With the U.S. housing market experiencing one of its worst downturns in memory, consumers who are in a position to refinance their mortgages in a bid to improve their financial position need to be careful when seeking out a new loan.

While the overwhelming majority of lenders are knowledgeable, professional, and consumer friendly, there is a small pool of lenders who are operating just below the radar, predatory lenders who are looking out for #1. In this case, they’re the #1 and you’re only a means to an end – a way for the lender to sell you a loan that won’t improve your financial standing, rather quite possibly do the opposite.

The U.S. Department of Housing and Urban Development (HUD) continues to warn consumers of the predatory loan practices out there. We’ve taken a look at what they are saying and are including the following links courtesy of HUD to help you push back predatory lending:

Protect yourself from predatory lenders: For information about loan fraud and advice about preventing it, see Don’t Be A Victim of Loan Fraud.

Local information on predatory lending: Here are some Local Resources by state, that can help you avoid being a victim of predatory lending.

For FHA loans: For problems relating to origination, underwriting, or appraisals contact the FHA Resource Center.

Avoiding foreclosure on an FHA loan: Visit the HUD National Servicing Center web page.

Non-FHA mortgage loans: For complaints concerning practices which include disclosure of interest rates and finance charges (APR), prepayment penalties, credit life insurance, fraud, deception, etc. contact the appropriate agency from this list to complain about the mortgage lender or mortgage broker.

Lender threatening to foreclose or mortgage in default: HUD funds housing counseling agencies throughout the country. To find a housing counseling agency near you, call toll-free (800) 569-4287 immediately for free guidance or visit the web page.

Settlement Procedures: (FHA and non-FHA mortgages). Visit the RESPA web page for information on RESPA disclosure requirements such as the Good Faith Estimate, HUD-1 and escrow account statements, and how to file a complaint with your lender concerning the servicing of your loan.

File a housing discrimination complaint: Discrimination in mortgage lending is prohibited by the federal Fair Housing Act and HUD’s Office of Fair Housing and Equal Opportunity actively enforces those provisions of the law. Learn how the Fair Housing Act can help you fight predatory lending.

As always, if you believe that you’re being taken advantage of, taking action at the soonest possible moment will save you much headache and possible heartache later on. Local advocacy groups may be able to help you out, but your best course of action is the personal moves you make to counter predatory lending.

Tags: Consumer Tips, HUD, mortgage broker, mortgages, predatory lending

If your credit is excellent or very good, you can still find some credit card deals that are worth taking. Over the past many months, credit requirements have tightened as lenders reigned in their lending restrictions, preferring to do business with consumers who have the highest credit scores first.

For the person who has average or poor credit, securing a good deal on a credit card might not be possible, requiring people in this position to pay an application fee, annual fee, settle for a high interest rate, and be subject to other restrictions. Clearly, if your credit isn’t good, then now isn’t the time to try to get a credit card.

As for me, I’m still getting offers in the mail for new credit cards, but I’m not interested in taking the bite. However, I like to explore the various offers out there and am still finding some nice surprises, offers that I would seriously consider if I was looking for a new card.

Among the benefits being still offered to people with excellent credit are:

No annual fee — Some American Express cards charge a fee, but I won’t pay them. There are various versions of the American Express card that are free, though you may not accumulate points so easily or get other discounts. If you choose a fee card, perhaps do it through your work or personal business where either someone else will pay for the annual fee or you’ll be able to deduct the fee on your income taxes.

0% balance transfer – A number of these types of cards are still out there which I find to be surprising given the current economic problems we’re facing. What these cards offer is 0% APR on balance transfers and in some cases on purchases for up to 12 months — be careful as some charge transfer fees.

Rewards program — Most credit card offers include a points program which can yield valuable gifts or money when redeemed. For every dollar charged, get 1, 3, or even 5 points, something that can add up very quickly. Some issuers will give you a big lump sum of points, let’s say 5,000 points, the first time you use your card. Gift levels usually start at 2500-7500 points, meaning you can quickly redeem what you’ve earned for something free. Of course, if you use your card regularly and you run monthly balances, then your points are quickly canceled out by the interest you’ll pay on your cards.

Low interest rates – Interest rates don’t matter to the person who pays their card off monthly. Therefore, don’t be scared away from a card offering a good rewards program, but a lousy interest rate. You’ll never pay a penny in interest as long as you pay off your card each time a bill is presented to you.

Online access – These days, no card is worth getting if you can’t access your financial information from a secured site 24/7/365. With people traveling all over the world like grasshoppers, who can wait ’til they return home to view their statements? I like cards that allow me to view everything online, make a payment, receive notifications if something is amiss (like, who authorized a charge in Borneo when I’m standing in Boston’s Logan Airport?) Also, I want to be able to actually reach someone when I call about my statement or need to raise my credit line.

For the person with excellent credit, they’re in the driver’s seat these days. Banks and other financial institutions make money by lending money out and are clamoring for your business. Compare offers, shop smart, and snag the best credit card deal that you can find. For everyone else, grab an offer only if it’ll benefit you and not some hungry card issuer.

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Adv. – How about a card you need that fits your financial objectives? Whether you are a savvy consumer or first-time user, there is a credit card that will meet your buying-power needs. Please visit nBuy.com to conduct your smart credit card search.

Tags: credit, Credit Cards, credit score, rewards card

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Discipline to Success:

The Social Attribute

The only thing we have to fear is fear itself.
Franklin Delano Roosevelt

continuation from BLOG posting: social development

Building Your Social Skills

Testing Your Social Skills Development

For the past two weeks, our readers have implement plans to develop and strengthen their social skills.  So lets measure how we did.  The social attribute is the fourth attribute in the character development hierarchy. The energy required to make a social change is greater than any of the other attributes discussed so far.

A great amount of energy — both internal and external — will be required to make a social change. External energy increases because most social changes include interaction with other people who you do not control.

Social Attribute Evaluation

Let’s continue our step-plan from two weeks ago.

Evaluate your progress in all four character attribute developments.

1) Physical, Temperance and Education Evaluation:

Did you achieve your physical development goal
for the last 11 or more days?

yes or no

Did you achieve your physical temperance goal
for the last 11 or more days?

yes or no

Did you achieve your education goal
for the last 11 or more days?

yes or no

Do you feel confident that you can continue achieving your
physical, physical temperance, and educational goals
for the next fourteen days?

yes or no

If you answer “no” to any of the above questions, you may need to return to the appropriate chapters and develop these attributes before moving forward. You are not building the self-discipline required to achieve your goals and character well-roundedness.

If you answered “yes” to all four questions, continue working on these three attribute goals for another 14 days. You might want to modify the goals to increase strength.

2) Social Development Evaluation:

Did you achieve your social development goal
for 11 or more days?

yes or no

Do you feel you are strengthening your social attribute?

yes or no

Do you feel confident that you can continue achieving your
social attribute goal for the next fourteen days?

yes or no

 

If you answered “no” to any of the three questions, return to Step (1) in this chapter and complete the steps indicated. There is no need moving forward to the spiritual attribute without first developing your social attribute.

If you answered “yes” to all three questions, and if you feel confident that you are strengthening your social attribute, you are ready to add the last attribute to your character development schedule. The spiritual attribute requires the most total energy to develop. The increased strength, self-confidence and motivation developed so far will help you develop the final attribute that will round your character.

Next week: we will start on discussion on the spiritural attribute

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Tags: building success, social development, social skills, success building