You can still do 100% financing in Ireland

I am currently in Ireland and saw a bank advertising 100% financing. I think they are about to learn the same lessons there as we are currently learning in the states. I was told that these are about to go away just like they did in the state. They should get them to go away as fast as possible.

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Debt Negotiation as an alternative to a Bankruptcy

Debt Negotiation has been given a bad rap. My experience has been that a lot of people have been mis represented about how the process works. Debt Negotiation is playing hard ball with your creditors. Your credit will be negatively affected, you may get calls from your creditors and you can get sued. A good negotiator can help you navigate through these waters and save a ton of money. On average people can settle for about 50% of what they owe. Anyone who boasts a higher amount is probably not able to provide this.

A debt consolidation might be a better route to go if you are still current on your bills. Bottom line use an attorney if you are going to do a debt negotiation program. You have recourse and your money is safe in their trust account. They are accountable to their state bar for how the account is managed.

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How to Avoid Bank Fees

Banks now make a big piece of their revenue from those little fees they charge you here and there. A savvy consumer can get out of paying them. Most banks are making much of their money from inconvenience or convenience. More than a third of bank revenue now is generated from fees on consumer accounts. A wise customer can take advantage of the services banks are offering without paying fees.

Typically most of the heavy fees will show up on your checking account. You can negotiate with the bank to remove them. They do not want to lose you as a customer. So speak up you have nothing to lose. Worst case you can go to another bank.

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LendingTree mortgage files hacked, is your information at risk?

I just read an article that former employees from Lending Tree helped unauthorized mortgage companies hack into its database to steal customer information. This occoured from 2006 to 2008. This just goes to show you how aggressive the industry is for mortgages and what lengths people will go to for a buck. A good mortgage lead can sell for up to $75 or more. We are probably talking about millions of dollars worth of stolen leads.

If you were a LendingTree.com customer during this time you may want to put a fraud alert on your credit report.

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How to Lower your second mortgage at National City

I just spoke with a client of mine who I did a second mortgage for at National City Home Equity. He told me that he paid them $50 to recast his mortgage again after he had already set it. National City heloc second mortgages came with a feature that allowed you to lock it in. He had a home equity line of credit which is typically variable, however they allow you to fix it in on an interest only payment for 7 years. He had locked it in a few years ago and had made it a fixed. He just called them and they are allowing him to drop it again. I had never heard of that. He was able to drop his rate over 3%.

If you have a National City loan and have already fixed it in, you may want to call them again to see about a recasting fee and get a lower rate.

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What is the Ameridream program?

AmeriDream was established in 1999 as a 501(c)(3) charitable group creating home buying opportunities for qualified low to moderate income individuals and families to purchase affordable homes. AmeriDream provides a wide range of programs to benefit the individuals and families its serves including foreclosure prevention, providing financial support through privately-funded down payment assistance and home buying education.

The AmeridDream Downpayment Assistance Program was created to overcome the greatest obstacle to owning a home which is usually the downpayment. The downpayment gift never has to be repaid. The program has helped over 400,000 qualified homebuyers become home owners. AmeriDream is recognized as the most trusted and valued name in the gift assistance arena.

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What's the deal, Wamu cut my credit line

The home equity fairies were at it again. Sadly they cut into my own heloc. I had a home equity line of credit with an original line of $27,500. Wamu just sent me a letter stating they are cutting my line to $8300. Second mortgage companies are positioning themselves against potential future loses. If you have a credit line now, don't count on it being there in the future. There are no guarantees that you will have it in the future. They can do this, it is written into their mortgage notes.

Don't be surprised if you find a letter in your mailbox stating that your line has been cut down. I have a rental property with a line from National City on it. I guess I will be getting a letter from them soon as well.

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Is FHA the best loan right now to buy a house?

FHA mortgage loans are right now the best way to buy a home for no money down. If you live in an area where Fannie Mae or Freddie Mac has deemed a declining market, your appraisal will be reduced by 5%. This means that that 100% financing program you were trying to get will require you to bring in 5% down payment now. So what is a buyer to do? You should apply for an FHA loan. You can buy the home with none of your money. You will still need to have 3% of your own money in the transaction but you can get that in the form of a gift or the Ameridream program.

The Ameridream program is basically legal money laundering that the government has set up to get home buyers their down payment. The seller can also give you the money through the Ameridream foundation. They don't directly give it to you, the Ameridream Foundation will pass it through to you at closing. Either way it works. You will need to provide your full income documentation including tax returns and pay stubs. You will not need to have any reserves in the bank and there is no minimum fico or credit score requirement.

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Stated Income and No Doc mortgage loans appear to be going away fast

Many home mortgage lenders including First Horizon and ING have eliminated their no documentation or stated income mortgage loans. This is a reaction to the mortgage meltdown that we are experiencing. If you want a mortgage now you will have to show your tax returns and w-2 statements. I actually think this move will bring stability in the long run to the housing industry. Too many people abused the system which led us into the mess that we are currently experiencing. FHA is probably the best way to go if you want to get a great mortgage without a big down payment.

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The John Adam Show KXAM 1310 has GetPrequalified.com as a guest

I just wanted to thank The John Adam Show for having me on as a guest today. Your program is terrific for entrepreneurs who want to stay motivated for the game. It was great to hear from Amilya Antonetti who was a guest on the show as well. Amilya has been seen on The Big Idea with Donny Deutsch, CBS Morning Show, People Magazine, Time Magazine and Oprah.

I will provide a link to the taped show once it is on the website.

Thanks again to The John Adam Show and Tom Perry...

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Mortgage Paradigm Shifts on Capital Hill

There is a new movement on Capital Hill regarding help for distressed homeowners. What is happening is that Republican efforts to block homeowners with mortgage assistance is coming to an end. The worry over helping people who made poor buying choices went out the back door with the $30 billion push to prevent a Bear Stearns BK. It has also been clear that for months the FHASecure program has not produced the relief for home owners.

The final legislation is not finished yet, but it appears that thee will be ten billion dollars for states to make loans to homeowners. The states will be able to use several billion to convert at risk mortgages into fixed rate loan programs with better than market rates. This can only happen if the lenders are willing to take a loss. The lender loss will be 15 percent of the mortgage balance. This may be a better deal than what the banks would get if they were to go it alone.

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GetPrequalified.com articles are now in syndication

GetPrequalifiedarticles.blogspot.com goes live to syndicate the articles on GetPrequalified.com. If you submit an article to us it will automatically be put into syndication. For more information please email dmmason@getprequalified.com.

The John Adam Show on KXAM 1310

I just wanted to let my loyal readers know that I will be on The John Adam Show this Sunday at 1:15pm talking about GetPrequalified.com and the unique software we have developed to support our business. Thankyou for all of your support and let me know what you think.

The Dollar Menu a sign of a recession?

If you are hungry and don't have any money you are in luck. Fast food companies like McDonalds and Burger King are looking for ways to attract consumers in a sluggish economy. With rising commodity prices and lowering prices, the margins on foods sales are shrinking. I'm sure that it will give somewhere. If the fast food restaurants don't see a large volume of traffic this strategy will fail.

One thing I can count on is Americas appetite for fast food.

Hud Chief Alphonso Jackson Resigns

Another one bites the dust. The Bush administration's senior housing official threw in the towel on Monday amid a criminal investigation and a lawsuit over alleged favoritism in how government contracts were awarded. The Democrats in Congress were up in arms demanding his resignation. The allegations come from on of Jackson's friends who was paid over $390,000 by Jackson's department as construction manager in New Orleans after Hurricane Katrina. Jackson denies any wrong doing. This doesn't look good for Bush with all of the trauma of the current real estate and mortgage crisis going on.

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