A "Deed in Lieu of Foreclosure" is when a lender accepts a deed to the homeowner's property in foreclosure instead of continuing the foreclosure process and incurring more expenses to get the deed anyway. However, this does not mean the homeowner is no longer responsible for a loan deficit if the lender sells the home for less money than is owed.This legal transaction starts after the homeowner has fallen behind on his loan payments and is in...more
A secured loan is a loan that is available to homeowners, and this is because these loans are secured against the home. With equity levels rising steeply over recent years, secured loans have become a popular, affordable, and effective way for many homeowners to raise money, and the finance raised through this type of loan can be used for one of a range of purposes.One of the popular uses for homeowner loans is to consolidate debts, as many...more
According to officials from the Office of Fair Trading many people may be paying way over the odds for their credit card borrowing, and the lenders that provide these cards could be raking in around £400 million every year simply because of the confusion that they cause amongst borrowers with their small print.Officials from the OFT have said that the confusing small print, which tends to be filled with financial jargon and technical terms that the lay person would not really understand, is resulting in many spenders paying out more than they need to for the privilege of using a credit card. The OFT is now trying to help consumers to avoid cards such as these.In a recent report the Oft has revealed a number of steps that it plans to take in order to help consumers to avoid rip off credit cards. These steps include making car providers use a section on statements to provide honest and transparent information about charges, setting up a price comparison site for consumers to use, and banning the use of small print filled with complicated jargon.In order to try and get the best card without getting ripped off consumers will be able to use the OFT's online facility to punch in details...more
It is important that you do your homework before you make an application for a loan, as this will not only help to ensure affordability for you, but could also help to speed up the whole process, enabling you to get the loan you need without any unnecessary delays. By doing your research you will find that the whole loans process can be faster and...more
Many of us take our bank accounts for granted these days but it is important to remember that bank accounts are not available to everyone, and these accounts are vital in helping most of us to run our day to day finances. There are a number of different bank accounts available, such as basic bank accounts, current accounts, and premium accounts,...more
If you are a homeowner in the UK and you are looking to borrow money for one of a wide range of purposes, then you can enjoy an added advantage compared to non-homeowners, and this is the ability to use your home as security. Your home can act as a valuable asset in many ways, and in addition to providing you and your loved ones with a valuable investment that could benefit you in the future, as well as providing you with a home, it can also be used to provide you increased financial leverage.Over recent years more and more people have started to take advantage of the rising levels of equity in their homes by using their asset to borrow money. Borrowing money against your home means that you can enjoy a range of benefits that you would not get with secured loans, such as longer repayment periods, lower monthly repayments, greater borrowing power, and more. For many homeowners borrowing money by using the home as security has become an effective and affordable way to borrow.Another benefit of using your asset as security in order to borrow money is that you have a far better chance of getting the finance that you need if you have poor credit. Those with damaged credit may find it...more
Over the past few years secured loans have become increasingly popular amongst homeowners in the UK, and this rising popularity has been partly fuelled by rising property prices, which have left homeowners with higher levels of equity in their homes....more
Over recent months getting credit has become increasingly difficult for many people, as the effects of the credit crunch in the UK have resulted in far tighter credit conditions, with many lenders increasing stringency when it comes to their lending...more
Credit cards offer a high level of security and flexibility to customers, and this is why so many people use their credit cards for day to day purchases as well as for special purchases. However, in order to make the most of your credit card you need...more
One of the most stressful things that many people have to deal with these days is money problems, and financial strains have been identified as one of the major stress factors amongst consumers, along with relationship problems, moving home, etc....more
After Christmas and New Year celebrations have finished many of us find that we are left feeling tired, drained of energy, and worse still drained of money. The Christmas period can be a very financially demanding one, and once the festive season is...more
There are a number of financing options available to those looking to purchase a new car, with methods and sources available to suit a wide range of needs and circumstances. It is important that you look at the options that are open to you before you...more