All About Credit Score

If you, like millions of other Americans, are currently in some stage of the foreclosure process, you’re probably wondering what you can expect from life after foreclosure. The bad news is that losing a home to the bank will almost certainly have a negative impact on your credit – the good news, though, is that the current foreclosure glut means that mortgage foreclosure might not be quite as bad as it used to be.

What to Expect from Credit, Jobs, Cars and More

So which areas of your life might be affected by foreclosure action? According to a recent posting from WalletPop.com, a lot.

• Your credit: As with a bankruptcy filing, a mortgage foreclosure will remain on your credit report for seven years – but the overall impact it has on your score and the way creditors view you should decrease with time. Becau

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Tags: Life, Life Foreclosure

This article discusses 5 ways to improve your score.

Your credit score is like a grade that financial institutions use in order to assess your ability to pay the credit that you will be given. The higher your score, the easier you can get approved for your credit applications. Your interest rate will also be lower if you have a high score. Therefore, it is important to maintain a good score in order for you to have continuous access to accounts or loans, mortgages, and the like.

Here are some tips in order for you to improve or maintain your scores:

1. Pay your bills on time. This is where the story of the early bird applies. The earlier you get your bills paid, the better its effect on your score.
2. Pay off your debts.

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Tags: Score

Lakelaw is grateful and expresses thanksgiving for its opportunity to serve people and businesses in Illinois and Wisconsin in bankruptcy and mortgage foreclosure defense

Nevada homestead exemption

The Nevada housing market has been especially hard hit by the Great Recession. As a result, home equity has become somewhat of a foreign concept for many Nevadans, making the state’s generous $550,000 homestead exemption a bit ironic. Nevertheless, it is possible to file bankruptcy in Nevada and keep your home if you have $550,000 or less in home equity. Home equity can be calculated by subtracting the amount of any mortgage liens from the appraised value of the home. Debtors must record the homestead declaration, before filing for bankruptcy, in order for it to be effective.

For instructions on how to record a declaration of homestead in Nevada, click here.

Keep in mind, that the Nevada homestead exemption applies only to your primary residence, it does not protect investment property. Fu

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Tags: Home

The financial dangers of taking on a payday loan (a short-term, high-interest loan offered to people with weak financial histories) generally outweigh any benefits. For cash-strapped Americans who need to make rent or utility payments, though, payday loans are often the only viable source of cash.

But, according to a post on WiseBread.com, that might change soon: it seems that, in some parts of the country, a more consumer friendly alternative to payday loans is cropping up.

More Affordable Small Loans

Here’s a look at what might soon act as a better option for people looking to borrow a little money for a short amount of time.

• FDIC pilot program: Between February 2008 and February 2010, the Federal Deposit Insurance Corporation tested a program that allowed Americans to borrow up to $2,500 for a period greater than 90 days. I

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Tags: Alternative Payday, Payday