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January 14, 2011

IOU Note

An IOU note is commonly used to record the promise to pay a debt. This document can be used amongst family and friends and when borrowing money from a bank or credit union. When banks issue IOU notes, the document is referred to as a promissory note.

The IOU note records pertinent information about the loan. It should include the names and contract information for the borrower and lender, total amount of funds borrowed, installment amounts and dates, interest rate, and maturity date. Financial institutions usually include a default clause which states what action will be taken if borrowers default on the loan agreement

Real Estate Investing article on "IOU Note "

December 22, 2010

Filing Chapter 13 Bankruptcy

If you are considering filing chapter 13 bankruptcy it is crucial to take time to become educated about the process. Obtaining debt help through personal bankruptcy is not an easy or inexpensive process. The majority of people who use this strategy to reduce financial burdens often find it causes more harm than good.

Filing chapter 13 bankruptcy requires debtors to retain the services of a bankruptcy lawyer. This can be expensive because new bankruptcy laws require lawyers to certify that all financial information provided is truthful and accurate.

Real Estate Investing article on "Filing Chapter 13 Bankruptcy"

May 21, 2010

Consolidate Loans

Most people choose to consolidate loans in order to eliminate multiple payments and reduce overall interest. By combining two or more loans, borrowers can lower monthly expenses and potentially improve personal credit scores. In order to consolidate loans, borrowers must possess a good credit score and a history of consistently paying debts on time.

Before making a final decision to consolidate loans, borrowers should take time to conduct research and compare loan consolidation lenders and applicable rates. Additionally, borrowers should obtain credit reports from each of the credit reporting bureaus. Banks have tightened lending criteria and rarely allow borrowers enter into loan consolidation if they have low FICO scores or attached liens or judgments.

Real Estate Investing article on "Consolidate Loans"

May 13, 2010

Home Equity

Homeowners who obtain a home equity loan or line of credit use the accrued equity as collateral to secure the loan. When the housing crisis occurred, millions of homeowners lost a substantial amount of home equity because of the dramatic reduction in real estate prices.

To determine the amount of available home equity, lenders calculate the outstanding balance owed on first and second mortgages and subtract it from the appraised property value. The difference between the two amounts will determine how much money borrowers qualify for when obtaining a home equity loan.

Real Estate Investing article on "Home Equity"

April 15, 2010

Secured Loans

Obtaining secured loans with bad credit can be considerably more difficult than if you have good credit. However, with research and perseverance borrowers can locate poor credit lenders willing to give them a second chance.

Secured loans require borrowers to utilize some form of valuable asset as collateral. Assets might include real estate properties, vacant land, motor vehicles, water craft, or business equipment. Depending on the circumstances, amount of required funds and type of collateral, banks may require bad credit borrowers to obtain a creditworthy co-signer.

Real Estate Investing article on "Secured Loans"