How you lose your house to unpaid property taxes
Posted on September 12, 2007
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A friend recently shared with us how many young couples in her neighborhood have lost their homes due to having tax bills they were unprepared to pay. Perhaps they had plenty of time, but the impending expense did not show up on their radar screens, so to speak. This is a common trap that can be avoided. (continued…)
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Get rid of your adjustable rate mortgage and pay off early while there is still time
Posted on September 9, 2007
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They have been on the A.M. radio every weekend for years. It used to be “get an interest-only or variable rate mortgage now - no income verification needed. Bad credit or bankruptcy OK”. Getting those mortgage quotes was easy for anyone. I was wary then, and rightly so. (continued…) Read more
Mortgage industry’s pain continues - Countrywide cutting 12,000 jobs
Posted on September 8, 2007
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That’s the report alright. But, we’re not surprised, are we? Sure, it is unfortunate anytime there are mass layoffs and industry downturns. The Lord knows I’ve seen my fair share as a consultant in the technology sector. But things are not as first meets the eye.
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Mortgage quotes on land a bit tricky
Posted on September 4, 2007
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The Great American Frontier, how great is the prospect in the imagination. Actually, from a residential homeower’s perspective, it is still a possibilty. But like those great American Quarter Horses, you might have to jump through some hoops.
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How my landlord helped me become a homeowner
Posted on August 24, 2007
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While growing up, the idea of owning a home seemed so far away. Even as a young adult, it seemed like something unattainable because of the amount of money needed - a hundred thousand dollars! That sounded like so much money (because it is), and I had no concept of what it would look like in terms of monthly payments and overall feasibility - even as a college graduate.
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Capital One cuts jobs and shuts retail mortgage services off
Posted on August 20, 2007
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Reuters ran the headline: Capital One slashes jobs, mortgage industry swoons. It is almost enough to upset the faint of heart. After all, we are told that there is a mortgage industry meltdown - or at least a subprime mortgage industry meltdown.
A “correction” would be a better term.
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Mortgage Meltdown, Wallstreet Worries, and Credit Crunch
Posted on August 17, 2007
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Mid August greetings, and Happy Hurricane Season! Tropical Storm Erin just soaked South Texas, and Hurricane Dean is chugging across the Carribean as the southern states wait for the music to stop. Meanwhile, another type of storm rages in the financial markets. Though I stand by my assertion that the subprime mortgage market is [way] overly blamed in general, that is not to say that the mortgage industry as a whole is not a factor in the turmoil - especially in light of Countrywide’s announcment that they borrowed $12 billion to finance their operational expenses. (As a side note, it sounds a little ironic that a megalender has to do so much borrowing. However, that is just part of the business). Read more
Cars… Buy them, own them, keep them, love them, and save!
Posted on August 14, 2007
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Lease cars. Dave Ramsey calls them FLEECE CARS. I tend to agree with him and other financial authorities who say that the cheapest car you can own is the one you already have. The marketing idea behind the lease car is that you are always in a new car. The motivation behind the marketing is that you are always paying the leasing company.
A friend of mine used to alway lease his vehicles. He would lose his down payments and 100% of his monthly payments, and then he would lose his car when the lease was over. He had nothing to show for all of his hard-earned money. One day I mentioned that he should buy his car instead so that he would own something. He did, and now he does.
Often times I hear the lessee’s objection to buying versus leasing is that you end up with a run down high mileage car. “Bunk” I say! With the right vehicle, high mileage need not equate to run down.
Subprime Mortgage Worries Fueled by Foolish Fussing
Posted on August 13, 2007
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Having been employed in the mortgage business, and particularly in the subprime aspect of it, I got to know it a little.
I have also learned to filter what I hear in the mainstream news - also known as the “driveby media”. When hearing reports about “subprime meltdown”, the real questions should be “what is the truth” and “is it really as bad as they would have us believe.” Read more
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