6 Must Have Policies For A Happy Living | MoneyTips

http://www.moneytips.com/ – This video by MoneyTips highlights the importance of Insurance. Most of the American families are either uninsured or under insured and they constantly live in danger of being helpless in case of a disaster.This video will talk

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Buying a Property after Foreclosure

Foreclosure is never a happy situation as you not only lose your precious home, but it also affects your credit rating badly. However, if you have gone through a foreclosure, it does not mean the end of the road for you. Although it may take a while to arrange funds and build your credit score before again buying a house, if you have planned your finances and investments properly, you can purchase a home for you again even after a foreclosure. Here are some ways through which you can be financially stable and convince the lenders that you are now in a much better condition than what happened 5-6 years back –
 
  • Getting back on the right track after foreclosure is very important as creditors apart from what happened in the past, are also interested in how you can repay the mortgage this time around. Securing a good job is a pre requisite as this will give an assurance to the lenders that you are not going to default again. A decent paying job will ensure that your lifestyle needs are being met and you do not have to rely on any other source for them.
  • Start saving money for the future. Once you have been through foreclosure, always think of the future and start saving money for it. The A foreclosed property on your books does have a negative impact on your profile. However, if you have saved adequate funds, you can present that to the creditors. By presenting more than required money for the down payment, you lessen the creditors’ risk and brighten your chances of getting credit for your home.
  • In case where the bank refuses to lend you any money, you can go to private lenders. Other option is to go for owner financed homers. There might be some formalities involved but keep these options open as well.
  • Getting a credit card is also a good option and you need to ensure that there are no defaults in the payments. This can prove to be highly valuable as you will have something positive to show to your creditors.
 
Moving after foreclosure may take some time, but you can definitely come out of it. Start afresh and keep your expenses and finances in check to build a better future.

Reasons why Flood Insurance is a Necessity

A home is built with a lifetime of dreams and wealth accumulated over time. However, natural calamities such as floods can literally sweep away your dream house into nothingness. As a homeowner, it is necessary that you protect your property from any external threats and natural calamities and if your house happens to be in a flood prone area, it becomes extremely important to purchase flood insurance.
 
Akin to any other insurance, flood insurance allows you to have a complete peace of mind. Even if your home is protected with a homeowner’s insurance, you need to buy flood insurance as in a majority of the cases such policies do not cover damage caused by the floods.
 
A flood insurance policy will save you from a lot of troubles and expenses. Since predicting the exact time and intensity of the floods is not possible, the last thing that any homeowner wants on his/her mind is worrying about the expenses and bills. It is always wise to prevent than to lament later. Keeping a small amount as premium for flood insurance is a sensible option as it can save you from a lot of hardships later on. Do not wait for a natural calamity to strike and purchase the flood insurance to secure your house from the damages caused by floods.

The Benefits of Loan Modification

Nothing is predictable in this world and there are unfortunate times when a homeowner finds himself or herself in a situation where he or she is unable to pay the mortgage on time. When you were buying a home, you might have had a decent paying job, wisely planned finances or some alternate source of income. However, with time, it may be possible that you do not have the same job or the market crashed, making it difficult for you to make the monthly mortgage payment. What to do in such a situation when the threat of foreclosure starts looming over you? This is where the importance of loan modification comes into the picture.

Loan modification involves arranging the payment terms in such a way that makes it easier for the borrower to make timely mortgage payments. It is a process which is beneficial to both the lender and the borrower. By having a loan modified, the borrower buys the extra time to overcome the temporary financial strain that he may be going through. On the other hand, it saves the lender from the tedious and expensive process of foreclosure.

A loan can be modified depending upon the situation. For instance, the monthly mortgage payments can be reduced and the time for the total mortgage can be increased or borrower can buy some time if going through a bad financial phase. If you have other loans to pay for every month and find it difficult to pay the home loan for the time being, you can have the loan modified to better manage your finances.

Whether it is the monthly payments or principal amount, which the lender forgives, the borrower has to make payments for it. Loan modifications allow a borrower not to focus on the financial strain of paying heavy amounts when he is already going through a bad phase. Once the borrower gets back his finances on the right track, he can pay for the deferred payments.

Loan modifications can save you in the current situation. However, in order to ensure that you pay your loan in time, it is necessary that you make changes in your lifestyle. You can consult an investment agent to help you manage your savings and investment portfolio. This will facilitate payment of the loan in a smooth manner without you having to face the brunt of foreclosure.

How to Get a Mortgage When You’re Self-Employed

There are many advantages to being self-employed. You don’t have a formal “boss”. You have flexibility with your schedule making it easier to juggle home and family responsibilities alongside your business. In many cases, you get to work from home and a lot of personal benefits derived from the business are tax deductible.

However, obtaining a mortgage if you’re self-employed can be considerably more challenging than if you’re a W-2 employee.

for more information click http://www.modestmoney.com/how-to-get-a-mortgage-when-youre-self-employed/

All about Disability Insurance

A lot of people have skepticism revolving around disability insurance and how it can help them when some disability arises. To cut the long argument short, disability insurance is an essential part of your life as a simple accident can make you disabled and incapable to work for life. This can never be a happy situation as permanent disability may lead to a loss of pay. What can you do during such an unfortunate event?

Disability not only makes one incapable of working, but it also puts additional burden on the victim in terms of medical costs. With a limited or no income, it becomes extremely difficult to manage one’s life and take care of the mounting medical bills at the same time.
Disability insurance can provide you a shield from the financial turbulences that come uninvited with some disability. Disability insurance not only helps you pay for the medical bills, but also allows you to pay the required monthly bills and monthly installments.
Accidents do not come invited and investing a little of your monthly income towards your disability insurance plan is the best thing that you can do to safeguard your future. Choose the best disability insurance policy after reviewing your financial needs and get prepared to fight off any unpleasant event.

Protect Your Property from Storms with Roofing Insurance

We have no control over the forces of nature. It is therefore essential specifically for homeowners who live in areas that are prone to natural calamities such as storms, hurricanes or floods to have adequate storm insurance cover to protect them when some emergency strikes.
The roof protects us from storms, rain, sleet or snow. In case your roof is damaged during a storm, you must contact your insurance agent and get the details of what is covered in the policy. Getting the details of the policy is important as a lot of times it may happen that the storm insurance that you are planning to take does not provide coverage for roof damages.
Roofing insurance will help you financially meet the damages done to the roof of your house by the forces of the nature. Once you get an estimate, you can hire the professionals to rebuild the roof that can face fierce stormy conditions. Protecting your home from natural disasters should be your first priority and storm insurance helps you get back with your life easily without having to face the financial brunt.