toddkenefsky.com

With the current “mortgage meltdown” we hear so much about these days, your average consumer thinks that the days of 100% financing have gone by the wayside. True, you are hard pressed these days to find a bank or lender that will want to carry a second mortgage that combined with a first mortgage adds up to 100% financing. That’s because if there is a default, sitting in second lien position is particularly dicey. Too much risk is involved. And since, in recent history, that scenario of the 80/20 combo was the most common 100% financing vehicle available to a certain group of consumers (non first time homebuyers), there’s a misconception out there that 100% options are all but dried up.

But, a-ha! There is hope for someone who has great credit but prefers to invest his/her assets elsewhere when rates are so low. It’s called the Flex 100. And it can apply to purchases and refinance transactions.

I heard an analyst mention on television the other day that mortgage money is so cheap right now it’s like a sale at Macy’s. That made me chuckle, but it’s true. In which case, why not invest your money elsewhere if you qualify for 100% financing. After all, the homes are still appreciating in most areas, but not at the stellar rate we saw in the past.

The Flex 100 requires you to invest $500 of your own cash towards the transaction, so I guess it’s technically not 100% financing, but it’s pretty darn close. And no, you don’t have to be buying your first home to get this deal. You can actually have owned a home in the past three years! However, it does apply to financing your primary residence only. You can’t get this deal for that nice cabin in Gatlinburg you want to use on the weekends or for that great rental down the street you think you can get a good deal on. You’ve got to live in the house to qualify for this financing.

But you can do a refinance, as long as it’s not a “cash-out,” meaning you’re not paying off debt or taking equity out of the property. It must be a rate term refinance only. However, you can pay off that second mortgage or home equity line of credit you hate, IF you obtained that 2nd lien mortgage when you got your first mortgage (a piggy back closing, we call it). Or to make it clearer, you originally had that 80/20 combo mentioned earlier. If you got that home equity mortgage a month or two after your initial closing to build a deck or payoff a credit card, than it that won’t work for a Flex 100 refinance.

What about your credit score? Well, it will affect the price you get, but there is no “minimum” credit score required for this program. You just have to get an approval through the automated underwriting system required. But be realistic – if you’ve got “iffy” credit, you probably won’t get an approval. A borrower with a credit score below a 620 would probably have to have a low loan to value or debt to income ratio for a chance of an approval.

A Flex 100 may or may not make sense for you. But hey, at least you know it’s an option. Your lender should be able to help you determine if this opportunity to flex your mortgage muscle makes sense for you.

Online payday loans provide an easy way to barrow money without the embarrassing situation of been seen by every body around the loan store. Another great advantage is that all paper works and forms are just fill once at the beginning of the process. Some payday loans lenders process the application the same day while others can take up to a week. One good advice is to submit your application not the day that you need the money, but at least three days before.

Submitting an application online for payday loans does not mean that you are getting a payday loan. After your payday loan application has been submitted and approved then you will be able to login to the website and submit a request for a payday loans. If you cannot pay your payday loans, most lenders provide extensions allowing you another 15 day in order to pay the full amount. You can usually request up to 3 extensions. Every extension will cost you from $25 or $50 depending on the lender and depending on the amount that you owe.

Some online payday loans lenders offers no credit check payday loans while others will check your credit history to see if you qualify for a payday loan. The no credit check payday loans policy does not mean that they will not check your reference information. They usually verify all reference information by contacting those families and friends that you used as referral and they will also verify employer information by asking you to provide the last three of your pay slips. Make sure you also have on hand some utility bill receipts because you might need them as prove to verify your address.

Nothing can throw your financial situation into sharp relief like unforseen expenses. Sudden unexpected bills, NSF fees, medical issues and any number of circumstances can result in a sudden need for additional funds, as soon as possible; a payday loan can get money into your hands quickly and painlessly, and let you deal with whatever situation arises. Money in your hands, often within 30 minutes, and no fax required, all across Toronto, Hamilton, Ottawa and across Ontario!

‘Our payday loans can be sent using an Email Money Transfer, making the process seamless and nearly immediate. No cheques to write, no stubs or paper to worry about, just a fast cash advance on your next payday to help you get through the trials and tribulations we all face.

We’re available in Toronto, Hamilton, Ottawa and across Ontario. 310-LOAN is a Canadian provider of Loan and Cash Advance services. Services include a no hassle fast cash advance until payday. Get a loan or cash advance deposited directly into your account with no faxing. A payday loan is an advance on your paycheck (or paycheque) and is also known as a payday advance, payroll loan, payroll advance, cash advance, check advance, fast cash advance or quick cash advance.

310-LOAN serves Canada including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, PEI and Newfoundland. We have loan customers looking for fast cash in most major cities including Toronto, Vancouver, Victoria, Edmonton, Calgary, Winnipeg, Halifax, Ottawa Mississauga, Brampton, Scarborough, Hamilton, Niagara Falls, Kitchener, Oshawa, St. Catharines, Red Deer, Surrey, Burnaby.

Find out more about our Toronto payday loan, its eligibility requirements, our faxless payday loan applications, and find out exactly how fast you can get your money.

If you have more questions regarding Ontario cash advances, or would prefer to apply for your payday loan by phone, give us a call at 1-800-310-LOAN (5626.

A car loan is simply a way for you to go about paying for the car that you are looking to purchase.  You are going to take out a car loan from a financial lending company and bring it to the car dealership with you.  The reason for going about doing this is because the moment that you bring your own New Car Finance to a car dealership you are then considered what is known as any cash buyer in that you can buy the car pretty much out right from them just as if you are paying for it in cash in the first place.  You can then you should car finance in order to either buy the car that you want from them or you can also use it to lease a car through them.
 

When you go about getting yourself a great deal on the type of used cars that is going to last you for a long period of time you might end up thinking that it’s something that is based upon a roll of the dice or something to that extent.  The reality is however that it really depends on each exact amount of time and research that you are willing to put in to in order to empower yourself with the knowledge that is required in order to get the best possible deal on a New Car Loan that you can get for yourself.  The bad credit used car loan that you will end up getting for yourself really is going to end up helping you get a very easy to manage and budget priced because the monthly payments are going to be fairly lower than at what you would normally expect from a car dealership as well as the interest rates on it should also be considerably lower than what you would get from used car dealerships.  The reason you and make sure that you do this actually correctly is because you not want to end up having to get locked in to why it is known as an upside down car loan.  This is aware you end up having your New Car Loan being worth more than what the price on a used car but you are trying to purchase or are purchasing it is.  You should not be afraid about this though because there are a few different things you can do that can guide you in finding yourself the best financial deal on a bad credit used car loan.

Have you ever thought about refinancing your current car loan? In the past few years, automotive refinancing has become more and more popular – especially as the interest rates that independent used car dealers and even new car dealerships charge continue to go up. There is something you can do about it. You can decide to stop these higher payments now and opt for car refinance to bring your payments down. After reading this article, you may be interested in automobile refinancing for a new car that you have just purchased recently, or auto refinance for a used car.

There a few reasons why someone may want to refinance their auto loan. First, depending on your financial situation when you first applied for a car loan, you may have taken a “no credit” or “bad credit” Car Financing at a very high interest rate. If you have made on-time payments since, and possibly have other good credit marks from other companies (credit cards, mortgage, utilities, and others that report to the three major credit agencies – Equifax, Trans Union, and Experian), then regardless of your previous bad credit history, an auto refinancing loan can probably get you a much lower rate than you are paying now. In this way, diligent payments and hard work to clean up or create a good credit history to start with will pay off by giving you a much more affordable payment now.

Another reason why some people may be in the market for car loan refinancing may be that they had made a mistake when purchasing their vehicle to start with. Maybe a high-pressure salesman put them in a new car that is far too expensive for their current income. (This can happen easily and it is why it is a good reason to have the car in mind that you want to buy before you go to the dealer’s lot.) Or, because of poor credit, an auto loan with a very high interest rate was given. Often dealerships will take advantage of people in these circumstances and try to give them the highest interest rate possible, sometimes more than 25%! As people are pressured to make a decision on the spot, many times they take the bad loan to be able to drive away immediately, only to be sorry after they see how much the high payments will really impact their lifestyle.

If someone has good credit and they are looking for the lowest rate, Car Financing is a simple matter. There are many companies to choose from and most can offer you a much lower rate than you are paying now. However, you absolutely can also refinance a car with poor credit. Auto refinance with bankruptcy or repossession, while it can be a challenge, is possible and there are many companies out there to work with. Online car refinance lenders are typically able to help most people out of their bad credit car loans and into an auto refinance loan that more adequately matches their needs.

Cash advance loans are categorized as short-term personal loans and are popular due to their easy terms. The lender makes the loan decisions based on certain criteria that the applicant has to meet. The terms and conditions vary with individual lenders. Direct Cash Now is a leading short-term private lending group offering a helping hand in providing cash advance loans with an easy and efficient approach.

Cash advance loans provide immediate access to cash in order to meet your emergencies. If you need money quickly, we are the cash advance lenders specialized in providing the cash for any purpose you need. Our short-term money advance offers faster money providing a convenient repayment through payroll deduction or direct debit from your bank account. The remarkable feature of our cash advance loans is that after approval of an application, the funds are transferred into your nominated account by Electronic Funds Transfer instantly.

Now getting cash advance loans is a hassle-free process with our online and convenient system. Our procedure starts with you completing an online application form. We evaluate each application on its individual merits and send you a confirmation email with your reference number. After we receive the required documentation by fax or scan quoting your reference number, we verify the information and determine your credit worthiness. Before final approval we check all the documents of terms and conditions duly signed by you. Once confirmed, funds for your cash advance loans will be transferred into your account.

The conditions to meet our eligibility criteria is that the applicant

• Must be at least 18 years of age.

• Must be a resident of Australia.

• Should have sufficient income to repay the loans without hardship.

If you are looking for a quick and easy solution to meet your financial crisis, just complete the online application form at www.directcashnow.com.au and get the funds deposited directly into your account as cash advance loans.

In the mid 1990’s, the mortgage industry saw the credit score and its predictive power to assess a borrower’s ability to repay a mortgage step into the limelight as one of the most indicative factors for loan approval. After conducting statistical test after statistical test, Fannie, Freddie and Ginnie, the 3 big lending institutions, mandated that the credit score should be used in conjunction with manual underwriting to assess loan approval. Not too long after, automated underwriting systems (AUS) were developed that expedited and streamlined the underwriting process even further for lenders. A loan officer today simply inputs a borrower’s key information into the preferred underwriting automatic engine, such as his/her credit score, income, amount being borrowed, cash reserves, employment and housing history, and the value of the property. A response is returned by the underwriting engine recommending approval or denial for the loan.

If your loan receives a denial from an AUS, the buck doesn’t necessarily stop there. Life happens to people, and oftentimes it’s going to take a real live person understanding the nuances of a file to make an underwriting decision. That’s when your lender may suggest submitting your file to underwriting for a manual review. After all, not everything in life can be automatic, right?

A perfect scenario for a manually underwritten file would be someone who has no credit scores. No credit scores? Yes, it is possible. I’ve had customers who, being old school and always having paid for everything in cash, had never established traditional credit lines that reported to credit reporting bureaus. In a case such as this one, I had to submit non-traditional lines of credit to underwriting, something a machine can’t assess. This means I had my customer bring in bills he had paid on time for the past year to create a credit history. Typical ones used are car insurance, utility bills, cell phone bills and cable bills. You can expect to have to provide 3-4 different trade lines if you haven’t established a traditional credit history and score.

“The most typical reason we see a file submitted to us for manual underwriting is for either no credit score or an error reported on a credit report,” reflects Patricia Haynes, onsite Government Underwriter at Mortgage Investors Group. “For instance a judgement that doesn’t really belong to the borrower. Maybe it’s really Dad’s judgement reflected on the son’s report because Junior and Dad have the same name. That’s when I can overwrite an AUS decision because I have the documentation to support my decision to do so in front of me.”

Another very common reason to submit a loan for a manual underwrite is when your customer’s credit score is below 620 and gets an AUS denial. If this is the case with your loan, be prepared to provide more than average documentation about your credit history, as well as written explanations as to why your credit score has suffered recently. Maybe two years ago you had a financial meltdown due to a medical illness, but in the last twelve months, you can prove you are back on your game and have been repaying debt. However, your credit scores haven’t exactly caught up with your actions. An underwriter is going to piece together the different aspects of your file and see if it makes sense. Your home lender should be able to review your file and guide you as to what documentation an underwriter will want from you to grant you loan approval.

Naturally, if your credit score is really low and you have very little explanation for your state of credit affairs other than you failed to pay your bills on time, don’t hold your breath for loan approval. An underwriter can see through smoke and mirrors. After looking at files as long as they have, they can basically sniff out a loan that has merit from the ones that are too risky.

So, even as our world gets more and more automated every day, it’s nice to know that you can’t replace genuine common sense, even in the mortgage industry. And it’s nice to know that you can plead your case for credit worthiness to a real live human being.

Defendants in a lawsuit have the greatest thing on their side; time. This is especially true during injury lawsuit cases, which can be years before a verdict is reached. During this period of time a plaintiff is usually not able to work and has no source of income. A large amount of debt or financial strain can build for that person during this time. The main reason people settle lawsuit cases early and for lower amounts is because of financial issues, don’t become one of them!

As an example we’ll use a person who was injured in a car accident by a municipal vehicle of the city they live in while driving. One of the issues in this type of lawsuit is that this person can no longer work due to the injuries obtained by the accident. So, that person is expecting reparations to help them financial for the rest of their life. an also includes medical, court costs, and emotional damage.

The plaintiff will have no income during this period because they cannot work, and will be stuck having to use their current assets. After about 3 to 6 months into the case the debt is building up for the plaintiff, bills are due and their house is close to foreclosure. They accept a settlement agreement far lower than he real amount due to them to prevent losing their home and going into financial ruin.

A better option for this person would be a settlement loan. This isn’t really a loan; it has nothing to do with your current income or credit history. A settlement loan is really a company buying interest into your lawsuit. They are loaning you money that is only paid back if you win the case. If the case is lost the money is yours to keep and you don’t pay back a dime.

Getting a settlement loan instead of settling your case earlier is a great way to handle all your financial needs during the case. This also allows your attorney to fight the case to the end and obtain the maximum amount of money due to you. Don’t be a fool and settle for a less amount when a settlement loan is a much better alternative!

Here’s a list of loan modification do’s and don’ts to help you avoid common pitfalls.

Do know your rights.

More than 80% of mortgage contracts violate one or more lending laws—and most of them go unnoticed. But these violations can be your biggest weapon in the loan modification process. They can give you the leverage you need to negotiate with your lender and stop foreclosure. Your loan modification attorney can help you understand your rights and use them to get the results you want.

Don’t wait too long.

The foreclosure process is designed so that you have time to get back on your feet and save your home. But that doesn’t mean it’s safe to procrastinate. The longer you wait, the harder it gets to get you out of that fix. As soon as you decide you need mortgage help, call for a loan modification help and get started.

Do work with your lawyer.

Your Home Loan Modification doesn’t rest in the hands of your lender, your broker, or your loan modification attorney. These people can help, but you have to do your part and cooperate with your lawyer. Make sure to submit your paperwork on time, answer questions honestly, and give them a clear picture of your financial situation.

Don’t file for bankruptcy, unless you really have to.

Many people think that filing for bankruptcy can help them stop foreclosure. But data from the American Bar Association shows that it doesn’t work that way. In fact, 96% of the people who file bankruptcy end up losing their homes anyway—so they’re left with a foreclosure AND a bankruptcy on their records. In some cases, bankruptcy is still a viable option, but don’t make any decisions without getting professional advice.

Do have a backup plan.

Not all people will qualify for a mortgage loan modification. Maybe you’ve fallen too far behind, your lender may be simply hard to work with, or maybe you don’t need it after all. In any case, it’s always good to have a Plan B. Your mortgage modification attorney can help you find the best solution.

If you can’t get your loan modified, talk to your lawyer about a short sale. This involves selling your home for less than its fair market value and giving the proceeds to your lender. Although you still lose your home, it’s not as damaging to your credit as foreclosure, so it’s easier to get back on your feet.

A Home Loan Modification can help you stop foreclosure and stay in your home. But if you’re like most homeowners, you’re probably wondering how it will affect your credit, and whether in a good or bad way. Unfortunately, there’s no single answer—it all depends on how far behind you are and the kind of mortgage loan modification you’ll be granted.

Best-case scenarios

Technically, since you’re not borrowing any money, a home loan modification won’t hurt your credit score. If you’re paying less in interest, you have a smaller debt burden. And since most lenders prefer an interest rate reduction, there’s a pretty good chance that a Home loan modification will improve your credit score.

The implications are even better if your lender forgives part of the principal, although this is less common. If they write off $50,000 from your loan amount, it will show up on your report as a smaller loan, which can increase your credit score.

The lender factor

Unfortunately, it doesn’t always happen that way. It also depends on how your lender reports the home loan modification to the credit bureaus. Many of them will consider it paid for less than the original amount owed, which will count against your score. If you’re already in foreclosure, the impact on your credit can be substantial. Of course, compared to a short sale or a foreclosure, a Mortgage Loan Modification is still the best way to maintain your credit standing.

Tax implications

One of the early problems with Loan modification is that the amount forgiven is usually taxable. That means if your debt is reduced by $50,000, the IRS views it as income and imposes the corresponding tax. This can catch homeowners off guard during tax season, as many of them don’t know the tax implications at the time of the modification.

To avoid such incidents, the IRS announced in 2007 that Loan modification would no longer be classified as “prohibited transactions.” This applied to all loans originated from January 2004 to July 2007, the peak of the sub-prime boom, and those due to adjust from January 2009 to July 2012. If your mortgage falls under these categories, you won’t have to file a 1099 declaring the change as taxable.

A loan modification is much like going to court: you can save your money and get a court-appointed lawyer, or you can invest in professional representation and get the best mortgage assistance. Your loss mitigation won’t happen overnight, but if with a capable Loan Modification Attorney, you can be sure you’re in good hands.