by momenus | Mar 7, 2018 | Debt Management, Feature Articles, Momentum Society
If you are a homeowner who is having trouble making your mortgage payments, you most likely want to do whatever you can to stay in your home and to avoid a foreclosure. The first thing you should keep in mind is to stay in close contact with your lender. If you are going to miss a mortgage payment, inform your lender, keep good records of all your correspondence and use registered mail to send documents and letters so you can verify that they were received. Most lenders will work with you, as foreclosing on homes carries heavy costs for them.
The following are options to keep you in your home, while you get back on your feet:
Reinstatement. One way to work things out with your lender, if you are delinquent on your payments, is to negotiate a reinstatement of your mortgage loan agreement. A reinstatement agreement requires you to stay current on all of your future payments and to commit to agreed on payment terms for all your missed mortgage payments. Missed payments may be required in a lump sum or it s possible you can pay the arrears in supplementary monthly payments to your regular mortgage payment over a period of 12 to 24 months. Reinstatement is really only an option if you were having serious financial problems but are over them, as it requires substantial monthly payments moving forward. If you can receive help from a family member or sell a valuable asset, reinstatement is a worthwhile option to pursue.
Forbearance. It may be impossible for you to stop making your payments, temporarily. Forbearance is an agreement between you and your lender, where your lender agrees to not pursue foreclosure and to accept no mortgage payments or a reduced mortgage payment for a defined period. If you have a temporary disability or can show that you expect money from an insurance pay-out or tax refund, you may qualify for forbearance. You need to have a positive payment history to be eligible. Forbearance is only granted if your lender is confident that you will be able to resume making your normal payments plus pay back the any arrears accumulated while in forbearance. In most cases the length of the forbearance plan will not exceed 18 months. Most forbearance plans stipulate that foreclosure will proceed, if the borrower defaults on the agreement.
Loan Modification. An important option for you to consider is a loan modification. A loan modification is a permanent change to one or more terms of your loan. Your lender can modify your loan by reducing your interest rate and the size of your monthly payment, by extending the repayment term of your loan, or by agreeing to reduce the principal balance of your loan. A principal balance reduction is negotiated when the value of the property has dropped. Balance reductions became relatively common starting in 2008, in reaction to the dramatic decline in home prices in many areas. As a borrower in distress, you must meet certain guidelines in order to qualify for a loan modification. The lender will examine the size of your loan compared to the fair market value of the property, your debt-to-income ratio, and your credit history.
Chapter 13 Bankruptcy. A last resort option that allows you to remain in your home is for you to file for Chapter 13 bankruptcy. Once you are under the supervision of the bankruptcy court, your lender cannot proceed with a foreclosure. The goal of filing bankruptcy, in these circumstances, is to allow you to retain possession of your residence while you participate in a structured repayment of your debts. Consult with an attorney who has experience in bankruptcy to discuss whether bankruptcy will allow you to keep your home.
In Conclusion, It makes sense to take every step possible to stay in your home. If you are having problems making your mortgage payments, it is crucial for you to know what steps you can take to avoid losing your home to foreclosure.
by momenus | Mar 7, 2018 | Feature Articles, Momentum Society
There’s so much information floating around about building your credit that many consumers are getting confused about what ‘s true and what’s not. With that said, credit is important and necessary and it’s important that you stay informed.
Below are some common credit myths that will help you in identifying false information:
Myth # 1 Credit Agencies are empowered with some kind of governmental authority?
Answer: Credit agencies have no legal authority at all, they are simply private companies who are in the business of selling credit information.
Myth # 2 The credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years?
Answer: There is no law that the credit agencies report anything on you at all. Credit Agencies are required by law to automatically remove all derogatory items older than 7 years or in the case of a bankruptcy, 10 years.
Myth # 3 It is impossible to get a bankruptcy off?
Answer: Bankruptcies come off just like any other derogatory that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified. Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.
Myth # 4 The information on your credit report cannot be changed?
Answer: The opposite is true under the Fair Credit Reporting Act; both the federal and various state laws REQUIRE that items be removed if they are not 100% accurate or cannot be verified in a timely manner.
Myth # 5 It is illegal or immoral to have the information on your credit report altered or removed?
Answer: Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about. It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit agencies into our lives.
Myth #6 Paying a past due debt removes it from your credit report?
Answer: Just because you pay an old debt does not change or erase the fact that at one time you were not paying on it as you agreed. Can this record be changed? Absolutely!
Myth # 7 Inquiries are not derogatory and will not affect your credit standing?
Answer: Anything that erodes your financial credibility is damaging to your credit standing. In the case of inquiries, one or two is not too bad, but any more than that and they begin to tell a story of their own. Any prospective credit grantor will look at your credit report and think that you are desperate for credit.
Myth # 8 If you get a derogatory item removed, it will just come back?
Answer: Not if it is removed legally. When it is removed with cause under the Fair Credit Reporting Act it cannot legally be placed back on your credit report. The same law that required its removal prohibits it from being placed back on.
Myth # 9 The past equals the future.
Answer: This is the biggest myth of all. The concept that once bad, always bad, or at least for 7 years is totally false. Anybody can run into hard times or an emergency situation now and then, but that doesn’t automatically mean that they are a poor credit risk for a magical 7 years. The simple truth is, no credit report can predict the future.
Myth # 10 I cannot restore my credit on my own?
Answer: Yes, you can! You can try to do it yourself (just like you can represent yourself as an attorney in a court of law). But you can also allow experienced professionals to educate you and assist you in restoring your credit profile.
While the answers to the myths above will help you to be more informed, it’s important that you do your due diligence and properly monitor your credit report at least quarterly. This will help you to catch negative reporting and correct it. Maintaining good credit is all about staying in the know!
by momenus | Nov 20, 2017 | Feature Articles, Momentum Society
While the Holiday Season is a time to enjoy family and friends, it’s important to keep moving forward and not stop your daily business administrative routine. Your team will still depend on you for timely announcements, meeting schedules and celebration of promotions.
The key is to plan ahead and automate as much of your workflow as possible to ensure continuous movement. This not only serves as an example to your team, but it will help you to start 2018 strong as well.
Below are 5 Ways to to Say on Track:
- Practice your 5-5-5 Formula. Keep connecting with people as you go out and about your day. Make sure you have your tools and resources ready to go.
- Follow up and Follow Through! It’s very easy to expose the information and not follow through. Make sure that you have sent links and information that you promised to prospects. Just because it’s the holidays, it doesn’t mean that you shouldn’t follow up with what you said you would do.
- Make sure you’re doing your Private Business Receptions (PBR). Schedule a 1-on-1 presentation, team brunch, or luncheon or evening event. Consider blending your event with a brief presentation/training and holiday party.
- Send holiday product tips to your customers via email or you can print out on holiday stationery and send via US mail for that extra special touch.
- Stay up-to-date with current events. It’s common for lay-offs to happen during the holiday season, because it’s the year-end for many corporations. You never know what prospect that said “no” is now searching for an opportunity.
For more information, connect with your leader or upline.
by momenus | Nov 16, 2017 | Feature Articles, Momentum Society
To end the year 2017 with a successful bang, a Breakthrough Tour has been scheduled for several areas throughout the U.S. These tours will be a half-day or full-day event and will give members an opportunity for live training!
Share this information with your team and get ready to have your Breakthrough this year!!
Below is a list of trainings that have been scheduled so far. Locations and further details to come. Make sure you check the Momentum Event Calendar frequently.
- December 2nd | Phoenix, AZ
- December 2nd | Los Angeles, CA
- December 3rd | Tacoma, WA
- December 7th | Atlanta, GA
- December 9th | Pensacola, FL
- December 13th, 14th and 15th | Jacksonville, FL
- December 16th | Atlanta, GA
- December 16th | New Jersey
- December 16th | Ohio
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