October 25, 2008

Bankruptcy: Won't Help Foreclosure

Can filing for bankruptcy help homeowners facing foreclosure? Apparently, not much.

For most people, trying to negotiate changes in their loan with help from a housing counselor or lawyer is a much better option. While bankruptcy judges can reduce or eliminate certain kinds of debt, they aren't allowed to alter the total amount owed or interest rate of primary mortgages. A 1993 Supreme Court decision bars judges from altering first mortgages on primary homes, though such changes are allowed on loans for vacation homes, motorcycles, boats and other kinds of property.

Consumer advocates say this is unfair, while mortgage lenders say it benefits the vast majority of borrowers who don't fall into bankruptcy.

Filing for bankruptcy might help if your financial problems stem from a mix of sources, like overwhelming credit card debt, medical bills and skyrocketing mortgage payments. If reducing or eliminating most of your other debts puts you in a position where you can pay your mortgage, then bankruptcy might be be of help.

However, keep in mind, you could spend years trying to get your credit back in shape because a bankruptcy filing is a serious blemish on your credit record. And that can translate into big problems next time you need to borrow money.

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October 24, 2008

Financial Meltdown: Who's Really to Blame?

If you watch a lot of cable TV, you've no doubt been hearing all the nonsense about unqualified borrowers who got loans as a form of economic affirmative action.

They claim that the entire weight of the global financial collapse rests on the shoulders of unqualified poor, minority borrowers who got loans as a form of this economic affirmative action. The evil institutions in these talking-points scenarios are Fannie Mae and Freddie Mac, the formerly quasi-governmental creatures of secondary home-mortgage lending.

Some cable show pundants are touting that the entire financial crisis was caused by a Congress "hell-bent on affirmative action, using mob-style extortion tactics to threaten" banks into making bad loans to "predatory borrowers" without documentation.

We think this sort of thinking belongs back in the racial Stone Age… what do you think? We'd love to get your opinion on just who's to blame for this (now worldwide) banking meltdown. Click the comment link below and sound off. Tell us what you think. And don't worry, your email address will not be published here, even though it is required in order to comment.

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October 23, 2008

Crash 08: Should You Be Scared?

With the Dow in a free-fall one day, back up the next, down the next, you may be wondering: should I be scared?

History will show, we've been here before, and we'll survive this time, just like before. Money Talks editor Stacy Johnson explains… (Video runs 1:40)…

So, with the markets going up and down like a roller coaster… are you scared, or do you feel confident because you're in this thing for the long haul? We'd love to hear your comments. Just click the comment link below and tell us how you feel….

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October 22, 2008

Saving Money: Is This Being TOO Thrifty?

When the Rachel Ray show was looking for the thriftiest mom in America, they found Margie Read. Is this being a tad bit too thrifty? (Video runs 1:36)…

So, have you ever picked up the condiments when you left McDonalds and taken them home to use them? We'd love to hear your "Thrifty" comments. Just click the comment link below and sound off.

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October 21, 2008

Making This a Green Fall

Summer is a thing of the past and fall is upon us. In some parts of the country, you may already have turned on your furnace during cold nights. In many northern U.S. states, temperatures have already dipped into the 40s and high 30s, and snow has already fallen in some of the Rocky Mountains. Brrrr…..

Colder weather is coming and now’s the time to get ready. It’s especially important this year, with energy costs at record highs.

There are things you can do, many of them inexpensive, that can greatly reduce your energy usage and bills. You’ll become greener in more ways than one – good for the environment, good for your pocketbook.

Adopt High Impact Technology

Reduce Drafts
Did you know that a 1/8" space between a
standard exterior door and its threshold is equivalent to a two square inch hole in the wall? Closing those gaps can save you up to 15% in heating and cooling costs. Fill gaps and reduce drafts coming from exterior walls. Seal around hoses and vents that are outside the house. And use insulation pads for outlets and switch covers that are on the outside walls.

Convert to Compact Fluorescent Lighting (CFL)
Today's CFLs use 75% less electricity and last 10 times longer than their incandescent equivalents! You'll save $30 or more in energy costs over each bulb's lifetime.

Install a Programmable Thermostat
Programmable thermostats automatically adjust your home's temperature settings. Save up to 33% of your annual heating/cooling costs.

Choose the Energy Star logo
Energy efficient choices can save families about a third on their energy bill with similar savings of greenhouse gas emissions, without sacrificing features, style or comfort.

Change Your Behavior

Unplug
- Unplug seldom-used appliances, like an extra refrigerator in the basement or garage that contains just a few items. You may save around $10 every month on your utility bill.
- Unplug your chargers when you're not charging your cell phones, PDA's, digital cameras, cordless tools and other personal gadgets. Keep them unplugged until you need them.
- Use power strips to switch off televisions, home theater equipment, and stereos when you're not using them. Their "standby" consumption can be equivalent to that of a 75 or 100 watt light bulb running continuously.

Set Computers to Sleep and Hibernate
- Enable the "sleep mode" feature on your computer, allowing it to use less power during periods of inactivity.
- Configure your computer to "hibernate" automatically after 30 minutes or so of inactivity.

Use Appliances Efficiently
- Set your refrigerator temperature at 38 to 42 degrees Fahrenheit; your freezer should be set between 0 and 5 degrees Fahrenheit. Use the power-save switch if your fridge has one, and make sure the door seals tightly.
- Don't preheat or "peek" inside the oven more than necessary. Use a microwave oven for cooking or reheating small items.*
- Clean the lint filter in the dryer after each use. A clothesline is the most energy-efficient clothes dryer of all!
- Choose a front-loading washing machine. It uses about 40% less water and about 50% less energy.