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Are You Financially Prepared for Disaster?

November 20th, 2008 — , Financial Emergencies, Lenders, auto repairs, credit card, credit score, credit scores, disasters, emergency fund, emergency funds, emergency home repairs, emergency loan, enough money, financial disaster, financial preparedness, financial stability, hurricane, loans, losing your job, mortgage, natural disaster, personal finance, rainy day fund, tank, thousands of dollars from Credit Karma @ Credit and Personal Finance Blog | Credit Karma

Are you financially prepared for disaster? Answering this question may not be as easy as it seems, because there are a lot of different considerations that go into preparing yourself for one of many different disasters that can occur. For example, are you financially prepared to handle a natural disaster like a floor or a [...]

The Difference Between Good Debt and Bad Debt

November 16th, 2008 — , Bad debt, Credit Cards, boat load, car payment, case in point, cores, credit car, credit cars, debt, debts, expenditures, good debt, interest payments, leverage, money, mortgage, new business, overspending, personal finance, student loans from Rich Leverage @ Rich Credit Debt Loan

When you see the word debt, undoubtedly the first thing that pops into your mind is a credit car bill or a car payment. For many, debt means a mortgage or other high dollar expenditures. However, there are two main forms of debt and they are very different from one another. You cannot paint them [...]

Should You Pay Down Your Debts?

November 12th, 2008 — , banks, cards, consumers, credit karma, credit report, credit score, credit scores, debt, debts, increments, interest rates, money, monitoring service, mortgage, naught, open accounts, personal finance, personal loan, risk, scenarios, struggle from Credit Karma @ Credit and Personal Finance Blog | Credit Karma

One of the biggest issues that many consumers face is figuring out how much debt they should be carrying. As Americans struggle with mounting debts, the focus has shifted towards paying them down and getting them under control. While there are many benefits to paying off your debt, there are a few things to keep [...]

Should You Be Worried About the Economy?

October 28th, 2008 — , Credit Cards, Managing Money Wisely, Money Management, bad news, banks, car payments, cards, carpool, credit card bills, economy, emergency fund, foreclosure, gas prices, high interest rates, housing market, interest card, interest rate, loans, money, mortgage, mortgage payment, mortgage payments, personal finance, smart money, variable rate from Loanio @ Loanio

If you follow the news, chances are the state of the economy may have you a little concerned. Bad news is rampant, the housing market is shaky and doom appears to be around every corner. While there are some definite problems with the economy right now, that doesn’t necessarily mean that you need to start [...]

Mortgage Interest Rates Start To Change

October 7th, 2008 — , borrowers, consumer advocates, current situation, fannie mae, foreclosure, freddie mac, housing market, interest rates, lack of awareness, light at the end of the tunnel, money, mortgage, mortgage industry, mortgage payments, personal finance, refinance, resurgence, rude awakening, second job, specter, subprime, variable rate mortgage, variable rate mortgages from Loanio @ Loanio

There was big news within the mortgage industry recently as interest rates finally went back below 6%. The reaction was mixed, but the rate did prompt many people to rush to refinance their homes. For those that are stuck with variable rate mortgages, the current situation in the housing market has been volatile to say [...]

A Case for Interest Only Mortgages

October 3rd, 2008 — , Freaky Financial Fridays, Investing, conventional wisdom, extra money, interest only loans, interest only mortgages, meltdown, mortgage, mortgage interest rate, real estate from Mike @ richerbytheday

This post is part of my Freaky Financial Fridays series, where I argue a case from an opposing view, generally in contradiction to my own philosophy or conventional financial advice.
Interest only mortgages are often associated with the sub-prime meltdown and generally dismissed by responsible financial advisers. While interest only loans are often poor vehicles for [...]

WSJ Complete Personal Finance Guidebook By Jeff Opdyke

October 3rd, 2008 — , Book Review, Money Management, auto loan, banking, budget, burgers, checkbook, checkbooks, companion book, exact plan, financial news, financial whiz, guidebooks, jeff opdyke, loans, management plan, mortgage, necessary advice, personal finance, personal finance issues, real world, savings accounts, wall street, wall street journal, world advice, wsj from Rich Leverage @ Rich Credit Debt Loan

When it comes to a trusted source for financial news and information, it’s hard to beat the Wall Street Journal. They have introduced a line of guidebooks on many financial topics, but for this review we’ll be taking a look at their Personal Finance guidebook. While it may be a little simplistic for the financial [...]

What happened to personal accountability?

September 30th, 2008 — , Credit Cards, Government Stimulus, Home Equity, Sub-prime Agreement, economy, mortgage, real estate, savings, taxes from Blogging Man @ P2P-Loans.com

The $700 billion bailout package has raised a lot of eyebrows on Main Street. After all, isn’t it Wall Street’s fault for making all these risky investments that went bad? If so, why on earth would the government want to use taxpayer money to bail them…

Untapped Riches: Never Pay Off Your Mortgage–and Other Surprising Secrets for Building Wealth by Susan Cutaia, Anthony Cutaia and Robert Slater

August 22nd, 2008 — , Book Review, Income Streams, arm loans, debt, debt leverage, disappointment, faint praise, fixed rate loan, heart, high interest account, leverage, low interest rates, money, mortgage, multiple streams of income, personal finance, premise, real estate investment, smart loan, streams of income, way to make money from Rich Leverage @ Rich Credit Debt Loan

On the surface, this book seemed like the ideal read. It has a strong premise of how to create multiple streams of income using debt leverage. That is a great premise and one that we follow and put into practice every day. It was such a disappointment that this book failed to deliver on such [...]

Donald Trump Saves Ed Mcmahon’s Mansion

August 18th, 2008 — , The Economy, economy, mortgage from Personal Loan Portfolio @ Personal Loan Portfolio

For some time now, I have been warning about the mortgage crisis and its impact on P2P loans. The fact that Ed Mcmahon, Johnny Carson’s former sidekick, is in default on his home mortgage shows just how screwed up some Americans were in their thinking about debt, the housing market, and personal finances. [...]

What You Need to Know Before Buying a Foreclosed Property

August 18th, 2008 — , bearing, biker gang, career track, intended market, investment property, metropolitan area, money, mortgage, personal finance, real estate, renter, risk, time 2 from Rich Leverage @ Rich Credit Debt Loan

As housing prices keep falling, many people are considering getting into the property market like never before. If you are looking for an investment property, now is certainly the time to strongly consider your options. However, before you get in over your head, there are a few things you need to know about foreclosed property. [...]

Using the Right Bank for You

August 11th, 2008 — , Rant, banks, best customer service, credit unions, minimum balance requirements, mortgage, ridiculous fees, saving from Mike @ richerbytheday

We all have horror stories about how we were mistreated, overcharged, or otherwise screwed by a bank at some point in our lives. If we find this happening again and again, it’s quite possible that we’ve chosen the wrong bank. The choice of a bank is less about whether a bank is good [...]

Planning For Retirement Late in Life

July 31st, 2008 — , 401k, Financial Security, Income Streams, Investing, Retirement, back seat, centuries, debt, debt leverage, decent shape, diversification, emergencies, financial future, freedom, good debt, good neighborhood, leverage, millionaires, money, mortgage, mortgage payment, multiple streams of income, new stream, personal finance, real estate, social security, streams of income from Rich Leverage @ Rich Credit Debt Loan

Not all of us have had the luxury of spending the last 20 years to secure our financial future. Most of the time, through no fault of our own, putting aside money for retirement takes a back seat to handling emergencies or schooling for our kids, or simply the daily expenses of life. If you’re [...]

Credit Karma — Free No Strings Credit Scoring

July 22nd, 2008 — , credit bureau, credit card offers, credit score, fico scores, free trials, mortgage, personal finance, spam, ssn, third parties from Rich Leverage @ Rich Credit Debt Loan

Never before have Americans been so interested in their credit scores, and as such, numerous sites have cropped up offering to sell them. It can get pretty expensive if you want to keep checking your score with these sites and many people discover hidden monthly fees that rack up quickly. While you can get a [...]

Does America Need to Wake Up Financially?

July 9th, 2008 — , adjustable rate mortgages, economy, food costs, food prices, gas prices, mortgage from Lazy Man @ Lazy Man and Money

I might not have mentioned it, but I’m in Los Angeles this week, staying at a swanky hotel called The Omni. (I’ll tell you more about it after my stay, but it’s essentially free.) They dropped off a copy of USA Today yesterday and for the first in months, I read a physical newspaper. It’s a general interest newspaper, but the front page seem dominated by financial concerns. There is a “Nation’s gas gauge” in the top left showing how much the price of gas has changed in the last day and the price a year [...]

Finance 101: Good Debt vs. Bad Debt

July 8th, 2008 — , Bad debt, Finance 101, Insurance, fdic insurance, good debt, leverage, mortgage, student loans from Lazy Man @ Lazy Man and Money

I’m amazed by the number of people who seem to be against debt. Debt has become has a problem in America, but I think too many people clump the good with the bad. To the people that don’t like debt, would you take a million dollar loan at 1% interest? I would. I’d immediately put it in a few interest baring accounts that are FDIC insured (I say a few because FDIC insurance doesn’t cover a whole million). At today’s rates, which are historically pretty low, you can make a guaranteed 3% on that money. [...]

FHASecure New Rules

May 19th, 2008 — , Home Equity, adjustable rate mortgages, debt help, forgiven debt, fsasecure, mortgage, real estate, refinance from Mike @ richerbytheday

FHASecure is the program started last August to allow sub-prime borrowers to switch to low, fixed-rate mortgages after they fell behind on payments because their adjustable rate mortgages reset.
Only about 1.5% of the 200,000 refinances through FSASecure are reported to be for those who were about to lose their homes. The rest were homeowners [...]

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Housing Crisis Over? Mixed Data Suggests….

May 7th, 2008 — , Government Stimulus, Home Equity, Sub-prime Agreement, foreclosure, loan, mortgage, real estate from Blogging Man @ P2P-Loans.com

P2P-Loans.com has recently noticed a number of smart folks writing about the end of the housing crisis. In two separate articles in the WSJ (”Opinion: The Housing Crisis is Over” and “Is Housing Slump at a Bottom?”). These articles make very valid po…

Taxes Due on Cancelled Debt

April 28th, 2008 — , 1099-C, 1099C, Credit and Debt, IRS, bankruptcy proceedings, debt cancellation programs, estimated tax payments, forgiven debt, form 1099, heloc, mortgage, tax payments, taxes from Mike @ richerbytheday

Creditors may forgive, but the IRS won’t forget. That’s the takeaway for many types of canceled debt. The forgiven debt is often seen as income subject to taxes.
For example, if you are unable to pay your credit card bill and negotiate with the card issuer to a reduced amount, the amount of reduction [...]

Tax Payer ALERT! The Gov’t Wants To Bail Out Troubled Homeowners

April 18th, 2008 — , Home Equity, Sub-prime Agreement, foreclosure, income tax, loan, mortgage, real estate, taxes from Blogging Man @ P2P-Loans.com

Is there a tax-payer funded (err… “government sponsored”) bailout coming for honeowners? Momentum appears to be building for a broad-based program to bail out folks that bought homes in the boom times and can no longer afford to make their payments …

Credit Score Advice from a Mortgage Lender: Mortgage Refinancing Experience

April 17th, 2008 — , borrowing, mortgage from Personal Loan Portfolio @ Personal Loan Portfolio

This is the second post in a series on my recent experience applying for mortgage refinancing.
While applying for mortgage refinancing, I asked the loan officer for credit score wisdom based on her experience. I knew most of the advice but I found some of her comments interesting so I’ll post the collection of advice, [...]

Mortgage and Divorce: I’m Unhappy To Be Stuck With You

April 16th, 2008 — , divorce, mortgage, real estate, san francisco from Lazy Man @ Lazy Man and Money

The San Francisco Gate writes that more and more divorced couples are forced to live together while trying to sell their home. People can’t sell their homes, leading to a real-life version of the Jennifer Anison/Vince Vaughn movie, The Break-Up.
It’s not just that there are too many sellers and few buyers, it’s that people have bought more home than they could afford. As housing values dropped, they have found that they owe the bank more than the home is worth. In order to leave they are going to have to dip into their savings to pay the [...]

Rebate for the Rich? Stimulus Plan Has Something For the Wealthy, Too!

April 14th, 2008 — , income tax, mortgage, real estate, taxes from Blogging Man @ P2P-Loans.com

P2P-Loans.com came accross this Fortune magazine article and thought our readers might like to know more about the stimulus plan (even if you don’t qualify for the rebate check, READ ON). In a previous blog post, we wrote about the tentative stimulus …

Wealth Accelerators

April 2nd, 2008 — , Credit and Debt, Net Worth, PMI, budgeting, cash flow, financial situation, heloc, high interest, insurance company, interest debt, married man, mortgage, positive cash flow, saving, single guy, two cars from Mike @ richerbytheday

There are many reasons why my finances are in good shape. In coming up with a list of those reasons, I noticed that a few were key to my getting ahead. I call these my wealth accelerators because they have had a dramatic effect on my net worth. Without these I would [...]

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Help, My Credit Score Just Fell Off A Cliff (and I didn’t even do anything)!

March 25th, 2008 — , Credit Cards, Home Equity, P2P Lending, Prosper, loan, mortgage, personal loan from Blogging Man @ P2P-Loans.com

As you may not know, Fair Isaac (what’s so fair about them, I don’t know) recently updated its FICO score formula and it is being rolled out by the three primary credit agencies. While there are many views on whether these changes are good or bad, the…

I Need Money (Don’t We All) - Read On To Learn How to Get Some…

March 20th, 2008 — , Prosper, loan, mortgage from Blogging Man @ P2P-Loans.com

As you probably know by now, I tend to blog about things that I find curious, interesting or about P2P lending, Prosper, etc. Well, I recently came upon what I felt was a pretty useful collection of some of the best financial sites and tools on the we…

So, What the Heck Does This Fed Rate Cut Mean to Me?

March 19th, 2008 — , Home Equity, loan, mortgage from Blogging Man @ P2P-Loans.com

I was in the process of writing a blog posting on this very topic when I stumbled accross this well-written article from Bankrate. So, I thought I would share it with you. Enjoy!Who wins, who loses in Fed’s rate-cutting spree?By Chris Kissell • Bank…

Is Prepaying Your Mortgage a Mistake?

March 8th, 2008 — , Carnival, Credit and Debt, Investing, mortgage, real estate from Mike @ richerbytheday

As someone who is debt free in all other aspects of my life, it’s probably not surprising that I prepay my mortgage. By prepaying, I mean paying more than the required payment each month. This will allow me to pay off my mortgage in about a third of the time. I’ll save [...]

Forget Mailing Your Keys to The Bank: Live in Your Home Free (at least for a while)

March 6th, 2008 — Home Equity, foreclosure, mortgage from P2P-Loans.com @ P2P-Loans.com

I don’t normally re-post blogs, but I found this posting from the WSJ and found it particularly interesting. In fact, I have some experience with this area as I know someone in my local market that has executed the home squatter strategy to near perfe…

Bank of America Buys Countrywide: Good News For Countrywide Customers?

January 14th, 2008 — Bank of America, Countrywide, Home Equity, loan, mortgage from P2P-Loans.com @ P2P-Loans.com

As you likely know by now, Bank of America announced plans to acquire Countrywide last week in what many have called a “rescue” deal. But, if you are a Countrywide customer, what does this mean to you? I believe it is good news for you and here’s why. …

Trouble with your Mortgage?

October 5th, 2007 — P2P Lending, foreclosure, loan, mortgage, personal loan from P2P-Loans.com @ P2P-Loans.com

(P2P-Loans.com is Sponsored by eMusic) Get 25 FREE iPod® compatible downloads from eMusic! Choose from over 1.7 Million songs!————————————Are you having trouble with your mortgage payment? Is your ARM about to reset placing yo…

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Prepaying Your Mortgage

October 4th, 2007 — Financial Education, Lending Club, Strategy, amortization, calculator, mortgage, prepaying, prepayment, principal, table from Mike Smith @ Better Rates. Together.

In my recent post about amortization, I discussed the different categories of repayment. I also mentioned that prepayment, when permitted by your loan, is an excellent way to save money by shortening the loan term. I’d like to expand on that topic and give you an example of the impact prepayment can have.
For the purpose [...]

How I Shopped for My Mortgage

September 14th, 2007 — Financial Education, Lending Club, closing, exotic, finding, knowing, mortgage, negotiate, shopping, sources from Mike Smith @ Better Rates. Together.

When you are looking to buy a home, it’s important to treat the process of finding a mortgage like any other shopping trip. You want to find a mortgage in your price range, one that fits you well, and preferably one that’s on sale. Below are the steps that I took to find the right [...]

My Favorite Mortgage Calculator

September 12th, 2007 — Financial Education, Lending Club, advanced, boxes, calculator, favorite, input, mortgage, prepayment, scenarios from Mike Smith @ Lending Club

The Internet is flush with calculators and tools to help you visualize and manage your mortgage. In an effort to clarify how I personally manage my finances, I wanted to disclose the site that I use. My favorite calculator is Karl Jeacle’s Mortgage Calculator.
You can set the parameters for your mortgage using either [...]

Backwards Thinking on Mortgage Interest Deductions

July 31st, 2007 — Financial Education, Lending Club, bracket, deduction, deductions, largest, mortgage, reduced, taxable, taxes from Mike Smith @ Lending Club

For most Americans who have a mortgage, interest paid on their mortgage will likely be one of their largest tax deductions. Misunderstanding this deduction is common and often leads to poor decisions.
The mortgage interest deduction will reduce your taxable income. This means that the taxes you pay will be based on a smaller amount. It [...]

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Using Prosper for a small mortgage

July 30th, 2007 — Prosper, mortgage, real estate, unsecure loan from tom @ Prosper Lending Review

Today there is all sorts of interesting news about unusual uses of peer to peer lending. The Wall Street Journal published an article about using P2P lending to fund a startup. I just came across an article on Mortgage 101 about using Prosper to fund…

When Borrowing Makes Sense

July 24th, 2007 — Financial Education, Lending Club, acquire, equity, house, liquidating, mortgage, property, sense, surplus from Cesar Magnaye @ Lending Club

When Thomas Jefferson said, “Never spend your money before you have earned it,” he probably did so in consistence with the traditions at the time. While that prudent advice still remains a desirable ideal today, it is no longer a paradigm cast in stone for our modern era. The fact is financial concepts have evolved, [...]

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