… to an article in the Star-Telegram, the Senate reached a compromise on extending the $8,000 tax credit for first-time home buyers which was devised to combat the effects of the foreclosure crisis.

The article said:

“Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.”

Legislators also added a $6,500 tax …

Tags: foreclosure Home Buyer Tax Credit Mortgage United States Senate

Permalink: /foreclosures/senate-reaches-compromise-on-home-buyer-tax-credit-extension/

According to an article in the Star-Telegram, the home buyer tax credits have been approved and are expected to be signed into law by President Obama. For first-time home buyers (or anyone who has not owned a home in the past 3 years), legislators extended a tax credit of up to $8,000 which was originally scheduled to expire at the end of the month and added another tax credit of up to $6500 for home buyers who have lived in their current home …

Tags: Home Buyer Tax Credits New Home Buyers Stimulus

Permalink: /loans-mortgages/home-buyer-tax-credits-approved/

According to an article in the Dallas Morning News, the Commerce Department reported that new home sales have dropped in September by 3.6 percent.  Some analysts expect that the drop off in sales is a result of potential homebuyers delaying their decision to buy a home due to the expiring tax credit which will end November 30, 2009.

The article said:

“It has been taking longer to close a transaction this year because it’s taking longer to get approved for a mortgage and to …

Category: Credit Crisis , Economy , Foreclosures , Unemployment - Job Loss

Tags: Dallas Morning News foreclosure Mortgage Tax credit

Permalink: /foreclosures/pending-expiration-of-tax-credit-causes-home-sales-to-slow/

… the handling of cash, expensive merchandise or a security clearance, you may be subjected to a credit check. If you’re behind on your bills, have delinquencies, defaults, judgments or liens, there a few things you should know.

While a company is restricted from not hiring you simply because you filed bankruptcy, they may be allowed to deny you employment if you have bad credit.  However, if they were challenged in a court, they would need to prove that your poor credit demonstrated …

Comment by Karen: … you because of bad credit? I 'think' that I have lost out …

Category: Credit and Bankruptcy , Unemployment - Job Loss

Tags: Bankruptcy Credit Check Employment

Permalink: /job_loss_unemployment/credit-checks-bankruptcy-and-employment/

Bankruptcy offers the perfect opportunity to rebuild your credit score by using credit cards and other forms of debt shrewdly.  Here a few tips on how to master the credit score game after filing bankruptcy.

Tip #1 – Go for the top credit cards and other loan products first.  Many debtors mistakenly believe that once they file for bankruptcy they are forever relegated to the “trash heap” of creditors who charge outrageous interest rates and …

Comment by Jim Ince: … in rebuilding your credit legally, so that you avoid …

Category: Bankruptcy , Credit Card Negotiation , Credit and Bankruptcy

Tags: Bankruptcy Credit card Debt Personal Finance

Permalink: /credit_card_negotiation/mastering-the-credit-score-game-after-bankruptcy/

The December 1st deadline for securing the $8,000 tax credit for buying a new home (if you’re a first-time buyer) is quickly approaching.  But is this program just a government sponsored no-money down scheme that could increase the number of foreclosures in the long-term?

According to an article in the Star-Telegram, the tax credit has already had a big influence on the housing market encouraging many first-time buyers to make the leap …

Category: Bankruptcy , Debt and Tax Relief , Foreclosures

Tags: foreclosure Loan Mortgage National Association of Realtors Tax credit U.S. Housing Market

Permalink: /foreclosures/will-the-federal-housing-tax-credit-increase-foreclosures/

Using your home as an ATM to pay off your credit card debt could be a huge mistake.  When you take the equity out of your home to repay credit card debt, you are in effect turning an unsecured loan (credit card debt) into a secured loan (home equity loan).  Remember, a debt collector pursuing you for payment of credit card debt cannot attach your assets without a filing a lawsuit against you and winning a …

Permalink: /loans-mortgages/three-reasons-why-you-should-not-refinance-your-home-to-pay-off-credit-card-debt/

As credit card companies increase interest rates and fees, many credit card consumers are looking for alternative sources of credit.  Even personal loans are given a second look due to their lower interest rates.  But what is a personal loan?  A personal loan is an “unsecured” credit line which is similar to “secured” loans in that there is a fixed amount of credit available and a finite …

Category: Credit Counseling

Tags: Credit card Interest rate Loan Personal Finance

Permalink: /credit-counseling/credit-cards-vs-personal-loans/

… to an article in the Dallas Morning News, medical debt can have a huge impact on a debtor’s credit score affecting their ability to obtain home loans, credit cards as well as the interest rate they’re offered. The article focuses on the story of Steve Smith who suffered a heart attack during a lapse in his health insurance.

The article said:

“When Steve Smith had a heart attack in 2006, the last thing on his mind was the impact on his credit report. But because of a gap in his …

Category: Credit Counseling , Medical Bills

Tags: Credit score Medical Bills

Permalink: /medical_bills/debtors-credit-score-takes-a-beating-with-medical-debt/

… to an article in the Dallas Morning News, drivers and homeowners in North Texas with poor credit ratings pay an average of 35 percent more for insurance coverage than those with good credit – even when driving records and recent damage claims on homes are identical.

The article said:

“Rates submitted by the 35 largest auto insurers show that all but two use credit history to help decide whom to sell insurance to and how much to charge. Some companies double the rates for …

Category: Credit Counseling , Economy

Tags: Credit score Insurance North Texas

Permalink: /credit-counseling/could-your-credit-score-affect-your-insurance-rates/

… are drafting a proposal that would shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

The article said:

“…their proposal, spearheaded by Illinois Democratic Rep. Melissa Bean, isn’t sitting well with consumer advocates who say banks shouldn’t be allowed to skirt state regulations if the restrictions don’t suit them.”

Under the plan created by President Obama and Congressman Barney Frank, lenders would face credit …

Comment by Jacob Decker: Credit card debt can almost always be …

Category: Credit Crisis

Tags: Banking Services Consumer Protections Credit card

Permalink: /credit-crisis/state-legislators-seek-to-shield-banks-from-tough-credit-card-rules/

Credit card companies are frantically taking drastic actions in their attempt to “work around” the new credit card legislation that will restrict their ability to randomly raise interest rates and hit credit card consumers with surprise fees.  Already credit card consumers are beginning to scream foul. An article in the NJ featured a distraught credit card consumer whose monthly minimum …

Comment by Jacob Decker: Credit cards companies employ unfair …

Category: Credit Card Negotiation , Credit Counseling , Credit Crisis

Tags: Credit card Debt Money Management Personal Finance

Permalink: /credit_card_negotiation/this-is-the-worst-time-to-have-credit-card-debt/