Foreclosure Laws in Nevada

Nevada allows both judicial in court or non judicial out of court foreclosures. As with all states in which both methods may be followed, the determining factor as to which method will be used is the existence of power of sale. If the deed of trust or mortgage contains a power of sale clause, this allows the bank to pursue foreclosure without petitioning the court to do so. Most deeds of trust or mortgages do contain a power of sale clause. This benefits the bank. This also means that most foreclosures are done non judicially or out of court. This is because it saves the bank both time and money to proceed this way.

If a power of sale clause is not written into the deed of trust or the mortgage of the home in question, then judicial or in court foreclosure must be followed. This process begins with the bank filing a lawsuit against the home owner who is having difficulty paying his mortgage. The bank does this to obtain a court order to foreclose. Once this court order to foreclose is obtained, the process of moving toward the sale of the home is the same as in non judicial foreclosure. The homeowner does receive a twelve month right of redemption when the judicial method of foreclosure is used. In this type of foreclosure, for the twelve months following the sale of the home at auction the person that lost their home at the sale can regain ownership of the house.

When a power of sale clause contains specific instructions as to when, where, and how the sale of the home is to take place, then those specifications must be followed. Most of the time, power of sale clauses are not so detailed, and the usual method of moving toward the sale date is followed.

The first step of that process is that a copy of the notice of default and election to sell the property is sent to the homeowner. This letter must be sent by certified return requested mail, to the last known address of the homeowner. This letter is to be mailed the same day it is recorded with the county in which the property is located.

The time line from the notice of sale to the actual auction of the house is usually one hundred and twenty days in Nevada. The scheduled sale date cannot be sooner than three months after the date the notice of default and election to sell is recorded with the county and mailed to the homeowner. The notice of default itself, specifies the time, date, and place the sale is to be held.

The process of curing the default, should the homeowner desire to do so, must be taken care of during the first thirty five days following the issuance of the notice of default and election to sell. This is a way to stop foreclosure. If the homeowner wants to do this, they must file a notice of intent to cure, no later than fifteen days prior to the scheduled sale date. The money required to cure the fault and stop the foreclosure sale will be the amount needed to bring the loan current. This dollar amount must be paid before noon the day before the scheduled auction of the home. If the homeowner does not come up with that money by that time, the sale will proceed as scheduled. The notice of default and election to sell will contain all the information about the sale; where and when it will occur. Most often, the beginning bid or the amount required to participate as a bidder on the home will be the amount of the first mortgage plus the fees and costs and interest the bank has incurred.

Being that most homes going to auction these days have very little if any equity in them, this opening virtually always too high for investors to take any interest in the home. This means that at most sales the property is taken back by the bank. This causes a lot of problems for the lender.

If the home is sold at auction for less than is owed on the loan, the bank has the right to seek the difference between what the sale generated and what they were owed from the former home owner. The bank can exercise this option for three months following the sale. After this amount of time, they can no longer seek that money. This is called a deficiency judgment. Most people who lose their home to a foreclosure sale do not have any other assets worth pursuing by the bank. The banks realize that it is a waste of time to try and get blood from a stone in these cases. So, unless the bank has reason to believe that the former homeowner has other properties worth equity or other assets they could take they will most likely not seek a deficiency judgment. To do so would just be flushing money and time down the drain.



Credit Card Companies Transparency – What a Cardholders Should Be Aware of Their Credit Card Company

Most of the people keep dual feelings about their credit card companies. On the one hand they like them for what these companies did for them. Companies solved all the financial problems of these people and took their problems as if those were the problems of the creditors. On the other hand they have some bad feeling for them because these companies charge these debtors extra interest rates. These companies charge them penalties and hidden charges. Any one will be shocked on seeing his credit card amount doubled without any reason or rhyme. They do not have to worry any more because there are now credit card transparencies. These transparency rules tell the debtors; legal and fair transactions of their credit card companies and financial institutions.

All credit card holders should be aware of new laws which have been recently introduced and implemented in the industry. These laws also tell us about the changes which will be brought about by these laws enforcement. The law prohibits all companies to increase interest rates without informing the card consumers before 45 days. It will give the card holders time to curtail their expenses or keep them in limits for avoiding debt burden. You should be aware of that if you are paying your amount to the companies without any delay or stoppage for past six months then the companies will not be allowed at any circumstances to raise your interest rate. If any credit card holder is paying his bills by phone, e-mail or online then all of these ways are acceptable and companies will also not be permitted to charge any penalty or fee against them. The companies are bound to send you notice and give you 45 days time for making any changes in your fees, late fees, penalties and any other changes that will directly relate to you and will affect you. You are absolutely free whether to take these changes or reject them at once.

The entire above things are very necessary to be known to the credit card holder because these things enable him to get transparency and keep himself away from any fraud and cheating in the industry.



Credit Card Debt Settlements – Why Credit Card Debt Will Be Easier to Negotiate in 2010

What are the essential requirements for any and every negotiation session to succeed? For starters, both parties should be prepared to compromise. If one party has absolutely no reason to make any changes to its stand, then it is obvious that the negotiations process will fail.

You should have something that the other party wants and the other party should have something that you want. This ruling is particularly true as far as debt relief negotiations are concerned. For very long time, debt settlement was never a worthwhile solution for debt problems because the credit card issuers saw no reason to negotiate. At the worst, you may opt for bankruptcy.

This was not a very big problem for the card issuers. They would simply write off the losses and want to recover more money from the other customers. This was one reason why debt settlement was a very less utilized solution.

So, what has changed today? Why is it that credit card issuers are prepared to negotiate? There are numerous reasons. For starters, the card issuers have discovered that a large number of their borrowers are either defaulting or close to default. This means that chances of recovery of money from the cardholders has become remote.

Bad debts that range from 1%-5% of the total assets can be written off without any difficulty. However, if this figure rises to 15% to 20% of the total assets, the card issuers will end up facing potential bankruptcy themselves. This is exactly what happened when the recession hit the economy.

A large number of persons opted for debt relief and debt solutions like bankruptcy. The end result is that credit card companies found themselves floundering. Today, they are prepared to negotiate for this reason alone.

Secondly, the stimulus package is making a huge difference to the attitudes of the card company. There was a time when even the government could not convince the card issuers to be lenient. The government had to step in when the housing bubble burst to prevent the millions of people from ending up on the street.

The government could not do so as far as credit card issuers were concerned. However, the request for stimulus package by the card issuers gave the bargaining chip that the government needed. Today, the pressure from the government is also a factor that is helping individuals get debt relief.

Recovery is expected to begin by 2011. Hence, it is just a matter of time before the credit card issuers start going back on the generous settlement deals that they are offering. This is the reason why this year is going to be very crucial for those who want to negotiate and reduce debts.



Credit Bureaus Field Flood Of Requests

With all of the turmoil in the subprime mortgage sector this summer, the importance of knowing exactly what is a good credit score has gotten a lot of attention from the public. For those unfamiliar, subprime loans are named as such because they were given to borrowers with less-than-perfect credit scores, as determined by credit bureaus.

Despite the fact that most subprime mortgage loans were only offered by lenders to those who would be able repay them, the previously inconsequential subprime sector of the $10-trillion U.S. mortgage market was able to significantly disrupt the global credit markets, causing a quite dramatic 10% downturn in the domestic stock market with real, substantial losses and repercussions.

The funds availability for people with poor financial history got dried up with the advent of closure of business by subprime lenders and lay off of employees. Persons who had recently applied for a loan to buy a house, car or other large item in the next couple of months should quickly check their online credit score to ensure that they are still qualified. Many people have lost their eligibility for obtaining loan within a matter of days and were terribly disappointed.

In light of the subprime loan debacle, people are starting to realize the importance of their financial histories. With a good financial report being more necessary for a loan, credit bureaus are being flooded with not only request for copies, but also help on how to improve less than perfect reports. Therefore, credit bureaus are making the reports more accessible.

Most loans, however, were only offered to those who could afford to pay them back, so it is troubling how the obscure subprime section of the $10-trillion U.S. mortgage market could have caused such worldwide havoc in the credit markets. But, it did, and along with a very sharp 10% correction in the domestic stock market, the pain this development caused was real and so were the losses.

Even though the current loan difficulties are making it hard for people to receive money for mortgages and other big loans, many experts believe the Federal Reserve will make cuts to its interest rates, making it easier for lenders and loan applicants to move the money necessary to keep the market afloat. This will make receiving and paying off loans possible again, and prevent a total bust on the economy.



More Myths About Credit Scores

The financial crisis has underscored the need to maintain a good credit score and also know what factors have the most effect on the score. Since there is a variety of information about credit scoring, you have to know what information you’re getting is actually coming from experts that are well educated and informed on how credit scoring works. Quite often, misinformation is circulated, just like urban legends about anything else. What’s especially alarming is that much of this information is coming from people in the mortgage, finance and real estate industry who hear unknowingly hear bad information and spread these rumors. For this reason, it’s important to be aware of the most common credit score myths that can actually hurt your credit score instead of improve it. Many of these false tips may actually sound like they make sense, but can actually hurt your credit score more than they will help.

After working in the mortgage and real estate industry for almost two decades, I have firsthand knowledge and experience in dealing with credit. I’ve had many clients that unfortunately chose to listen to other people who were not credit experts, and the result is often a much higher interest rate, or a flat out denial on their loan.

Probably the most common misnomer is that closing long established accounts will improve your credit score. This may appear to make sense, since the lack of open credit may indicate the lack of ability to run up high amounts of debt. In reality, the length of time that accounts have been established makes up a substantial portion of the credit score, so closing these may have a negative impact. People who work for years to pay off a credit card quite often close the account as a way to have closure to the time in their life when they were overburdened with too much debt. This should be avoided if at all possible. A good alternative might be to ask the creditor to reduce the credit line if you feel uncomfortable with having a credit card with a high credit limit. This would be a much better alternative to closing the account entirely for the purposes of keeping your credit score high.

Another myth is that checking your own credit will lower your credit score. This is not true, as long as you check your credit though a service that was intended for consumers. In other words, if you have a friend who works for a company that has access to credit reports pull your credit scores, this will cause an inquiry that will affect the score. But what about other types of inquiries? Many consumers have an unfounded fear of letting multiple companies check their credit when they are shopping for a mortgage or vehicle. While inquiries from either will affect the score slightly, the credit bureaus expect people to shop for mortgages and auto loans. Therefore, all inquiries from either of these companies will only count as one total inquiry as long as they are within a 30 day period. Credit bureaus are not in the business of keeping consumers from shopping for the best deal, so they allow multiple inquiries from these entities. Now if you happen to apply for several credit cards within a short period, this will count as many inquiries which may seriously damage your score. Multiple credit card inquiries are viewed as a possible desperate move by a consumer to secure credit for living expenses because they cannot otherwise afford to pay them. So that translates into a higher credit risk. Although many credit myths exist, these are the two most common. Always check with a professional that is well educated in how credit scores work before making assumptions that could possibly cause you to get a higher rate, or get denied for a loan completely.



Mobile Credit Card Processing – All Geared Up

Now is the time for growth and development in businesses and the merchants are continuously looking for best services to incur into their business. The growth in this trend has resulted in the development of new technologies that can ensure you fast and relevant services. Among all such new developments, card processing equipment has added a new zinc to the business transactions. The most important thing is that, now such transactions can be done from mobile along with easy, fast, reliable services.

Mobile credit card processing equipment can accept payments through online credit cards as well as by telephone. It has many features like:

1.Secure payment

2.Email receipts

3.Easy to use

4.Log

5.Fast

6.Reliable.. so on

It can be considered as a primary focus for business merchants as they can support their move while they are on move. Wireless card processing includes low monthly charges, low processing fee and hence it is the latest in convenience and portability.

Android Card Processing

Using your Android phone, you can easily and reliably accept credit cards anywhere and anytime along with instant card approval. Few simple steps to follow and you are done with your transactions. Just connect to the internet through your Android phone and connect to the card payment gateway. Enter the transaction information, and the processing is done, online.

iPhone Card Processing

Similarly, iPhone can be used for such transactions and merchants can rely on that as it can also be used anywhere and at anytime. The procedure is same and incurs the all above mentioned features in it. The iPhone app is simple to use as well as provides assurance to its customers.

These kind of processings are considered secure as well, because the encryption is included and the mechanism is secure as no personal data is stored on the phones. The medium is in accordance to the needs of business merchants as they need not to invest huge to process these transactions. This is a reliable app that assures quality as well as assurance for providing best transaction services to the business entrepreneurs.



Credit Cards Can Aid Bankruptcy Loan Approval!

Recovering your credit is essential when you want to get approved for a loan after bankruptcy. Most lenders will just run away at the sole mention of the word bankruptcy, so in order to reduce the risk tag that shows on your credit report, you will have to improve your credit history and try to enhance your credit score.

Credit Card & Credit Score

A credit card can do a great deal for your credit score. Since credit card companies inform every credit bureau about your credit behavior, you can, by means of a credit card, improve your credit history easily. You just need to make all your purchases with a credit card, either secured or unsecured, and then pay the balance in full.

While your payments keep getting recorded into your credit report, your credit score will start a slow but continuous ascendant path that will eventually lead you again to a fair credit score. At that stage you’ll be able to apply for a loan without fearing getting declined by the lender due to your past bankruptcy.

Cash Back Credit Cards

Cash back credit cards are a great tool for improving your credit. You can use this card to make all your purchases and you’ll receive cash back at the end of each period. This way you’ll have larger balances with the corresponding payments that will be recorded into your credit history and at the same time you’ll receive cash back that you can use for further purchases or destine it to your savings account which is another healthy financial practice.

These credit cards usually offer larger cash back amounts when you purchase on certain places designated in the contract. This is because the credit card company has agreements with other establishments. Just make sure that the products you purchase are not too overpriced at those places. Otherwise, you’ll be losing money instead of saving. Nevertheless, though they offer larger cash back at those places, you can still get cash back if you purchase at other stores too.

Bankruptcy Loan Approval

Once your credit score has recovered, you’ll be able to get approved for a bankruptcy loan without too much hassle. If your credit score or your credit history still won’t allow approval you can choose to wait or you could try offering some sort of collateral. There are home equity loans specially tailored for those that have gone through a bankruptcy that offer more flexible requirements than unsecured loans.

Applying with a co-signer (as long as the co-signer has a good credit score) will also aid you in the approval process. The co-signer’s credit report will also be taken into account at the time of approval and will compensate for what your credit report lacks.



What is Considered a Good Credit Score?

Do you know what your credit score is? If you don’t you should, because a good credit score can mean a big difference in the amount of interest you pay on every type of loan you are carrying, be it a mortgage or home equity loan, your car loan, or your credit card debt. You must find out what is considered a good score in order to make credit work for you.

How Does A Credit Score Work?

The most popular type of credit score among lenders is the FICO score. More than 80% of the banks in the United States use this type of score. Usually, you will have a separate and distinct score from each of the three main credit bureaus, which are Equifax, TransUnion, and Experian. These scores are taken strictly from the information in the file that each credit bureau keeps on you. When the information that is saved in your credit file changes, so does your FICO score.

Maybe you went car shopping one weekend and had several dealers check to see if you qualified for a car on their lot you were interested in. Maybe you took your bank up on an offer for a new bank card. Maybe you applied at two department stores for credit cards while you were at the mall. Or, maybe you are trying to buy a new home. All of these things could change your FICO score.

What Do The Numbers Mean?

A score of 850 is considered to be a perfect score, but any score which ranges between 720 and 850 will help you to get the best interest rate from your lender. The lowest possible score you could have would be 300. Here is a breakdown of scores from high to low credit risk:

  • 800 – Nearly Perfect Credit
  • 750-800 – Excellent Credit
  • 720-750 – Good to Excellent Credit
  • 690-720 – Good Credit
  • 620-690 – Fair Credit
  • 620 – Poor Credit Risk
  • Below 620 – Forget It!

What’s MY Score and How Can I Improve It?

To find out your credit, contact one of the three big credit bureaus listed above and get a copy of your credit report. You score will be included in the information you’ll receive. If your score is lower than you would like, you can improve it by –

  • Making sure all your bills are paid on time
  • Don’t run your credit card balance up to the maximum balance you are allowed
  • Do not acquire more debt than you can comfortably handle

When you know what is considered a good credit score, you can take a hard look at your own and decide the best way to make and keep it as close to perfect as possible.



How Your Credit Rating is Determined

A person’s credit rating is a very important part of their life… having bad credit can affect your ability to get a loan, credit card, auto financing, some bank accounts, and even some jobs. While many people are aware of how important their credit rating is, they might not know exactly how it is that their credit rating is determined.

Below you’ll find some information on exactly how your credit rating is determined, including the sort of things that can cause it to go down, as well as things that you can do to make sure that everything is correct and how you can improve it if it’s worse than you’d like.

How is it determined

Your credit rating and your credit score are determined by a compilation of reports from the various creditors that you’ve had in the past, both positive and negative. Each report either adds to or subtracts from your credit score, depending upon whether the report is positive or negative.

The higher your score is, the better your credit rating is and the less of a risk you are considered by lenders. If your score is low, then you have a bad credit rating and are considered to be more of a credit risk.

Reports from as far back as seven years can still affect your credit rating and score, causing past credit problems to stick with you for several years before they finally expire and are removed from your credit record completely.

Negative Reports and Their Effects

Obviously, negative credit reports can have a negative effect on your credit rating and your credit score. The more negative reports you receive due to non-payment or consistent late payments, the lower your score and credit rating will drop… and since the negative reports will stay with you for years, you may have to deal with them dragging down your credit score for some time.

Additionally, having negative reports from certain lenders or businesses can cause you to be denied loans or services from some other businesses… since there are so many businesses and banks that have multiple branches, having payment problems with one branch can sometimes cause you to be denied by other branches, even when you don’t realize that they are part of the same company.

Checking Your Report for Errors

It’s a good idea to request a copy of your credit report periodically, so that you can inspect it and make sure that everything is correct and that you’re not being incorrectly reported for a debt that’s not yours.

Copies of your credit report can often be gotten for a fee from credit reporting agencies, or in some cases you can receive a free copy from some companies or government offices.

Should you find an inaccuracy on your credit report, you should contact the credit agency and let them know that you’d like to dispute it.

Depending upon the results of the agency’s investigation, the questionable report will either be removed or will be left as is.

In addition to potentially finding errors on your credit report, occasionally reviewing the material contained in your report can help you to find early signs of identity theft and stop it before it gets out of hand.

Improving Your Credit Score

The best way to improve your credit score is to begin paying off your old debts and make sure that you keep payments on your new debts up to date. While you may have to wait for old reports to expire, your new reports will be positive and help to improve your score.



Bank Of America – Anne Geddes Visa Platinum Card – To Earn And Donate

Bank of America is famous the world over for its smart and practical services that render unparalleled help to commoners. The Bank of America credit cards have ruled the hearts and minds of common people because their low interest rates promise good savings.

The organization has now associated itself with many noble causes, molding many of its financial services and products to bring light and hope to the lives of the deprived and destitute all over the world. The Bank of America – Anne Geddes Visa Platinum Card is one such card, which is aimed at improving the lot of abandoned and oppressed children side-by-side assisting you.

The Card And Its Benefits

The Bank of America – Anne Geddes Visa Platinum Card enables you to donate towards the Anne Geddes Philanthropic Trust, which is a non-profit organization and operates for the prevention of child neglect and exploitation. The card will automatically enroll you in the Anne Geddes Rewards program helping you donate as well as earn Anne Geddes merchandise, like baby clothing, books, watches and much more.

The cardholder will receive one point for spending a dollar in the purchases. Remember, if you do not activate your account in the duration of twelve months, then your earned points will be nullified. With each purchase you make with the card, a donation is made to the Anne Geddes Philanthropic Trust.

The first purchase you make with the card will get you 2000 points. All the more, you will be receiving 1000 anniversary points every year (on the date of issuance of the card). You can avail of the rewards once you have reached eight hundred points and that is a figure, well within reach. There is no limit to the amount of points the cardholders can earn. The interest rates are affordable and at the same time competitive.

Other Benefits

The credit card comes with no annual fee and a low introductory rate that is applicable to balance transfer and purchases made within the first six billing periods. Furthermore, the rate of interest on the balance transfers and purchases continues to be quite low even after the introductory phase comes to an end. You can also avail of the platinum services and benefits and choose from the six delightful card designs that are available.

If you love children and cannot stand them being abused and neglected, then the Bank of America – Anne Geddes Visa Platinum Card can be an outstanding way for starting to help the poor children. This lets you avail great rates and simultaneously help some unfortunate children.

Perks

The Bank of America – Anne Geddes Visa Platinum Card provides the optional mini card, auto rental insurance, many travel and emergency assistance facilities, purchase protection and many advanced services. No liability for unauthorized Internet transactions and different Internet account related services make the card a great help for everyday expenses.