Our Community Power Blog

If you are facing problems with your mortgage payments and you are on the verge of losing your home then a foreclosure rescue scheme may seem like an attractive solution. But everything that seems fascinating from a distance can turn out really ugly when seen closely. It is same with such rescue schemes.  Why don’t you sneak a peep into the real story behind these rescue schemes?

In recent times, the BBB has received complaints at an alarming rate from victims of foreclosure rescue fraudsters. Vulnerable homeowners seeking financial guidance are easily exploited and scammed by the so called foreclosure “rescue” companies. One of the common scams to be on the lookout for is: Read the rest of this entry »

If you have a home of your own or would like to buy one, watch out for the 3 new tax breaks that can help you save more.

1. Mortgage Debt forgiveness: There are homeowners who are not able to carry on with their mortgage payments and as such they may opt for foreclosure, short sale, deed-in-lieu and the like. While doing so, they may not be able to recover the entire debt. This is when the lender has no option but to forgive the debt.

The amount of debt canceled is considered as income and hence taxes should be paid on it. But with the Mortgage Forgiveness Debt Relief Act, 2007 coming into effect, homeowners can exclude the taxes on this debt amount.

2. Mortgage Insurance: Homeowners opting for loans with private mortgage insurance can deduct their premiums from the taxes and this will continue for the nest 3 years.

Read the rest of this entry »

Want to handle your gas bills better? Why not go for a pre paid gas card. Find some facts that will help you better in your choice.

Pre-paid gas cards

You want to use cards then; the best way to get it is by buying it. Some people find it smart to get it free. The best advantage of a pre-paid gas card is that you can avoid any Gas station identity fraud. However one fact is that many gas stations give you upto 5% cash back immediately for the usage of cash instead of a card. So why not go for a cash pay?

Want to find more about this? Read the rest of this entry »

Re-aging your account may not be the first option but it can be used as a technique to clean your credit history.

Find out what is account re-aging.

Your credit report defines your financial existence. The three digit score can keep you and can devastate you as well. There is no need of unnecessary panic. This was just to start a conversation by raising an alarm.

Here goes the five guidelines:

1) Check your credit report

Annual Credit Report [dot] com provides you with free credit reports from all the three bureaus Equifax, Experian, TransUnion. Order it for free once in a year or you can call 1-877-322-8228 for ordering free report. Read the report thoroughly and check all the items both relevant and irrelevant. This enables to find out any probable inaccuracy.

2) Dispute incorrect items:

The first point of contact should be the credit bureaus for any mistaken item in your file. Rather than disputing online send a certified mail with your complete name and address. Write meticulously regarding each item that you dispute and the reason. Request for early correction of the items. Usually it gets done within a month.

To know the other guidelines go ahead Read the rest of this entry »