Monthly Archives: January 2018

Alternatives to Foreclosure

First and foremost its vital that you communicate regularly with your lender and understand all of your options. Whether you’re about to have your house sold at auction, foreclosure is in sight, or you’ve missed your first payment or possibly second payment, you may still have a good chance of saving your home and avoid the foreclosure nightmare. Also, if you are current and in good standing today with your monthly payments but recognize the coming months may get financially too tight, then be prepared and act now! Let’s review a handful of options, highlighting the positives and possible negatives of each process. Which avenue is best for you during your hardship?

– Loan Modification: This method of getting back on track with your home loan is most often the best route when the hardship you’re facing is temporary. There should be no damage to your credit history and you can stay in your home happily. Some solutions include; minor adjustments by deferring your past due amount to the end of the loan or reducing the payment for the next few months/lowering your interest rate. A loan modification occurs where all parties involved with a problem loan mutually agree to create a new and better loan. The loan modification should concur previous financial issues, ensuring new obligations are met seamlessly. However, modifying your home loan is not as easy as it sounds, especially attempting to mange it on your own. Contacting, communicating and working with the proper individuals with in your Lender’s organization can be frustrating and simply inefficient. I suggest working with a seasoned professional to help expedite the process. Your best bet is to retain a professional, experienced mortgage attorney and/or legitimate, credible law firm experienced with a history of loan modification successes. Banks do not want to foreclose on your property. They would rather continue collecting your money than take over your property, especially with the current high volume of foreclosures nationwide.

However, if your credit is severely damaged your lender may not approve the modification in fear that the new proposed terms will not be met successfully. Monthly payments may still be a bit high as you are keeping your entire mortgage balance plus the total default amount.

– Refinance: If your hardship is due to your current tight financial situation amplified by your adjustable rate mortgage that’s inflating your monthly payments, you may still be able to refinance into a fixed-rate loan. However, if you are already late on payments and your credit history has gone down hill, this option may be unavailable. Work with a trusted source or loss mitigation specialist to review and dictate your possibilities. They should be able to give you a clear answer as to whether this is possible without charging you any fees. There are of course normal charges and fees if you pursue and successfully refinance and your credit will stay in tact.

Keep in mind, refinancing is most likely not available if your credit is already severely damaged. There must be a certain percentage of equity (the amount you owe on the loan is less than what the property is worth and the positive difference is your equity) and the monthly payments may still be somewhat high.

– Home Sale: If the amount you owe on your property is less than or equal to the current market value of the property, selling your home may be a good option because you will be able to pay off the mortgage in one lump sum. But in today’s real estate market this option is rarely the case. As you probably know, home prices have decreased nationwide, the job market has pinched people out of work and new prosperous jobs are tough to come by. Most people in mortgage trouble today are faced with the problem of owing more on their property than it’s worth. If you are in a position to sell your home and pay off the mortgage in full, then you do not need a loss mitigator and should contact your local, trusted Realtor.

– Short Refinance: A Short Refinance, also known as a short payoff, is a transaction where the lender agrees to accept less than the full amount owed on the entire mortgage. Instead of the property being sold, it is refinanced with a new bank or lender. The short refinance allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy. If you want to keep your home, but don’t have enough equity to get into a foreclosure bailout loan, a short refinance is your answer. By negotiating a short refinance with your current lender, you can obtain a payoff of less than the full amount owed, and refinance your home with a new lender. At this lower payoff amount, you are then able to have a mortgage you can afford. This option may not be available to you if you are severely past due on your mortgage or have severely damaged credit.

Again, with a successful short refinance the entire debt is wiped away and the backs will not and can not go after you for the difference. I suggest working with a loss mitigation company who will manage and negotiate on your behalf. You should have no out-of-pocket expense because they will work all fees into your new loan. There should be minimal damage to your credit.

– Short Sale: Are you behind on your mortgage, or unable to work with and negotiate new terms with your current lender, or concerned about your home foreclosing and therefore damaging your credit? If you fall into any of the above categories then the short sale option may be the best avenue for you. In such an event the lender agrees to forgive the financial portion of the mortgage payoff that is not covered by the sale price. In return, the borrower does all the legwork associated with the listing and selling of the real estate. Here is an example of the short sale process:

– You owe $350,000 on your home and are unable to make your minimum monthly payment, and your financial situation in the coming months doesn’t look to get any better.

– You’ve fallen behind on your monthly mortgage payment and are entering into the pre-foreclosure period.

– At this point FIND AN EXPERIENCED REAL ESTATE AGENT WHO HAS DONE A SHORT SALE BEFORE and has a successful track record. Your real estate agent will be able to deal and negotiate with the mortgage company on your behalf. An experienced short sale agent will give you a much better chance of successfully short selling your home.

– The property can then be listed with stipulation that the sale is pending third party approval.

– Interested buyers make offers that are submitted to you and your agent. If agreeable, offers are sent to the bank for approval. In this scenario, an offer may come in at $300,000. You submit this offer to your lender, requesting forgiveness of the outstanding $50,000.

If successful, the banks will report this on your credit history as ‘Settled For Less Than Owed.’ This is a negative mark on your credit score but is nothing close to a bankruptcy or foreclosure.

– Deed in Lieu of Foreclosure: This is the last resort when faced with a possible foreclosure. It means simply giving away the deed to the bank in exchange for them not pursuing a foreclosure action against you. This does significant damage to your credit score, but is still better than a full foreclosure. You will avoid “foreclosure” on your credit and the bank will not pursue you for the outstanding balance on the loan. This option is only available if the house has been on the market for 6 months with no buyer and if the foreclosure sale date hasn’t been set yet.

– Bankruptcy: This is the final alternative to foreclosure. This can be a costly process and tough to successfully accomplish since your hardship already has you in a financial bind. There are two basic options available to consumers under the bankruptcy laws: chapter 7 and chapter 13.

The major benefit of a chapter 7 is to get rid of unsecured debt such as credit cards and medical bills. You will be allowed to keep certain kinds of property under the exemptions allowed by federal and/or state laws. The definition of “exempt property” differs in each state and usually includes your home, car, clothing, furniture, household appliances, and tools of your trade — each to a certain dollar amount.

While a chapter 7 bankruptcy is appropriate under the right circumstances, its use is limited in comparison to a chapter 13. A chapter 13 can be used to protect “unexempt property.” In a chapter 13, you pay a portion of your monthly income to a trustee for distribution to your creditors. A repayment plan is useful when you are behind on your home mortgage payments, taxes, or a car loan. A chapter 13 may be in effect from three to five years. It normally allows you to pay less than you owe. The extended payment period allows you to make smaller payments. You will be allowed to keep part of your monthly income to pay for living expenses like food, clothing, rent/mortgage, and medicine.

To qualify for a chapter 13 repayment plan, you must have regular income, and your unsecured debts must not exceed $250,000. If your unsecured debts exceed $250,000, you may be able to qualify for a repayment plan under chapter 11. Proceedings under chapter 11 are much more complicated and expensive (but not more powerful) than those available under chapter 13.

An Educational Guide on Automotive

There are many things the common person doesn’t understand about the mechanics of an automobile. Most people aren’t interested, but it can’t hurt to learn since investing in a car is something most of us will do at some point. In this guide I’ll discuss how an exhaust system functions and things you should know about an exhaust system.

There are several parts to your car that you can actually inspect yourself; the exhaust system is one. I always recommend searching for any holes in the exhaust system, since this can be extremely dangerous as it allows fumes to enter your car. If you find any holes, you should bring the car in immediately.

An automotive exhaust system is made up of five different parts. There’s the exhaust manifold, the exhaust pipe, the oxygen sensor, the catalytic converter and the muffler. Each of these parts has their own duties to allow the exhaust system to run smoothly.

The exhaust manifold is responsible for releasing the gases. This is done through one pipe. The manifold is attached to the cylinder head where the emissions take place. This part can be made from different materials, but most commonly made with cast iron.

Any car that requires fuel injection must have an Oxygen sensor. This part is usually located in the exhaust manifold, but can also be found by the pipe. An O2 sensor is responsible for evaluating the ratio between air and fuel. It’s specifically looking for oxygen levels in the ratio and during this process the computer will determine the amount of fuel required to get the most efficient levels for fuel economy.

Then there’s the catalytic converter which is responsible for converting carbon monoxide and hydrocarbons. It takes these chemicals and converts them to carbon dioxide and water. This process takes place between the muffler and the manifold. Usually a catalytic converter is made with a honey comb filtration system.

Most people have heard of a muffler before, but that doesn’t mean most know what it does! It’s actually there for noise pollution. It takes the noise from the exhaust and keeps it quite by dissipating the energy from the noise.

The last part of the exhaust system is the exhaust pipe. It’s often made from steel products, like stainless steal or even aluminized steel tubing. The exhaust pipe runs from the tail pipe through all the parts mentioned above.

Educators Guide to Planning

WIRELESS NETWORKING FOR THE EDUCATOR – PART 1

“PRIOR PLANNING PREVENTS PISS POOR PERFORMANCE”

There are many things to think about when planning a wireless network for a school environment. Your wireless network must be secure, must be able to handle teachers and staff work loads, and finally provide wireless access for mobile laptop labs for students. Combining all the above could be seem very difficult considering most schools will have about 100 staff members and over 500 students.

The first stage of planning your network is to discuss with staff what a wireless network will and won’t do. Find out exactly the areas where the staff will and won’t need wireless access. Will the staff or students need access in the gym area? Will the students need wireless access outdoors? How many wireless laptops will be accessing the network? What applications do the staff intend to use while using the wireless network? What applications will the students be using on the wireless network? Keep asking questions until you feel everyone understands the capabilities of a wireless network. If you fail to ask many questions it could cost your district a lot of time and money on something that doesn’t fill the schools needs.

Wireless networks in schools will usually have to support the following missions. A common need is to provide access for mobile laptops labs for students. Students use the labs to surf the internet, access network servers and perform research. Your network will need to support over twenty students accessing your wireless network in one area at the same time.

Mission two,, outdoor wireless access. This can provide a great learning opportunity for students to take technology out of the class room and perform science experiments via wireless computers. Great for students, but a large potential headache to secure an outdoors wireless network.

Mission three, provide teachers and staff members wireless network access to move through out the schools with out having to reconfigure their laptop every time they switch rooms. Seamless wireless access is a must for educators who are usually strapped for time and have little technology training. Your network needs to flexible enough to handle staff training sessions and conference rooms.

Mission four, Security. Providing wireless access for schools is one thing, providing secure wireless access in a school environment can be very difficult. Security in schools is often the last concern so when planning for your network explain all the wireless security threats to your planning committee so they know you just can’t throw wireless access points around the network and expect things to go well. Students are very smart and often more computer savvy then teachers so if you have an open wireless network it will be exploited with in the first day.

An Educational Guide for Beginners

New in the Forex market? This market may sound really complicated and scary to tackle but it’s not. Just like in any kinds of trade, you make money when you buy low and sell high. It is simply trading currencies in the Forex market.

Forex is the largest financial market in the world. It generates trillions of dollars of currency exchanges everyday and it operates 24 hours a day and seven days a week therefore, also making it the most liquid market in the world.

In the world of Forex, trading in this very liquid market is very unique compared to other financial market like stocks. Since the market operates 24 hours a day worldwide, which starts at Sydney and ends in New York, trading is not centralized in one location. You can trade whenever you want regardless of the local time.

In the past, Forex trading was only offered to large financial institutions, like banks. And, it was also only offered to large companies, multi-national corporations and large currency dealers. This is because of the large and extremely strict financial requirements imposed. This means that individual traders and small businesses are not able to participate in this liquid market.

However, in the late 90s, Forex was made available to individual traders and small businesses. This is due to the advances in the communications technology. High speed internet made it possible for people to enter the market and have become one of the best make money at home businesses.

It is getting more and more popular each day. Besides, who wouldn’t want to trade in the largest and the most liquid financial market in the world? Trading in Forex will certainly give you the opportunity to earn a lot of money. However, trading in this ever liquid market also has its risk. It is a fact that many people who lost a substantial amount of money and some of these people are seasoned traders.

This is why it is very important for you, as a beginner trader, to have the proper knowledge and education on how to trade in the market. Firstly, there are hundreds or even thousands of available websites in the internet that offers relevant education. Some of these websites offer dummy trading accounts where you can practice trading using dummy money.

These programs will really take you closer to actually trading. Many experts say that you’ll never really understand how it really works until you traded in the market. So, if you want to learn how to do it, you may want to sign up for a dummy account that numerous websites offer.

With a dummy account, you can trade by not using real money at all. With this program you can practice your knowledge and skills in trading in the market and not waste money.

To get started in trading in this market, all you need is a computer with a high speed internet connection, a funded account, and a trading system. These three simple things are enough to get you started in trading.

In order for you to minimize the risk of losing money, you need to have some basic knowledge in charting before you start trading. In most trading systems, charts are there to assist you with your trades. Charts are a visual representation of the exchange rates of currencies. This is where you will mostly base your decisions to buy and sell currencies. You have to learn how to read the different charts in order for you to successfully trade in the market.

Each chart is different although they represent the same fluctuations. For example, in the daily chart, you can evaluate market trends in the past 24 hours to help you make decisions on the next 24 hours of trading. In the hourly chart, you can use this chart to spot trends within the day. And, in the 15 minute chart, where it can help you recent currency fluctuations in a 15 minute interval to help you decide on which currency to buy and sell. Sometimes, there are 5 minute chart available to better help you get closer to the action.

These are the basics on how to trade in the market. Always remember that aside from the promising earning potential that you can have in the market, there are also underlying risks that you have to consider. It is therefore wise to trade in this market with a proper investment plan and strategy. If you are just starting out to trade in Forex, consider opening a dummy account to help you practice trading without risking money.