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Despite the best efforts of groups like the Better Business Bureau and the Federal Trade Commission, scammers manage to find new ways to take money from unsuspecting consumers on a regular basis. Here’s a look at one of the latest warnings that’s been posted by consumer advocates.

A New Mortgage Scam Afoot

The latest in a long line of mortgage and foreclosure “rescue” scams seems to be one that involves attempting to trick homeowners into thinking they qualify for money from a lawsuit against their lenders. According to the BBB, the scam works like this:

• An official-looking letter arrives: Victims have reportedly noted that they received a letter indicating that they were eligible to join a “joinder action suit” against certain mortgage lenders and banks. The letters

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After a successful ten-year run, the Massachusetts chain of BBQ restaurants, Firefly’s Bodacious Bar-B-Que & Beyond, has filed for Chapter 7 Bankruptcy. Owner Steve Uliss told Sean McFadden of The Boston Business Journal (www.bizjournals.com), in 2009 that “the recession was making things tough in the business.”The restaurant, which had three locations – Marlborough, Framingham and Quincy – focused on foods with a southern flair, barbecue ribs, fried chicken and red velvet cake, paired with a casual and affordable dining atmosphere. Uliss reported revenue of $6.8 million in 2007 and $7.7 million in 2008 with goals to hit $8 million in 2009. Despite Uliss’s efforts to reduce overhead and increase special promotions and restaurant-related businesses, the recent economic downturn squashed Firefly’s as it has so many other dining and retail establishments. According to the Journal’s Eric Convey, the restaurant currently lists its assets in the amount of $100,000-$500,000 and its liabilities from $500,000-$1 million.For information on the mechanisms of filing Chapter 7 or Chapter 13 personal bankruptcy, log onto www.legalhelpers.com and call 800-260-1402 to arrange your initial free consultation with an experienced and knowledgeable bankruptcy attorney from Legal Helpers. Attorneys from Leg Read more…

Are you aware that not everyone pays the same premium as car insurance charges? Find out how your credit score is used in calculating your car insurance premium.

You’re completely conscious of the truth which banks observe your credit score whilst deciding on whether or not to increase your current credit or otherwise. However the banking institutions are not the only businesses that make use of your own credit evidence. In most states auto insurance companies are observing the actual information associated with applicants in addition to figure out the price of the individual based on the position. Your house possessors in addition to medical insurance prices are also apt to be dogged by how good or bad your credit score is actually. And the fact here is that your credit ranking strongly impacts the final prices billed by the insurance company.

The cost you’ll be repaying with regard to insurance services is going to be affected in the event that individuals credit were past due or otherwise using a credit record. L Read more…

Getting help with a debt consolidation program can be easy, if you know where to look for it. After you have decided that this is the best solution for your financial problems, start looking for a non-profit program. With so many people struggling to manage their debts, the government provides all sorts of programs and agencies that can help you find a way to lower your interest rates or find another other options that can make your payments affordable. In addition, these agencies will also provide counseling and legal advice and can guide you throughout all the phases of the debt consolidation process.

If you are not facing bankruptcy, you can also start informing yourself online or from newspapers and adverts about the various programs. Read reviews and opinions of people that are in your current situation in order to find out more about the companies that you want to apply to for a debt consolidation loan. Afterwards, start asking for quotes from the companies that have good reviews and compare them. Because the competition is high in this field, you will probably notice a lot of decent offers. Read more…

A Commercial Loan Modification is a Modification to a Loan agreement, which replaces an existing Loan agreement. A lender or Commercial lender is not required to consider or grant a Commercial Loan Modification. A Commercial Loan agreement allows the lender to pursue a foreclosure when the borrower defaults on the Commercial Loan. However, if the lender went against any of the various regulations or consumer protection laws, they will not be legally able to enforce the original Commercial Loan agreement.

The average borrower is not up to date or fluent in the various laws and regulations lenders must follow. Nor are they aware of all their options when facing financial difficulties. A Loan auditor, however, is and will examine every word of the Loan papers to see of the borrower’s rights were in any way violated. This process is called a forensic audit. Conducting a forensic audit is one of the first steps a Commercial Loan Modification professional will take when representing you.

A Commercial Loan Modification professional understands the legal jargon surrounding fair lending laws, interest rates, pre-payment penalties, the Truth in Lending Act (TILA) and the Real Estate Settlement & Procedures Act (RESPA). I

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Besides a lot of things wrong the banks are doing very little to help homeowners avoid California foreclosure. 

They were given millions or even billions of dollars to help stem the tide of foreclosures that were recognized from the very beginning. Money they used to pay their executives extravagant bonuses. 

They were given directives from the US Government to modify loans to help people save their homes. While they did make a half-hearted effort their programs were never really set up of for success. They never bothered to staff up enough to handle the sheer volume of requests. This is cause for endless delays and lost documentation which pushes most homes to mature into the final phases foreclosure before the homeowner is given a final answer. 

What happens next, the homeowner is denied a loan mod–which in many cases they never qualified for in the first place but the bank failed to inform them of this in a timely manner–and now they are left with little or no time to pursue another option.

Homeowners facing California foreclosure who are thinking about or in the midst of a loan modification should research bankruptcy as a back up plan. Sh

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The National Foundation for Credit Counseling reported results from its annual survey of consumer financial literacy recently, and the findings suggest that, as a nation, we’re still not as well equipped to deal with financial stumbling blocks as we need to be.

Specifically, the survey revealed the following about American consumers:

• 26 percent of survey respondents reported spending more than they did last year, a percentage higher than it has been for two years. While this could be good for the nation’s economic recovery, it’s only one part of the puzzle.
• More than 40 percent of respondents graded themselves as earning a C or lower in their personal finance know-how. This is alarming but not surprising: in more official tests of financial literacy (often given to high school students), it’s often common for the majority of students to fail.
• While more than two-thirds of Americans reported paying for most purchases with cash or debit cards, 40 percent still reportedly carry revolving debt on their credit cards from month to month. This so

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In the current economic environment you will find that California was hit extra hard by the home foreclosure crisis. Many people are suffering and have lost their homes because of it. Some reasons California was hit so hard could have very well been avoided.

1. Banks were lending to unqualified borrowers 2. Too many builders were over building and dumping properties onto investors 3. Real estate agents were artificially inflating home prices in new subdivision through phase releases 4. Home owners had no financial reserve for a rainy day 5. Homeowners borrowed money on variable rate loans 

Had homeowners, banks, builders and real estate agents avoided these five mistakes California’s home foreclosure crises probably would have been simply a hick-up instead of a crisis. Citizens should have been looking out for each other and not relying on the government for over site. Knowing the banks, builders and real estate agents are in it for the money, we as consumers need to pay close attention to what they are telling us and insure we are not falling into a trap.

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For anyone who is shopping for a used car, you need to put your best foot forward, and your best effort into the effort. When the seller is more relaxed with talking to you, you may find that they will open up to you about the real condition of the car and possibly what it is truly worth. Then you can definitely determine a selling price to buy it at.

Do not go around flashing cash or a checkbook when in the market for a pre-owned car. It really is a very easy way to result in paying much more for the used automobile than the dump is actually valued at. And you make sure you arent going to that place carrying cash either. You totally have to keep the cash and the checkbook concealed until all the negotiating is performed.

You do not want a used car that has been in an car accident before. Most likely, no one actually does, except that the cash in hand may not allow them to try for something different. The seller might not supply you with that information just for the sake of it, but if you ask them point blank they won’t lie. So question them.

You might not have a lot of money, but you are no fool. W

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