Archive for June, 2010

10 Best Bad Credit Personal Loan

Do you need a loan and you have bad credit? Not much you can do when it come to borrowing, huh? Most banks will not loan you any money because of your awful credit. If you need a loan and you have bad credit you are going to have to look in some places that are off the beaten path.

Difficult Find Bad Credit Personal Loans

It is very hard to locate bad credit personal loan companies you will need to look around and do plenty of research to find a reputable one.

• Begin with companies that you currently do business with
• See if your lender could extend you an additional credit line
• If this is not an option begin an online search this would be the next place to look
• If all of these options dry up then it is time to start looking for alternatives

These are the 10 best ways to get a Bad Credit Personal Loans

1. Find a Sub Prime Lender - Track down a subprime lender. These loans have a huge interest rates and processing fees for lenders with bad credit. If there is a form of collateral sometimes the rate will be lower.

2. Cash Advance - Get an advance on a credit card you already have. There are a number of companies that will do this to the tune of over $1,000.

3. Cosigned Personal Loan - Find a good friend or relative with good credit to cosign for you and get a traditional loan.

4. Get a Secured Loan - If you have bad credit and you own something of significant value you may be able to secure a loan against the value of said item.

5. Get an Advance From One Of Your Retirement Accounts - Make a loan to yourself from your retirement plan. These loans may be done interest free but may cost you tax-wise.

6. Withdrawal Advance - Many people do not know that advances can be made against their savings account; this is also like loan money to you.

7. Liquidate Stock Options - You can access quick cash by liquidating any stock you my own, like the company stock that some companies give to their employees.

8. Personal Loan - Have relative, acquaintance or colleagues give you a personal loan. (Make sure you give them something in writing as a guarantee).

9. Cash Advance On Your Insurance Policy - A good way to get a bad credit personal loan is getting an advance on an insurance policy. Some companies allow this, check to see if yours is one of them.

10. Small Business Loan - The government will loan small and medium sized businesses money. A great business plan outshines bad credit.

Tags: Bad Credit Personal Loan
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Top 8 Bankrupt Celebrities – Do you know them?

The economy has been tough on all of us and some of the rich and famous has fared no better than the rest of us. Do you know these celebrities that filed for bankruptcy over the years?

Stan “the man” Lee

Did you see Spider-man 1,2,3,4, The Fantastic Four, The Incredible Hulk or any of the X-men movies? If you did you probably put money in the pocket of this man then he promptly mishandled it to the tune of millions. So in 2001 good Stan the creator of all our beloved superheroes filed for bankruptcy.

Donald Trump

Your Fired! The Donald is near the top of this list for being a two time filer of bankruptcy in the same decade no less. Now that’s business savvy. The 1st time Donald T went B-rupt was in 2004 when he had to give up control of Trump’s Atlantic City Hotel and Casino. He resurfaced sometimes later with the new name Trump Entertainment Resorts which tanked out in 2009. Now he is going for the hat trick as he has recently climbed back into the leadership chair of the corporation. Good Luck on the trifecta, I am putting my money on D Trump.

Stephen Baldwin

The Baldwin clan’s baby brother tried to make a comeback into the fame on game shows and reality television programs but, budgeting as a television star and budgeting as an average Joe still has the same formula; add debt and spending then subtract income. If income is not enough you end up in bankruptcy court, which is where Stephen and his wife ended up after losing their home in 2009.

Kim Bassinger

From walking down red carpets to strolling into courtrooms, Kim at one time owned an entire town but that was before her run in with a judge after being suited by a movie producer that she left holding the bag. The judge demanded that she pay the producer over $7.5 million dollars which she could not come up with. This led her to stroll into another courtroom to talk with another judge in bankruptcy court.

Burt Reynolds

An American icon the Bandit is responsible for hundreds of millions in box office receipts. But, if we go back to the formula above having over $9 million in debt and your ratio of income does not match your payback schedule and you are going to need more than a 1977 Pontiac Firebird Trans Am to out run the bankruptcy judge.

Larry King

Another radio and television icon that ran into serious cash flow problems in the late 1970s is filing for bankruptcy. Now his famous show on CNN has him back in the black.

Don Johnson

Crockett, Tubbs and that white 1984 Ferrari Testarossa you remember them or maybe you don’t that was a generation ago and maybe that is why Don had to sell that car to get cash to cover his debts after going bankrupt. He had to have hated that, because that was one sweet car.

Willie Nelson

Between tokes all the money went up in smoke and the tax man got Willie for over $15 million in back taxes. Good thing he does not change his clothes much or his hairdo.

Tags: Bankruptcy
Posted in Bankruptcy | 2 Comments »

Mortgage Advisors – Whose side are they on?

Nick and Judy Splitzgerald are 4 months behind on their house note and doing almost anything to keep their two-bedroom starter home they’ve been in for 16 years. It all started when they refinanced their home 5 years ago. In hindsight maybe they should not have trusted their mortgage advisor.

Cautionary Tale

Even though they wanted a 30-year fixed-rate loan, the mortgage advisor somehow got them into a two-year adjustable-rate mortgage. The mortgage advisor also did not tell them that their payment did not cover escrow. When the new interest rate started 8 months ago, and at about the same time Nick was laid-off from his job at Richild’s Beef Emporium, they just could not make the whopping $1,750 per month house note anymore. “We just trusted him” said Judy. “We thought that the mortgage advisor was on our side.”

Mortgage Advisor Ethics

A lot of homeowners like the Splitzgeralds, thought their advisor were working for them. But, mortgage advisors are not legally bound to do this. Most claim that they are there to help the homeowners but the mortgage companies are for themselves.

Who Do They Work For?

Most folks believe that the mortgage advisor is working for them, not for themselves or any mortgage company, but are they? Some say advisors have a duty to cut back on predatory lending, like guiding people into high rate loans or refinancing loans that harm more than help the homeowner. The industry insiders say that advisors are forced by lenders to tell homeowner that they work as independent contractors.

Mortgage Advisors Have Expertise

Homeowners use mortgage advisors because they believe they are professionals that know a thing or two that the borrower does not know and that they are in a position to help them.

Industry Reform

As foreclosures rise some are looking at these advisors and pointing a blaming finger. Before the housing bust, lots of mortgage lenders and advisors aggressively looked for risky loans for homeowners that say they did not really understand the conditions or weren’t told the reality of the loans. So, homeowners with little or almost no credit at all sign risky loans that they couldn’t afford or borrowed heavily against the equity in their homes.

False Security

The Spitzgeralds looked for the aid of a mortgage advisor because they thought he would work for them. They were told they were getting a fixed, but through fast-talk and red-tape what they signed an ARM and they wanted things to be explained, but they were lulled into a sense of security.

Happy Ending

When the rate changed and their problems doubled when Nick lost his job the reality of what they were facing set in. They both work now; Judy as a fast food worker and Nick got work as the jester at the Renaissance fair, but with the extra tips Judy says they will “catch up”. Their advisor is no longer in the business and could not be found for a comment.

Tags: Mortgage Advisors, Mortgage Lenders
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