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FHA issues press release announcing new plan to help homeowners before we get into trouble

Saturday February 6 2010

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FHA to help homeowners before they get in trouble

The Federal Housing Administration has announced a new plan that may allow borrowers to seek relief even if they haven’t missed a mortgage payment yet.

There are three criteria under which you can request assistance. The first is job loss. The second is a dramatic reduction in income, while the third is defined as a “life change,” however amorphous that may be.

Remember, you can only petition for relief from the FHA if you have an FHA loan. You may receive either a reduced interest rate or a temporary moratorium on payments.

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Click here to link directly to HUD.gov for more information about this new FHA program

Posted by admin on February 5th, 2010 under Answers, Credit Cards, Credit Reports, Debt, Loans • No Comments

Paying the minimum monthly payment on our credit cards could keep us debt slaves for nearly 50 years or longer

Thursday February 4 2010

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Our thanks to consumer advocate Clark Howard for this wake-up alert about only paying the minimum monthly payment on our credit cards.

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Credit card minimums leave us in debt for nearly 50 years

MONEY-SAVING MOMENT: Beginning next month, when we open our credit card statements, there will be a new box accompanied by the following wording: “If you pay the minimum payment above, it will take you XX number of years to pay off your balance.”

When we see this — if we pay attention to it — the hope is that it will have a major effect on our behavior.

Ever heard of the mirror trick in dieting? This is a behavior modification technique where you kill your appetite by watching yourself eat in a mirror. Hopefully, the new box on our credit card statement will be our proverbial mirror.

A reporter for The Financial Times of London crunched some numbers and found that the typical American with an average balance and interest rate making only minimum payments won’t be out of debt until 2058! And that’s never charging another penny again to that card!

Now that we have the knowledge, let’s act on it. Pay down those cards quicker. Good payoff calculators can be found at DinkkyTown.net and elsewhere on the web.

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Click here to watch a short 3 minute Youtube video illustrating why it is so hard to get out of credit card debt, and how long it will take when paying only the minimum payment. Let’s FREE ourselves from being debt slaves.

Posted by admin on February 3rd, 2010 under Answers, Credit Cards, Credit Reports, Debt, Loans • No Comments

How can we live on $5000 a year?

Wednesday February 3 2010

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Our thanks to dougster77 and eHow.com. Click here to link directly to brief informative article about How To Live On $5000 A Year.

Posted by admin on February 2nd, 2010 under Answers, Credit Cards, Credit Reports, Debt, Identity Theft, Loans • No Comments

Could it sometimes be in our best interest to walk away from a drowning house mortgage? What is the new mortgage revolution?

Sunday January 31 2010

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Our thanks to Davis Fleetwood. Click here to watch a short 3 minute 26 second video by David Fleetwood about underwater mortgages, and why it could be in our best interest to throw in the towel, and walk away.

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Underwater Mortgage? Walk Away!

It is the American dream: get married, have children and own a home. Indirectly, one can make the argument that that dream, and the corporately sponsored accoutrements that come with it, are killing us all. But for nearly 1 in 4 homeowners who are “underwater”, owing more on their mortgages then their homes are worth, the dream turned nightmare is quite literally strangling them.

Let me help you with the solution: Stop paying your mortgage. Stop right now.

Listen: Even if you can afford the monthly note, if your mortgage is higher than your home value, stop paying your mortgage now. Default. Take the money that you would have been giving the big bank and deposit it in a locally owned bank or credit union. Wait as long as you can – you will have about one year- before you are evicted, then go rent somewhere.

Moral qualms? Get over it. Under Obama administration directives, counselors at the US department of Housing and Urban Development urge homeowners to follow the “responsible course” and pay their mortgage. This same administration is eager to give bailout money to companies like Morgan Stanley, who recently stopped making payments on five San Francisco office buildings. Morgan Stanley is able to pay back the TARP funds precisely because it makes cold business calculations and walks away from “obligations” when they are no longer financially profitable.

Real Estate developers do this all the time. Just this week, the owner of New York City’s Stuyvesant Town complex made a sound business decision: he stopped paying the $3 billion mortgage on his little square on the monopoly board.

Big Banking, the status quo, your government all have a great deal invested in you hanging on to your mortgage, honoring your commitment, and living the dream. The machine serves them. The wheels of the bus go round and round, round and round, making regular deposits for the wealthiest of the wealthy who constantly adjust the vise on your neck. It is not just underwater homeowners, but all of our relationship to this dream is akin to the ten dollar whore to her pimp, or a battered wife to her abusive husband.

I’m here to tell you honey: you don’t have to take it anymore. You can dream bigger. You can dream different. You are better than that.

If you are an underwater homeowner. Stop paying your mortgage now. If you know someone who is underwater, share this video with them and support them in their decision to walk away from their mortgages.

Posted by admin on January 30th, 2010 under Answers, Credit Cards, Credit Reports, Debt, Loans • No Comments

Where can we find a FREE downloadable copy of an older edition of J.J. Luna’s privacy book “How To Be Invisible”? “How To Be Invisible” is a step-by-step guide to protecting your assets, your identity, and your life.

Friday January 29 2010

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Our thanks to Survivorblog.com and Canary Islands Press. BeFree isn’t sure how long this online downloadable book will be available. Please download your personal copy as soon as possible. Click here to link directly to PDF book file, and save to your hard drive.

Posted by admin on January 28th, 2010 under Answers, Credit Cards, Credit Reports, Debt, Identity Theft, Loans • No Comments

Where can we learn how to make our own teva style adventure sandals, recycle rubber, and save a lotta money all at the same time?

Thursday January 28 2010

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Our thanks to HollowTop.com. Click here to link directly to instructions for making our own waterproof adventure sandals.

Posted by admin on January 27th, 2010 under Answers, Credit Cards, Credit Reports, Debt, Loans • No Comments

Where can we find detailed information about the IRS $6500 repeat homebuyer tax credit? When do the experts think the housing markets may recover? Where can we find a printable copy of IRS form 5405 First-Time Homebuyer Credit and Repayment of the Credit?

Wednesday January 27 2010

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Our thanks to consumer advocate Clark Howard for this update about the $6500 repeat home buyer tax credit:

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IRS releases rules on $6,500 tax credit for repeat homebuyers

The IRS has released new information for existing homeowners who bought a new home and wish to claim the $6,500 tax credit. The relevant form you’ll need to file is Form 5405. (BeFree’s note: This is a pdf file.)

Be aware that you must show proof you owned and occupied your prior home for five consecutive years. In addition, if you claim the credit and flip the new house, the IRS will retroactively come after you for the $6,500. You must stay in the new home a minimum of three years, during which it must be owner-occupied as your primary residence.

The clarification of the rules surrounding this credit may provide a temporary booster shot by creating another incentive for people to buy — just as the $8,000 first-time homebuyer credit did.

All of this begs the question of when the housing market is going to recover. The new Case-Shiller Index shows the bottom is upon us in most markets across the country. But when do we get back to where we were when home values were at their peak two or three years ago? The latest guess is 2022, according to a Los Angeles Times analysis.

That’s 12 years from now. Of course, no one knows what the future holds. But Clark has said that he expects our nation could spend seven to 12 years working our way out of the funk, so that dovetails very nicely with this new info.

This does not mean seven to 12 years of daily doom and gloom. Rather, we’ll have a continuing drag effect on our economy with bumps in the road — such as unemployment and budget deficits — for up to a dozen years.

Posted by admin on January 26th, 2010 under Answers, Credit Cards, Credit Reports, Debt, Loans • No Comments

Where can we learn how to start living in a tiny house to save money and natural resources?

Friday January 22 2010

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Our thanks to contributor Art Hadley and wikiHow.com. Click here to read complete brief article.

Posted by admin on January 22nd, 2010 under Answers, Credit Cards, Credit Reports, Debt, Identity Theft, Loans • No Comments

Where can we find FREE and discount priced sources of prescription pharmaceutical drugs?

Thursday January 21 2010

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Our thanks to consumer advocate Clark Howard for this potentially valuable, and money-saving information:

• Publix.com – 14 day supply of select antiobiotics for FREE
• Walmart.com – 30 day supply of select generic drugs for $4
• Target.com – 30 day supply of select generic drugs for $4
• Kmart.com – 3 month supply of select generic drugs for $15
• pparx.org – find the RX program for your state
• drugsavings.wi.gov – Wisconsin’s approved Canadian pharmacy list
• minnesotarxconnect.com – Minnesota’s approved Canadian pharmacy list
• Eli Lilly – With the “LillyAnswers” discount card, low-income seniors can get a 30-day supply of Lilly retail drugs such as Prozac and Vista, an osteoporosis drug for just $12 a month. To qualify for the card, seniors must have income of less than $18,000 a year as singles or $24,000 as couples. The card will be honored at CVS, Longs and Wal-Mart pharmacies. Call 1-877-RX-LILLY to apply.

• GlaxoSmithKline – GSK is starting the “Orange Card” program, which gives elderly people who qualify 25 percent off their perscriptions. You must be 65 or older and have annual incomes of at or less than $26,000 for individuals or $35,000 for a couple. Check back to this site for updates on how to register. To read an article about the GSK plan, click here.

• Rxaminer – For a $10 fee, Rxaminer will permit users to enter all current prescriptions and returns a list of available generic or other suggested brands for less money.

• The Medicine Program – The prescription discount program is available to those with family incomes ranging from below the national poverty level to $60,000 who don’t have health insurance. Call 573-996-7300 and ask for an application. Or, check the Phrma Web site Phrma.org for a list of drug companies.

More tips to consider:

Consider online purchases that could typically save 20% to 30%.
Many consumers find very low prices purchasing prescription drugs from Canada.
Are you over age 50? AARP offers discounts on mail-in orders.
Are you a member of a managed care health program? Consider a 90-day supply of your medicine vs. a one-month supply. You’ll pay one co-payment vs. three.
Ask if your medication is cheaper in a higher milligram dose. Then, cut the tablet as needed for your proper dose. This method can save up to 75% of the cost.
Always ask if a generic brand of your prescribed medicine is cheaper.

Posted by admin on January 20th, 2010 under Answers, Credit Cards, Credit Reports, Debt, Loans • 1 Comment