tag:articulatesource.co.uk,2008-09-25:/finance_central//3 2008-10-08T10:31:18Z All of the latest finance news Movable Type 4.21-en tag:articulatesource.co.uk,2008:/finance_central//3.14 2008-10-08T10:29:24Z 2008-10-08T10:31:18Z

It was recently announced that new home sales have fallen to 17 year lows. It certainly feels that way to me. I bought my house in 2003. I have always paid my mortgage bonds on time, and even made significant...

The Articulate One mortgage bonds on time, and even made significant improvements to the house, including garage door openers, new carpet and new countertops. Despite that, I can barely sell it for what I owe on the mortgage. I recently got a job offer in another state, and will be forced to move to accept it. I listed my house on the market about a month ago, but there has been almost no interest. As of today, I cut the price in hopes of breaking even. I certainly hope things turn around, but I don't think they will anytime soon. I'm not sure what the bailout of financial markets means to us little guys, but I do know that I can't take much more of this housing market recession.]]> tag:articulatesource.co.uk,2008:/finance_central//3.13 2008-10-07T10:34:00Z 2008-10-07T10:37:42Z

Even though Congress shot down the bailout plan yesterday, it is still widely accepted that they will pass some sort of legislation soon. That being said, Americans still need to be aware of what a bailout plan could mean...

The Articulate One shot down the bailout plan yesterday, it is still widely accepted that they will pass some sort of legislation soon. That being said, Americans still need to be aware of what a bailout plan could mean for them and their current credit accounts, specifically their mortgages.

Since the housing bubble burst homeowners have been bombarded with news of increased foreclosures and decreased home values, although many people are still looking for a quick property sale to raise funds. Professionals all over the media spectrum have been trumpeting the need to re-vamp your current mortgage, to get out of the high interest variable rate loans their in and get a lower flat rate loan. Unfortunately since several folks are now backwards in their mortgages, owing more than the house is worth, that has become a virtual impossibility. Enter the federal governments bailout plan. The bailout, at this point, will still not directly deal with the average homeowners mortgage concerns. It will help credit begin to flow more smoothly between banks and businesses, which will eventually trickle down to the homeowner, but that may take months to years. That is of course if and when Congress passes a bill. The eventual effect on a mortgage could play out like this. Once credit begins to flow again, banks will be eager to start loaning.

Only the folks with the highest credit score, and large down payment of at least 20%, will be able to get new mortgages. These people will be in a buyers market for homes, with several possible purchases coming from the foreclosure pool. As these homes slowly begin to sell, property values will stabilize and begin to creep upward. This will begin to re balance the backwards mortgages that several Americans now have. It is at this point that refinancing of current mortgages will begin. It is going to be a long process. There will be nothing easy about what Congress pushes through. Hopefully though, if people will begin to educate themselves on the possibilities now, they can decide how to better allocate their funds to get a workable mortgage as soon as possible]]> tag:articulatesource.co.uk,2008:/finance_central//3.4 2008-09-25T10:26:49Z 2008-09-25T10:32:33Z

With the economy in a current downturn, many people have turned to different forms of credit in recent years and have quickly become racked with debt. With several bills in the mail each month from creditors, people often find it...

The Articulate One debt. With several bills in the mail each month from creditors, people often find it difficult to pay more than the minimum and often have late or missed payments. In order to battle rising credit card interest rates and mounting bills, many people turn to debt consolidation.

There are many companies and organizations to help with debt consolidation. To put it simply, debt consolidation is a loan that someone takes out in order to pay off all their other debt. This, ultimately, gives the borrower one payment each month at a lower, stable interest rate. The borrower can now focus on paying the debt off quicker, without the fear of mounting interest. Many times the high interest rates from credit cards companies make it nearly impossible to pay off the debt. To get these debt consolidation loans, many people use their property, such as real estate or cars, as collateral. The borrowers must be very careful with the company they secure their loan. Knowing that the borrowers must pay the loan in order keep their house, many with end up with higher interest rates, and ultimately pay more than before due to the long length of the new loan.

It is a wise decision to seek the assistance of a financial advisor for matters of this importance. They are knowledgeable to the different routes of debt consolidation. They can assist borrowers with the options of loans and repayment programs. Many financial advisors can arrange for their companies to contact the creditors of their client to negotiate arrangements for paying off debt. Debt consolidation can be a great way for someone in significant debt to get back on their feet. It can also be a confusing and hectic process without the assistance of someone educated about the ins-and-outs of the system. However, it is a system put into place to offer people an honest way out.

At the end of the day, when someone in debt can proudly put that last payment into the mailbox (without claiming bankruptcy and ruining their credit), debt consolidation can take a bow.]]>