Payday Loans

Payday loans are very useful at certain times. In fact, people need payday loans at certain requirements and only payday loans can fulfill those needs. But these loans are helpful as long as you pay them at a right time. Otherwise, as they help you financially in the financial crunch, they can also push you into the financial pressure once you don't pay them back. You can also avail the facility of payday loans online through the internet. These loans are very expensive as far as interest rate is concern. These loans are basically for the short period of time and you need to pay back with in the given period. Once you fail, they will charge you more with the interest and financing fee.

Payday loans are legally approved in some of the states, whereas some states do not support this type of loans as far as lending amount is concerned. You can get instant cash with in some hours. You don't need to have good credit score and this is one of biggest advantages of this type of loan. There is no long process and there is no huge documentation is required. Just some formalities and get the required cash. The lenders do not provide huge loan amount for this type of loans. Probably $500 to $1500 is the maximum limit.

Although payday loans are very helpful, people should keep themselves away from this type of loans because of the high rate of interest and the charges once failed to pay in specified time.

Truth in lending (TIL)

One of the vital documents of the loan program. This is actually done at the time of closing part of loan process. Closing of a loan process means the beginning of the servicing part of the loan. All the expenses during the loan process are settled at the closing table because now mortgage starts and there would be only two parties, buyer or the mortgagor and lender or the mortgagee.

So before the mortgage starts by lending money to the borrower, the lender has to make a statement of all the future expenses. Irrespective of the loan applied by the borrower, the federal government has made it mandatory to all the lenders to disclose the expenses statement before mortgage gets start. So this law is called as Truth in lending act that clearly mention that the lender has to make clear about all the charges, terms of the loan before the borrower sign the collateral document.

Borrower receives the TIL statement from the lending company after some days of applying and submitting the loan application. Basically this statement consists of total loan amount, interest rate, type of mortgage program and the total cost that can be incurred by the borrower, various fees details, terms and conditions along with the annual rate of interest. Usually annual interest rate shows some more that the interest rates on the loan amount.

Due to the recession part affected very much to the mortgage market, the federal government has become stricter in the Truth in lending act (TILA). Lenders have to be more specific in disclosing their terms and submitting to the borrowers.

Warranty Deed

Title is conveyed from seller to buyer by delivery of a deed. There are two common types of deeds, Warranty deeds and quit claim deeds. When you are in the deal of purchasing or selling a house, you must need certain documents to be verified with the qualified person or the real estate agent/lawyer. Most importantly, warranty and quit claim deed. A deed is a legal document conveying title to a property.

A warranty deed is a legal document which a seller presents to the buyer at the time of sales transaction stating that the selling property has no liens and it is free from all the debts. The seller warrants or guarantees about the title of the property. It is most commonly used form of deed at the time of purchase and selling process because it provides the complete documentation of assurances to the buyer. Basically in the document of deed a seller can also called as the grantor and the buyer can be called as the grantee.

The warranty deed document also denotes that the seller has the complete right on the property and he can transfer the ownership of the property which is free from all the liens. Once the ownership is transferred, no one like any financial institution or any creditor can claim on the property. This is actually the assurance that deed represents to the grantee.

The deed can be warranty or the quit claim but the buyer needs to understand the complete process and if required should consult a real estate agent or real estate lawyer for more clarification.

Save your home from foreclosure

There are lots of reasons for the home owners who are struggling from the financial crises. If it continues for long time you have to face serious problem regarding your home and save your home from foreclosure is a biggest challenge for all the people under current circumstances.

In fact, there are certain measures you can apply to save your home from foreclosure. Its not necessary to apply common techniques to save your home. Different people use different techniques depending on the individual situation and economical condition. It depends on the individual capacity. There are certain measures one must consider before going to attempt to save your house from foreclosure:

Renegotiating your mortgage - All the people know about the current recession and what’s going on in this economical world. The bankers have no other option with them and they can not help you completely, rather they can do alternative arrangement. You have to be very clear and explain them your current position.

Refinancing - You have to refinance with save your home company for further relief. There are certain companies whose basic task is to make deal by doing financial counseling design. They will charge some fee but they help you in saving your home from foreclosure.

Selling your home to an investor - All the times it may not be possible to save your home from foreclosure but in the process your credit score should not be affected.

Since your home is the best asset, you should follow all the possible steps to save your home.

Buying a cheap home from Government auctions

One of the best ways of buying a cheap house is to buy at the time of government auctions the foreclosure houses. Almost like every place or in every country, the local or the central government holds the rights to auction the foreclosure houses. On willing, if government nominates to any organization for this purpose then that company will act on behalf of the government with the government advised rules and regulations.

The auctions are held at different times the home seekers who want to buy a cheaper house have to find out the timings of auctions. The government may organize the auction yearly, some times half-yearly and some times they may organize monthly also. Always your intention must be purchase at cheaper rate not to engage in the competition and hike the price of the house.

There are some key points that are discussed to purchase a cheaper house during the auction of government foreclosure houses.

1. Check all the details before going to purchase a house. Defects and damages are the practical enough to bring the value of the house.
2. Always try to bring a professional for the inspection of the house during the government auction. You have to pay some fees to the professional for the visit, but this always proves benefit for you. The professional always saves your damage because he carries good knowledge to inspect.
3. An auction is a type of contest where you must start with the lower level, over estimate of the foreclosure house may not be a wise idea. If things are over the head, stay back is the better option.

Balloon Mortgage

One of the mortgage loan programs in the mortgage market. Very few people operate this king of loan program. Balloon mortgage is a different kind of mortgage loan program that is available to real estate buyers. Some people say that the balloon mortgages are the risk ones because if a person is already in the credit and does not have any plan to payoff the balloon mortgage payments, it could become a dangerous one. But the people who have good plan to make the use of this kind of loan would really find lot of benefits.

Buyers need not to pay higher amount of monthly payments. The rate of interest may not be so high. They require to pay equal amounts of monthly payments till the period of the loan and when a borrower reaches the end of his mortgage loan term, the remaining loan amount need to be paid in one lump sum. If any amount remains to be paid, the borrower may go for another loan or he may opt for the refinance the mortgage.

This type of loans are more useful to the people who have better plans in the future and expect good returns after certain period of time. There are lots of advantages in this kind of mortgage program to the people like doctors, particularly business men and some borrowers who can guarantee of big returns.

Although it can be a risky loan but one has to be very positive in his planning and try to payoff the mortgage with in the time.

Lien Release

A lien will not be erased till the time you pay off complete money to the lien holder. A lien is a legal claim against a property and a lien holder is a mortgagee or a lender. In this case, a lender has full right against the property till the time the borrower pay off all the dues to the lender.
You want to sale a house property but you are still to pay some dues to the person say, carpenter who has made some furniture in the house. In this case you as a house owner can not sale that house property till you clear the dues that has to pay to the carpenter. Meaning the carpenter has some lien or right on that property. He can suit a case against that house property if you don’t pay the unpaid balance. Once he suits a case against that house property, you can not sale that property as per the federal court rules.
So you have to pay all the house related dues before you own that property. Until and unless you clear all the dues you can not even sale that property. Same case even in the mortgage loan. Till the time a borrower pays full installments to the lender, he can not say that the house belongs to him. In fact, the house belongs to the lender or the financer who financed for you for the purchase of that house property. Once you clear with all the debts then you can say that house property belongs to you.