Saturday, January 5, 2013
Another great question came here asking wha is reverse mortgage, and how first thud help my debt? Reverse mortgages have been frequently targeted by commercials towards senior audience. A reverse mortgage is a method of avoiding foreclosure and bankruptcy. If you want to see if reverse mortgage is a potential route to financial freedom, consider the following. Be prepared to have a longer repayment term, as this is a contract renegotiation. Also, make sure your credit has no negative marks, as lenders who grant reverse mortgages want to see high credit scores. Before.considering reverse mortgages, be sure too look into consolidation or refinancing.
Friday, January 4, 2013
To begin, welcome to Debt and Law, the new source for learning all topics on debt and law. The most frequent question received here is 'how can I manage my student loan debt?' Unfortunately, millions of students face this challenge today, and the problem is only growing on a national level. Student debt has no easy solution, however the effort will be worth it. Consolidation and refinancing are the only options for helping sudent debt. To follow we will diverge specifically into consolidate student loans, and refinancing we will tackle in a later episode. Consolidate simply means to merge many into few. So, let's say you have 4 student loans, to consolidate would be reducing to one to three loans. Consolidation of student loans has been of popular subject per the government plan allowing to consolidate through the federal government program. Although the deadline has passed, this is not to say the government is completely done with this program. Further, you can look to lenders as an alternative option. The best way to start consolidating student loans is to speak with a local financial expert, specially one knowledgeable with loans. Setup a meeting and make sure you bring the necessary paperwork they may request, such as current statements from you bank and any loans or debt, and a current credit report would be beneficial to make the process as smooth as possible. The consolidation route is not always the best method towards managing your student debt, or dent in general, as the lender may not be able to lower the interest rate or your terms in duh an advantageous way that would make an impact on your overall finance and budgeting. That is were general refinancing may be better suited, but as mentioned that will be handled in a later episode. To quickly recap, consolidate student loans of your unable to make the current payment plan as per the original agreement. Make sure you get a meeting made so a professional in debt management can explain your options. Finally, look at all options before you make a decision, as consolidation is another long term contract that is difficult to et out of.