Remember monopoly? Remember mortgages? You know, the text that’s written when you flip your title deed. Flipping the title deed means your property is on mortgage and you’ll get money from the bank.

Sounds simple right? Wrong. There’s much more to it than that.

Here are the things you need to know about the game and how to get most out of your mortgages.

The idea of the game is to buy and rent and sell properties so profitably that one becomes the wealthiest player and eventual “monopolist”. Starting from “go” move tokens around the board according to the throw of dice.

When a player’s token lands on a space not yet owned, he may buy it from the bank: otherwise it is auctioned off to the highest bidder.

The purpose of owning property is to collect rents from opponents landing there. Rentals are greatly increased if you put houses (those little green ones) and hotels (those dreaded red infrastructures).

So your best bet in winning the game is to put the most houses or hotels in your lots. (That’s assuming you don’t land in your opponents’ lots with houses or hotels).

To raise more money, lots may be mortgaged to the bank. Here comes the tricky part. That includes deciding which lots to mortgage and how you can get the most out of your mortgaged property.

Mortgages in monopoly can be done only through the bank. The mortgage value is printed on each title deed. The rate of interest is 10 percent, payable when the mortgage is lifted. If any property is transferred which is mortgaged, the new owner may lift the mortgage at once if he wishes, but must pay 10 percent interest.

If he fails to lift the mortgage he still pays 10 percent interest and if he lifts the mortgage later on he pays an additional 10 per cent interest as well as the main value.

Houses or hotels cannot be mortgaged. All buildings on the lot must be sold back to the bank before any property can be mortgaged. The bank will pay one-half of what was paid for them.

In order to rebuild a house on mortgaged property the owner must pay the bank the amount of the mortgage, plus the 10 percent interest charge and buy the house back from the bank at its full price.

When you mortgage a property, you can use the money for anything you want to, so long as it’s legal under the rules of monopoly. The only restriction in this regard is that a player cannot pre-mortgage a property to finance its own purchase.

For example, say a player wants to purchase Boardwalk but can’t do it with his or her current assets. That player cannot say, “I’m going to buy Boardwalk by mortgaging it, and then using the money I get for the mortgage to complete the purchase.” You must own a property before you can mortgage it.

Playing the game is fun and it will give you an idea of how it is in the real buy and sell world. There are also the Community Chest and Chance spaces which players land on. Instructions ranging from winning $25 dollars to $500 dollars are given. Sometimes players even land in jail! This game is definitely a clever and amusing entertainment.

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Bad credit personal loans help people who do not have good credit scores to get personal loans for taking care of their financial needs. So, if you have poor credit, how can you ensure that your application for a personal loan is approved?

There are many lending institutions which are available today who are willing to offer loans to people with poor credit ratings. These specific loans are given on different terms and conditions. In such cases, the lenders usually expect some form of collateral from the borrowers, which may be in the form of a house, jewelry or a car. Generally, the terms of repayment on such secured loans are more flexible and convenient for the borrower, which helps them to repay their debts without too much financial strain.

However, those individuals with bad credit history seeking personal loans without any security may face some difficulties in securing and servicing the loans, especially since they have to pay a higher rate of interest on the loans. Besides, these individuals may also be able to get only low amounts of money for the loan, which has to be repaid within a shorter time frame. Many people prefer secured loans as the best option, which helps them in managing their finances well so that they can pay all their outstanding debts easily.

Improve your credit ratings using bad credit loan

These loans provide you with an opportunity to correct your past mistakes where you may have defaulted on making payments; made late payments or got involved in other things which might have affected your credit history. Remember, your past credit history can have a huge impact on your ability to get a loan quickly from the lenders, as most of them are not willing to take such big risks on borrowers. However, people with a poor credit score can still have access to loans for personal use, if they are willing to pay a high rate of interest.

These loans dedicated for people with poor credit ratings can allow you to resolve all your issues related to bad credit where you can use these loans to pay all your outstanding debts on time. If you want to get this type of a loan for personal use, then you need to shop around and look for lenders who are willing to offer you the best rates. It is important to read the terms and conditions carefully and see if it suits your budget and requirements. The best way is to find an affordable scheme that can help you to repay your monthly installments on time.

You need to be careful about lending companies whose sole motive is to make profit and dupe customers by charging them exorbitant interest rates and fees for lending them loans. Always make sure to verify the credentials of the company while dealing with them to see that you get a fair deal on your loan.

It helps to get a bad credit loan from the highly recommended lenders.

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www.facebook.com Mortgage Reduction Stratford CT – In this video, we answer the common question, “Are online home loans a bad idea?” Find out the top questions you SHOULD be asking before getting a mortgage or refinancing – visit our Facebook page now to get instant access our entire free educational video series PLUS, get a chance to win a $100 gas card just for liking our page L’Altrella Lending Group is located in Shelton, CT. Questions? Call Dan L’Altrella directly anytime at (203) 712-1177

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It doesn’t matter if you have bad credit, if you are late or even in foreclosure, you just need a job! We will reduce your principal balance to 90% of market value, with a 30 yr fixed at 6.25%* and total fees that you pay including appraisal is $1595.00.

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Over the past decade or so, manufactured homes (still commonly referred to as mobile homes) have become a great option for new homebuyers. Unlike the old shoddy mobile homes in trailer parks that people think of, manufactured homes now come as two-story homes or even town homes and include features like cathedral ceilings and fireplaces.

The basic configuration for manufactured homes, however, is still single wide or double wide. Single wide or single-section mobile homes are made of one main unit. The average single side manufactured home usually has about 1,100 square feet of living space while double wides average about 1,700 square feet. Needless to say, there are also larger manufactured homes, but single- and double-wides are still the most common sizes.

Manufactured homes do have their problems. According to Consumer Reports, single-section homes have more problems with floors, roofs, windows, and doors while multi-section home problems tend to be related to the joining of the sections.

In part the problems relate to the fact that the home is built in a factory and then transported to another location via flatbed truck. The motion involved can have a negative effect on the joints and connectors. However, manufacturers of quality homes do their best to correct any problems that may occur during transport.

Nowadays it may even be impossible to tell the difference between a mobile home and an on-site home unless you have seen it being built. The most common difference is that manufactured homes tend to have a lower roof slope because the home has to be moved under highway bridges.

On the other hand, the materials now used tend to be comparable to the quality of site-built homes and, other than roof slope, generally resemble “regular” homes. Indeed, if a manufactured home were not located in a “trailer park”, most people would be hard-pressed to tell the difference.

Nowadays more double-wides are sold than single-wides. In great part this is because the typical home buyer want more space, not less, and double-wides offer that at a price that is still far less expensive than a traditional home of the same size. Not only that, but zoning in many areas actually means that double-wide manufactured homes are the smallest size allowed.

As a homeowner, you should also know that double-wide manufactured homes tend to hold…or even increase…their value as compared to single-wide homes.

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The typical American household budget percentage breakdown looks like the list below. For most of the categories a range is shown. A range makes more sense to help you see where your personal budget fits (or doesn’t fit.) If your budget doesn’t fit the typical American household budget, rejoice! The average American household budget is jacked up – we carry too much debt and we just don’t save enough. We’re so worried about our neighbor’s new pool, our co-worker’s new car and our friend’s new designer shoes that we spend more than we earn to try and keep up. But take heart! Review the percentages below, compare your household budget and then read on to find out how you can move yourself into the elite minority of Americans who have mastered where their money goes.

Typical Household Budget Percentages

33-38% Housing (59%-66% of this is on shelter – mortgage interest, property taxes, repairs, and rent, and other items)
15-19% Transportation (up to half of this is vehicle purchase – 2 cars per household average)
13-14% Food Budget (55% at home, 45% away)
0-2% Alcohol
0-3% Tobacco and related products
0-2% Caffeine related products
4-5% On clothing and related services (drycleaning)
4.5 – 6% on out of pocket Health Care
9% Personal Insurance and Pensions (breakdown: 1% life and other personal insurance, 7.5% Social Security, .5% investment
5% Entertainment
2.5% Charitable Contributions
2% Reading and Education
1% Personal Care products and services
2% Miscellaneous
4% Credit Card, Consumer Loan Interest

If your budget closely matches the above, here’s what you can do to fix that. Do these in order. Do not proceed to the next step until you’ve addressed the current step:

Stop using your @#!&*! credit cards!
Make a down and dirty budget right away! Don’t worry about it being right at first…you can perfect it over time. Just do it!
Cut back on your easy to identify, frivolous spending habits (3 dollar lattes, magazines, 450 extra satellite channels, etc.) If you’ve got some expensive habits you’ve wanted to quit for some time, now’s the time. For example, if you’re a hard-drinkin’, chain smokin’, coffee drinkin’ fool, you can reap a windfall of up to 7% or more of your income! Just cutting back to 2 drinks per day, only drinking coffee from home and quitting the cigarettes will net you a nice amount of extra cash and add years to your life! Refine your budget after eliminating what you can.
Reduce your 401K and other investment payments (if you have any) to the minimum allowable to keep your 401K and/or other investment accounts open. If your employer has a stock matching plan, keep that in addition to the minimum to keep your investments accounts open (but only up to the minimum you need to get all the matching money.) You’re going to reap a whole lot more return on paying off your debts than you can ever hope to reasonably get from traditional investments. If you’re paying into a college fund for your kids – keep doing that – if you’re not and you really want to, hold off until step 6. Refine your budget to reflect the extra income available, if any.
Build an emergency fund equal to 2% of your gross annual income. It should be a little hard to get to (like a separate checking account or mutual fund), but not too difficult (Certificate of Deposit.) Work this into your budget – it’s very important. You will not believe the amount of stress that will melt away when you do this.
Pay off your debts – everything except mortgages. And don’t just move your revolving debt into a second or third mortgage – that’s bad. Pay them off using a rapid debt paydown system. Pay off any student loans (for future reference, these are a bad idea.) Pay off your car(s) too. If you’re not upside down on a car loan (your car is worth more than you owe) you can sell it and get a cheaper, paid for car. Throw a small (inexpensive but fun) party for yourself and your loved ones every time you pay off a debt.
Take all the money you WERE spending to pay off your non-mortgage debt and start putting it into those investment accounts you put on idle. Make sure you’re investing at least 10% of your gross income. If you followed steps 1-4 exactly, you should have lots of breathing room in your budget now. If this is true and you want to invest more than 10%, go ahead, but be sure to reward yourself too and live a little. Grow your emergency fund to a level you’re comfortable with (2 or more months of income is a good start.) If you have young kids and you want to send them to college, start putting money into a college fund of your choice for them, if you haven’t already. Throw a bigger party than usual when this is done.
Pay off your mortgage and throw your biggest party yet! You can start towards this by refinancing to a single fixed rate mortgage (your credit should be in pretty good shape having paid off all your other debts.) If it’s a 30 year mortgage, pay more than your monthly payment to dramatically lower the amount of interest you give to the bank. If it’s a 15 year fixed – wow! That’s excellent!
When you’re totally debt free, regularly give away whatever you think you can afford. It’s good for the soul!

Easy? Not. Worth it? Doing the above will pay dividends in your life in many more ways than just dollars and cents. You will assure yourself a dignified and financially secure retirement. Do this well and you will also build a way for your kids and your grandkids to enjoy prosperous lives, and they will remember you with fondness and respect long after you’ve moved on to the other side. Now get started!

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In the present economic times many individuals are living with financial decisions causing them to hold assets, such as houses, automobiles and boats, whose values have plummeted. Individuals are living in properties whose values have dropped far below the mortgages or driving cars, which are valued at a third of the loans. Those individuals with financial difficulties are looking for assistance through the bankruptcy courts in an attempt to get out from underneath all of the debts and liens acquired, which now vastly exceed their current assets.

There are two types of liens, which can be attached to an individual’s property or assets. The first is a voluntary lien, which is basically a situation where you have agreed to use the asset as collateral for a debt, i.e. mortgages and auto loans. A non-voluntary lien is one that a creditor imposes on you and that gives them the right to force you to sell the asset so that they can be paid, for example: judgments against you or tax liens. These liens are either secured or unsecured as to the asset they are attached to.

The most common issue for an individual nowadays is the situation where a homeowner who has a first and second mortgage on a primary residence is facing bankruptcy and wondering if they have the ability to save the family home. As real estate markets fall and the fair market values of the homes fall, homeowners are left with mortgages that far exceed the current fair market value of their homes. There is a process which could be of help to many in this situation and it is called “lien stripping”.

“Lien stripping” refers to the process of reducing a secured claim to the value of the underlying collateral. It uses the combined effect of 11 U.S.C.A. § 506(a) and 11 U.S.C.A. § 506(d) to bifurcate the lien into secured and unsecured. The secured lien is allowed in the amount up to the fair market value of the property at the time of the stripping. The balance of the lien, which exceeds the fair market value of the property, is now deemed unsecured.

Liens can be stripped off of the debtor’s assets in Chapter 11 or Chapter 13 when there is not enough equity in the assets. Section 506(a) and 506(d) of the Bankruptcy Code acknowledges that a lien is only a secured claim to the extent there is value in the asset to which it attaches. To the extent that the claim exceeds the value of the collateral, that portion of the lien is now unsecured. The most common application of lien stripping is the reduction of car loan liens to the present value of the vehicle however it is currently used more often with home mortgages in bankruptcy situations. Lien stripping with car loans has been limited to vehicles purchased over 910 days.

The Bankruptcy Code does permit a bankruptcy plan to “modify the rights of holders of secured claims, other than a claim secured only by a security interest in real property that is the debtor’s principal residence”. Section 1322 (b)(2). This section provides protection to the holder of a claim secured only by a lien on the debtor’s principal residence by prohibiting any modification of the terms, however the issue arose as to if this section precluded “lien stripping” of undersecured residential mortgages in the face of Bankruptcy Code section 506 which appears to permit bifurcation of undersecured mortgages and voiding of unsecured portions of the mortgage lien. At least two bankruptcy court judges sitting in Massachusetts have permitted such bifurcations.

In any event, there is an exception as to the lien on a principal residence lien and that is if there is a second or third lien on the same property. In this instance those liens, lien stripping is available to render them totally unsecured if the first mortgage balance equals or exceeds the value of the personal residence. The exception is only if there are two distinct mortgages on the property, not a refinancing situation. It should also be noted that the limitation of lien stripping of first mortgages only apply to personal residences, it will be allowed for a mortgage on a building used for business or renting.

As always, all situations relative to a strategy for bankruptcy and lien stripping should be discussed in detail with a bankruptcy attorney to understand all your avenues open to you.

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If you have fair credit and it not have anything tragic on your credit report, then there are a few good sources that you can use to obtain auto financing. If you have tried to obtain a car loan at a local dealership or two, have been turned down and are looking for an approval and a good interest rate, then there are sources that can help you in obtaining a “fair credit auto loan“.

If you have a really good credit score, you can go pretty much anywhere that you want to, to obtain a car loan.

If you have a fair to marginal credit rating, then you can expect to pay a slightly higher interest rate however, there is absolutely no reason that you should have to come up with a down payment to put down a car. The only reason you would ever need a down payment is if the price of the car far exceeds the loan value. If the price of the car exceeds the loan value by very much, then you are getting a good deal anyway and should avoid that type of deal. In other words, don’t give a dealer a down payment because you don’t have to. It’s simply a matter of understanding the system.

If you have fair credit, the easiest and fastest way to obtain a car loan is online. It used to be that only the major lenders accepted applicants on the Internet, now second chance finance and secondary lending sources have programs that allow you to get started online.

One thing to keep in mind, is that although there are many offers for car credit online, make sure that you’re dealing with a reputable source. All companies and websites are certainly not created equal and it’s in your best interests to use sources that are reputable.

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Mortgage refinancing has become very easy to do and there are many advantages. There are also some tax benefits. For more information visit www.mountaintopmtg.net

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