If youre having problems and looking for avenues, your best bet is programs available through theUS Department of Housing and Urban Development,Fannie Mae and Freddie Mac. Both Fannie and Freddie have low-down payment mortgages available to their lenders. Note: Fannie and Freddie, as financiers, do not offer mortgages directly to homeowners. Youll need to ask your lender about their relationship to the government-sponsored enterprises.
If youve already had housing problems, guidelines from HUD and others advise waiting at least two years after a short sale, so long as credit after the short sale is good.
Here are some key things you can do.
1. Get an FHA, then refinance ASAP
Got a credit score below 600? Youll need 3.5% down and insurance on the mortgage from the Federal Housing Administration. Despite being federally backed, FHA mortgages cost more, because of the added risk. But, its those same, higher costs that should incentivize you to refinance.
A bad credit mortgage may seem like the borrower is signing away their life on a bad deal, but it may be the way to go if its the only option available right now.
So once you get the bad credit mortgage, keep in mind you want to refi into a better deal ASAP. This will be possible so long as you, the homeowner, maintain your credit after the mortgage is signed. This way, you can be eligible to refinance for a much better deal within two years, and credit will have improved.
In short, a bad credit mortgage is a short-term solution that gets you in a home. Its important to bear in mind that bad credit neednt follow the borrower longer than necessary.
2. Ask about options
The 30-year mortgage is a popular choice, but maybe not the right one if the borrowers credit is weak. Adjustable rate mortgages are also a possibility, depending on the circumstance, during which time the borrower can work on repairing and maintaining their credit while paying at a lower interest rate than are offered on fixed-rate mortgages. Here is the Consumer Financial Protection Bureaus handbook on ARMs.
Many people who had their credit torn up in the recession were not the typical bill skippers. They were hard-working, responsible people whose world was upended through layoffs, downsizing, the loss of contract work, and a dozen other legitimate reasons.
3. Get a co-signer
Many have some other assets, or have family members who are responsible. These people may be willing to co-sign. Federal Housing Administrationrules allow for a co-signer on loans.
Above all, check with HUD, FHA, the FHFA, Fannie Mae and Freddie Mac for information on pathways to homeownership for those who have damaged credit.
On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, The Securities and Exchange Commission has divulged that Sautter Remy, director of Partnerre Ltd, had unloaded 5,282 shares at an average price of $138.48 in a transaction dated on September 17, 2015. The total value of the transaction was worth $731,451. Currently the company Insiders own 0.9% of PartnerRe Ltd. Company shares. In the past six months, there is a change of -18.11% in the total insider ownership. Institutional Investors own 91.1% of Company shares. During last 3 month period, -3.93% of total institutional ownership has changed in the company shares.
The short interest in PartnerRe Ltd. (NYSE:PRE) has declined from 442,057 on August 31,2015 to 350,399 on September 15,2015. The change was measured at 91,658 shares or 20.7%. The leftover shorts were 0.8% of the floated shares. The days to cover are 1, given the average daily volume of 447,674 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on September 24th.
PartnerRe Ltd. (PartnerRe) is the ultimate holding company for its international reinsurance group. The Company provides reinsurance on a global basis through its wholly owned subsidiaries, including Partner Reinsurance Company Ltd. (PartnerRe Bermuda), Partner Reinsurance Europe plc (PartnerRe Europe) and Partner Reinsurance Company of the US (PartnerRe US). Its risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines and mortality, longevity and health. The Company also offers alternative risk products, which include weather and credit protection to financial, industrial and service companies on a global basis. In January 2013, the Company acquired Presidio Reinsurance Group. In March 2013, the Company announced the formation of Lorenz Re Ltd.
On September 3, 2015, gun maker Colt Defense announced that the
company and its creditors are close to finalizing a deal that will
rescue the company out of bankruptcy. It#39;s fair to say
the parties are very close to a deal, Colt lawyer John
Rapisardi told the US Bankruptcy Court in Wilmington, Delaware.
Rapisardi said that the economic terms of the agreement are
generally agreed upon and that he expects the parties to reach a
deal within a few days#39; time.
Colt filed for chapter 11 bankruptcy-court protection on June
14, 2015, in the face of falling sales and a heavy debt burden. For
months, the company has been plagued by a series of business woes,
including the loss of military contracts, falling consumer sales,
and litigation costs from a merger-related lawsuit.
Struggling with a dwindling market share and the myriad of
afflictions that follow, Colt headed into bankruptcy with a plan to
sell the company to its private equity owner, Sciens Capital
Management, which plan bondholders claim would have put Sciens in
control while paying them virtually nothing. Bondholders proposed
their own plan which would exchange a substantial portion of the
bond debt for control of the company.
Colt has until September 30 to submit an agreed plan. If the
deal falls through, Colt faces pressure from major lenders, who
have demanded a court-supervised auction. The parties, at the
prompting of Judge Laurie Silverstein, have agreed to auction
procedures, and the auction is set for October 20.
If all this was not enough, Colt faces additional pressure to
work out the deal because the United Auto Workers have threatened
to take the company to arbitration if it goes through with its plan
to market the business to potential buyers without the union#39;s
collective bargaining agreement.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
These days, baby boomers increasingly are carrying that debt into retirement.
And while there are pluses to that (the interest rate deduction for some), many financial planners now advise their clients to pay off the mortgage. But they are much more concerned with credit-card, auto-loan and student-loan debt.
The Consumer Financial Protection Bureau says the percentage of homeowners ages 65 and older with mortgage debt increased from 22 percent in 2001 to 30 percent in 2011. Among homeowners 75 and older, the rate more than doubled, from 8.4 to 21.2 percent.
And the median mortgage debt for seniors increased by 82 percent, from about $43,400 to $79,000.
The CFPB said, in a report last year, that rising mortgage debt is threatening the retirement security of millions of older Americans. In general, older consumers are carrying more debt, including mortgage, credit card and even student loan debt, into their retirement years.
Its a trend that distresses financial planners and retirement planners.
My philosophy with regard to debt is when you retire your debt should be retired, says Ken Moraif, senior adviser at Money Matters in North Dallas, Tex. We really adhere to that with our clients. If they have debt, we want to embark on a journey of getting it paid down and maybe working longer to generate the cash flow to accelerate the payments to get it paid off.
Moraif says one of the dangers of retiring with mortgage debt is that the economy and markets may turn bad.
The money you thought would be there to service your mortgage is not there, he says. Now what? Im sure the bank will not say, I will let you live there for free.
James Gambaccini, financial adviser at Acorn Financial Services in Reston, Va., notes a stark difference between baby boomers retiring today and their Depression-era parents.
People who lived through the Depression wouldnt think about retirement without having all their debt cleared, he says. Boomers are not only fine with it, but prior to the crash, they tried to retire with a lot of debt. We had people trying to retire and build that dream home of 15,000 square feet. That is somewhat unique to baby boomers.
Mark Hebner, president of Index Fund Advisors, says the retirees with the least amount of stress and the most financial freedom are those with the lowest fixed expenses.
One of the problems with debt is it contributes to your fixed expenses in retirement, he says. The more you have, the less room you have for variable expenses, such as entertainment and travel.
So what can you do if youre preparing for retirement and believe you have too much debt?
Reduce expenses. What we like to do is see how we can pay down that debt to their comfort zone, says Roger Stinnett, managing director of planning at First Foundation Advisors in Los Angeles. We will create a budget. Where can we reduce other expenses so we have more cash flow to apply toward paying debt?
Pay off credit cards first. For sure, you have to pay that off, Moraif says. You cannot have $20,000 in credit-card debt and pay that out of your retirement.
Pay down the mortgage faster. If youre an avid saver, it may make sense to redirect some of that money youre putting into your retirement savings to pay down your mortgage earlier.
Delay retirement or work part time to pay off the debt. I advise clients to keep working to pay off debt, Moraif says. Maybe spend another six months or year working. You will spend the rest of your life with no debt. Its worth it.
As Stinnett puts it: We want our clients to sleep well in retirement. If you can sleep well with no debt, then that is the answer.
Democratic presidential candidate and former Maryland Gov. Martin O’Malley raised more than a few eyebrows when he recently disclosed that he and his wife had racked up nearly $340,000 in parent loans to pay the college tab for two of their four children.
Getting that deeply in debt is no way to pay for college, either for students or for parents.
On Friday the childrens museum filed for Chapter 11 bankruptcy after borrowing more money than it could pay back to renovate a new home in Fairmount Parks Memorial Hall. A reorganization plan was aimed at shedding most of the museums $60 million debt to bondholders and negotiating a deal in which the museum turns over maintenance of Memorial Hall to the city.
Bankruptcy lawyer Lawrence McMichael says the action comes on the heels of an agreement reached Thursday with a committee representing bondholders with about half of the debt.
Applications are invited from eligible and qualified candidates who wish to get short listed in the post of Branch Manager by Repco Home Finance Limited. The candidates who are eligible for this recruitment must send their applications in the prescribed formats on or before September 23rd 2015. Prepsure is providing required information on Government Jobs 2015: Repco Home Finance Limited Recruitment 2015: Apply for Branch Manager Posts.
The candidates will be short listed on the basis of their performances in written exam or interview as scheduled and conducted for this purpose. The candidates will find complete details of this recruitment including eligibility, application and selection process etc from information as provided here below.
Name of the Post: Branch Manager
Total Vacancy: Not Specified
Educational Qualifications: The applicants should have passed graduation from any UGC recognized university. The candidates who have completed graduation from the Open University will not be considered as eligible for this recruitment. Those candidates who have PG degree or CAIIB qualifications will be given more preference for selection.
Age Limit: The age of all applicants should be not more than 28 years as on September 1st 2015.
Selection Process: The applicants will be selected on the basis of their performances in written exam/ interview as scheduled to be conducted for this purpose.
Last date to Apply: September 23rd 2015
How to Apply: The application formats can be downloaded online from the Repco Home Finance Ltd website at www.repcohome.com and sent along with the required documents of eligibility in an envelope super scribed as post name and code to the following address: The General Manager (HR), Repco Home Finance Limited 3rd Floor, Alexander Square New No 2/ Old No 34 amp; 35, Sardar Patel Road, Guindy Chennai -600 032. Click here to download detailed advertisement.
Almost two years to the day that The Scooter Store announced it was shutting down following the loss of its Medicare business, the one-time distributor of power-mobility devices has filed court papers to have its Chapter 11 bankruptcy cases dismissed.