It’s also a great time to stock up on soup at Walgreen’s. Pick up a copy of their circular at the front of the store and you’ll get a coupon that drops the price to $0.79 per can. Then head over to Campbell’s Kitchen to print out your coupon for $1.00 off 5 cans . This brings your total price per can down to just $0.59.

There are tons of back to school specials going on and one of the most exciting is the Old Navy annual sale. Shop online and use the coupon code ONSECRET20 to save up to 30% on your entire order. The discounts vary based on where live but check it out to see what your savings are – and remember that Old Navy always offers free shipping on all orders over $50.00.

Once you’ve got your new clothes picked out, head over to Savemore and pick up some Inspired Silver jewelry at a fantastic savings. For $12 you can purchase a $25 voucher, which already saves you $13. However, if you’re a new member, you also get a $10 credit, which brings your total down to $3 for $25 worth of jewelry. With free shipping also included, this is a deal you don’t want to miss.

Finally, check out the sale going on at Vistaprint. Right now you can get a free Photo Wall Calendar! All you have to pay is shipping, which will usually cost around $5.00. You customize the calendar with pictures of your choosing and you can even add anniversaries, birthdays and other special dates.

A loan modification changes the terms of your mortgage to make your payments more affordable. When you fall behind on your mortgage, the best time to start talking about a loan modification is before the foreclosure process begins, though this is not always possible. If you’re already in the midst of foreclosure, there still may be hope for a modification.

Impact of Geography

Where you live has a huge impact on how you approach a loan modification during the foreclosure process. Each state has its own set of laws governing how lenders can seize property to collect on a debt. To help you determine your options, enlist the help of an expert. HUD-certified housing counselors, state housing departments, licensed attorneys and public accounts can assist you in evaluating your individual circumstances.

Impact of Timing

Whether or not you can benefit from a loan modification will vary based on how far along the foreclosure proceedings are.

· Right to Cure – Some states entitle homeowners to a “right to cure,” a specific number of days during which the lender cannot take foreclosure actions. If you are in the midst of the right to cure time period, a loan modification is usually possible.

· Initiation – Found in some states, the initiation time period occurs when the lender serves the borrower with papers summoning them to appear in court to determine whether or not the lender has a right to foreclose. During initiation, you may be able to enter into a loan modification agreement.

· Notice – The notice of foreclosure is a legal document that describes how much is owed on a home and advises the homeowner of when the house will be sold to recoup the debt. Whether or not you can modify your loan after receiving a notice of foreclosure varies greatly based upon your individual circumstances.

Other Considerations

Once the date of the sale is advertised, it may not be possible to enter into a loan modification agreement. Some states do allow for reinstatement, which enables borrowers to stop the foreclosure process by paying the monies owed to the lender. In some cases, your lender may allow you to modify the terms of your mortgage as a part of reinstatement.

Prepare Yourself

If you are legally able to pursue a loan modification during the foreclosure process, you should prepare yourself prior to approaching your lender by doing the following:

1. Have your home appraised to determine how much it’s worth. This will give you some idea of how much your lender will make from the sale.

2. Compile a list of your debts and determine the total that you owe per month.

3. Determine how much you can afford to pay for all of your bills each month. Make sure you allot some money for food, gasoline and other expenses.

4. Subtract your total debts from the amount that you can afford. This number will help your lender see how much your payments need lowering in the modification.

If you’re in danger of losing your home due to a foreclosure, you likely feel as if you’re at the mercy of your lender. Even if your lender offers you an alternative to foreclosure, such as a loan modification, it can be difficult to know how to proceed. An attorney can serve as a valuable partner during this confusing and frightening time by performing some beneficial roles.

Resource

Loan modification paperwork is complex and written in legal jargon, rather than friendly, easy-to-understand prose. If you sign a modification without fully understanding the terms, you put yourself at risk for paying high fees or agreeing to clauses that could cause you trouble down the road, such as when you are ready to sell your house. Attorneys understand this terminology, allowing them to interpret the complex concepts in the documentation into terms that you can understand.

Counselor

Attorneys vow to represent their clients’ best interests, meaning they provide unbiased views on legal matters. During the loan modification process, your attorney can advise you on whether or not a contract offered by a lender is fair. Unlike the loan officers at your lender, your attorney has nothing to gain from you agreeing to a modification, so you can trust their opinions on the matter.

Advocate

During the foreclosure process, your lender has the advantage of a team of attorneys to act on its behalf. Having your own attorney levels the playing field. Your attorney will understand your rights and has the knowledge of the law to argue more favorable modification terms for you.

Things to Consider

Although there are many advantages to hiring an attorney for a loan modification, you need to take a few important steps when selecting a lawyer. Keeping these simple guidelines in mind will help you through the process and ensure you hire a reputable individual.

· Check their credentials. Only hire an attorney that is a licensed member of the bar in your state. A “loan modification counselor” is not the same as an attorney. Some unscrupulous, for-profit firms offer loan modification counseling services that are ineffective and costly. These firms prey upon unsuspecting consumers who don’t understand the difference between a licensed attorney and an unlicensed counselor.

· Ask about experience. When talking to prospective attorneys, inquire about their previous experience with the loan modification process. Specifically, you should ask how many modifications they have assisted with, and if those cases ended in foreclosures regardless of their help. Some attorneys will even provide you with references, former clients who have agreed to vouch for them to prospective clients.

· Inquire about the cost. You’ll need to understand exactly how much the attorney’s services cost and when you will be expected to pay for them. Depending on your financial situation, you may qualify for pro bono or free legal services. Your state’s bar association’s official legal help line can help you determine your eligibility and locate attorneys who offer pro bono loan modification services in your area.

Loan modifications offer a lifeline to homeowners drowning in unpaid mortgage debt, but lenders will not always accept loan modification applications. If you find yourself facing a turned-down application, you need to act quickly, but wisely, to prevent foreclosure.

Enlist Help

The foreclosure process varies in every state, but always involves a complex set of laws. Fortunately, trained professionals can help you sort out the regulations and make a smart decision about what to do after a modification request denial. Some sources of help include:

· Housing Counselors specialize in assisting people facing foreclosures and can help you understand and explore your options. Look for an agency affiliated with your state government or one that is “HUD-approved,” meaning that the federal government has reviewed its business practices and determined that it is a reputable organization.

· Attorneys represent borrowers in foreclosures by negotiating terms on their behalf. They can also advise you on what steps to take and help you understand the terms of any contracts between you and your lender.

· Accountants can clarify the tax implications involved with foreclosure alternatives. Some options carry tax penalties, which could end up costing you a hefty sum when it comes time to file your income taxes.

Explore Your Options

Once you have enlisted the help of qualified professionals, you’ll have to explore your options for foreclosure alternatives.

· Short Sales allow you to retain ownership of your property, though you must agree to sell it. With this foreclosure alternative, your lender agrees to accept a lower amount than your debt after the sale of your home to keep you out of foreclosure. Often, the lender forgives or cancels the remainder of the mortgage balance.

· Deed-in-Lieu agreements are similar to short sales in that your lender agrees to settle for a lower amount; however, with these agreements, you sign ownership of your home over to your lender. Usually, deed-in-lieu arrangements have less impact on your credit than foreclosures.

· Bankruptcy is a legal process that discharges some of your debt obligations. In some cases, you may be able to retain your home in a bankruptcy.

Avoid Scams

As you consider your options, be wary of foreclosure rescuers. These services buy your home from you and then promise to allow you to pay rent to them and eventually buy back your house. Usually, these services do not deliver on their promises and either keep you indefinitely as a renter or evict you from the home.

To protect yourself against foreclosure-related scams, keep the following tips in mind:

· Don’t change how you pay your loan. Never give your mortgage payments to a third party to make on your behalf.

· Be wary of “free” help. Offers from for-profit agencies are likely to have hidden fees somewhere.

· Read agreements carefully. If you’re hiring a counseling service to help you, don’t sign a contract without reading it carefully. Scammers often hide sales clauses within contracts to prey on unsuspecting homeowners.

What Is a Loan Modification?

For lenders, foreclosing on a home is a costly process; paying for attorneys, maintaining the property and handling the sale requires time and money than lenders don’t want to invest if the situation is avoidable. Loan modifications are an agreement between you and your lender to change the terms on your home loan to avoid foreclosure. The lender typically agrees to extend the term of your loan or modify your interest rate to lower your payments. As a result, the amount you owe each month decreases, making it easier for you to afford while collecting unemployment benefits.

How Do I Get a Loan Modification?

· Talk to your lender’s representative. If you’ve fallen behind on payments, it’s likely that someone has already written to you or called you about your loan. This representative for your lender can advise you about your modification options.

· Call customer service. If no one from your lender has contacted you, call the customer service number for your lender and ask to speak to the collections, special assets or loan workout department.

· Speak to Your State Unemployment Office The same office that issues your unemployment benefit checks can help you determine if your state has any assistance in place to help you with your modification. Some states have established agencies to help the unemployed with the modification process through counseling services. In some cases, you may even qualify for a special program that reduces the amount you owe on your home or allows you to make interest-free payments.

How Do I Qualify for a Modification?

Each lender has established policies for loan modifications. Often, you must be a set number of payments behind on your home loan to qualify. Your lender may also first have you participate in a temporary forbearance program that requires you to make several small payments prior to receiving a permanent modification.

What Do I Need to Consider About Loan Modifications?

While loan modifications can save your home, they do have some drawbacks that you need to keep in mind:

· Fees Lenders usually charge fees for modifications. The lender may require you to pay the fee up front or finance it into your loan amount.

· Taxes If your loan modification involves any type of principal reduction or “debt forgiveness,” the amount forgiven is considered a form of income and may be taxable.

· Credit Scores Getting a loan modification won’t erase the late payments from your credit report.

· Restrictions Some government programs prohibit the sale of your home during the time that you receive benefits from the service. If you have to move, you may pay a penalty.

Often, people who receive loan modifications during financial hardships regain their financial stability. If you’re among those who benefited from a modification and you’ve found a new job in another city or are ready to move to a different home, you may wonder just how your previous modification will affect the sale. How much of an impact your loan modification will have on the sale of your home varies largely based upon your individual situation.

Can You Sell Without a Penalty?

The first thing you need to consider when selling your home after a loan modification is whether or not the terms of the agreement allow for the sale. Typically, standard bank loan modifications do not restrict the sale of a home, but if you participated in an agency-sponsored modification program, you may be subject to a clause that assesses a penalty if you sell your home.

What Is an Agency-Sponsored Program?

Loan modification programs sponsored by federal or state government agencies or nonprofit groups often have additional benefits beyond the standard reduction of the payment. These programs usually feature a reduction in your principal or a specific period of time during which you make interest-free payments. In exchange for participating in the program, you may have to agree to remain in your house for as long as you receive benefits from the program.

What if You Have an Agency-Sponsored Modification?

If you determine that you participated in an agency-sponsored modification program, locate your original modification agreement and read the terms listed there. The document will explain what restrictions there are upon home sales and if the restriction lasts until you completely repay your mortgage or for a set period of time, such as five years from the modification. The penalty for selling your home will also be explained in the terms.

How Will You Handle the Penalty?

In some cases, you may not have a choice but to pay the penalty for breaking the no-sales clause on an agency-sponsored modification, especially if a new job requires you to relocate. One option to handle your penalty is to repay it with cash from your personal savings or from the money you receive from the sale of your home. You can also contact the agency with which you worked to see if it is possible to make payments on the penalty amount.

Did You Consider Your Credit?

For any type of mortgage loan modification, you must consider the effects that the modification had upon your credit. Although this won’t affect your ability to list your new home for sale, you may find it difficult to obtain a mortgage to purchase a new one or to pass a credit check for a new apartment. If your choice to sell your house is a matter of preference rather than necessity, consider obtaining your credit score from each of the three credit reporting agencies (Experian, TransUnion and Equifax) before putting your home on the market.

Once you fall behind on your car or home loan, it’s difficult to recover. Because every missed payment brings you closer to losing your car to repossession or your home to foreclosure, it’s important to take action quickly. You may feel as if you have few options; however, most lenders do not want to seize your personal property, making them willing to help you recover. Often, lenders offer this help with loan modifications.

How It Works

During a loan modification, your lender changes your original mortgage contract to substantially lower your payment and make it more affordable for your budget. The most common way to provide you with this lower payment is to extend the term or length of your loan, though your lender can also change the interest rate.

What You Need to Do

To get started with a loan modification, you’ll need to do a few things:

· Get in contact with someone in the collections or special assets department at your lender. If someone has been calling you regularly about your payments or sending you letters, use them as a staring point.

· Be prepared to talk openly and honestly with the bank’s representative about why you’ve fallen behind. Usually, loan modifications are reserved for times when clients are in financial hardship, so now is not the time to be embarrassed about a job loss or chronic illness.

· Read over the new contract that you are given thoroughly. Make sure you understand the terms and how they will change your loan. In particular, look for whether or not a balloon payment is featured in the new terms.

· Gather the money to pay the loan modification fee or discuss whether you can have the amount added into your payments. Most financial institutions charge a flat fee for modifications to cover the cost of drafting new paperwork.

The Balloon Payment

Balloon payments can occur in any type of loan, but they are very common with modifications. A balloon payment happens when the balance that you owe on your loan does not break down into equal payments. As a result, your last payment becomes a much higher amount than your standard monthly obligation.

Notification

Your lender must disclose to you the amount of the balloon payment in your loan modification paperwork. Along with the amount will be the date upon which the balloon payment is due to the lender. Some financial institutions allow an extended grace period on balloon payments, and this information will also be listed in your modification paperwork.

Preparing for the Balloon Payment

If you’re currently having trouble paying your mortgage, the idea of making a large balloon payment at the end of your loan may seem discouraging. Fortunately, you can prepare yourself for it by following a few steps:

1. Determine how many months there are until your balloon payment is due. For instance, if your modification extended your loan for a total of 10 years, you would have 119 months until your payment (10 years x 12 months – 1 month).

2. Subtract the amount of your monthly payment from your balloon payment.

3. Take the difference calculated in Step 2 and divide by the number of months from Step 1

4. This is the amount that you need to save every month to be ready for your balloon payment. Start putting this money away in a separate account from your standard checking or savings.

With careful planning and discipline, you’ll be ready for your balloon payment and able to reap the benefits of a loan modification to save your house or car.

But just how safe is borrowing from an online lender?

The short answer is that it all depends on the company. For every secure online lender, there is at least one more that uses predatory lending practices or is an outright scam. Unfortunately, it’s not always easy to know if an online loan company is legitimate and safe; however, if you follow some simple guidelines, you can protect yourself while still enjoying the perks of online borrowing.

Types of Companies

To compare online lenders, you must first understand the four primary types of companies that offer Internet loans:

· Brick and Mortar Banks Some financial institutions that operate brick and mortar branch banks offer online lending services. You can easily spot these types of companies by looking for a list of branch locations on their websites. Typically, brick and mortar banks are safe options for online borrowing.

· Online banks Some retail financial institutions offer the majority of their services online and have few or no branches. To identify a legitimate online bank, look for a logo or disclosure that shows the company is a member of the Federal Deposit Corporation or FDIC.

· Non-Banks In addition to banks that offer online loans along with other services like deposit accounts, companies that only deal in online loans are available. With these types of companies, you’ll need to conduct some research to establish their legitimacy.

· Loan Referral Services A loan referral service provides you with rates from several different lenders. Like online loan companies, referral services may not always be safe bets. Since these companies often charge fees just for finding you a lender, you may want to avoid them altogether and look for a loan company on your own.

Know Your Lender

When you begin to research a non-bank online loan company, start on the website. On legitimate websites, you should find links at the bottom of the page for a privacy policy. Most reputable companies also have a legal notice or a terms and condition section on their sites.

Once you locate these links, navigate to the pages and look for the company’s actual name and address. Always deal with an online loan company based in the United States; foreign companies may not have the same regulations governing them to protect you from unfair lending practices.

Do a Background Check

Armed with the name of the company and its location, check out the Better Business Bureau website and conduct a search for both the company name and the name of the website, if they are different. The Better Business Bureau assigns letter grades of A through F for companies. A poor grade indicates a company that you should avoid.

After checking with the Better Business Bureau, contact your State Attorney General’s office and ask if any complaints or actions are pending against the company. You should also conduct a general Google search on the company name; if the company is fraudulent or unscrupulous, you’ll often find reports on consumer complaint websites.

Be Wary of Fees

While application and closing fees are not uncommon with any type of loan, any company that asks for an exorbitant application fee should raise suspicion. Some fraudulent loan companies require applicants to pay a certain percentage of the loan up front in fees without any attention of approving the loans. Avoid companies that want you to wire fees somewhere; as well most legitimate lenders will accept a credit card to cover the application fee.

Consider the Payment Method

Most legitimate online loan companies offer direct deposit of the money borrowed into a checking or savings account. Use caution with non-bank companies that offer to send you a paper check or to pay your creditors for you. In both situations, the loan company could collect an application fee and all of your personal information and then issue you fake checks or no checks at all.

Read the Fine Print

No matter what type of online lender you select, always carefully review your loan contract before agreeing to anything. Make sure you know your interest rate and understand the repayment terms and any fees that you can accumulate for late payments. Ask questions about things that seem confusing or suspicious. Ultimately, trust your gut. If you have a feeling that something’s off, look for another lender. Using caution can help you protect your personal information and keep you from being swindled.

The Basics

Unsecured signature loans with no credit check allow you to borrow a set maximum amount of money. Some lenders have one fixed maximum amount, while others base the maximum on your amount of income. In exchange for the money, you agree to pay interest on the amount you borrowed. The interest is equal to a certain percentage of the borrowed amount.

The unsecured signature loan company will establish a repayment agreement with you. In some cases, you’ll pay the entire balance back at one time. Other unsecured signature loans allow you to repay in installments; in this type of loan, you’ll make a set number of payments per week or month until you’ve repaid the balance of the loan in full.

An unsecured signature loan does not use any type of collateral. In other words, you won’t need to pledge your car, home or any other property against the loan. Typically, unsecured signature loans are short-term and must be repaid anywhere from two weeks to six months from the borrowing date. Larger signature loans may have longer terms, such as one or two years.

Requirements

In most cases, you’ll need to show proof that you have a steady income to get an unsecured signature loan with no credit check. Most lenders will allow you to use social security or pension payments as a form of income. To give proof of your income, the lender will ask for one or two recent paystubs or copies of bank statements showing regular direct deposits. If you’re self-employed, tax returns can usually substitute for pay stubs.

Lenders may also request copies of your utility bills to verify your address and that you make payments to creditors on a regular basis. Some unsecured signature loans require you to pay with an automatic draft from a checking or savings account. Lending companies with these policies will likely request a canceled check or deposit slip from your bank.

Drawbacks

Although unsecured signature loans with no credit check offer the benefits of fast approval, they’re not without their drawbacks. Due to the high risk involved in not checking borrowers’ credit, these types of loans carry very high interest rates. In addition, these loans typically have application and origination fees.

The U.S. Federal Trade Commission cautions that in some cases the annual percentage rates for signature loans can be as high as 391 percent or more. By comparison, unsecured personal loans with credit checks issued by banks usually have APRs of less than 20 percent.

Additionally, mandatory autodraft payments for unsecured signature loans may cause you problems if you’re not careful. The lender will debit your payment on a specific date regardless of whether you have funds in your account. This could result in overdraft fees from your bank if you don’t have enough money to cover the payment. In addition, if the bank returns the electronic payment or rejects it for insufficient funds, the lender could charge you a hefty fee.

Alternatives

The FTC advises those who have the ability to avoid unsecured signature loans to do so. If you’re looking for quick access to funds and you have a credit card, contact the company to see if you can do a cash advance from your credit line. Even though interest rates are often high for this service, the APR is typically lower than with signature loans.

If your credit score is not the issue, you can contact local bank and credit unions to see if any offer expedited loans. Sometimes financial institutions can offer same-day closings or allow you to access funds the next day after approval. Even with credit score woes, you may still qualify for a traditional bank loan with a cosigner.

In the event that an unsecured signature loan is your only option, make sure you read all of the loan documentation carefully. Although you may need money fast, taking a few minutes to make sure you completely understand the terms of your agreement and all of the fees you’re paying can save you from making costly mistakes. Also, shop around at more than one signature loan company and compare rates. Taking the extra time can make a big difference in how much you have to repay.

References

Federal Trade Commission: ftc.gov

As you consider your options, you may wonder about getting a personal loan while unemployed. Unfortunately, the process for obtaining such financing without a job is very difficult.

The Reason for the Problem

Lenders base their decisions about whether or not to grant loans on the likelihood that they will receive timely repayment of the money borrowed. Without borrowers having a regular, steady income, banks have no guarantee that they will have the funds available for monthly payments. Lenders are typically unwilling to use unemployment benefit payments, even with the guarantee of a certain number of months of coverage. The primary reason for this is that unemployment benefits typically expire before the maturity of most personal loans, meaning that the borrower could suddenly become unable to pay when their benefits run out.

Co-Signers

One option to get a personal loan while unemployed is to find a qualified co-signer. A co-signer is a person who pledges to cover the cost of your payments if you default on a loan. At the closing for the loan, the co-signer will sign the documents along with you, but you are the borrower. This means that your loan is not reported on the co-signer’s credit report and that any late payments you make do not affect their credit ratings. The person you select as co-signer does run the risk of having to pay off your loan if you stop making payments due to your financial hardships.

Not everyone can qualify as a co-signer. Lenders use the same types of criteria for approving individuals to cosign loans as they do for general lending. Because of this, your prospective co-signer will need an established credit history and a credit score that falls within the financial institution’s lending guidelines. Your co-signer must also have a steady income and make enough to cover your payments as well as their own debts if you default on the loan. Some financial institutions will allow you to use two cosigners, which is useful if you are enlisting the help of your parents or another couple whose combined income might make them better able to cover your debt.

Collateral

Having collateral may also help you to obtain a personal loan while unemployed. Unlike the possibility of using a cosigner, not all lenders will offer this option; however, some financial institutions may consider granting you a loan using collateral if you have a high credit score and a history of on-time payments with the credit bureaus.

Collateral is some form of personal property that you pledge to the lender to guarantee your loan. If you default on your loan, the lender has the right to take the property that you pledged and sell it to recover their losses. The amount of the collateral must be greater than or equal to the amount of your loan request in order for lenders to consider it.

Possible items to use as collateral are automobiles, motorcycles or recreational vehicles upon which you do not presently have a loan. Life insurance policies that have a cash value can also serve as collateral. If your previous job offered a 401(k) or employee stock program, you may have the ability to pledge these items as well. Another option is to consider a mortgage or home equity loan rather than a personal loan. For this type of loan, you would use your home as collateral.

Other Options

In the event that you cannot find a cosigner or collateral for your borrowing request, you can still talk to lenders about possible personal loans, but it’s likely that you will find few lenders who can work with you. Even with a cosigner or collateral, if you need a loan because you have fallen behind on bills, your credit score may be too low for consideration.

When other debts are the reason for your borrowing needs, you may benefit from talking to a credit consolidation agency. These nonprofit groups work with your creditors to develop payment plans that settle your debts for less and reduce your monthly payments.

If you are over 59-1/2 years old, consider drawing from any IRAs, annuities or other retirement accounts that you have. Even if you are under 59-1/2, you may be able to withdraw from such accounts with no penalties to cover specific types of costs like health insurance payments, medical bills or IRS levies.

Also, remember to check with your credit card companies, mortgage and automobile lenders and the other organizations that you pay monthly. Sometimes loans and credit cards carry unemployment insurance that will make payments for you in case of job loss. Even if your debts do not have such protection, your creditors may be able to help you reduce your payments to assist you with making it through this difficult time.

References

U.S. Bureau of Labor Statistics: bls.gov