Category: Personal Finance

The Threat Of Foreclosure Is On The Rise, Part 3

Continued from Part 2

Foreclosures are definitely going to keep on rising, even with attempts by the government to bail out this situation. The biggest disaster would be if banks failed as a result of this foreclosure fiasco. Bear Stearns already collapsed under the weight of bad debt from houses that had to go through foreclosure proceedings. Most banks profits are at a standstill, or a 90% drop since last year.

Foreclosure is happening all over the United States and that is why it is so vital that you try to learn more about ways to prevent foreclosure from happening to you and your family. You should never take the loss of your home and major investment lightly. If you are buying a home in this rock-bottom market, make sure you factor foreclosure into your equation.

Careful forward planning will remove a lot of your financial worries and anxiety over owning a home, and given the economy going into recession, we should all definitely be trying to come up with some plans to help manage our bills each month and possibly even save ourselves some extra money. Put the plastic away, brown bag it for lunch every day, cut down on takeaway, or lattes.

Your home is the most important thing you own, but you don’t own it until you’ve paid every last cent on it. So you need to protect your investment in that home and avoid foreclosure. Stick to your budget and pay down debt, then remain debt free. Check your terms on your mortgage and find out if there are any penalties for early repayment (this might seem silly to you, but that is how the banks make their money, from all the interest you pay on the loan!) If there is no penalty, then go for it.

Even an extra $10 a month will help if it is the difference between being in debt for ages (think those minimum payments on your credit cards-again, they are making all their money from the interest you pay!) and getting out of debt as rapidly as possible.

If there is a penalty, once you are debt free, save that money in an interest bearing account, and start looking at safe short term investment opportunities, such as treasury bills, to keep growing your nest egg.

You might find that using these strategies, you can not only avoid foreclosure, you will be on the road to better asset management and true financial freedom.

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The Threat Of Foreclosure Is On The Rise, Part 2

Foreclosure notices are being sent out left and right at the moment, and many families are being faced with the stark reality check of knowing that they just can not afford their home any longer–or won’t be able to if they don’t start acting now to get themselves out of the red hole of debt.

The important thing is to educate yourself, and realize there is no quick fix for the problems which have probably been accumulating over time.

The other thing you should realize is the sacrifices will be worth it in the long run if you are just patient. The first thing you need to do is make sure that you do not render yourself homeless. You must also have enough to meet your utility bills and foods. Those are the basics.

Anything else is totally optional, and only if it is within some sort of sensible budget. A car may be essential for getting to and from work, or if you live in an area where there really is no public transportation. The high price of gas and home heating oil has really hit us hard in the past couple of years, so you are not alone in your struggles, and there are plans from various oil companies that can help.

Don’t be afraid to ask for help, or too proud. If your financial woes have come about as a result of illness, what payment plan options do you have for your medical bills, medications, and so on. Many of the big pharmaceutical companies have assistance programs, and many chain stores carry generics, some of which are prices at only $4. They are buying in bulk, and pass the savings along to you.

You can go to the library and look up all sorts of information for free in books, magazines, and on the internet. There are lots of non-profits that help with issues to do with money management and coping with financial problems. It may be hard to know where to start, but often just looking for the answer to one question will open you up to all sorts of possibilities so you can get yourself back on track financial and avoid foreclosure.

Start thinking of different things that you could do as a family to try to save yourselves a little bit of money here and there, because it not only all adds up in the short term, at the end of 6 months or a year, you will be very surprised to see just how much money you were actually able to save, or to use to pay down debt.

If you have far too many credit cards, consider talking to the lender yourself to explain your situation and ask if you can have a lower APR. You have probably seen loads of offers for 0% APR. So it is in their interests to keep you rather than let you go off to the other lender, so there is room for compromise. If things are looking so bad that you can barely make the minimum payments on your cards each month, consider a non-profit debt management service. They negotiate for the best APR and basically give you a pay down plan.

Let’s face it, it is ridiculous to save for your kid’s college education if you are swimming in debt. So get your budget in order, and above all, draw up a plan to prevent foreclosure which you can show to the bank or mortgage company. Look at all the real life examples at America’s Debt Diet of how people who looked as though they might lose everything, house, equity and investment in the house, and good credit rating, were able to haul themselves back from the brink by making financial management their second or even third full time job.

You do have the ability to make things better for yourself and for your family if you educate yourself, but it is a tough economy and things might just get worse before they get better. The only sure thing is that nothing is going to improve without some hard work and determination. Even if you don’t think you are at risk of foreclosure at the moment, educate yourself now. Draw up contingency plans as to what you would do if you were ever to lose your job, or become ill, and not be able to make your mortgage payments on time.

Learn more in : The Threat Of Foreclosure Is On The Rise Part 3

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The Threat Of Foreclosure Is On The Rise, Part 1

Even though interests rates are not really that high at the moment, the purchasing of homes all around has definitely taken a downward slide.

There are so many people that never have had the opportunity to experience the great joy of getting to purchase their own home, while still others have seen their dream become a nightmare in recent months.

Paying rent on homes throughout the years seems like a huge waste of money, when it could be going toward building equity in a home. Investing in a home in the hopes that the value will go up.

But since our economy has gotten so bad lately, it is difficult enough to even keep food on the table, let alone make those large monthly payments. The government has brought the interest rates down, but if you were on a fixed rate mortgage, chances are that has not really helped you.

The threat of foreclosure is extremely stressful, but don’t get paralyzed like a deer in the headlights. It is really important to talk to someone about your foreclosure situation before it gets out of hand.

In this article we will talk about the threat of foreclosure that has definitely been rising throughout the country. While it is absolutely unbelievable just how difficult these times have gotten for many, it IS possible to do something about it if you are willing to take action.

With our lives being so full of stress as it is, thinking about the possibilities of possibly losing your home through foreclosure can seem overwhelming.

If you find that you are struggling just to make ends meet then perhaps you need to think about making some changes in your life that might make it possible for you to cut down on expenses and make your mortgage payments more manageable.

Read more in: The Threat Of Foreclosure Is On The Rise Part 2

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Why Probate is Better Than Foreclosure

If you are trying to make a profit in the business of foreclosures, you have probably found out how hard it is. It seems as if the market is flooded with people who are working to get a piece of that market. In many areas, this task is almost impossible, even for the most hard-working.

When you work in foreclosures, you often have to deal with sellers who are desperately unhappy. They do not really want to sell to you, and may view you as a vulture, preying upon their misery in a time when they are losing property they may still want.

The people in foreclosure are often losing their homes, the very roof over their heads. Can we blame them if they sometimes get irritated or downright nasty during the proceedings?

In probate, the situation is very different. The sellers in probate are usually eager to sell, and the house in question is probably not their primary residence. You are dealing with people who are motivated to sell and to be cooperative, not highly stressed people just trying to “get through” a bad time in their lives. It makes a huge difference in the way they will deal with you.

Many heirs are actually very eager to sell to you so they can quickly settle the estate. A friend of mine recently lost his mother and he inherited her house. During the next few weeks, he was required to travel back and forth, about 50 miles each way, to deal with the various legalities and hassles of property ownership.

My friend confided in me that if someone would just offer him a reasonable price for the house, he would probably take it. He even said that he would not dicker too much over the offer, because he would just want to complete the deal quickly and easily and liquidate the asset.

When someone you love dies, you not only inherit all of their property, but also all of their problems too. No one who is going through the grieving process for a loved one wants to take on a very large project at the same time. If you can offer these people a simple and fast solution of “What to do with Mother’s house,” they will take it, so probate is ideal.

Also, often after the estate goes through probate, several siblings or relatives will inherit jointly, which can cause all types of problems. Maybe the siblings live in different places or do not get along. Getting rid of property you own but do not live close to is sometimes difficult.

In most of these types of cases, none of the parties involved want the property, so they don’t want to buy each other out. Instead, they just want to split the money from the sale of the property. This fact is especially true if there are outstanding debts against the property, and also if they are going to have to pay a lot of inheritance tax on it, but can’t actually get at any cash. This is where you can step in to supply the heirs with a solution to what can be a difficult problem.

Another factor can come into play with this situation. Many senior citizens, 65 years or older, defer their property taxes until after their death in what is called a “senior deferral.” Once the senior citizen passes away, these taxes come due.

If the heirs to the estate inherit the property, they also inherit the past due taxes. Most people just want to get these taxes paid as quickly as possible, so that they can pay them and any other outstanding debts to the estate, and then see what is left over. They are eager to sell and resolve the matter, and pay off the hefty tax bill.

In conclusion, probate is better that foreclosure. The market is easier to work in because fewer people are buying in the probate market, and the sellers are more eager to sell to you. It’s much better to buy from people who are looking at you as a hero rather than a vulture swooping down to pick over their carcass and rob them of their home.

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Fixed Asset Management

Fixed Asset Management

Fixed asset management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence. This applies to all industries because doing so makes the workplace more productive.

Without fixed asset management, the equipment and resources of the company are not used both effectively and efficiently. Think of it like a car. If you do not have the oil changed, it will break down. The net effect is being able to save money instead of spending it on repairs which could have been avoided in the first place.

This is why companies take various steps to manage these closely. For instance, machines that are used undergo regular maintenance. If anything needs to be replaced or replenished, this is ordered well in advance so there will not be any disruptions at the workplace.

If the machines are already obsolete and there are newer models that can do a better job, management must consider the costs of buying new or maintaining the old one. In recent times, new equipment is purchased to avoid being left behind the competitors.

Management also has to coordinate with the various departments in the company to see how each one is doing. This is done on a monthly basis to determine whether the company is achieving growth. If it is not, find out why and then do something about it.

For large companies that need to ship goods nationwide, management has to check on their logistical support. Will it be cheaper to maintain their own set of trucks or should they outsource this to someone else?

If the company is experiencing some hard times because of a few subsidiary companies that are not pulling their weight, management has to decide whether to sell subsidiaries or find a way to improve them. Should there be an opportunity to gain something, then they also have to consider if this will be beneficial to their portfolio. Will such a sale put them at a competitive disadvantage? What capability will they lose through such a sale?

Companies also let their auditing teams conduct an inventory to take into account their fixed assets. Sometimes, they may need outside help to do it and there are a number of established companies that have the manpower to do exactly that. They can even suggest to management improvements that need to be done and may well be worth the expense of hiring seasoned professionals.

In order for management to see how well the company is doing, the asset management data has to be put on paper. These days, this means computerizing everything so everyone in management will be able to give their input and agree to a suitable plan.

Fixed asset management is what every company needs to survive in the 21st century. This will serve as a guide whenever money has to be used to buy things or whether the funds of a certain project have to be diverted elsewhere.

Before any decision is made, they have to ask themselves a series of questions. For instance, will this be good for the business long term? How much can we make? How much do we stand to lose? Is this the latest technology around? Is this the best thing in the market today?

These are just some of the questions that companies have to ask themselves in order to practice effective fixed asset management.

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How To Potentially Help Save Your Home From Foreclosure

It is unfortunate that so many families out there are having to worry about not being able to pay their monthly mortgages and are at very high risk of having to deal with foreclosure.

Foreclosure is definitely something that none of us ever anticipate but there are times that it does happen, and just when you least expect it.

The thought of losing your home is very terrifying for many, so it is very important for all homeowners out there to realize just how important it is to make sure you take whatever steps you can to not end up homeless.

There are many different websites on the internet to get free information, and by talking to a professional, such as a Hud counselor, you can gather up all of the information necessary to try to stop foreclosure by being proactive.

Foreclosure can be quite devastating not only for your family life but your credit score. So it is very important that you try and do everything in your power to talk with your loan company or bank so that you can look at all your options.

If you avoid phone calls letters and just stop dealing with your lender, this ostrich attitude will only make things worse, and increase your chances of your home being foreclosed.

You might be surprised to know that many times if you just contact the mortgage company, they are happy to talk with you about your current situation and figure out what to do from given your new situation. No one expects that your whole life is going to stay exactly the same for the next 25 years, the duration of your mortgage, now do they.

Often the lending officers have the ability to work out some type of payment arrangement for you, or they could even allow for you to skip a couple more monthly payments, in hopes of you being able to get back on your feet again and get caught up on those monthly mortgage payments that have been putting so much stress on you and putting you on the brink of foreclosure.

Foreclosure does not mean that you are a horrible person, irresponsible or non trustworthy, or a failure. Sometimes money issues are just unavoidable.

Knowing that you do have other options will help take the stress out of an already stressful situation. Choose education, not avoidance. Nothing is going to ever get fixed if you just hide out, not wanting to talk to the bank because your pride has been dented.

They are not parents scolding a naughty child. Everyone just wants to protect their investment, and you want to have a roof over your head, so step up and take charge and allow them the opportunity to inform you of the different things that you could do to avoid foreclosure.

Do not continue letting your mortgage payment to go unpaid, and avoiding all of those phone calls. Do your research, come up with a payment plan you can suggest based on your own personal situation, and hopefully you should be able to work something out with them.

Get help from your local HUD Counselor, so the stress and strain of foreclosure won’t haunt you and your family. Gather all your relevant paperwork, and go online to find a HUD Counselor near you.
http://www.hud.gov/foreclosure/index.cfm

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Asset Management and Human Resource Management

What is asset management? It is a business process and a decision making structure that covers various things in order to come up with cost effective investment decisions. For this to work, you need to practice good human resource management by hiring the right people with the right qualifications to get the job done.

This job falls to the human resources department as they are, after all, the ones in charge of hiring. In the past, the people who worked in this department simply gave the employees their paychecks. But that is not the only thing they should do. They are supposed to train and develop the employees so they feel that they are part of something bigger.

Psychology is important in choosing people for this department. You can’t afford opionated, judgmental people. You can’t afford bullies. You can’t afford sexual predators. And the list can be much longer, including alcoholics and drug abusers, etc. At this point someone might ask, “So who’s left?”

The professionals who are supposed to do this should see themselves as two things. First as a strategic partner and second, a agent for change. Strategic partner because without them, a company will not prosper. A changing agent because it is through them that the employees can become better individuals.

With that, you can say that human resource management is the bridge between the administration and the employee. For a company to practice true human asset management, their human resource department has to do the following:

First, they must have an active role in organizational planning. To make this happen, they must be given the power to dictate what is needed in the planning phase including the necessary resources.

The human resource department should be able to recruit employees that are best suited for the organization by being given a free hand as to how this will be achieved. This includes the selection process which involves the testing and the administering component.

Human asset management can only be effective if the human resource department is able to produce change. This is done by seeing what needs to be improved on in an employee and then coming up with programs that will help him or her to make the desired changes. This includes, of course, facilitating and overseeing the training. If this was never done before, it should be evaluated to see if there are any flaws to be avoided in the future.

Letís not forget the basics such as traditional personnel administration including administering wages and benefits, time management, employee cost management as well as employee performance review and appraisals.

Human asset management is serious business because how well the company does depends on the people they hire to fill various positions. If they hire someone and he or she is not qualified, problems will occur. Niether can you afford to reject a qualified person because of some minor personality quirk or Government efforts to blackball them. If the company has a high turnover, money is also wasted because of the time, training and money that were invested in that person.

To keep employees happy and motivated, they also have to come up with programs that will enhance their skills even if they should be tempted by offers from competitors.

Asset management is a combination of different things. These include cash, bonds, stocks, property and people. If you want your business to prosper, you must have an effective human resource management team in place that will take care of it. Otherwise, there will be problems within the organization. People will quit and when your competitors see that, this can be used to their advantage to the point that they may even take over your business.

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