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Non-Judicial Sale ForeclosureNon-Judicial Sale is just the opposite of judicial sale, as it requires no court approval in order for a foreclosure on a property to take place. Each state has its own individual laws and procedures when it comes to foreclosure of a property, but it is important to know the exact process of your state, so you are never surprised or caught off guard by what is happening during the process. Some states require that Foreclosure by Judicial Sale take place, whereas other states have the option of either judicial or non-judicial sale. Usually the non-judicial foreclosure begins with a loan default, meaning that a Notice of Default is mailed to the homeowner, informing them that they are behind on their mortgage payments and are at risk of foreclosure if they do not remedy the situation. If the homeowner fails to follow orders of the loan default, then they will then be mailed a Notice of Sale, informing them that their house has now officially been started in the foreclosure process and will be sold in a public auction for the highest bidder to purchase. The Notice of Sale is also posted in public places and is recorded at the county’s public record office for official records of the foreclosure. In some states, a Notice of Default is not even sent to the homeowner and the process begins when they receive a Notice of Sale. There is a legal time-frame before the auction for the house can take place; once that time has passed the highest bidder at the auction will then be the new homeowner. |
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How will your change in credit card interest rates impact you?
If you happen to miss a payment on your credit card or any other loan it may impact your credit card interest rate. If you owe about $1,000 at 11% interest it will take you 73 months (6 years) to pay it off and $320 in interest. but when your credit card company increases your interest rate due to a late payment, even if the late payment is not that credit card, they can increase your rate to a penalty rate. Let's say that rate is 19.9% (some states allow up to 29.9%). It will now take you 100 months to pay off your balance (8.3 years) and $860 in interest.
It pays to pay your minimum payments on time.
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FREE Credit Scores for Prospective Borrowers or NOT.
September 5, 2011
It has been just over a month since the new Federal credit score disclosure law went into effect. Lending institutions have already found loopholes to keep from disclosing your credit score when you are denied credit, loan, or if you received less desirable terms because of your score. According to SmartMoney.com there are time you may not get a credit score. These are usually when banks use their own in-house credit scoring system. There are other ways to get your credit score that will not impact your credit rating by going to MyFICO.com Click here for more information.
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