Ways to Save Money
In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money. If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay ...
Five Practical Ways to Save Money for Students
It can be hard to think of ways to save money especially for students since they don’t have their own money yet. This is because at times, for all the expenses while on campus, there is barely left to save. Although it is hard, it doesn’t mean that it is impossible for students to save money while studying. All they need is to develop good time management skills, strict budgeting, and practicality. If you are one of those who are thinking of ways to save money while on campus or even before you enter one, here are some of the ...
Six Simple Ways to Save Money
No matter where you look at it, there will be always ways to save money if the person has the will do so. If you are one of those who are trying to come up with ways to save money in this unstable economy, it is best to start with developing a simple lifestyle. When you are able to do this, the rest will follow. But, if you are one of those who are not sure where to start, here are some eight simple ways to save money. 1. Cut down on grocery or shopping sprees. Although buying groceries is a ...
Save Money Without Feeling Poor
Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money? Although it looks like a pretty daunting task, it’s not ...
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Bad Credit’S 3 Ugly Stepchildren And How They Impact Home Buying
February 24, 2010 by Best Ways To Save Money
Filed under Personal Finance
Do You Have Full Custody of Bad Credit?
Foreclosure, bankruptcy, and credit card problems: if you have bad credit you probably belong to one or more of those three categories. All of them can hurt you if you are trying to buy a house, but you might be surprised at what is possible even if you belong to one or more of these categories.
Foreclosure
Buying a house after a foreclosure is possible. You must wait at least three years from the date that you give up ownership of the house in order to qualify for a mortgage on a new house. It takes longer than three years to qualify for some types of mortgages, but there are good mortgages available at the three year point. After three years the bankruptcy doesn’t stop you, but your credit still must be good enough. Usually if you’ve been through a foreclosure your credit is not good. More on what to do about that later in this article.
Bankruptcy
One full year after your bankruptcy has been discharged (the end of the bankruptcy process) you can qualify for a good mortgage and buy a home. This is only if you have good credit and if you just went through a bankruptcy its unlikely that your credit is good. It is never too soon to start improving your credit so you can buy a house. You can even begin while you are still in the bankruptcy process. Read on to see how.
Past Credit Card Troubles
Many, many people get into trouble with credit cards when they are young and have to deal with the consequences for many years. Past due credit cards can prevent you from buying a house unless you deal with them in the proper way. It is usually possible to negotiate with your credit card issuer and only pay a fraction of the total amount owed. Sometimes you can even get them to remove the item from your credit file.
Fixing Your Credit so You Can Buy a House is Not “One Size Fits All”
Repairing your credit to the point where you can qualify for an excellent government-insured loan (the only type of loan we recommend) requires specialized knowledge depending on which of the above three categories you belong to. Also, be sure to find training specifically geared towards helping you buy a home. Above all, be sure you find someone to help. Good luck!
Matt MacLanders is the owner of AmericaOwns, the site where he offers his bad credit home ownership training. He has been a principal in more than 200 real estate transactions. He is a licensed real estate agent in the state of North Carolina. In the past, he has worked as a risk management specialist for a major accounting firm. He has experience helping people get qualified for houses.
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