Archive for: August 2013

Thousands of borrowers to get mortgage payments reduced

mortgage payments reduced

Through a new effort called the Streamlined Modification Initiative, borrowers with mortgages backed by Fannie Mae and Freddie Mac who are at least 90 days behind on payments will start receiving offers from lenders to lower their mortgage payments.

The Federal Housing Finance Agency (FHFA), which oversees Fannie and Freddie, won’t say how many delinquent homeowners will receive the modifications, but the Mortgage Bankers Association reported in May that about 1.1 million borrowers are behind on their mortgage payments by three payments or more. Not all of those mortgage holders have Fannie or Freddie loans, however.

 

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5 Ways to Quickly Boost Your Credit Score

 

Despite what all the advertisements say, there aren’t many ways for you to boost your credit score quickly and legitimately. Many of the advertised tactics revolve around disputing old, negative information in the hopes that the original creditor won’t respond and the mark will be removed. It’s an entirely legitimate technique but it’s a little dishonest. Some companies also advocate writing a letter to the original reporter of negative information and asking them to remove the mark for one reason or another. While less dishonest, it goes against the spirit of how the score was intended and while I have no problem with it, I think there are several honest moves you can make to give your score a boost without resorting to these tactics.

 

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Credit 101: Where to Hide Your Money from Creditors, and the IRS

One of the best places to hide your money is an ERISA qualified retirement plan.  Not only can you keep some of your money & credit safe, but you can also earn a tax-advantaged return on the money.  The money in your retirement account is protected from liability lawsuits.  Additionally, your retirement account might have some protection from bankruptcy and creditors (not always, though).
Even the IRS is reluctant to levy against your retirement account.  The IRS does have the ability to access any money that you have access to (so if you can’t withdraw from your account for whatever reason, the IRS can’t require the assets in the account), but in many cases officers are slow to move against your retirement account, even if they could.

 

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