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Don’t Pay Off Bad Credit

Step three in the “Should I Buy a House Now” series is somewhat of a sidetrack ... towards housing payments. Step 3) Start Improving Your Credit Rating This can take a long time ... your bills on time, that you have good credit.  Paying your bills on time only accounts for 30% to 35 [more...]

Date: 2008-11-11 17:02:59

Blog posts (144) | Videos (103)

Topics In First Time Mortgages Explained

Topics In First Time Mortgages Explained Posted By Chris Channing on @ 11:30 pm by Chris Channing When it comes time to buy a house or vehicle, ... locations. Having a bad credit score often hinders many from even attempting to obtain a mortgage loan. This shouldn’t be a deciding factor, since many lenders these days expect most to have a less [more...]

Date: 2008-10-21 04:30:38

Houses, Credit Reports, Lenders….ACK!

Wondering about buying your first home? Are you ready to move up or down-size? Have you heard they aren’t making loans any more? ... gift’ you cash for a down payment. AND *You don’t need stellar credit with FHA loans! Bad things ... your needs. *Good credit; your credit score needs to be 620 or higher, in most but not all cases. FHA [more...]

Date: 2008-11-08 12:00:06

How To Buy A House

There has been a lot written about the mechanics of how to buy a house ... again you might even need a down payment to get a loan. A bad credit rating no longer just means ... . But what if you can’t get preapproved? What if you have little income, bad credit or other serious problems [more...]

Date: 2009-01-13 02:01:00

Repairing Bad Credit - Things You Need To Know

If you plan on buying a house, a car or foresee needing a loan for something, then it’s important to improve credit, ... and a score in the 700s can end up costing you thousands of dollars in interest. Bad credit repair isn’t something you can pay a nefarious character to just “erase.” Your credit score is designed to let [more...]

Date: 2008-12-09 10:57:47

Bad Credit? Have We Got a Mortage for You...

From Giovanni Diviacchi:My wife and I want to buy a house, but we found that the only mortgage that we were eligible for was a new product called a Late Payment Mortgage.  It's for people with really bad credit.  The bank gives you a lower interest rate if you let them begin foreclosure proceedings at the closing table.***Giovanni Diviacchi is a business analyst and stand-up comedian in  Washington, D.C. [more...]

Date: 2009-06-13 10:00:00

Bad Credit Loans

Are you short of money? Scared that you may not be able to buy your own house you promised your wife this birthday? ... to know more visit the site. They also have extensive material on how to clean up and repair bad ... Planning to apply for a loan but don't have a good credit to get one? Then stop worrying. Bad [more...]

Date: 2009-01-12 16:38:32

Why buy when you can rent?

for-rent-2.gif There are times besides a bad housing market that renting is the smart thing to do, suggests Christine O’Kelly at Beal Properties ... . A ding on your credit. It will buy you time to improve your credit score and save for a down payment [more...]

Date: 2008-09-04 02:07:37

Prefab Housing: 2 Diamonds (SKY, CHB) In The Real Estate Rough

Sometimes the worst markets hide the best profit opportunities. And you don’t get much worse than the housing market at the moment ... for buying stocks in bad industries. Jeremy Siegel, one of Wall Street’s best investment minds, said ... at a steady clip for one obvious reason: in today’s credit crunched economy, people are looking for low-cost [more...]

Date: 2008-11-14 11:34:02

UPDATED: Senate buys into the Wall Street buy out… Obama: John Q Public too stupid to know what’s good for country… George Soros says buy out won’t fix credit problem

Putting increasing pressure on the House “no” voters to fall in line, the Senate voted (74-25) overwhelmingly in favor of a $700 bil government purchase of bad debt from Wall Street … with lots ... (increasing FDIC insurance limits). The basics remain the same. The government will buy bad assets [more...]

Date: 2008-10-02 02:59:48

Bad Credit Car Loans

The worst case credit scenario for all of us is bankruptcy. I read an article by a bankruptcy attorney once that people’s biggest fear when they’re deciding whether to go through bankruptcy is that they’ll never be able to own a home again and they’ll never be able to buy another car. Those fears aren’t really justified, but it’s true that borrowing for cars and houses is going to get much tougher after you’ve gone through the big BK. [more...]

Date: 2009-08-15 13:17:19

FHA Loans- Affordability Solutions for First Time Homebuyers

Author: Jared Martin “FHA” and “First Time Homebuyers” are real buzzwords as far as home buying is concerned, ... . The intent of this article is to quantify the features of this loan, both good and bad, and discuss ... Housing Authority. Recent events in the credit markets have made the FHA loan a true affordability [more...]

Date: 2009-01-02 03:10:31

If You Were Sec. Paulson for a Day: A Foreclosure Clearing House?

On one of many flights this week I was asked the question, “what would you do with the $700 billion of bailout money? ... more to the story but for the sake of brevity we’ll leave it at that. 2) Credit liquidity in the current market ... by the government buying up the bad assets, giving capital to the banks in return for equity stakes [more...]

Date: 2008-11-13 16:32:03


For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success ... loans, which carry high interest rates and are tailored to borrowers with low credit scores or few ... the housing boom. But when these markets began to weaken, bad loans depressed the value of neighboring [more...]

Date: 2009-01-06 13:19:54

Die Broke: A Radical Four-Part Financial Plan

Conventional money wisdom focuses on saving. If you earn more, limit expenses, and plan properly, ... ) Pay Cash (reserve credit for times when you cannot pay cash, like buying a house or a car) Don’ ... off of a cliff) Die Broke (unnecessarily saving for an inheritance can be bad for families, bad [more...]

Date: 2008-12-19 08:37:19

Why Does Anyone Think the Recession is Bad for Apple?

Why Does Anyone Think the Recession is Bad for Apple? 12:01 am, November 20th, 2008, Pete Mortensen AAPL Growth.png ... from one of the world’s largest companies, showing that the current credit crisis doesn’t actually ... player market. When people aren’t buying cars and houses, they still find time for personal entertainment [more...]

Date: 2008-11-20 08:31:18

Should You Invest In REIT?

With the current housing market meltdown, it’s hard to think about investing in real estate ... with maintenance — i.e., answer midnight phone calls to go fix the toilet. You don’t have to deal with bad ... . Moreover, the current tight credit market and lack of cash makes it even harder to buy [more...]

Date: 2008-10-23 03:39:11

The Ups and Downs of Buying a Home

Pretty soon this will be our yard! We’ve been on the home buying roller coaster for almost a month now, ... .  We meet my dad at the house and tour the inside.  It’s in bad shape, but we like the lot ... the numbers, checks our credit, and determines that we should have no trouble qualifying.  That night [more...]

Date: 2008-07-24 11:00:15

Was the Bailout Too Costly?

Was the Bailout Too Costly? Written by Credit Karma October 13th, 2008 at 10:25 PM CDT No comments According to numerous sources at this point, ... of the issue, which is fixing the housing crisis and creating jobs.” She was quotes as saying in a recent ... as $700 billion dollars to buy off bad mortgage security as well as other devalued assets that [more...]

Date: 2008-10-14 04:26:06

House approves bailout: $700-billion-plus

by Mark Silva and updated at 3 pm With the House's second and successful vote on a $700-billion federal rescue of the nation's financial markets ... at freeing a freezing credit market for businesses and consumers alike. It authorizes the Treasury to start buying as much as $700 billion in bad mortgage-related debts from banks and other financial [more...]

Date: 2008-10-03 19:06:58

AMC, Wells (Appraisal - a Must Read) , US Bank, GMAC updates; MortgageIT gone, What’s with the buy-ups? Rates tumble

The economy is pretty bad right now. Yesterday I was putting a foreclosed sign on my house, and while I was doing that, ... this decision based on the struggling economy, the credit crisis, and the integration with Merrill Lynch [more...]

Date: 2008-12-12 15:11:03

How Wall Street’s Meltdown Helps Main Street’s Housing

Just for fun, let’s imagine a possible silver lining to the complete melt down on Wall Street ... to extend car loans, credit card debt, retail debt and so on.  But this may not be all bad ... are up and his long commute is killing them.  They need to buy a different car.  “But no one is lending money [more...]

Date: 2008-09-19 13:00:15

REPORT: Credit lines increasingly hard to come by for auto dealers

Filed under: Car Buying Like him or loathe him, George W. Bush's clearest, most salient speech came almost a year ago on September 25, 2008 when our Harvard MBA president explained to the nation and the world exactly how bad the economy had gotten and why so much federal money ($700 billion-ish at the time) was being hurled at America's banks. The full speech can be found here , but one little section bears quoting: The decline in the housing market set off a domino effect across our economy. [more...]

Date: 2009-09-03 15:02:57

artist feature :: arabella proffer

“Arabella Proffer-Vendetta is a painter, designer, and co-founder of the indie label Elephant Stone Records. Her loose narrative themes revolve around a fascination with punk rock, aristocrats, Renaissance fashions, aging socialites, pre-code cinema, gothic divas and rock ‘n’ roll groupies. She attended Art Center College of Design in Pasadena, CA before receiving her BFA from California Institute of the Arts, and has participated in solo and group exhibitions throughout North America and Europe. [more...]

Date: 2009-09-26 21:23:38

Miguel Barbosa Interviews Michael Mauboussin: Author, Investor, & Multidisciplinary Thinker

Benoit Mandelbrot once said that “failure to explain is caused by failure to describe”. The world has experienced one of the most severe financial crises. How should we make sense of what happened? Without a doubt, we should describe the financial crisis in a multidisciplinary fashion. Only through multiple perspectives can we begin to uncover the origins of the “great recession”. Today, I’m pleased and honored to have one of the foremost experts in multidisciplinary thinking, Michael Mauboussin. [more...]

Date: 2009-09-28 16:43:17

Michael Moore: Interview of “Capitalism: A Love Story”

Thanks to Radical Eyes for suggesting this interview, which appeared on Democracy Now, and is available in audio.Guest: Michael Moore, Academy Award-winning documentary filmmaker. His latest film, Capitalism: A Love Story, opened in New York and Los Angeles yesterday. It opens nationwide on October 2nd.JUAN GONZALEZ: It was a year ago today when President George W. Bush gave a primetime address urging Americans to support the $700 billion bailout of Wall Street. [more...]

Date: 2009-09-27 16:29:27

Bailed Banks

The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis has been a failure. The banks welcome public money to remove toxic assets from their books, insured by we-the-taxpayers, as well as the hundreds of billions in direct handouts, but they’ve hardly returned the favor. They’ve used these funds to pay mega salaries and prop up stock values, choices that obviously benefit them. They needed public support, no one wanted the system to collapse. [more...]

Date: 2009-09-30 21:58:57

House Price Recap

It’s the last Tuesday of the month, and that means it’s S&P Case-Shiller Home Price Index Data Release Day. This month’s dollop continues the recent upswing we have seen in the past few months, so is not very newsworthy. (According to official media sources, to be newsworthy it must either be a change in direction from the month before, or be down. Ideally both.) In case you haven’t seen the numbers, which is likely, I’ll pass along the highlights. The 20-city composite was up 1.6% for July. [more...]

Date: 2009-09-29 20:33:10

Reflections on "The Last Bear Standing"

Bill Bonner is one of my favorite columnists. On Friday he was discussing The Last Bear . As they say on Wall Street, a rally ends when the last bear gives up. An old friend had been a source of inspiration for tech bears for many years. He suddenly saw the light and gave up in 1999. Shares he had formerly scorned – often dotcoms with no revenue and no business plans – were suddenly added to his own portfolio. This also heralded a big change – the end of the tech bubble. Tech stocks collapsed. [more...]

Date: 2009-09-27 18:11:00

The 7 new rules of financial security

In a world turned upside down, you must re-examine some basic assumptions. A good place to start: understanding the true nature of risk.John Maynard Keynes, the Depression-era economist who’s having quite the comeback, once quipped when he was accused of inconsistency: “When the facts change, I change my mind. What do you do, sir?”Money has long advocated the benefits of consistency in your investing and financial planning. [more...]

Date: 2009-09-29 10:57:27

5 Ways Spending More is Actually Frugal

If you are a frequent reader of personal finance articles, you are familiar with some of the most commonly cited ways to save money – bring your lunch to work, install a programmable thermostat, cancel your cable, etc. In general, choosing the most frugal option is good for your bottom line. But sometimes, spending a little more might still help you out. When I make less-than-frugal choices, I consider what my other options are. [more...]

Date: 2009-09-28 13:29:44

Marijuana activist Emery surrenders to court, awaits extradition

That’s a good man being sent down there, for ridiculous prohibitionist laws. And mostly to appease the US at that. You can watch a documentary on Marc and his anti-prohibition activism here . You can learn who ships in the actual hard drugs here. Flashback: Vancouver pot activist Marc Emery to plead guilty to U.S. drug charge | The Post editorial board: Emery should be a free man | Canada “Prince of Pot” reaches deal on U.S. [more...]

Date: 2009-09-28 20:48:55

The House Bounce?

Houses bounce too… Not much happened yesterday. The Dow fell 47 points. The newspapers attributed the reversal to surprisingly low consumer confidence numbers. Apparently, consumers aren’t so sure this crisis is over. As we reported yesterday, they’re saving money…maybe even at an 8% rate. Oil didn’t move yesterday. Neither did gold. The Wall Street Journal reported that markets were reacting to “mixed data.” That is to say, some reports were encouraging. Others were not. [more...]

Date: 2009-09-30 20:00:05

Gold Doesn’t Always Need Inflation to Rise

How are we doing? Our Trade of the Decade, that is? Yesterday, gold took a big dip down - minus $15. It closed under the $1,000 level. Now we'll find out if the Chinese are supporting it at $1,000...or not. If so, it should soon bounce back. If not...well, who knows? But our Trade of the Decade doesn't worry about what the metal does on a day-to-day basis. Back in 1998, we just noticed that the gold/stocks relationship had reached an absurd extreme. It took 43 ounces of gold to buy the Dow stocks. [more...]

Date: 2009-09-28 04:53:25

Gold Doesn’t Always Need Inflation to Rise

The Daily Reckoning How are we doing? Our Trade of the Decade, that is? Yesterday, gold took a big dip down – minus $15. It closed under the $1,000 level. Now we’ll find out if the Chinese are supporting it at $1,000…or not. If so, it should soon bounce back. If not…well, who knows? But our Trade of the Decade doesn’t worry about what the metal does on a day-to-day basis. Back in 1998, we just noticed that the gold/stocks relationship had reached an absurd extreme. [more...]

Date: 2009-09-28 15:43:24

Underlying Demand During a Housing Shortage

There is an impressive amount of garbage in today's headlines to sift through. Most of it, of course, is rubbish. But there are probably two main takeaways from the last 24 hours: don't fall for the earnings recovery story, and housing is still a sucker's bet in country's whose names begin and end with the letter "A". Let's take the earnings recovery story first. Tomorrow we're going to have a look at the outlook for Aussie bank earnings. [more...]

Date: 2009-09-30 04:58:24

How To Obtain A Mortgage Loan Modification To Prevent Foreclosure

In today's economic environment, mortgage foreclosure hurts everyone. The homeowner's credit score is destroyed and, most importantly, they are forced out of their homes causing them to lose everything they put into the property. The homeowners' neighborhood loses as property values decline, crime rates go up, and the tax base evaporates. And the lenders lose because the cost of foreclosure is extremely high and they must report foreclosures as non-performing assets. [more...]

Date: 2009-09-28 15:17:38

The House of Dimon: How JPMorgan’s Jamie Dimon Rose to the Top of the Financial World

Sep.29, 2009 in Uncategorized Review “It is easy to read and brings together events in the financial markets over the past 40 years that are helpful to review and reflect upon” (Seeking Alpha) “Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon’s career” (CEO Middle East, April 2009) “…anyone who reads Ms. Crisafulli’s fiduciary love letter will take away some valuable lessons in running a bank—or, for that matter, a business. [more...]

Date: 2009-09-30 03:51:29

Free Consumer Credit Counseling

Most people who grow up in America, often think about one day having a family and settlement down in their own home. Owning your own place to call home has been an essential part of the American dream. People are often looking at different real estate properties, even when they don’t have the finances to afford it. Once you buy that first home of yours, it is feeling of accomplishment. After you own your own home, you have a new weapon to use in your finances. [more...]

Date: 2009-09-26 19:05:53

Where has the Bailout Money Gone? Good Billions After Bad

Where has the Bailout Money Gone? Good Billions After Bad Vanity Fair by Donald L. Barlett and James B. Steele As the Bush administration waned, the Treasury shoveled more than a quarter of a trillion dollars in tarp funds into the financial system—without restrictions, accountability, or even common sense. The authors reveal how much of it ended up in the wrong hands, doing the opposite of what was needed. Just inside the entrance to the U.S. [more...]

Date: 2009-09-28 06:17:36

Restore Your FICO Score – Part Three

In the previous parts of this article we discussed how FICO score can impact your financial status as well as the initial steps that you can take to begin restoring your FICO score. We covered handling collections first since they do have a big impact on your overall score, but there are a few other ways that you can quickly see a big jump in your score. After you have the collections on your account either settled or verified, double check to make sure that they were removed from your credit report. [more...]

Date: 2009-09-29 23:17:33

In The News Today

Barrick and its OTC Short of Gold Derivative Obligations: I am asked constantly how Barrick can cover all their hedges. The answer is quite simple. Barrick does not have to buy one ounce of gold. You buy your way out of hedge contracts with paper money. The simple question is what does the long side want to release the obligation in light of future possible profits on the position? What a hell of a needlessly expensive mess. [more...]

Date: 2009-09-30 19:48:55

Clean Energy Jobs and American Power Act an improvement over House bill on offsets

With respect to offsets, the Kerry-Boxer bill is a distinct improvement over the ACES . It allows a relatively strong approach to offset integrity, avoiding negative social or environmental effects, and facilitating possible integration with other systems. It also addresses some issues that will be important to the functioning of a trading market, but still leaves some uncertainties that could cause problems in the market. [more...]

Date: 2009-09-30 21:05:41

Buy Here Pay Here Car Lots on Bad Credit

by John Knight Buy here pay here car lots, do not worry about bad credit. We all know how difficult it is to get auto financing if you have bad credit. For that matter, anyone can take just about any kind of financing. There is an estimated 100 million plus of Americans having bad credit. That makes a third of the populace of the United States of America, or over a half of the people considered to be in the car-buying age group. At least you will not feel alone. The economy is really bad. [more...]

Date: 2009-09-29 19:12:01

Restore Your FICO Score – Part Two

In our last post, we covered how to begin the process of restoring your FICO score, as well as how changes can affect this score. Now that you are ready to begin, there are a few steps that you will need to take. Many of these steps require diligence on your part and a little hard work. However, they can result not only in a higher FICO score, but also lower interest rates on loans, and a higher chance of getting approved for loans in the future. [more...]

Date: 2009-09-27 23:46:13

How to Replace Bad Financial Habits With Good Ones

This is a guest post from Leo Babauta of Zen Habits. His first book, The Power of Less, was recently published by Hyperion ... full of things we don’t need, bills we can’t pay, and low balances in our checking and savings accounts ... situation? Some ideas: Impulse spending. Overuse of credit cards or other debt. Spending without tracking [more...]

Date: 2009-01-14 13:00:09

10 Facts Every American should know about Baucus Health Plan

10 FACTS EVERY AMERICAN SHOULD KNOW ABOUT SEN. BAUCUS’ COSTLY GOVERNMENT-RUN HEALTH CARE BILL GOP LEADER: “THIS PARTISAN BILL IS THE WRONG PRESCRIPTION DURING THESE TOUGH ECONOMIC TIMES “ September 23, 2009 | House Republican Leader John Boehner (R-OH) | Permalink As the Senate Finance Committee gets set to begin its second day examining Senator Max Baucus ’ (D-MT) costly government run-health care bill, House Republican Leader John Boehner (R-OH) [more...]

Date: 2009-09-27 03:00:40

Blocking, Tackling & Running: Leveraging a Crisis Into Real Change

There's a fairly well known cartoon of two scientists working out a problem on a chalkboard covered with complex equations and down in the circle is a little circle with the key step inserted in small print - "and then a miracle occurs". Wouldn't it be nice if we could take the same short-cut to fixing the horrendous shopping list of significant [more...]

Date: 2009-01-16 20:07:11

Why would anyone buy a home today?

From MarketWatch: Home buyers advised to look before they leap Fox-Pitt Kelton home-builder analyst Robert Stevenson said Wednesday he thinks this year will turn out to be “a bad time to buy a home” as the U.S. economy loses more jobs ... or no down payment and shaky credit scores are long gone. For buyers, the big fear is purchasing [more...]

Date: 2009-01-07 18:21:09

Prisoners In Our Own Homes

The Globe & Mail reports from Canada. “For the throngs wandering through open houses this weekend, it may feel as though they fell through the looking glass while they were peering into closets. The downturn seems like a bad dream. Housing prices have rebounded, formerly gun-shy buyers are back on the market, and bidding wars abound. [more...]

Date: 2009-09-27 17:34:07

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