an immediate result.

4. Be Prepared For Some Pain.

Remember the old adage, you can't keep doing what you are doing now and expect different results? This applies to your financial habits as much as anything else. Your past financial habits have got you to where you are now and if you keep handling your money as you have been nothing will change. You must change your money habits, and this will hurt. You must be prepared to embrace the fact that now you will do things differently, and accept the painful consquences. The pain comes before the result.

5. Live Within Your Means.

One of the most common causes of poor credit is living beyond your means. Learn that you can only have what you can afford, and that it is more important to live within your means than to try and have what you cannot afford. Don't try and keep up with your friends. If they have a new car and you can't afford it you can't have it. Period. Learn this.

6. Check Your Credit Report.

You are entitled by law to check your credit report each year for free. Take advantage of this. It is not unheard of for incorrect information to appear on your report, but if you don't check it then you don't know it's there. Once you know you can do something about it.

7. Learn About Credit And Credit Repair.

There are many well known steps to credit repair. There are no "secrets" that others know and you can't. There is a well worn path that usually involves most of the above, as well as a whole series of other things that you can do that are too numerous to mention here. If you know what to do you can do it, if you don't you can't. You need to educate yourself about the individual things you can and must do to fix your credit report.

8. Pay Your Bills On Time.

This is one of the most important habits you can learn. Many people assume that there really isn't much harm to paying late. There is. Learn that a bill is important. It needs to be paid in time. If you can't learn to pay your bills on time then companies who are approached for a loan can reasonably expect that you won't pay them on time either, or at all.

9. Address Specific Lifestyle Issues.

Most people who have credit problems will, if they are honest enough with themselves to admit it, have specific lifestyle issues that aggravate the problem. Are you a smoker for example? Smoking is an extremely expensive habit, and many people cannot afford it. Take the hard decisions and give up, it will give you so much more disposable income each week to apply to the more important things, and make you healthier at the same time. Have a look at yourself and find out which are your lifestyle issues that contribute, and what you can do about it.

10. Don't Expect A Credit Repair Company To Do It For You

Credit repair companies cannot do anything you cannot do yourself. Don't expect a credit repair company to wave a magic wand and fix the problem. Getting a credit repair company to work on it for you may take the immediate responsibility away from you but this is illusory.

If you do not fix some of those things listed above there is no point in trying to fix your credit report because even if you manage to do so it won't be long before the same problems reappear. You cannot have a good credit report if you are not credit worthy.

I'm sorry if you have read some things here that you would rather not read. Credit repair isn't easy, or fast, and there are no simple fixes. Credit repair is all about proving to potential creditors that you are worthy of being offered credit. If you aren't worthy of credit you probably won't get it.

So learn about what to do to make yourself credit worthy and prove to them, and yourself, that you are now responsible with money and credit. And if you do that your credit problems should reverse.

Visit Peter's website - Credit Repair Answers where you can find out much more about credit repair, including a book about credit repair called "101 Powerful Ways To Legally Improve Your Credit Score" at: http://www.credit-repair-answers.com/

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Filing Bankruptcy And 3 Helpful Alternatives To Eliminate Your Debt

2006-05-30T08:20:00.000-07:00

You've got some serious debt problems. Take heart in the fact that a lot of people do these days. The key to getting out from under debt is to evaluate the situation you're in, and then to decide if you're willing to do what it takes to change it. Are you going to stop using the mall as your playground? If so then you have a chance to get out of debt without resorting to bankruptcy.

In fact there are many tactics to try before you even think of heading to a bankruptcy lawyer. Here are some important considerations and alternatives to help you avoid bankruptcy. New bankruptcy laws make it more difficult to file than it used to be.

From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy.

What About The New Bankruptcy Laws?

There is now a new law for bankruptcy that was passed called the "Bankruptcy Abuse Prevention and Consumer Protection Act". People struggling to pay their credit debts are now going to have to deal with this new bankruptcy law.

3 Effective Alternatives To Help Avoid Filing Bankruptcy

1. Contacting creditors is an alternative to bankruptcy. Instead of filing for bankruptcy, you work out payment options with your creditors. In many cases they are very willing to work with you. It’s to their advantage to keep you as a customer. The creditors know the alternatives for bankruptcy will bring them more profits if you don’t file for bankruptcy.

2. Getting a debt consolidation loan is a good alternative for bankruptcy. Financial services can combine all your debts into one loan payment every month. A consolidation loan as an alternative for bankruptcy, can help pay off debts. For bankruptcy consolidation loans, you can shop online for the best terms and rates. Lenders are very competitive to earn your business online.

3. You may also consider a debt workout for bankruptcy alternatives. With a debt workout, an attorney contacts your creditors and makes arrangements. In most cases the monthly payments will be less than if the credit account was settled in full. For some cases they want the payment in full, but over a longer period of time than originally stated on the credit agreement.

Filing Bankruptcy And How To Find A Good Lawyer

If you have decided there is no alternative to filing bankrupty,you may be asking yourself, "how do I find a good bankruptcy lawyer?" The best way to find a good bankruptcy lawyer is through referrals. Family members and friends who filed bankruptcy in the past can refer you to a good bankruptcy lawyer. The yellow pages in a phone book is another great place to find reputable bankruptcy lawyers. Another invaluable place to find a good bankruptcy lawyer and services in on the Internet. When you search for a lawyer, try to find a lawyer that deals with your type of bankruptcy. You can get free advice with the first meeting.

What Will I Need For My Bankruptcy Lawyer?

With your first visit, it's important to bring everything you can on the first consultation. You will need a list of all the creditors and how much you owe for your bankruptcy lawyer to consider. This includes any insurance, medical bills, auto loans, taxes, student loans and any personal loans. Your bankruptcy lawyer can give you the advice you need with this important information. This will make the filing process easier if you do decide to file bankruptcy.

If you're not going to be able to change your behavior enough to get your debts under control, then you may, at some time, have to resort to bankruptcy.

Article by Dean Shainin.

Dean Shainin offers online bankruptcy and debt advice. For more information, articles, news, tools and valuable resources on bankruptcy and debt solutions, visit this site: http://bankruptcy.deans-knowledgebase.com

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If you have filed for bankruptcy or have bad credit, you can still buy a home. Go to http://I-can-buy.com now for FREE information on how!

Save Your Home With Government Programs!

2006-05-25T17:43:00.000-07:00

Don't let the bank take your home!

Don't go into denial, hoping that everything will turn out all right; it won't, unless you take action, quickly.

More government programs will be available to you the sooner you act.

You see, when a borrower stops making their mortgage payments and subsequently loses their home to foreclosure, the government loses too.

The Federal Government, both directly and indirectly, has a financial interest in virtually every residential mortgage issued nationwide.

The Federal Home Loan Bank Board (FHLBB), a Federal Agency, insurers the millions of VA and FHA home mortgages. These mortgages have the highest default rate of any type of mortgage.

When one of these mortgages goes bad, the servicing bank forecloses on the mortgage and sells the property at auction. If the property sells for less than the balance owed on the mortgage, the FHLBB has to make up the difference to the bank.

This situation will soon become commonplace as the real estate market sinks under the weight of its own excesses.

Fannie Mae and Freddie Mac, two Government Sponsored Enterprises (GSE) that supply money to the banks to make mortgage loans, guarantee or insure the bulk of the non-FHA mortgages.

These GSE's are contractually obligated to step in and make up missed mortgage payments to the banks if the borrowers do not make the payments.

They must also cover 20% of any loss sustained by a bank that forecloses one of their mortgages when the sale of the property does not fully pay off the mortgage balance.

Since these agencies have so much to lose when a homeowner defaults, it is possible for the knowledgeable homeowner to get help from them to avoid foreclosure.

It is demonstrably cheaper for the agency to help the homeowner with a grant to cover mortgage arrears rather than having to reimburse the bank’s loss on a short sale. These grants do not have to be repaid in many cases.

Other agencies will make loans to the embattled homeowner which do not have to be repaid until the house is sold or refinanced.

At the very least, most agencies have workout programs that temporarily suspend or lower payments that allow the delinquent borrower to catch up. We have even heard of situations where the government agency will bully banks into accepting payments from borrowers after they told the borrower they would not accept them.

However, there are a few problems homeowners may face when seeking help from the Government with their foreclosure problems.

One problem is that each agency has its own rules for qualifying for each option. A major requirement is the amount of delinquency, but there are other guidelines as well. Among them are whether the borrower is employed, how much cash, if any he has and the nature and duration of whatever caused the problem in the first place.

Finally, the borrower has to be aware the programs exist, as you now are; then you have to be able to find the right person in the right department to help you.

After all, these are Government Agencies!

Although you can certainly contact the various agencies mentioned in this article directly, they are all on the web; you might want to seek out professional representation to make sure your situation is presented in the best light to the right person at the right agency.

In any event, act now. The longer you wait to seek help, the fewer chances you will have to save your home!

Copyright 2005 Bill Young. Bill is a former bank mortgage officer and is now a personal financial consultant. He helps people save their homes from foreclosure. He can be Reached at 877-291-36 42 or you can visit his website: http://SaveMyHomeLLC.com

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No Downpayment? Look into Community Sweat Equity Programs

2006-05-16T07:38:00.000-07:00

If you have little or no money to put down on home, check into community programs. They can be a very valuable resource, particularly if you have nowhere else to turn. Our community has a program that helps single parents and other financially struggling people to build their own home. They use sweat equity to make the down payment. It takes almost a year of part time labor, but you get help from professionals and volunteers, automatic equity in the new house, and a loan for the rest, even though you may not qualify under ordinary circumstances.

These sweat equity programs are becoming more and more popular and are getting more funding. The Bush administration awarded $25 million in Sweat Equity grants to communities and organizations in 2003 and the funding continues to go up.

There are now an amazing number of organizations that want to help you get into a home of your own. Besides the many charitable organizations doing this, HUD (U.S. Department of Housing and Urban Development) funds many counseling agencies that can show you ways you can get into a house. Consider taking advantage of the help they offer. It may take some research, but it could be well worth your time.

For a list of popular organizations that offer homeowner grants and sweat equity programs go to http://i-can-buy.com/chapter6cont.html.

This has been an excerpt of the FREE ebook by Alex Dey called Buying a Home When You Have Bad Credit. Copyright © 2005-2006 Mohave Publishing. All rights reserved. Check out this FREE real estate ebook, found only at http://I-can-buy.com now!

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Home Grants And What You Need To Know About Them

2006-05-02T15:23:00.000-07:00

Do you need cash to build or improve your home?

You're probably thinking of mortgage, but, what if you can't afford a mortgage? With all those monthly payments, and interest rates, it's fairly hard to understand and even very hard to apply for one. Mortgage can be very risky even if it has low interest rate. You also need to meet a deadline to pay the mortgage to avoid penalty fees and also avoid the property to be foreclosed by the financial institution you applied for.

One such way to own a home without investing money is through home grants. There are private organizations that funds housing grants and there are also government sectors that have home grants. Government home grants usually have low interest and sometime no interest loans that can help you if you have financial problems.

Some grants are free for qualified individuals. If you are qualified for a free grant, you will never have to pay it back. It can usually be available for Native American Indians, family members of veterans, for veterans, low income families, first time home buyers, researchers, the disables, homeless people, teachers and more.

If you are a member of one of these groups then you are eligible for a housing grant from the government.

If you are a member of the military, the government will usually provide you with free housing grant as part of your benefit. It is very convenient for you and your family because you will be having housing funds provided by the government. And, the good thing about this is that it's free. This means that you’ll never have to repay the government for the housing grant they provided you.

You can also qualify if you are a family member of a veteran, usually in the first degree. This means that if you are a child of a retired military or a veteran, you can also qualify for the government's free housing grant.

Another person who can qualify for a home grants are persons who are disabled. The government will provide housing grant for disabled people. If you are disabled physically, all you have to do is ask the government for housing grants. They will usually give it to you.

Native American Indians also qualifies for housing grants. They are even given by the government reservations for tribes. Being a member of a particular Native American Indian tribe will give you housing grants from the government.

However, not only governments provide housing grants, private organizations do too. There are a lot of private organizations that both operate nationally and internationally to benefit homeless people, especially in third world countries. They are usually non profit organizations that travel around the world, particularly in impoverished countries to give families home grants from their organization. The members of these kinds of organization usually works for charity and will not ask any money in return.

The good thing about private organization home grants is that it's usually fast and requires no papers or anything to qualify for the home grant. They will just look at the situation, seek local community approval and start building homes for impoverished people for free.

Home grants are a great way to get a home even if you have financial troubles. You can just ask your government for it or inquire in private organizations for the home grant requirement.

Some home grants can even provide you money if you need to pay off your mortgage or you need home improvement. Keep in mind that not everyone is qualified for the home grant. You should be able to qualify in their standards in order to qualify for a home grant.

S. Stammberger is the editor of Grants Central. Find out all you need to know grants, financial aids, and scholarships. http://www.grantscentral.info

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Also check our I-Can-Buy.com website for more information on homeowner grants and sweat equity programs at http://i-can-buy.com/chapter6cont.html.

Bad Credit Auto Loans and the Car Dealership

2006-04-26T15:08:00.000-07:00

It's sort of like watching those First Aid Course movies. There are 3 little kids playing happily in the sun. The camera pans out and we see some power lines dangling near the ground nearby. You KNOW what's going to happen and you are forced to sit there and endure. Unfortunately, the same scenario holds true if you have bad credit and are shopping for a car.

John and Mary Smith are working extra hard to rebuild their credit after John's accident cost them thousands that they didn't have. They've cut back everywhere they could; they narrowly escaped bankruptcy several months back.

They know that an auto loan is the first big step in re-establishing their bad credit. They have saved up some money for a down payment and are heading out the door to the nearest car dealership. It's a sunny day. They are smiling as they pull onto the car lot.

Young Joe is standing nearby as they step out of their car, (cue the Jaws music), he saunters up casually and greets them with a smile. His shiny teeth nearly blind them. His handshake is firm and his goal is clear: let's find you folks a new car.

John and Mary innocently warm up to their nice, personable new friend. He seems genuinely concerned about their past situation, and seems to be working extra hard to help them find the perfect car. He brings up good benefits to the used cars he's showing them; he's given them every reason in the world to believe that this vehicle is the perfect one for them and their situation.

As they make themselves comfortable at the desk and watch him get their registration out of their trade in, they glance over to see the other salespeople looking over at them and nudging each other. John and Mary glance uneasily at each other. Their smiles start to fade.

Joe comes out from a door across the room, followed by another gentleman who is looking directly at them as he walks towards them. He introduces himself as Joe's manager and will be sitting down to chat with them soon. His handshake is firm too.

Joe seems like a different guy as his manager slips out of sight behind another door. “Now, the price of your new car is listed at $15,995. The banks like to see about a third down, which would be about $6000. Is that what you were thinking? Or were you going to put down more to make your payments even lower?”

Uh, Joe, we told you out there on the lot we only had $1000 to put down.

“Oh, sure you did, didn't you? Well, I've found that most people tell me less out there on the lot because they haven't gotten to know me yet. So, do you think you would be able to come up with the whole $6000?”

John and Mary suddenly get an uneasy lump in their stomachs. John's back starts to throb. Mary's hands feel clammy.

Soon Mr. Manager comes back out and explains that the last car they took in just like their trade in was only worth about $1500. He can see on their offer they were hoping to get about $5000 out of it. Well, he can call around to different wholesalers to see if they will give him a buy-bid of maybe $1800. Or, they could even just keep it and try to sell it on their own for $2000. But, of course, not having that trade equity will raise their payments.

The next 2 hours seem like a crazy circus trip through a hall of mirrors. Bewildered and exhausted, John and Mary finally emerge with an envelope of paperwork clutched in one hand, shiny new keys to a 1 year old used car in the other.

They give Joe a pained, dazed smile and weak handshake as they collapse into their new car, empty stomachs rumbling.

What John and Mary didn't see in their rear-view mirror as they slowly drove off the lot, was Joe and his manager smiling and shaking hands at yet another “pounder” for the month. At this rate, they'll hit their 3rd level bonuses with ease.

John and Mary are the bread and butter buyers of most auto dealerships across the US. They need the clout that dealerships have with the lenders to get approved for a car loan and begin rebuilding their credit. But the dealerships prey on this weakness, and extort thousands and thousands of dollars from already “wounded” consumers. John and Mary are already “buried” in their car, owing thousands more than it's worth…and they haven't even finished their hamburgers yet.

It's important to become as educated as you can about your situation and all of the options and strategies that are available to you…regardless of your credit. Don't think this little game is ONLY played on the folks with bad credit. If you look like you can be their next victim, you can rest assured you will be. Diligence and knowledge are going to keep you free from the lions, and keep you on track to buying cars without getting eaten alive.

Visit http://www.insidethelionsden.com to find out the top three tips from Amy that you have to know before buying a car.

Amy Latah is a pro-consumer public speaker and strong supporter of www.InsideTheLionsDen.com, a site designed to promote the truth about how consumers have been played the fools for far too long.

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Buy A Car With Bad Credit - 4 Tips On Getting Approved

2006-04-20T11:04:00.000-07:00

Financing a new or used car with poor credit is feasible. However, there are ways to boost your approval chances and possibly acquire a reasonable interest rate. Do not enter the car buying process blindly. Individuals with good credit have many options. On the other hand, if your credit is bad, you must search for a good deal. Here are four tips to help you obtain a car loan with bad credit.

What is Your FICO Score?

FICO scores range from 300 to 850. The lower the score, the higher the interest rate received on an auto loan. Having a low credit score does not remove the possibility of getting a new or used car loan. However, a low credit rating will greatly affect the interest rate on these loans.

Before applying for an auto loan, obtain an online copy of your credit report and score. If your score is below 600, consider postponing buying a car. Instead, devote six months to improving your score.

Maintain Steady Employment

Along with credit report rating, auto loan lenders require applicants to have steady employment. Often times, an applicants must earn at least $1200 a month. Steady employment usually consists of having the same employer for 90 days. Thus, avoid changing employers every two to three months. To prove employment, auto loan lenders may request copies of recent paycheck stubs.

Get Pre-Approved with a Sub Prime Auto Lender

Before browsing the selection of vehicles at car dealerships, attempt to get approved with an online sub prime lender. These lenders help many people with bad credit obtain financing. There lending requirements are flexible however, sub prime auto loans have higher interest rates. If eager to buy a new car, accept the higher rate, and then refinance at a later date.

Apply with a Co-Borrower

The easiest way to get approve for an auto loan with bad credit is to apply with a co-borrower. If the person co-signing the loan has excellent credit, this may justify a better rate. Of course, there are risks to using a co-signer. If the primary borrower becomes incapable of making regular monthly payments, the co-signer becomes responsible for the loan.

Try using www.abcloanguide.com for a list of Recommended Bad Credit Auto Loan Lenders online. Their recommended lenders are reputable and offer competitive rates.

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Help Me Prepare My Taxes

2006-04-10T17:19:00.000-07:00

Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living.

Here Are My Receipts

If the thought of preparing your own taxes makes you queasy, don’t worry. Preparing your taxes is a job that can be shipped out to others. These individuals, known loosely as tax preparers, prepare tax returns year around. Here’s a breakdown of the different types of preparers.

Basic preparers are the least trained, but the cheapest to hire. They tend to be part time workers who are individually employed our work at large out fits like the one with the letters H and R in its name. If you have a simple tax situation, like basic W2 wages and no homeownership, this can be a good choice.

Enrolled agents are a step up from basic preparers. These individuals are licensed by the IRS and must take continuing education courses to maintain their license. That being said, they are not formally educated in the field of finance or tax. Enrolled agents are typically more competent than basic preparers, but much less so than a CPA. If you have a tax situation requiring a basic 1040 filing with one or two schedules, a good enrolled agent should be able to take care of it. If you are looking for more sophisticated tax planning to cut your tax bill, a CPA is probably your best choice.

A CPA [Certified Public Accountant] is a highly trained and licensed individual. Passing the boards to become a CPA is extremely difficult. Once a person becomes a CPA, they also are required to pursue up to 40 hours of continuing education. The downside of using a CPA, of course, is the higher competency translates to higher costs. Still, you get what you pay for, so a CPA may be the answer if you are doing well financially and are looking for guidance on tax planning.

Tax attorneys are a beast unto themselves. If you’re bringing in the big bucks, tax attorneys can save you a bundle with sophisticated plans. Tax attorneys are also the people to see if the IRS decides to have a go at you. While CPAs can handle the tax issues raised by the IRS, CPAs tend to know next to nothing about evidentiary law. A good tax attorney will be able to throttle the IRS on legal issues.

So, who should you use to prepare your taxes? It really depends on what you are looking for and your finances. Generally, the more complex your finances, the more competency you should look for. If you have the money, go with a CPA. A good one should be able to save you far more than their fee.

About The Author: Richard A. Chapo is with http://www.businesstaxrecovery.com - recovery of business taxes through tax help and tax relief. Visit http://www.businesstaxrecovery.com/articles to read more business tax articles.

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Bankruptcy Alternatives - 5 Ways to Avoid Bankruptcy

2006-03-29T21:24:00.000-07:00

What you are about to read may stop you making the biggest mistake of your financial life.

In today's debt ridden society many people are in severe financial difficulties, often for reasons outside their control. Bankruptcy for many, is the last step in a long road of financial pressures but many opt for this solution too early and without considering suitable bankruptcy alternatives. Whilst bankruptcy may get rid of the immediate pressures it isn't necessarily the end of the problems.

When you file for bankruptcy your life becomes an open book for the court appointed bankruptcy officials. They will pry into all aspects of your life and you will be required to provide all your financial information, including bank accounts, savings, investments and assets. Anything that can be sold or converted to cash, including your family home and any valuable contents, will be disposed of and you may still have part of your income deducted from your salary to pay some of your debts.

But there are bankruptcy alternatives that may be less painful for many. Here I've listed 5 bankruptcy alternatives

1. Negotiate with your creditors.

When you get into difficulties you should contact your creditors as soon as possible. Contacting them sends a signal that you want to repay them.

Lenders are anxious to get their money back and sometimes they will go to great lengths to help you. They may be prepared to re-finance your debt to have it paid over a longer period with lower installments.

They will often be prepared to reduce or freeze the interest rate and will even cut the balance owing up to 75%.

2. Refinance your mortgage.

If you have a property, which you own outright or on a mortgage, there is the real possibility of you being able to refinancing your debts using a secured mortgage or re mortgage.

Refinancing your debts involves taking out a new mortgage, or an additional mortgage. Some lenders will lend up to 125% of the property value allowing you to pay all your outstanding debt and may even have some spare cash to treat yourself.

As the new loan is repayable over a long period of time (often 25 - 35 years) the monthly repayments are significantly lower than with short term debt and should be far more manageable

3. Refinance your debts using a debt consolidation loan.

Debt consolidation is where you take a new unsecured loan and use the funds to pay off your outstanding debts. Debt consolidation loans are repayable over a longer term at a relatively low interest rate and as a result the monthly repayments are lower. If the loan is secured on your property then the interest rate and payments may be even lower.

4. Sell your home and downsize.

One of the easiest ways to get out of debt is to sell your house or apartment and downsize or move into rented accommodation. The surplus cash can then be used to pay your debts and you can continue with your life without the pressure.

Selling up and moving home is, however, a difficult and often painful option. If you do sell however. you can determine the price and remain in control. If the house falls into bankruptcy, you lose control and the house may be sold by your mortgagor at auction for a price often considerably less than the price you can obtain in a normal sale.

5. A formal arrangement with your creditors.

A formal arrangement with your creditors can often be negotiated by specialist debt management companies and is filed with the courts. These arrangements are for 5 years. You pay an agreed amount each week or month to the debt management company and it is then divided between your creditors. While you continue to pay they are prevented from approaching you.

After the 5 year period is over any balance still owing is wiped out and you are free to live your life free of debt. If however you break the arrangement the normal result is bankruptcy.

As you can see, there are several sound bankruptcy alternatives for you to choose from. Everybody is under financial pressure from time to time, however you should not compound your problems by declaring bankruptcy too soon. Instead, choose the bankruptcy alternative that sounds the best for your particular situation and start working to repair your credit now.

Using a bankruptcy alternative means that in a few years you will have rebuilt your credit and will be back on track, whereas with bankruptcy it could be ten years before you can get back to normal.

John Edmond worked for many years in insurance and finance and now writes on debt management at Debt Management. Go to and A Beginner's Guide to Low Interest Debt Consolidation Loans for another article.

This is another great article from 1st Choice Article Directory. Visit us at at http://free-article-submission.com for more quality free website content.

To find out how you can buy a home, even if you have filed bankruptcy, go to http://I-can-buy.com now!

Overcoming a Bad Credit History

2006-03-25T11:47:00.000-07:00

Establishing new credit

One of the first steps to overcoming bad credit is to work on establishing new credit lines to begin supplying your credit history with positive reports. Often this new credit line can come in the form of a low credit limit credit card, and you should take quite a bit of care to make sure that you stay up to date on your payments for the new card. As you continue to make on-time payments, you'll begin to build up a comfortable amount of positive reports in your credit. It will still take some time until your credit begins to show the effects of this, but every little bit can help in the long run.

Repaying older debts

After you've begun building up some positive credit reports, it's time to start working on getting rid of older debts so that they don't add any additional negative reports to your credit history. Request a copy of your credit report, using it to find any outstanding debts that you might have so that you can contact the debtor directly in an effort to work out a payment plan to get the remaining debt paid off. As you gradually pay off your older debts, you'll find that the lack of new negative reports and the buildup of positive reports will start to show some small improvements in your credit score.

Repairing your credit

Of course, there's more to credit repair than simply paying off your old debts. Negative reports take time to expire, sometimes years... though once they do begin to expire you might begin to notice rapid improvements in your credit score. In order to help the process along, you should also take the time to review your credit report for inaccuracies or errors and report any that you find to the issuing credit bureau. They will investigate any claims that there may be errors on your report, and if they find in your favor or do not receive a response to their inquiries then the questionable entry will simply be removed so that it no longer negatively influences your credit report.

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.

Find out how you can buy a home, even if your credit is so bad that you can't get a mortgage loan at http://I-can-buy.com now!

Finding Loans with Bad Credit

2006-03-18T15:02:00.000-07:00

Even though it may seem like it at times, having bad credit isn't the end of the world. While you might think that you'll never be able to get a loan that you desperately need because of your credit score, with a little bit of persistence and some careful preparation you'll find that there are a variety of different loan options available to you. The keys to finding a loan with bad credit are keeping your options open, having the right collateral, and shopping around to find the best interest rate that you can get.

The information provided below should help you to find the best loan that you can, and even provides some advice on what to do if the loan you apply for is denied.

Considering lender options

The first step in finding a loan with bad credit is considering a variety of different lenders so as to find the one that's right for you and your loan needs. There are a number of different lenders out there, so don't limit yourself to simply checking one or two banks in your area for loan rates. Keep in mind the various finance companies, loan offices, mortgage lenders (if applicable), and online lenders that might offer interest rates and loan terms that are comparable if not better than those that are offered by the banks in your area.

Choosing the right collateral

Once you've figured out some of the lenders that you might request a loan quote from, you need to determine what you're going to use as collateral for the loan. Collateral is essential for a bad credit loan, since it serves as a guarantee to the lender that they'll get their money back no matter what and helps to convince them that you're worth the risk of lending money to.

It's best to choose collateral that has a higher value than you're attempting to borrow, especially if the collateral that you're considering is an item that would be easy to find a market for if necessary. The higher the value of the item and the easier it is to find a ready market for it, the greater the chance that you'll not only get a loan but also a good interest rate on that loan.

Shopping for a loan

After you've decided upon what you want to use as your collateral, it's time to start shopping around for a loan. Request loan quotes from all of the lenders that you'd decided upon previously, using the same collateral as the basis for each quote. Compare the interest rates and loan terms that are offered by each lender, finding the loan quote that's best for you and applying for that loan.

What to do if you're denied a loan

If you get turned down for a loan, remember that there are still other options available. Go back to the quotes that you had received previously and apply for the next-best loans... if you're unable to get one of the next two best, you might want to begin your search again and consider a few additional lenders that you hadn't previously.

You might also want to attempt to get a pre-approval from a lender, which means that they review all of your information as though you were submitting your actual application while you're still getting your loan quote. This can save you time and frustration, since a pre-approval means that should you apply for the loan that you're pre-approved for you'll be already approved for the loan at the quoted rate.

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About The Author:
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.

Don't let bad credit stop you! Find out how to buy a home when you have bad credit at http://I-can-buy.com today!

Credit Repair (Part 2) - Solving the Problem

2006-03-14T09:34:00.000-07:00

It is possible to fix your bad credit, with time, patience and determination. The first step in repairing poor credit is fixing any problems you may have with money.

1) Get a credit reports on yourself and check out what is on them. To get yours free go to www.annualcreditreport.com. You are allowed by U.S. law to get a free copy from each of the three major credit companies once every 12 months.

2) Once you have your credit reports, check them for accuracy. If there are any errors or things you disagree with, you are entiltled by the Fair Credit Reporting Act law to dispute anything in the report that is not accurate. Write to the credit reporting company and explain what the problems are. They will then investigate the matter and let you know what happens. If they find the information is not accurate, they will fix that on your credit report.

Unfortunately you can't remove anything negative that is accurate information about you. Only time can do that. But adding more good information does help.

3) If your credit needs repair, start work on it now. Start paying off old unpaid debts and loans, starting with the smallest ones.

4) Start paying more than the minimum payment on your current credit card payments.

5) Do not get into any new debt. This is essential. Make it a priority to get out of debt. Cut up (or lock up) the credit cards, if they are a problem for you. Make it a commitment to become debt free.

6) Live within your means. Make a budget and live by it.

7) Start saving money. If you have poor credit, it is much easier to buy a home or a car with a cash down payment, than without one.

There are many sources of help available. Consumer Credit Counseling Service is one of the best for help repairing credit and getting debt under control. Their website is located at http://www.cccsintl.org. Consumer Credit Counseling Service provides budget counseling, educational programs, debt management assistance and housing counseling. There are also many local branches of this nonprofit organization, so check for one near your location.

There are many "for profit" organizations that will help you with debt consolidation loans, but beware! They often are very expensive. You can get free reliable help that you can trust from a non-profit organization like Consumer Credit Counseling Service instead of paying hundreds of dollars to one of them. Or, you can educate yourself and do it for free.

Some other good places to go online for more credit and financial advice are listed on my website at http://i-can-buy.com/resources.html

By Alexis Dey © 2006 Mohave Publishing. All rights reserved. http://MohavePublishing.com

For ideas on how to buy a house when you can't qualify for a home mortgage loan because of poor credit, look for the exclusive FREE e-book, "Buying a Home When You Have Bad Credit," which can found at http://I-can-buy.com.

Credit Repair (Part 1) - Defining the Problem

2006-03-07T21:31:00.000-07:00

Before you begin the process of repairing your credit, you first need to ask yourself why you are having credit problems? Poor credit is nothing to be ashamed of. It is far more common than you may realize. Often it may not even be your fault, like Gerald and Lisa.

They invested five years and all they money they saved to start a small sign company. Then one summer someone broke into their business office and stole all the computers and expensive sign-making equipment. Unfortunately they did not have any insurance to cover what was stolen, so they had to take out loans to replace the items so they could stay in business. It took them years to recover financially from that, leaving them with bad credit.

On the other hand, like Paul, some people make poor credit decisions. After Paul got his first card, shortly after graduating from college, he suddenly became flooded with offers for more credit, which he promptly took up. He wanted to show everyone that he was a success at his new career as a sales manager, so he filled up all his credit cards.

Then he began the juggling game of "robbing Peter to pay Paul," which only got him deeper in debt. He took out a consolidation loan to pay off all the cards and put the debts in one big payment, but the temptation of all the empty cards was too much for him and he filled them all back up again. He finally had to declare bankruptcy because he was so deeply in debt that it was beyond his ability to ever pay off.

So, take a good look at what is going on in your life. Why do you have credit problems? Are you in debt because of circumstances beyond your control or is it a chronic situation? Are you still getting deeper into debt or are you fixing the problem? There is no point in fixing your credit if you will just end up losing it.

If you find that you are getting too deep in debt, there are several things you can do right away to help the situation, before it gets out of your control.

* Contact the credit card companies and see if they will work with you to help lower the monthly payments.

* Talk to a nonprofit credit counseling company, like Consumer Credit Counseling Service at http://www.cccsintl.org. They provide budget counseling, educational programs, debt management assistance and housing counseling. They have branches in many location of the United States.

Beware of some "for profit" organizations that will help you with debt consolidation loans. Often they are very costly. Why go to them when you can get free reliable help from a respected non-profit organization like Consumer Credit Counseling Service?

There is no quick fix for credit problems, but with a little patience and determination, you can not only get it under control, but you can end up with great credit and the feelings of success and self-worth that go along with it. So take the first step and determine to get debt free today!

By Alexis Dey © 2006 Mohave Publishing. All rights reserved. http://MohavePublishing.com

For ideas on how to buy a house when you can't qualify for a home mortgage loan because of poor credit, look for the exclusive FREE e-book, "Buying a Home When You Have Bad Credit," which can found at http://I-can-buy.com.

Escape the Credit Trap

2006-02-24T10:22:00.000-07:00

Many people fall into the trap every day. They start to use their credit cards more and more, just a little bit at a time. One day they wake up deep in debt. The average American consumer has 9 credit cards and 52% of Americans owe over $5,000 on credit cards and/or installment financing plans. About 15% of creditors have their credit cards at over 80% of their credit limits. That can spell big trouble. If you are one of those who are maxed out on your credit cards or rapidly approaching it, you've got to do something about it, and soon.

The problem is many folks depend upon their credit cards and revolving charge accounts. They are using them for the convenience and, in many cases, to maintain a lifestyle they can ill afford to keep. If you are a convenience credit user who pays all, or most of their outstanding balance every month, you will have few problems. If, however, you find yourself getting deeper and deeper in debt every month, you must take action now. Failure to do so may mire you deep in a credit hole you may not be able to escape.

You have several options to help your credit picture, but the one thing you must do in order for any of them to work is control your spending. There will always be life's emergencies such as a big medical bill or unexpected car repair. These are mostly unavoidable. If, however, you have a pattern of spending up your credit balances every month just to maintain a lifestyle, you've got to stop now. Once you have your spending under control, you can examine your options.

One option is to get another job or source of income. You can work evenings or weekends. If you have special expertise in a certain area, you may be able to become a part time consultant. Some consulting work is very lucrative. You can also start a part time business, but in most cases this will take a bit of capital to get going. There are, however, many business that you can begin for just a little money, but these will still take time and effort if you are to be successful. You want to be careful that you don't begin a business with no plan and then find yourself even deeper in debt with very little additional income to show for it. If you do plan on starting a business to earn some additional income, do yourself a big favor. Do plenty of research to find the proper business and then do a good business plan. Revise the plan as necessary, but do your best to stick to it. Taking these steps will really help ensure your success.

For many people, who are just a little bit upside down in their cash flow every month, a great option can be a debt consolidation loan. If you own your home or other substantial real estate to use as collateral, there are many lenders who will give you a low interest loan to pay off your many different, high interest loans. This is beneficial in a few ways. The primary benefit is that you can substantially lower your total monthly payment by using a consolidation loan instead of having multiple credit cards.

In addition, it is much more convenient to replace many loans with one. It will involve much less time and paperwork to pay your bills every month. You will also be less likely to forget to pay one of your credit card bills. Missing, or being late on, a payment can begin what is known as the "credit card death spiral". Most creditors will raise your interest rate, charge a late fee, or both. In most cases, they will most likely hit you with both options. The interest rate will raise your minimum monthly payment. If you were right on the edge of being able to afford the minimum monthly payment, the increase can send you over that edge.

A consolidation loan can really help with your monthly finances. However, such a loan can also have a dark side. Because your home is usually the collateral that secures the loan, you can lose your home if you default. This is the reason it is vital to curb your excess spending. You must be able to consistently make the monthly payment on the consolidation loan.

Credit can be a great thing. It lets you buy a home, run a successful business, drive a nice car and have access to extra cash in emergencies. It can also suck you in and create a dependency. You can, like many Americans, become addicted to the added spending power it allows. If you are not careful, you can find out it was all an illusion, and you are now in trouble. Take control of your credit while you can. Before it's too late.
By Steve Faber

Steve writes about a multitude of business and finance topics. He has been a principal in several businesses both online and bricks n' mortar, including one that grossed over $1.5 million a year. See The Debt and Loan Consolidation Guide for more information about getting out of debt and staying that way.

Find out how you can own your own home, even if you have poor or no credit. Go to http://I-can-buy.com now to see our FREE ebook, "Buying a Home When You Have Bad Credit."

Why Own a Home Instead of Rent?

2006-02-17T16:40:00.000-07:00

There are times when it is better for a person to rent, but most often home ownership has many more benefits and advantages.

About 10 year ago a had a retired aunt and uncle who rented a condo in Las Vegas. Uncle Jim (not his real name, but that's what I'll call him) was a retired minister. Throughout his career he and his wife lived in parsonages, which are homes furnished by the congregation while they ministered there.

He and his wife told me that the biggest mistake they ever made was not to invest in buying a home. In their retirement years, when their other retired friends were living in homes that were almost paid off and had appreciated greatly, Uncle Jim and his wife were using a huge portion of their limited retirment money to make expensive condo rent payments. They strongly cautioned me not to make the same mistake they had.

Recent studies are showing that there are many benefits for both the owners and the community for owning your own home, including increased education for children, lower teen-age pregnancy rate and a higher lifetime annual income for children. Besides these, listed below are some of the primary advantages for owning your own house.

More Stable Housing Costs
Rent payments can be unpredictable and typically rise each year, but most mortgage payments remain unchanged for the entire loan period. If the taxes go up, the increase is usually gradual. This stable housing cost especially important in times of inflation, when renters lose money and owners make money.

Tax Savings
Homeonwers can be eligible for signifigant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states' income taxes. This can be a considerable amount of money at first, because the first few years of mortgage payments is made up mostly of interest and taxes.

If you need to refinance to consolidate other debts (an opportunity you don't have if you are renting) the interest on this is also tax deductable.

Equity
Instead of payments disapearing into someone elses pocket, home owners are building equity in their own home. This is often one of a person's biggest investment assests. Each year that you own the home you pay more toward the principal, which is money you will get back when the home sells. It is like having a schelduled savings account that grows faster the longer you have it. If the property appreciates, and generally it does, it is like money in your pocket. And you are the one who gets to take advanatge of that, not the landlord. You can then use this equity to plan for future goals like your child's education or your retirement.

It is Yours!
When you own a home you are in control. You the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you.

Even young people, like college students out on their own, can often benefit from home ownership. It puts them ahead of other young people their age financially by helping with their credit and giving them what is often an excellent investment. Often a college student buying a home will rent the rooms out, and his or her roommates end up making the payments for the house. When the student is ready to move on, her or she can sell the home (hopefully making a profit) or keep it as an investment and continue to rent it.

Buying a home is an important decision. It is often the largest purchase a person makes in his or her life. Home ownership also comes with some increased responsibilities, and isn't for everyone. There are some disadvantages to homeownership that you should take into account.

Increased Expenses
Your monthly expenses may increase, depending on your situation. Even if the monthly payments are the same, home owners still have to pay property taxes, all the utilities, and all the maintenance and upkeep costs for the home. Often you need to supply appliances that were furnished with a rental.

Decreased Freedom of Mobility
Homeowners can't move as easily as a renter who just has to give notice to the landlord. Selling a house can be a complex and time consuming process.

Risk of Depreciation
In some areas with overinflated prices, there may be a risk that the house will depreciate instead of increase in value, if the prices go down. If you then sell the house, you may not get enough money from the home to pay back your mortgage, and you will still owe the mortgage company money.

Possibility of Foreclosure
If for some reason you are unable to make your payments, you risk having the lender forclose on your propety. This can result in the loss of your home, any equity you have earned, and the loss of your good credit rating.

When considering home ownership, you need to weight the advantages and disadvantages for yourself. If you are like most people, you will find that homeownership is worth the risks and disadvantages.

If you would like to own your own home but think you are unable to because of bad credit, go to http://I-can-buy.com now to find out how you can buy a house, even if your credit is poor or terrible.

10 Ways to Buy a Home With Little or No Money Down

2006-02-11T17:00:00.000-07:00

There are many ways to buy a home, even if you have little or no money to put down. Here are a few of the basics:

1. Sweat Equity

Sweat Equity is a way to get a home by trading work for equity in the house. This could be used for a down payment or for purchase later. This is a great technique if you are handy with tools, yard-work, and paint.

Look for fixer-uppers in neighborhoods you are interested in. Many times these homes will have a hard time selling and the owner is ready for just about any offer. You will find these houses ranging from just needing a little "cosmetic" work like landscaping or painting, to totally trashed out houses in need of some serious renovation. If you are into repairs, this is a great way to get a home for a good deal.

If you are not skilled at repairs and renovation, be careful about fixer-upper homes. They could end up costing you quite a large amount of money to pay others to fix.

I also recommend getting a home inspection so that you know what exactly you are in for before you begin.

2. Seller Carry-Back

Look for a home with an assumable loan. Instead of buying out the owner's equity, ask the seller to carry back a second mortgage for the rest of the money owed. If you can get the seller to carry all of the rest, you can get the home for no money down.

3. Offer an Object for the Down Payment

Offer something other than cash (land, a car, a boat, or valuable collectibles) to the seller instead of a cash down payment. This is why it is important to listen to sellers. Find out what they want and need. Maybe you have (or can get) just what they need. For instance maybe they wanted to use the down-payment to buy an RV and it turns out that you just happen to have one you don't need. Offer that vehicle as a down-payment, and it saves you from coming up with the cash.

4. Offer Services for the Down Payment

Offer your services or expertise to the seller in lieu of a down payment. Some examples include $10,000 worth of auto services if you're a mechanic, dental work if you're a dentist, desktop publishing services if you're a designer, artwork if you're an artist or legal work if you're an attorney.

5. Foreclosures

Look for foreclosure properties that require little or no down payment. Some lenders and government agencies will let you buy a foreclosure with no down payment if your credit is good and they're anxious to have the home occupied, or if you have skills (carpentry, landscaping or even painting) that you can use to increase the home's value. Distressed properties - assume with little or no down to save foreclosure.

6. VA or Other No Money Down Loans

Look for conventional loan programs such as VA or FHA that require little or nothing down. VA loans have helps countless veterans get into their homes. There are often programs available to first time buyers or people who are distressed (such as with Hurricane Katrina) that will help people get into a home with little money down. You usually will have to qualify for the loan with the bank, though.

7. Find an Investment Partner for Equity Sharing

Look for an investment partner who'll put up some or all of the cash in an equity-sharing partnership. You make the monthly payments and the two of you split the eventual resale profits.

8. Wrap-Around Financing

Wrap-around financing is where you assume a seller’s VA Loan by doing a new Contract for Deed. Since this contract is flexible and does not have to follow the old loan, you can ask the seller to carry not only the loan amount, but the rest of the purchase price of the house, letting you get in with little or no money down.

9. Rent-to-Own or Lease-Option

This is really is one of the best ways to get into a home of your own when you can't get a bank loan. Remember that you may still have to get a loan down the line. If you have a lease-option for 5 years, at the end of that time, you will need to purchase the house, so you can use the time to fix your credit, or use one of the other options that are discussed in our book to purchase the house at that time. You can always try to negotiate another 5-year lease-option if you need more time. (For more detailed infomation on lease-options, check out our free ebook, "Buying a Home When You Have Bad Credit" at http://I-can-buy.com.)

10. Government and Community Down-payment Programs

There are many community and non-profit organization programs out there to help people get into homes of their own. Many of these do no require any money down.

There are some organizations and programs that will pay for some or all of the down payment for you. Generally these are for lower to moderate-income individuals, but these days that includes a lot of people. You also usually have to be able to qualify for an FHA loan (which is somewhat easier than a conventional bank loan.) If you have been unable to get into a home because you don’t have enough money for a down payment, then maybe one of these programs will be for you.

Below is a list of organizations that have down payment assistant programs:

Also check in your local area, because many communities have similar programs of their own.

This has been an excerpt of the FREE ebook by Alex Dey called "Buying a Home When You Have Bad Credit". Copyright © 2005-2006 Mohave Publishing. All rights reserved.

Don't let bad credit stop you from buying a home. Check out the ebook at http://I-can-buy.com now to find out how!

This article may be freely copied as long as it is not modified and this resource box accompanies the article, together with working hyperlinks.

Goodby Mr. Greenspan. You will be missed!

2006-02-04T11:20:00.000-07:00

And thanks for a job well done!

It is the end of an era. Alan Greenspan retired this week from his position for 18 years as chairman of the Federal Reserve.

According to Robert J. Samuelson of the Washington Post, some of Alan Greenspan's apparent accomplishments since he began the job in 1987 are:

"• The U.S. economy (gross domestic product) has expanded 72 percent, and its growth rate has outstripped that of virtually every other advanced country.

• The number of payroll jobs increased by 32.1 million (31 percent) from August 1987 (Greenspan’s first month) to December 2005.

• There have been only two brief recessions, those of 1990-91 and 2001, lasting a total of 16 months.

• Business productivity has risen about 50 percent since 1987.

• Interest rates dropped from 8.39 percent on 10-year Treasury bonds and 9.31 percent on 30-year mortgages (1987 averages) to 4.5 percent and 6.1 percent.

• The Dow Jones industrial average quadrupled from 2,680 on Greenspan’s first day (Aug. 11) to 10,900 (as of Monday)."

Of course there are other factors involved, but Greenspan certainly had his finger in the pie.

Alan Greenspan recently restated that he did not believe that the housing market is an overinflated bubble about to burst. In an article by Broderick Perkins in Realty Times, Greenspan was quoted as saying in a speech before the America's Community Bankers Annual Convention, "These concerns cannot be readily dismissed. Debt leverage of all types is often troublesome when one judges the stability of the economy. Should home prices fall, we would have reason to be concerned about mortgage debt; but measures of household financial stress do not, at least to date, appear overly worrisome."

Greenspan said 75 percent of all outstanding first mortgages were originated with a loan-to-value ratios of 80 percent or less and when all mortgages are considered the loan-to-value ratio is about 45 percent, giving the nation, as a whole, a 55 percent equity stake in residential real estate.

"It would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity," he told conventioneers.

Goodby Mr. Greenspan. You will be missed! Good luck to Ben Bernanke, his successor. I hope you learned much from Alan.

If you would like to know how you can buy a house when your credit is too bad to get a conventional mortgage loan, check out our website at http://I-can-buy.com for FREE information.

Bad Credit Home Financing - Choosing A Subprime Mortgage Lender

2006-01-28T16:47:00.000-07:00

Getting a mortgage loan when you have bad credit is easier than ever. Here is a good article that tells how to find a lender when your credit is poor or less than perfect.

In the early nineties subprime mortgages accounted for about five percent of all mortgages. Today the subprime mortgage loan sector comprises more than twenty percent of the mortgage market. With this explosion of subprime mortgage lenders and brokers, it is important to know what to look for when choosing your lender. Not only do you want to be sure that you are getting the best deal possible for your subprime mortgage, you also want to know how to avoid falling prey to a predatory lender.

What makes a person a candidate for a subprime mortgage? Bad credit is the predominant reason but there are others. Fluctuating income and even the type of property being purchased can also necessitate an unconventional mortgage. If your unique situation requires a subprime mortgage do the following when choosing your loan agent or broker.

Know your credit history, particularly your FICO score. A score lower than 620 generally means that you will be offered a subprime mortgage. Do not take for granted that you must seek a subprime mortgage. Ask what products are available for you. Also, make sure you have your employment, income and payment histories readily available.

Do not assume that getting the lowest interest rate also means you are getting the best loan. Most subprime mortgage loans will be two percentage points higher than a conventional loan and may have additional fees. All of the prospective subprime mortgage lenders should submit their loan packages to you in writing. Take the time to carefully analyze all of the mortgage offers. Compare not just the interest rates but also the fees you are being charged.

Be wary of prepayment penalties. A subprime mortgage is a vehicle for repairing your credit or responding to a specific applicant situation and usually is a short term solution. Hefty prepayment penalties may lock you into a subprime mortgage for a longer term than is necessary or cause you to pay a substantial price for refinancing to a conventional mortgage at a later date. You may have to accept some sort of prepayment penalty but negotiate with the various lenders to guarantee you have the least burdensome penalty possible.

Even though you are looking for a subprime mortgage lender you still have many options. After comparing the loan offers from the different lenders, negotiate the terms. Do not feel that a lender is doing you a favor by offering you a subprime mortgage. Many times the compensation a lender receives for a subprime mortgage is greater than that which is received for a conventional mortgage.

Most subprime mortgage lenders are honest and responsible business people. Still, the regulation of subprime loans varies widely and you should be careful not to fall victim to a predatory lender.

1. Don’t respond to telephone or direct mail offers from subprime mortgage lenders. Do your own research. The Better Business Bureau, the telephone book and the Internet are all good resources. Ask friends for referrals.

2. Don’t allow yourself to be pressured. Ask for offers in writing and use plenty of time to compare them.

3. Don’t sign any documents that have blank spaces or incorrect dates.

4. Don’t be convinced to inflate your income or net worth.

5. Don’t skip reading any portion of your loan documents because your lender tells you “that part isn’t important”.

Choosing a subprime mortgage lender is like any other purchase. The more knowledge you have and the more research and analysis you do, the better your decision will be.

About The Author

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.

View her recommended lenders for http://www.abcloanguide.com/lessthanperfectcredit.shtml.

To get information on how you can buy a house even if you can't qualify for a bank loan, check out our site http://I-can-buy.com now!

No Credit Car Loans - Even With No Credit History, You Can Still Get Approved

2006-01-17T09:56:00.000-07:00

Even it you have no credit history, you can still get approved for a car loan. With a car loan, you can purchase your vehicle and build your credit history. Online car loan lenders make shopping easy, and you can find low rates compared to traditional banks.

Get Started

Before you launch into car loan shopping, take a look at your credit history. Even if you have never opened a credit card account, you still have a credit history. Regular bill payments count as well as a checking account. Hint – open a checking account if you haven’t already.

Plan On A Down Payment

With no credit, you get treated much like you have bad credit with financing companies. To offset the risk of your loan, plan on putting down a large down payment. You may get away with a down payment as little as 5%, but 20% will ensure lower rates.

Research Companies

Online car loan lenders offer several different types of financing. Request quotes from both traditional lenders and subprime lenders. Subprime lenders provide financing to people with adverse credit. Usually their rates are only slightly higher than a traditional lender with few fees.

Evaluate Rates And Terms

To find the best financing for your automobile, evaluate rates and loan terms by your financial goals. While low rates will save you money, you will often have a higher monthly payment. Decide how much you can afford monthly and look for a package that offers the best price within those figures.

Get Pre-approved

When you have settled on a lender, go ahead and get pre-approved. By filling out the paperwork online you will save yourself time and money through reduced fees. Once approved, you can then go car shopping like a cash buyer. You have the option to buy through a car dealership or through a private individual.

Think Refinance

Even car loans can be refinanced today. If you find yourself with a less than ideal loan rate, you can plan on refinancing your loan within a couple of years. Take the remaining time to build up your credit history by making regular car payments. With your approved car loan, you will also be able to qualify for credit cards to help build your credit score.

To view our list of recommended auto finance companies online, please visit this page: http://www.abcloanguide.com/autoloans.shtml.

By: Carrie Reeder

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.

To find out how to buy a house, even when you can't get a bank loan because of bad credit go to http://i-can-buy.com now!

How to Find Lower Interest Rates on Bad Credit Loans

2006-01-10T20:48:00.000-07:00

In a world where debt and poor credit are more commonplace than they used to be, bad credit loans aren't nearly as difficult to find as they once were. The problem associated with most bad credit loans isn't the difficulty of finding them, it's the interest rates that most common lenders charge for them. It doesn't do you much good to finally get a loan when you've got bad credit if the interest rate makes the monthly payments more than you can afford.

Luckily, you can get relatively decent interest rates even if you're applying for a bad credit loan… it's simply a matter of knowing where to look, what collateral to use, and having the patience to find the best loan that you can get.

Consider Alternative Lenders

The first thing that you should do when looking for a good interest rate on a bad credit loan is to broaden your search to lenders that you might not have considered before. Finance and lending companies generally offer loans to a variety of individuals, regardless of credit history, if they have collateral to secure the loan.

Online lenders offer these same services, but are usually able to provide better interest rates because of their lower overhead and method of doing business.

Taking the time to look into these lenders might help you to get on the right track toward a lower-interest loan regardless of your credit score.

Choose the Right Collateral

The key to getting the best interest rates for bad credit loans is to use the right collateral to guarantee repayment of the loan. Ideally, you'll choose a high-value collateral that could easily be sold if it came to that point… something with a value that is higher than the amount you're requesting to borrow. Home equity is a favorite among lenders who offer loans for bad credit, due to the ease of determining its value and working with it.

Other common types of collateral that tend to bring lower interest rates are automotive titles, property deeds, and precious metals or antiques.

The interest rate that you're offered for your collateral may vary from lender to lender, though, so it's important to take the time to shop for the best rate.

Shop Around

Shopping around for a loan is just what is sounds like… going from lender to lender, requesting a quote for a loan, and comparing interest rates and loan terms to find the best deal. It's important to use the same collateral and the same asking amount for each of the loans that you request a quote for, so that you can determine which offer is really the best; by keeping all of the variables the same, it is easier to determine which loan offer is actually lowest.

Compare Loan Quotes

Once you've gathered quotes from several lenders, you should take the time to compare the quotes and determine which loan offer will work out best for you. Look at the interest rates that each lender offers, as well as the repayment terms, the monthly payments, and any other factors that will affect the loan. By comparing both the terms of the loan and the interest rates offered, you may find that the lowest interest rate isn't always the best deal… but then of course, sometimes it is.

Once you've determined which loan is best for your needs and budget, submit your full loan application keeping the next best quote handy in case some unforeseen circumstances prevent you from getting your first loan choice.

by: John Mussi

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.

For more information on how to buy a home when you have bad credit check out our free real estate information website at I-can-buy.com now.

Credit Repair Myths Exposed

2005-12-28T20:29:00.000-07:00

by: Jim Eastman

If you’ve done any searching on the Internet for information pertaining to “Credit Repair,” you’ve no doubt found that there’s a great deal available. Unfortunately, there’s also a lot of misinformation as well.

Let’s take a look at some of the most common misstatements you’ll come across and examine them in detail.

MYTH #1

“Credit repair doesn’t work!”

While it’s true that credit repair is more “art” than “science” that’s not to say it doesn’t work. If you undertake to repair your bad credit score, there’s never any guarantee you can restore it to “perfect” status. But sometimes you can, and in almost every case you can at least affect some improvement in your credit score, and often major improvement at that!

First of all, credit reports for the most part are filled with errors. While there seems to be no general agreement, it’s estimated that anywhere from 1/3 (Attorney General of NY) to as many as 90% (Charles Givens Organization) of credit reports contain errors.

Removal of erroneous negative information alone will go a great way toward improving your credit score. But there’s more to the story, which brings us to myth #2.

MYTH #2

“Negative information that can be verified cannot be removed”

This is one of those statements that are “almost” true, but taken literally is misleading. As is often the case, the inclusion (or exclusion) of one seemingly small word makes the difference in a truthful statement, and one that’s not (or not necessarily) accurate.

Let’s take an analogy. Suppose it’s the middle of summer, and your grass has grown unusually high. Let’s also suppose that you own a lawn mower, it’s in good working condition, and has plenty of gasoline in the tank.

Now let’s say that you’re sitting on your couch and say to yourself “My grass will get cut today because I ‘CAN’ go outdoors anytime and cut it.”

So will your grass get cut? Not necessarily! Just because you “can” go outdoors and cut your grass doesn’t mean it’s going to get done. You can repeat this statement to yourself all day long, but your grass isn’t going to get cut until you actually go outside and DO it!

Likewise, because a negative item on your credit report “can” be verified doesn’t mean it will be. According to the Fair Credit Reporting Act, a credit bureau must investigate and verify “within a reasonable period of time” any item in your credit report that you dispute. If the “information is found to be inaccurate or can no longer be verified, the consumer reporting agency shall promptly delete such information.”

Now in this context “can be verified” clearly means verified by the credit bureau’s investigation of the item, and the “reasonable period of time” has been established (by subsequent rulings) to be 30 days. So if the credit bureau doesn’t complete its investigation of the disputed information within 30 days, or if for some reason the creditor fails to respond and verify the information, by law the disputed data must be deleted from your credit file.

MYTH #3

“Credit repair agencies are all scams”

It’s true that there ARE a good many unscrupulous credit repair agencies. But there are also some corrupt police officers, lawyers, and politicians. Yet we don’t label all members of these professions as “corrupt.”

If you’re looking for help to repair your bad credit you do need to be careful and do your “homework” when selecting an agency. There are many honest credit repair companies that are not “scams.” But beware of any who make promises as to results!

As stated above, it’s not always possible to restore your bad credit history to perfect status, and no one should be making any promises to that effect. Beware of any company that does! And while an agency will in all likelihood be able to improve your credit score, if any agency makes this promise, be sure it’s accompanied by a money back guarantee. Otherwise, look elsewhere. And don’t forget to ask for references and follow up on them.

MYTH #4

“You have to hire a credit repair agency or lawyer to fix your credit”

Going back to the analogy above, you can always hire someone else to cut your grass (or to do just about anything else) for your. And if fixing your own credit seems an intimidating task, you might prefer to hire a credit repair company to do it.

But it’s not really necessary that you do. First of all, credit repair agencies aren’t cheap. You can expect to pay anywhere from $2,500 to $5,000 or more. Plus, you’ll be paying a high fee for something you can just as well do for yourself, which brings us to myth #5.

MYTH #5

“It’s too difficult or complicated to fix your own credit”

A credit repair company isn’t going to do anything for you that you can’t do for yourself! Credit repair isn’t rocket science. It involves writing letters to credit bureaus and to creditors. If you’re able to write a letter, put a stamp on it and mail it, you’re able to repair your own credit.

“Given the proper knowledge, you can fix your own credit”

This statement IS true! You‘re entirely able to repair your own credit, given the proper knowledge. And given the proper knowledge, you can fix your own car, repair your own plumbing, or for that matter perform brain surgery.

While fixing your own credit is relatively simple and straightforward, you do have to know how to go about it. Essentially it involves getting a copy of your credit report and writing letters to the 3 major credit bureaus disputing negative information in your file.

But there’s a right way and a wrong way to do it. In fact even some of the high priced credit repair agencies get it wrong, which brings us to myth #6.

MYTH #6

“You improve your credit score by getting all the negative items on your credit report removed”

It’s possible to get all the negative items on your credit report removed and actually see you credit score go DOWN as a result! The reason? Your credit score depends on a number of factors, one of which is the length of your credit history. In some cases, you’re better off to NOT remove some negative items on your report, especially if they involve a few late payments in the distant past, but show timely payments during recent years.

While the “nuts and bolts” of credit repair is beyond the scope of this report, there are a number of sources of good information online. If you have bad credit, there are 3 major points you should keep in mind:

1. If you have a bad credit history, it can (and probably will) cost you many tens of thousands of dollars in higher loan interest over the years, as you’ll be charged much higher rates than you would be with good credit. If your credit is really bad, you may not be able to get a loan at all!

2. The situation isn’t hopeless! In almost every case you CAN improve your credit score. You can easily do it yourself or find a reputable agency to do it for you. But in any case, GET IT DONE!

3. If you choose to repair your own credit (recommended) there are good books and eBooks available that can walk through the process. Get hold of one and get started NOW!

About The Author

Jim Eastman is the support contact for erasingbadcredit.com and creditrepairbiz.com.

Don't let credit problems keep you from getting a home of your own-- check out our website at I-can-buy.com for free information on how to buy a house when you can't get a mortgage loan.

No Credit Required Options - The” Subject To” Technique

2005-12-14T11:48:00.000-07:00

If you still can’t qualify for a loan, or would just prefer not to, here is one of the basic methods for buying a house with no credit check required. This is one of several popular methods for buying with no credit check, and is used by home buyers and sellers everyday. For more ideas on how to buy a house when you can't get a loan, check out our website at http://I-can-buy.com.

There is an investor technique out there called “subject to” or “sub 2.” In this technique the investor will find an owner who is totally distressed and ready to lose the property, but it has not gone into foreclosure just yet. At this point the investor involved makes up the back payments, takes over the regular payments for the seller, and gets the deed to the property. The loan stays under the old owner’s name. The investor gets the property and can do whatever they want with it-- rent, lease-option, or sell it.

The name comes from the contracts they sign (a “subject to” purchase agreement) that says the buyer gets possession of the home and will be making future mortgage payments.

This may be great for the investor, but the loan liability stays with the seller until the house is sold and although it is not strictly illegal, it is a breach of contract because it leaves the bank or mortgage loan holder in the dark. Most loans have a “due on sale” clause, so the bank can call a loan due when ownership of the home changes. That means that investors who do this kind of “assumption” take the risk that the bank will find out, and ask for all the loan money right then and there. If the buyer does not have the money, the house will go into foreclosure. This may not be likely if the payments are made, but it is risky and according to many, not ethical.

This has been an excerpt of the book by Alex Dey called Buying a Home When You Have Bad Credit. This is a free ebook that can be found on our site at http://I-Can-Buy.com.

Buying a Home When You Have Bad Credit is written by Alexis Dey, Copyright © 2005-2006 Mohave Publishing. All rights reserved. This book is protected by international copyright law. You may not otherwise resell, reproduce, distribute, publicly perform, publicly display, or create derivative works of this material, unless authorized by Mohave Publishing.

No Credit Required Options - Pick up an Assumable Loan

2005-12-14T11:46:00.000-07:00

If you still can’t qualify for a loan, or would just prefer not to, here is one of the basic methods for buying a house with no credit check required. This is one of several popular methods for buying with no credit check, and is used by home buyers and sellers everyday. For more ideas on how to buy a house when you can't get a loan, check out our website at http://I-can-buy.com.

Sometimes a seller has a home loan that is assumable with no qualifying, which means that anyone can buy the house and take over the loan with no credit check. Keep an eye out for these. The majority of loans are not assumable, which means the buyer must apply and qualify to pick up the seller’s loan. It is about the same hassle and fees as applying for a new loan.

If you find someone who has an assumable loan, definitely check into it. The big questions are: what is the assumption rate (usually one point) and what is the loan interest rate? Hopefully low, but if not, you might still seriously consider it. You would probably have to pay higher rates to get a loan through a bank if you have bad credit, anyway. Remember that you will most likely have to give up something (price, terms, location...) to get something (a house with no credit check.)

To find assumable loans look for older FHA and VA loans. Veterans Administration guaranteed loans that originated before March 1988 and FHA loans originated before December 1, 1989 do not contain a “due on sale” clause and are fully assumable without qualifying. Unfortunately these are getting harder and harder to find. Many sellers have refinanced their loans since then, to take advantage of lower interest rates. Also, since the loans are so old, it takes a lot more money to put down and/or finance to finish the purchase. If you do find one of these, perhaps you can use one of the other techniques in this book to finance the rest of the purchase price.

This has been an excerpt of the book by Alex Dey called Buying a Home When You Have Bad Credit. This is a free ebook that can be found on our site at http://I-Can-Buy.com.

Buying a Home When You Have Bad Credit is written by Alexis Dey, Copyright © 2005-2006 Mohave Publishing. All rights reserved. This book is protected by international copyright law. You may not otherwise resell, reproduce, distribute, publicly perform, publicly display, or create derivative works of this material, unless authorized by Mohave Publishing.

No Credit Required Options - The 30/70 Rule

2005-12-14T11:43:00.000-07:00

If you still can’t qualify for a loan, or would just prefer not to, here is one of the basic methods for buying a house with no credit check required. This is one of several popular methods for buying with no credit check, and is used by home buyers and sellers everyday. For more ideas on how to buy a house when you can't get a loan, check out our website at http://I-can-buy.com.

The 30/70 rule says that anyone can get a loan with enough money down. Often a bank will give you a loan no matter what your credit is, if you are able to put up at least 30% of the value of the home as a down payment.

The reason for this is that the bank has less to lose if you walk on the loan.They can probably get most or all of their money back if they have to sell the house. Plus, they know when you invest that much, you are less likely to walk away from the house, so it is a better risk for them all around.

You may be talking about a pretty high interest rate on the loan, because the bank may still be worried about the poor credit rating, but you do have the option of refinancing later on. Friends of mine, Rob and Melody, moved to town and needed a house. Because Rob was a pastor who wanted to start a new church, he and Melody had no current income and their past income was not steady. They did have a lot of equity in the home they had just sold. So they were able to find a loan, despite their situation, because they had at least 30% to put down. The interest rate was high, but after two years of good payments, they were able to refinance the loan at a much better rate.

This has been an excerpt of the book by Alex Dey called Buying a Home When You Have Bad Credit. This is a free ebook that can be found on our site at http://I-Can-Buy.com.

Buying a Home When You Have Bad Credit is written by Alexis Dey, Copyright © 2005-2006 Mohave Publishing. All rights reserved. This book is protected by international copyright law. You may not otherwise resell, reproduce, distribute, publicly perform, publicly display, or create derivative works of this material, unless authorized by Mohave Publishing.

The Right Way To Credit Repair

2005-12-13T23:15:00.000-07:00

Here is a good article about repairing your credit. To find out how to buy a house when you can't get a home loan, see our site at I-can-buy.com.

If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.

Once you have a bad credit rating, it might seem like there's nothing that you can do about it… but you don't have to believe that. It's not as difficult as you might think to get by with a bad credit rating; with a little work and time you can even repair it! Of course, before you do that it's important to realize exactly what a credit rating is.

Every time a lender or other creditor makes a report concerning your payment history to them, this report affects your credit score.

Your credit score is a numerical indication of the positive and negative reports that you've received from creditors and lenders; if the number is high then you have a good credit rating, and if it's low then you have a bad credit rating.

Basic credit repair

Get organized! Make a folder for all your correspondence offline and online. You will have to do some snail mailing but in most cases you can work your repair online.

In the U.S. a 630 rating will qualify you for a mortgage. You can still get credit with a lower score but not at a premium interest rate.

In fact, even a chapter 11 bankruptcy (erases all negative credit) is not as bad as many think. I am not advocating filing for bankruptcy (the laws have changed so you might have to set up a re-payment schedule if your income allows) but for those caught between a rock and hard place, unemployment, medical crisis, divorce...many good reasons for finding yourself unable to pay your bills, filing for bankruptcy is a god-send.

Many times, you will find creditors very eager to extend credit because you don't have any debts! It is the irony of the debt-income picture... if you have a steady income, you will have no problem getting credit cards, auto loans and even a mortgage.

So, don't despair, your situation is not as bad as you think! You will find a way to less worry, more sleep and better relationships.

To begin correcting your credit, the important thing to do is obtain your credit report and study it. Mark all the negative items.

Most unsecured credit, mostly credit cards, can stay on your report for 7 years. If you find any over that, write to the credit bureau and ask them to remove it. They are required by law to research and report back within 30 days.

If they don't, you can threaten them with a letter to the Better Business Bureau or Federal Trade Commission.

Find any other negative items and determine if they are correct. If not, write the bureau and tell them its not your debt.

Even if you aren't sure, ask the credit bureau*s to investigate. Many times, they will not be able to verify the debt because the credit card company, auto loan company or other creditor won't get back them within 30 days (required by Fair Credit Act).

For the contact information on credit bureaus as well as samples of letters to send to them, go to:

http://www.repair-credit-right.com

About The Author

Dan Farrell is the owner of Repair Your Credit...The Right Way and this article on credit repair and others on credit such as:
Credit Bureaus and Addresses
Credit Bureau Letters
Credit Errors And How You Can Correct Them
Credit Card Fraud
Leasing
Credit And Women's Rights

These articles and many others can be found by going to: http://www.repair-credit-right.com.

info@repair-credit-right.com

Buying Real Estate on Ebay

2005-12-07T16:41:00.000-07:00

I found this article and it reminded me of another way to buy real estate without needing a conventional home equity bank loan. This article is about selling real estate, but maybe it will get you thinking of ideas for buying homes too. For more free ideas on how to buy a house when you have bad credit, check out our website at http://I-can-buy.com.

Selling Real Estate on eBay
by: Dan Farrell

Selling real estate over the internet may sound like an awkward idea. However, the exposure the real estate receives over such a widespread media like the internet is every realtor’s dream.

Can eBay be used to market real estate? The answer is a resounding ‘yes!’

eBay provides functionality that is clearly adaptable to the needs of most realtors. It provides a widespread medium of advertisement for the real estate. It is also a relatively inexpensive method of advertising.

One of the best things about selling real estate on eBay is that it "markets" to many areas around the world, not just a local area. Advertising on eBay makes the property available to more than 100 million potential buyers, including those from other countries. Visitors can browse through the property details 24 hours a day, 7 days a week – all without the realtor having to explain the details about the property to every single prospect wanting information.

Advertising Your Real Estate on eBay

When one has a house or other real estate to sell, he or she may list it for auction on the eBay Real Estate site. This is found at http://www.pages.ebay.com/realestate.

There are many different ways to present the property for sale on eBay. If the realtor seeks to sell the estate at a fixed price instead of having the property go through an auction, he may request eBay to display a real estate listing in a format much like a local paper.

eBay’s Real Estate page has three selling formats. These are the auction, fixed price selling, and the traditional real estate listing.

For each of these selling formats, the "user" furnishes additional information regarding his or her property. Details may include lot size, number of bedrooms, number of bathrooms, type of property, year built, and other information. The auction listing period must also be specified, where the choices range from 1-, 3-, 5-, 7-, 10-, or 30-days, or a 30- or 90-day non-auction listing.

The eBay Real Estate website charges two types of fees for listing a property. There is a simple fee for listing the property and also a fee is based on the final amount of the property sale. The charge for a 1-, 3-, 5-, 7-, or 10-day auction listing is typically around $100. A 30-day auction listings cost about $150. A non-auction listing costs $150 for 30-day listing, and about $300 for a 90-day listing.

Fees for Timeshare property and land are usually slightly lower. The final fee amount for Timeshares and land is generally about $35.

Selling real estate on eBay is growing in popularity as the internet stretches it's outreach to more countries. Although nothing beats direct and personal inspection of property, the convenience of having eBay connect seller and potential buyer is definitely appreciated.

Copyright 2005 MHG Consulting

About The Author, Dan Farrell

Would you like to get MLS listings before they hit the mob? For free? By email? Go to: http://www.realestatebyemail.net

Cutting Edge Real Estate, Is the Bubble Ready To Burst?

2005-11-25T19:47:00.000-07:00

Of course, this is the big question in real estate now. . . Will the so-called real estate bubble burst like the dot-com bubble did a few years back? There are some good arguments on both sides of the issue. Whatever happens in the next few years, it will affect millions of Americans, and therefore also millions of people worldwide. If the bubble does “burst” as some say, it is all but certain we could, or more like would, go into a recession. A deep one. Right now the real estate business has been a prime reason that the economy has been decent the last few years. It has been one of the few consistently bright areas of our economy.

First of all, to compare the real estate industry with the dot-com industry is unreasonable. It’s comparing apples with oranges. The real estate industry has been and will always be a central part of the US economy. It will never disappear and there will always be a need and demand for it. Investing in real estate makes sense for the long term. On the other hand, the dot-com bubble was not based on anything more than speculation. Many businesses were trading on the stock market for unreal amounts of money and never made a dime in profit and ultimately never would.

So for me, some of this thinking is this: “Well, the stock market had the dot-com boom and then it collapsed, so now we have this real estate boom so surely it will collapse also.” I just don’t go along with that comparison. Again, these are totally different industries and markets. Heck, if we can pay $20,000, $50,000 and even up to and over $100,000 on automobiles, then spending $300,000, $1,000,000 and more on homes seems very reasonable. Property will always be there as long as the mortgage is paid and the taxes are paid, too. That brings us to a good argument for believing the real estate market will slow down and possibly have a downturn.

The reason there is a good argument for the belief that the real estate industry will have a major downturn is because some people, perhaps a good amount of people, won’t be able to keep up with their mortgage payments if they start losing their jobs and the economy slows down. The rise in gas prices could have a major effect on the economy and if these homeowners start defaulting on their mortgages then this could turn the industry around.

Many home owners and speculative real estate investors are using what some would call risky home mortgages, the interest-only and no-income verification loans. These allow more people to buy more homes and are part of the reason the real estate industry has enjoyed such a boom the last several years. Creative financing started decades ago and has kept increasing more and more different ways for the home buyer and speculator to get what they want. This is a good thing overall in my opinion. However I can see the dangers of this trend also. I don’t feel a burst is inevitable but it is certainly very possible. Perhaps more likely, unless a major event such as another war or terrorist attack, is a slow down and evening off of the growth of the real estate industry.

There are those on the side of the inevitable downturn philosophy, who are preparing for the worst. Just as some people can make money on the stock market even when it goes down, there are those who are preparing for a possible – inevitable in their minds – downturn in the real estate market.

Here is one such way to capitalize on a real estate bubble burst or at least a downturn: pre- foreclosure deals. There are some investment clubs that are based solely on waiting for this to happen and then buying into this market. People will be foreclosing in record numbers if this downturn comes. Perhaps it is more accurate to say when, because as history shows there are always downturns in the market; and with all the creative financing, no interest loans and no income verification loans the probability of a downturn is likely. However, this is different than a “burst.”

Here is a book that specializes in taking advantage of this situation. People will make millions in this market trend just, as I said, like some make millions when the stock market goes down.

http://www.fishpond.co.nz/product_info.php?ref=201&products_id=843514&affiliate_banner_id=1

So here is what can happen:

1. The market will keep going the way it has the last few years, which is up, up and up. Quickly is some areas. Not likely.

2. The market will slow down and level off soon. Very possible.

3. The market will have a slight downturn and many will lose their homes and many will benefit from this. Very possible.

4. The market will “burst” the “bubble” and there will be a major catastrophe in the industry. Possible, but not as likely as 2 and 3.

Whatever happens, there will be some who are ready for it.

By Tim Phelan

About The Author:
Tim Phelan makes his living now online and has been involved in real estate as an investment for several years.

His blog: http://timphelansblog.blogspot.com/

More real estate: http://www.cutting-edge-real-estate.com

Community “Sweat Equity” Programs

2005-11-19T12:27:00.000-07:00

Check into community programs. They can be a very valuable resource, particularly if you have nowhere else to turn. Our community has a program that helps single parents and other financially struggling people to build their own home. They use “sweat equity” to make the down payment. It takes almost a year of part time labor, but you get help from professionals and volunteers, automatic equity in the new house, and a loan for the rest, even though you may not qualify under ordinary circumstances.

These sweat equity programs are becoming more and more popular and getting more funding. The Bush administration awarded $25 million in “Sweat Equity” grants to communities and organizations in 2003 and the funding continues to go up.

There are now an amazing number of organizations that want to help you get into a home of your own. Besides the many charitable organizations doing this, HUD (U.S. Department of Housing and Urban Development) funds many counseling agencies that can show you ways you can get into a house. Consider taking advantage of the help they offer. It may take some research, but it could be well worth your time.

Our book, "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" has a list of organizations that you can contact to find sweat equity programs in your area.

Are you ready to get started? Go to I-can-buy.com and get the instant download e-book, "Buying a Home When You Have Bad Credit."

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. © 2005 Mohave Publishing. All rights reserved. http://i-can-buy.com

You Can Do It!

2005-11-01T14:20:00.000-07:00

It is possible to buy a house, even if you don’t have perfect credit or a huge salary. Don’t listen to the others who have told you that you’ll never be able to buy. There are many options available to you. Not all of them will be for you, but one of them may be just right for you now. Maybe one will be right for you later. But don’t give up. Keep a positive attitude and keep trying.

I’ve written this book to give you hope and get your creative ideas flowing. If you can’t get a conventional loan, you will need to get creative. And I have some creative ideas for you to consider.

There are also many different nonprofit and community organizations that you can go to for help. This is a great time to get into a home of your own. It has never been easier.

Mary and Jake were told by a real estate agent and mortgage broker that it would take them 5 years or more to clear up their bad credit report enough to be able to buy a house. But, by using one of the methods in this book, they were able to buy a house within 3 months of talking to the real estate agent.

And what is amazing is that once you have a house, your credit gets better! You are making regular payments and you now have equity in a house instead of rent. Next time you buy, if you decide to sell your home, it will be even easier.

It is possible for anyone to do. Some of these ideas are secrets that investors have been using to get rich for years. But why should the rich and the investors know all the secrets. I wanted to make some of these creative ideas available to anyone who wants and needs to get out of the rent trap and into a home of their own.

I've watched countless others get into houses when they had bad credit. And I know how it works from personal experience because my husband and I have been where you are. We never thought we’d be able to get our own home, but we did it! And you can too!

Are you ready to get started? Go to I-can-buy.com and get the instant download e-book, "Buying a Home When You Have Bad Credit."

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. © 2005 Mohave Publishing. All rights reserved. http://i-can-buy.com

Fixing the Problem-- Part 1: Defining the problem.

2005-09-20T13:13:00.000-07:00

Before we get you into your own home, first we have to ask, why you are having credit problems? Poor credit is nothing to be ashamed of. It is far more common than you may realize. Often it may not even be your fault, like Gerald and Lisa.

They invested five years and all they money they saved to start a small sign company. Then one summer someone broke into their business office and stole all the computers and expensive sign-making equipment. Unfortunately they did not have any insurance to cover what was stolen, so they had to take out loans to replace the items so they could stay in business. It took them years to recover financially from that, leaving them with bad credit.

On the other hand, like Paul, some people make poor credit decisions. After Paul got his first card, shortly after graduating from college, he suddenly became flooded with offers for more credit, which he promptly took up. He wanted to show everyone that he was a success at his new career as a sales manager, so he filled up all his credit cards. Then he began the juggling game of “robbing Peter to pay Paul,” which only got him deeper in debt. He took out a consolidation loan to pay off all the cards and put the debts in one big payment, but the temptation of all the empty cards was too much for him and he filled them all back up again. He finally had to declare bankruptcy because he was so deep in debt it was beyond what he could ever pay off.

So, take a good look at what is going on in your life. Why do you have credit problems? Are you in debt because of circumstances beyond your control or is it a chronic situation? Are you still getting deeper into debt or are you fixing the problem? There is no point in getting a home of your own if you will just end up losing it.

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. © 2005 Mohave Publishing. All rights reserved. http://i-can-buy.com

Fixing the Problem-- Part 2 Solving the problem.

2005-09-19T14:05:00.000-07:00

The first step in getting a home is fixing any money problems you may have.

• Get a credit report on yourself and check out what is on it. (To get one go to www.freecreditreport.com).

• If your credit needs repair, start work on it now.

• Do not get into any new debt.

• Live within your means. Make a budget and live by it.

• Cut up (or lock up) the credit cards, if they are a problem for you

• Start saving money. If you have poor credit, it is much easier to buy a home with a down payment, than without.

There are many sources of help available.

For help clearing up credit and getting debt under control, see Consumer Credit Counseling Service at http://www.cccsintl.org. They provide budget counseling, educational programs, debt management assistance and housing counseling. There are also many local branches of this nonprofit organization. There may be one where you live.

Beware of some “for profit” organizations that will help you consolidate debts. Often they are very costly. Why go to them when you can get free reliable help from a respected non-profit organization like Consumer Credit Counseling Service?

Some other places to go online for more credit advice and help:

• The National Foundation for Credit Counseling’s site “Debt Advice.”
http://www.debtadvice.org

• The American Savings Education Council
http://www.asec.org/toolshm.htm

• Making Lemonade - Help for single parents.
http://makinglemonade.com/

• Debtor’s Anonymous - a good resource when thing get out of control.
http://www.debtorsanonymous.org/

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. ©2005 Mohave Publishing. All right reserved. http://i-can-buy.com

Fixing the Problem-- Part 3: Warning— Watch out for Scams!

2005-09-18T14:10:00.000-07:00

If you are trying to get a real estate loan, consolidation loan or fix your credit, beware of advance-fee loan scams. They prey on people who need money and credit by guaranteeing you will get a loan or credit, but you must pay before you apply.

According to the FTC (United States Federal Trade Commission):

“…if someone guarantees or suggests that there is a strong chance they can get or arrange a loan or other form of credit for you, it's against the law to ask you to pay - or accept payment - for their service until you get your loan or credit.

Here are some points to keep in mind before you respond to ads that promise easy credit, regardless of your credit history:

• Legitimate lenders never "guarantee" or say that you are likely to get a loan or a credit card before you apply, especially if you have bad credit, no credit, or a bankruptcy.

• If you apply for a real estate loan, it is accepted and common practice for lenders to request payment for a credit report or appraisal. However, legitimate lenders never ask you to pay for processing your application.

• Never give your credit card account number, bank account information, or Social Security Number over the telephone or Internet unless you are familiar with the company and know why the information is necessary.

• If you don't have the offer in hand or confirmed in writing and you are asked to pay, don't do it. It's fraud and it's against the law.”

For more information see The Truth About Advance-Fee Loan Scams on the FTC website at: http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.htm.

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. © 2005 Mohave Publishing. All rights reserved. http://i-can-buy.com

Testimonial - We Did It! So Can You!

2005-08-05T14:13:00.000-07:00

After years of throwing our money away on rent, we finally got our own house! We never thought we would be able to to it, because we had really bad credit. We were self-employed and had a business failure in the past. No bank would even touch us. We knew that, so we had given up our dream of ever owning our own home.

But then I found the information in this book, "Buying a Home When You Have Bad Credit," and now we are living in our own home! The freedom is wonderful. Not only can we put up drapes, pictures or paint where-ever we want, but we can knock down walls! No more noisy neighbors above or next door to us! We have a yard for our dogs and kids!

If you have bad or no credit and want to buy a house, go to I-can-buy.com and check it out!

Irene R.

Free Real Estate Contracts

2005-07-23T13:12:00.000-07:00

To get free pdf downloads of mortgage sales contracts and other real estate documents, go to the I-can-buy.com site and download them! Did I say that they are free-- just click and download. No strings or email addresses required!

Lease Options or Rent to Own?

2005-07-14T12:42:00.000-07:00

Finding a rent-to-own house is one of the many ways someone with bad or no credit can buy a house. You will often find them called names like lease/options, lease with option to buy, lease purchase, lease 2 purchase, rent with option to buy, rent to own, or rent to buy homes.

There are a few differences between rent-to-own and lease-option agreements, although many people use the terms interchangeably. With a rent to own (or rent to buy) home, the buyer makes an agreement with the owner that part or all of the rent money will go towards the down payment of the home, and at a certain date, perhaps 2-5 years in the future, the renter will purchase the home, using the money that was set aside as the down payment.

There is usually not much money put down in the beginning, outside of what would normally be needed for a rental home, so this is a good way to get into a home for little or no down payment.

Another advantage to a rent to buy situation is that if you compare how much rent money is applied monthly to the home price, even if it is only 25-50%, it will still be much more money paid on the principal of the house than if you had taken out a loan for it. If you look at how much money goes to the principal payment of a home with a typical mortgage loan, you will find that most of your mortgage payment in the beginning is just paying interest on the loan. A rent to own agreement, where the money goes directly to the payment of the home, could be saving you a lot of money in the long run.

With a lease-with-option-to-buy, a renter signs a lease agreement (often for a shorter period of time, like1-2 years, but it could be longer). The renter/buyer usually pays a sum in cash, usually non-refundable, to the owner in agreement to buy the house at a later date for the price agreed upon. The renter has the option or right to buy the home, so in the end they have a choice and can back out it they want. Some of the rent paid may or may not go towards the purchase price of the home.

This is a technique often used by real estate investors in periods when the interest rate is rising fast. This way they hope to buy the home at a lower interest rate on a later date. In the meantime, they will sublease the home to someone else, who will make the payments for them.

Again, the terms “lease option” and “rent to buy” are pretty much used interchangeably today, so check with the owner to find out exactly what terms they are offering. Or approach an owner with your own offer for renting to own.

If you are a renter who is tired of paying someone else’s mortgage and want to own your own home, this is one of many ways that you can buy a home. One of the drawbacks is that you will still need to purchase the home at a later date. This may be a problem if you have bad credit, because you may still need to qualify for a loan when it is time to purchase the home. If your credit can be repaired in several years, this may be a great way for you to get your home now, and good motivation to clean up your credit for the future.

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. © 2005 Mohave Publishing. All rights reserved.

For more ideas on how to buy a house when you can’t get a home loan, look for our exclusive e-book, “Buying a Home When You Have Bad Credit,” which can be ordered only through our site at I-can-buy.com.

For free rent to own agreements, as well as other free real estate contracts and forms to download in PDF format, check out our site at site at I-can-buy.com.

By Alex Dey

Before You Buy

2005-05-14T18:49:00.000-07:00

Before you start looking for a home, figure out what you can realistically afford to pay per month. Check out the market in the area you want to buy. Find out what price houses are going for and what the payments are per month. Remember that you may end up paying a little more per month than someone with a conventional bank loan, so keep that in mind as you figure out what you can afford.

You are going to have to work harder to find a home you can get without a loan. You will have to shop around more. So, concentrate on your needs in housing before your wants. Make a list of the minimum that you will accept in a house. Only write down your essential needs. Do you have to have three bedrooms or can you make do with less? Do you have to have a two-car garage or will a carport do? Do you have to have a single story home for health reasons? How close do you have to be to a school?

Make a separate list of the things you want. Wants might include things like a pool or hot tub, a walk-in closet, wooden floors, a deck, or a certain type of architecture. It would be nice if you can find a home with some of your wants, but to begin with, concentrate on finding a home that meets your needs. Often many of these things can be added to a home later.

Also make a third list of things you absolutely do not want in a home, such as: too many stairs to climb, a fixer-upper, certain areas of town you dislike, a location too close to a freeway, or a location too far from the center of town.

You may not be in a position to be too picky. Perhaps you can make do with a smaller home for now, while you establish your credit and get equity in the smaller home. Then you will be in a position to trade that home in for a bigger home.

Re-establishing your financial footing is not as difficult as it used to be, but it is impossible if you attempt to buy more house than makes sense. Be conservative!

Are you ready to get started? Go to I-can-buy.com and get the instant download e-book, "Buying a Home When You Have Bad Credit."

From the book "Buying a Home When You Have Bad Credit-- 12 Ways to Purchase a House When You Can't Get a Home Loan" by Alexis Dey. © 2005 Mohave Publishing. All rights reserved. http://i-can-buy.com