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September 30, 2008

Consolidate Debt

Many people opt to consolidate debt in order to eliminate high-interest loans and credit card debt. Instead of making multiple payments to various lenders, consumers take out a new loan and rollover all debt into that loan. Depending on the amount owed, consolidating debt into one loan can save a significant amount of interest over the long-run.

For homeowners, there are three ways to consolidate debt. These include cash-out refinancing, home equity loans, and home equity line of credit.

Real Estate Investing article on "Consolidate Debt "

September 28, 2008

Filing Bankruptcy

Filing bankruptcy is an important decision that has far-reaching effects. Although personal bankruptcy can help consumers get back on track financially, other debt elimination plans should be attempted when possible. Bankruptcy alternatives include debt consolidation, debt settlement, credit counseling and budgeting.

When filing bankruptcy is the only option, it is important to understand the pros and cons of this action. When debtors petition the bankruptcy court, an "automatic stay" is put into place. The stay prevents creditors from moving forward with debt collection and will temporarily stop foreclosure. However, when people file bankruptcy to prevent losing their home, they must continue making mortgage payments until their repayment plan is approved by the court.

Real Estate Investing article on "Filing Bankruptcy "