Debt Help Services

Question: Will I still be able to get a mortgage loan?

In July I was pre-approved for an FHA loan of 130K in Minnesota (which is more house than I need, I was looking mostly at homes around 115K). I decided to wait until this spring to pay off some credit card debt before buying. Now I’m worried that I won’t be able to get a loan. I’m in Moorhead Minnesota and the housing market hasn’t tanked here, my credit is not perfect but is above average. So how bad is it out there now and how bad will it get before April when my current lease is up.

Answer: If you have steady employment and you keep your credit up, you will still be able to qualify. Nobody knows what new things will happen between now and April, but that shouldn’t change. The one thing that seems to have changed with FHA loans is that they are requiring a little bit more down – I think 3.5% instead of 3% down payment. I don’t think that will jump too much more, if any, but you may want to start saving as much as you can now so that when April comes, you can put down a little more if necessary.

They are also changing laws regarding down payment assistance, so you may need to look a bit harder for those types of programs when the time comes, if you do need some assistance with closing costs and down payments.

Why a Smart Consumer Is a Bad Credit Card Customer

And how you can be punished for responsible behavior: In some cases, credit card issuers have rejected applicants who have credit scores that are too good (sometimes over 800). Why? Because these consumers typically pay bills in full and on time, they’re unlikely to make the credit card companies much money. In light of new [...]

Debt Consolidation can lower your monthly credit card debt payments

Question: Do I need to sign my letter of dispute to the debt collection agency?

I found several sample letter to dispute an alleged debt by a collection agency. However, I found one sample that advised not to sign the letter; it says that a collection agency may forge your signature on other documents that I have never seen. Now I am afraid to sign but, if I don’t will the letter still be valid?

Answer: NEVER sign a DV letter to a Collection Agency!!! (Debt Validation)

You do want to send the letter CMRRR (certified mail, return receipt requested)

Keep a copy of the letter for your records & all receipts from the Post Office regarding this, including green signature card when it is returned.

Reminder Debt Collection Letter

Question: I would like some advice. I signed up with a debt settlement company over a year ago and now i’m being sued by?

one creditor after another and I’m falling further and further under. What can I do to resolve this matter?

Answer: debt settlement companies pressure your creditors to settle by not paying your bills. They don’t do anything that you can’t do yourself. I am sure that your realize this by now but you should avoid debt settlement companies.

Your only option at this point is to show up in court so you can try to negotiate a payment plan with the creditors. The judge may approve it. Otherwise you will be at the mercy of the creditors. They will be able to garnish wages, freeze checking, place liens…

Or you could file bankruptcy.

The Misperception of Credit Card Debt Relief and How Consumers Are Getting Out of Debt

LOS ANGELES, CA–(Marketwire – 07/24/10) – It’s hard not to notice all the advertisements and promotions for debt relief . Whether it is on TV, radio, newspaper, or the internet, there’s some company promising freedom from credit card debt and other various unsecured debts. The problem is none of these ads inform consumers how the program works. The main forms of debt relief available and how …

Martin Lewis- Debt advice

Dubai Sukuk Wins Investor Confidence as Debt Accord Nears: Islamic Finance

Islamic bonds in Dubai are set to extend this year’s rally as Dubai World predicted it will complete debt restructuring in the “coming months,” said Unicorn Investment Bank BSC and Emirates NBD Asset Management.

Daniel J. Mitchell – USA: Drowning In Debt?

Smoking Guns of U.S. Tresury Monetization

Use the above link to subscribe to the paid research reports, which include coverage of several smallcap companies positioned to rise during the ongoing panicky attempt to sustain an unsustainable system burdened by numerous imbalances aggravated by global village forces.

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