Besides the obvious foreclosure fiasco that is taking place right now, one of the phenomena I see going on right now is a decrease in rent for homes. Lately as I drive through my town I see homes that are sitting empty. Homes that once commanded a decent rent. I ask myself, why are these gorgeous homes still sitting empty? And then I think, probably because they have not adjusted their rents to the current economic situation.
Homes that once were selling here for $175,000 to $200,000 are going now for at least $50,000 less. Some friends of ours just found a home on an awesome piece of property for a song. But, because of the decrease in housing prices, I'm noticing that landlords are having to lower their rents.
So, if you are a renter who started renting before the economic crisis, maybe now might be a good time to start looking around for a new place. You will more than likely be able to find something for the same rent, but much much nicer. Or the equivalent of what you now live in, but for about $100-$300 a month less.
If you own rental property and have a tenant or tenants that have been there since before the economic crisis, hang on to them! LOL Otherwise, once they move out, you will need to adjust the rents to reflect the current situation. That could make it a bit rough on those who depend on that amount to meet the mortgage, but it is what it is.
Also, I think that in the next month or so, if you are in an adjustable ARM mortgage, speak to your lender about restructuring your loan. Sometimes when this happens, you do not make a payment for anywhere from a month to three months. That is time and money you can use to either get caught up on other bills, or use it to make repairs or upgrades.
I recently learned something that will help those of you who are beyond the restructuring point though. If your lender is foreclosing on you, I want you to remember these words, "Provide the note." What that means is this, you want to see the ORIGINAL loan papers that you signed. This can buy you time. Especially if your note has been sold a few times. Chances are they are going to have to dig and dig for it. This will stall the foreclosure process giving you time to possibly be able to catch up.
Friday, February 27, 2009
Friday, January 30, 2009
Basic Home Economics
During this rough financial time, some of us need to know how to handle the bills and such now that the money isn't there.
The first thing you should always do on payday is to go buy food. Next, pay your mortgage or rent. That is followed by your household bills, including car and insurance payments. If you cannot pay them in full, divide the money up, and pay each utility company a portion of what you owe. Yes, you do get behind that way, but it shows good faith effort. This way, they will be more willing to work with you than if you make no payments at all. Except the insurance companies.
The last things that get paid are things such as your credit card bills, things of that nature. Which I hope by now that if you cannot afford the bills I hope you have cut those cards up and are not using them any longer.
Which brings me to my next subject, cash. If you leave the credit cards, debit cards, and checkbook at home and take cash with you instead, you tend to spend alot less. With cash in hand, the reality of how much money you actually have, or don't have is right there in your face. This also helps to cut down on impulse buying. And don't forget those lists and try to stay out of those center aisles!
The first thing you should always do on payday is to go buy food. Next, pay your mortgage or rent. That is followed by your household bills, including car and insurance payments. If you cannot pay them in full, divide the money up, and pay each utility company a portion of what you owe. Yes, you do get behind that way, but it shows good faith effort. This way, they will be more willing to work with you than if you make no payments at all. Except the insurance companies.
The last things that get paid are things such as your credit card bills, things of that nature. Which I hope by now that if you cannot afford the bills I hope you have cut those cards up and are not using them any longer.
Which brings me to my next subject, cash. If you leave the credit cards, debit cards, and checkbook at home and take cash with you instead, you tend to spend alot less. With cash in hand, the reality of how much money you actually have, or don't have is right there in your face. This also helps to cut down on impulse buying. And don't forget those lists and try to stay out of those center aisles!
Thursday, January 15, 2009
Shop Victorias Secret NOW!
For those of you who love Victorias Secret, now is the time to shop there. Not the stores, but online and catalog. They are having a HUGE 70% off sale right now. There are many many items that are heavily discounted at this time.
Some of my favorite items they have is on sale now for $12.99, the VS cotton bras. Love them. I really do prefer natural fabric clothing, and these fit the bill perfectly. They have lots of colors and sizes to choose from.
Also on sale now is the clothing. In fact, a pair of pants I've had my eye on now for awhile is currently marked down to $14.99! I'm amazed! I've never seen them discount this deep before.
Some of their higher priced bras are also on sale. So if you are in need of a specialty bra, ie; strapless, racerback, now is the time to start looking. Also, look for special codes for free shipping. Sometimes if you spend a certain amount, usually $100, they throw in free shipping. But otherwise, their shipping costs are about the norm. And they try to ship by the U.S. Mail, which I prefer. Cheaper and faster, go figure!
Some of my favorite items they have is on sale now for $12.99, the VS cotton bras. Love them. I really do prefer natural fabric clothing, and these fit the bill perfectly. They have lots of colors and sizes to choose from.
Also on sale now is the clothing. In fact, a pair of pants I've had my eye on now for awhile is currently marked down to $14.99! I'm amazed! I've never seen them discount this deep before.
Some of their higher priced bras are also on sale. So if you are in need of a specialty bra, ie; strapless, racerback, now is the time to start looking. Also, look for special codes for free shipping. Sometimes if you spend a certain amount, usually $100, they throw in free shipping. But otherwise, their shipping costs are about the norm. And they try to ship by the U.S. Mail, which I prefer. Cheaper and faster, go figure!
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