Beware of a foreclosure scam

The administration of the Obama Government has set up a Homeowner’s Affordability plan to help those consumers who are struggling to make their mortgage payments. With the entire country and its people who are fighting with their debts and financial obligations and consulting the various debt relief options, inability to repay the mortgages is just another addition. There is a large scale mushrooming of agencies which are referring themselves as foreclosure specialists or consultants. Not only are they charging exorbitant fees but they will actually not provide you with any sincere help to sort your mortgage irregularities or to stop the foreclosure. In a worst case scenario these people will even persuade the homeowners to send their mortgage payments to a different address; after collecting the amount for some months, they will simply disappear. There is another scam which is much in vogue these days wherein the homeowners are asked to transfer the title to the foreclosure relief agency. Eventually, the house will become the property of that agency and the homeowner may end up living like a renter in his own house. Let us review some of the tips which will help you to have a closer look at the ways which will help you to recognize the foreclosure scams:

·         You are not required to pay in hundreds as upfront fee. A counselor who is approved by the HUD will also provide you with nonprofit advice. The only thing about which you should be careful is not to pay any fees before getting the service or an agency which may force you to make payments related to the same.

·         A good and established agent will never guarantee you to stop the foreclosure process but getting an advice from a genuine counselor will only increase your chances to stop the process. Therefore, you have got to be wary about those agents who may offer you loads of promises but will do you no good in the long run.

·         Do not ever try to send your payments to a suspicious address provided by the agents. The address will automatically change for a refinancing option or if the mortgage company has been absorbed by a larger financial institution. If you are suspecting a foul play by the mortgage company, you should call them or visit them in person to know the truth.

·         Before signing on any document you should know the details mentioned therein and do the needful. You can also consult a lawyer and make him to check the documents before signing on the dotted line.

·         Lastly, it is more of your instincts that you should trust rather than the misdeeds of the foreclosure company for sometimes you might just get suspicious out of no reason.

During the time of foreclosure, you are already under the greatest stress and anxiety and this can be an opportunity for many people for whom you might just be the right target. Therefore try to look out for the measures which will allow you to prevent a possible scam during the process of foreclosure.

Avail the best refinancing advice from our team of experts at Best Debt Care. Know more from www.bestdebtcare.com

Managing your money when you are self employed

As soon as you have decided to start with a business, you will be required to develop a plan for the same and also need to assess your financial condition. Given the fact that you have just recovered from a large financial liability with the help of debt care solutions, it is important to have a few considerations in mind. Therefore, the business plan that you are supposed to design should cater to your finances and also be able to provide a definite form to your goals. While developing the plans, you should try to take into account all the laws and regulations which are most likely to affect your business. The beginners should try to find out about the license and the permit which are required for the smooth operations of the business. The business plan must include the financial statements in detail such as the balance sheet and the income statement.  While managing the financial aspects of your business, you will have to make sure that your methodologies are in tune. This is by far one of the most important aspects of a home based business or any other means of self employment. A majority of the home based businesses do not perform up to their level simply because of poor financial planning.

Managing the income of self employment may not be as easy as it sounds. Starting from preserving the receipts of all the purchases that have been made related to the business or keeping the accounts of the conveyance, is an laborious task. These are just a few of the concerns which can make or mar your business. Although, it is not simple to manage the hassles of the business accounts, it has still to be taken care of. A little less than 40 percent of the businesses will not require a substantial amount to begin with. However, while preparing the financial plans, you should never forget the miscellaneous costs such as electricity and postage. Usually, the income which is generated from a self employment is irregular but you should try to calculate the average amount. Followed by this, you should try to keep a watch on the months in which the income is higher and put the amount in a savings fund.

Credit card usage should be reduced to minimum. It is better to make use of business credit cards for the purpose when you will need them the most. It is worse still to use the credit cards to secure funds for the business. Instead, you can try to have a small business loan to suffice your monetary needs. Some of the self employed individuals may have to shell out more taxes than others. However, a periodic review will save you from additional penalties or tax burdens. You should also try to keep the financial documents in perfect alignment, the receipts should be duly preserved and all the paperwork should be completed on time. Your business should be properly insured and you should ideally remain in the consultation of a lawyer to deal with the legal issues and complexities.

Since there are a lot of things that you will need to manage regarding the business finances, you could try to balance some of the strain with the help of personal management software.

The debt ratio calculator is very useful for the consumers to determine their debts and assets and make suitable decisions about their finances. Know more from www.bestdebtcare.com