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Sample Late Payment Explanation Letter

When you write a creditor to explain your late payments (mortgage, car, or credit card), the letter should state:

  • why you are late, (see paragraph 1 of the letter below)
  • how serious you are about fulfilling your commitment to them (paragraph 2 of the letter below), and
  • when you expect to be able to resume full and regular payments, (paragraph 3 of the letter below),
  • what you want from them (paragraph 4 of the letter below)
  • the financial details of your hardship (paragraph 5 of the letter below)

Below is a sample late payment explanation letter. Change it to describe your own circumstances, but make sure that you enclose copies of financial documents like: checking account statements, tax returns (past two years), all bills from creditors, all late notices, pink slip, anything else that will prove your hardship.

Cindy R. Williams

9 Turnbill Ct.

Anywhere, USA 55555

To: ABC Mortgage

Re: Late Payments; Account # 12345678

Daytime phone number: (555)555-5555

I am writing to inform you of my recent financial hardship. I was laid off from my job at XYZ Company just before Christmas of 2008. I am diligently seeking other employment, but as you know, jobs are scarce in today’s economy. I have not found anything yet. Being out of work has caused me to be late on my bills.

I believe in hard work and have never been without a job for more than a few months. Until this unfortunate event, I have maintained a solid payment history with you.

My goal is to pay everything I owe. I take my financial obligations very seriously and plan to continue regular and full payments as soon as I find a job.

I expect my situation to be temporary and would like to discuss loan forbearance. I would also appreciate any suggestions you might have that would help me get back on track.

Please find the enclosed spreadsheet of my monthly expenses, as well as copies of financial documents, my pink slip from XYZ Co, and late notices I have received during my financial setback. I’m sending these to show that I am indeed experiencing financial hardship. This letter and all documents attached are true and accurate to the best of my knowledge.

Thank you for your time. I hope to hear from you soon.

Sincerely,

Signature/Date

Forbearance is an agreement by a creditor to reduce or delay payments for a specified period of time. Interest accrues during forbearance and will increase your loan amount. The good thing is that you will not have to pay late fees and penalties. There is no negative affect on your credit either.

Some Factors Bank Managers Consider Before Granting Loans

There are many factors which may influence the granting of loans by most Bank Managers and a number of them are outlined below;

1. The type of Account The Customer operates: Although non-account owners get loans, loans are normally given to current account owners more than those who operate savings accounts.

2. The Amount Involved: If it is a large sum of loan, the Bank Manager will consider whether if such an amount is removed, it will not affect the financial standing of the bank.

3.The Past Financial Dealings of the Customer with the Bank: one with sound past financial dealings with a bank has a higher chance of getting a loan and vice versa.

4. The Purpose for which the loan will be used: financially yielding projects are considered more buy bank managers in order to make sure that the loan will be used for projects that will yield profit so that it will enable the borrower to repay the loan.

5.The Collateral Security Offered:These collateral securities which are fixed assets must be the things the bank can sell easily and more than the value of the loan given.

6. The Period of Repayment: The period of re-payment of such loan is very important because, the Bank would not want its loan to be tied down for a very long time in spite of the fact that it changes interest on the loan.

7. The Customers Referee: The referee must be one who is well known to the bank and who will guarantee that in case the borrower defaults or becomes insolvent, that he will repay the loan.

8. The Earning Power of The Customer: The person’s earnings vis-a-vis the amount to be given out as loan are some of the determining factors in granting and issuing loans.

9. The Sources of Re-payment: The Bank Managers will also like to know the possible sources the customer intending to borrow loans has for repaying the loan.

10. The Present Government Policy on Bank Lending: A Customer may fulfill all the “Conditions” but if government policy on lending is credit squeeze, the Bank will not grant the Loan and vice versa.

Bad Credit Mortgage Loans

Bad credit mortgage loans are something that every person with less-than-desirable credit needs to know about. It can mean the difference between home ownership and a lifetime of throwing money out the window every month in rent payments. Learn who bad credit mortgage loans are for, how they differ from regular mortgage loans, and how they could benefit you.

When people purchase a home and begin to look for financing, the lender first pulls their credit history. This is an three-digit number between 300 and 850 that is a picture of you and your financial life. It lists your open credit accounts, the balances you carry on each account, and any late or missed payments. Aberrations like a previous foreclosure or bankruptcy wreak havoc on your credit.

Before you know about bad credit mortgage loans, you need to know who they are intended for. In general, mortgage lenders are looking for people with credit scores above 620. Though exceptions are made, people with a credit score lower than this are going to have a hard tie finding financing through traditional means.

Before you even start shopping for a house, you need to pull your own credit score and find out what it is and what can be improved. Working on your score for a year or two can mean thousands of dollars saved in a lower interest rate on your mortgage loan.

That being said, home ownership is infinitely better than renting. Owning a home is one of the most secure investments you can make with your money, so it’s a tossup between waiting to buy while your credit goes up and buying now with a higher interest rate.

If you do decide that you need to buy now but your credit is below 620, then start looking into financing with bad credit mortgage loans. Be careful in your search, because there are a lot of scam artists who advertise “bad credit loans.” Cross check any company you find with the Better Business Bureau (BBB) and do a Google search to see what past customers of the company have to say about their experience dealing with them.

In general, bad credit loan companies will take a risk and lend money to people with poor credit because they charge a significantly higher interest rate. That being said, if you’ve mended your ways and your credit score continues to improve over the next several years of your home ownership, you can always refinance to take advantage of lower rates later on.

No-Credit Check Auto Loans

I often wonder where we would be without automobiles. It is extremely difficult to picture, is it not? They have become such an important part of our life that we cannot imagine how to live without them. When I was a young, care-free undergraduate, I could not wait to get a car to drive me back an forth from work. When I finally got my much desired vehicle, it was not long before I was itching to trade it for a newer, more modern one. Us humans are restless creatures, never content with anything.

Sometimes, people just cannot do without a car. I have dealt with many clients who were desperately in need of a car because they worked two jobs, had kids and 24 hours were simply not enough to do everything they had to do and also travel across the city on public transport. So they applied for auto loans and finally got the peace of mind they deserved. But what happens when your credit is low? I have seen cases like that also. People who had bad credit score, needed a car loan and could not afford to have their credit reviewed every time they applied for one. For situations of the sort, the finance industry came up with no credit check auto loans.

What Do No Credit Check Car Loans Actually Entail?

I do not blame you for not knowing the answer to this question, many of my customers have no idea of their existence either. And it is a pity, because if they did, they would have already obtained a loan long ago.

A no-credit check vehicle loan is a secured loan in which the purchased vehicle is part of the loan’s collateral. But that is not all, since vehicles decrease in value over time, lenders require an extra collateral in order to be able to secure the loan without the need of running a credit check.

This additional collateral could be a property or any other asset. You will be required to show proof that you actually own the asset prior to being granted the loan. Bear in mind that if you fail to repay the loan, the lender might seize the collateral and take possession of it.

Who Can Apply For Such Loan?

Years of experience on this field have showed me that this loan is particularly good for those who have recently gone through bankruptcy or foreclosure. This loan can be perfect for fixing ones credit and also for establishing it. How does credit fixing work? Well, once you are granted the loan and the car is bought, you will have to begin repaying the loan. After a few months of timely and accurate repayment, it will be reflected on your credit history and, most likely, your credit score will improve.

In fact, anyone can apply for a no-credit check auto loan. You will need to meet certain requirements: a good salary in order to be able to repay the loan and an asset to offer as security for the loan. That is pretty much it. In case you are not currently employed, or your salary is variable, you might need a co-signer to be able to get approved for this kind of loan.