Leading Rich

888-995-HOPE Funded by Big Banks to Help Troubled Homeowners

Last modified on 2007-12-07 19:53:30 GMT. 2 comments. Top.

As President Bush announced the grand plan to help 1.2 Million Homeowners who are facing rate increases from their teaser rates, Leading Rich has dug into the foundation that is making it all happen.  The Homeownership Preservation Foundation is a 501(c)(3) nonprofit that is funded by Major US Banks including, Citibank, Countrywide, GMAC ResCap, Merril Lynch, HSBC, JP Morgan Chase, Washington Mutual,  and Fannie Mae. 

The first wave of forclosures has really hit the economy hard and it seems that these financial institutions have much to loose and why not use thier funded counseling service to assist troubled borrowers.  According to the website, ”counselors are approved by the U.S. Department of Housing and Urban Development (HUD).”  This is not an endorsement to use their services, but this may not be as easy as getting a quick rate adjustment.  I assume homeowners must go through counseling and financial reviews that might take a tremendous amount of effort.  So be prepared to get counciled.

According to CNN, “In June 2006, the foundation recorded about 100 calls per day. In June of this year, that number had risen to 1,200 per day. Now, the center handles about 1,500 a day with bumps of up to 3,000 per day after major media coverage. Those numbers only include first-time callers.”

Leave comments about your experience with the center.

 

1-800-995-HOPE Busy Signal for Mortgage Holders

Last modified on 2008-02-16 18:15:24 GMT. 1 comment. Top.

If you have tried to call 1-800-995-HOPE, then you might have better luck to send a letter via snail mail than getting someone to answer. Leading Rich has been trying to get through to experience what 1.2 million Americans may find on the other end of the line only to find a busy signal. If you are a Adjustable Rate Mortgage borrower who is about to find yourself in a reset situation, then plan on keeping your weekend open until the lines free up.

BUT WAIT!!!!!!

The White House was wrong in giving the phone number, with a fresh press release “CORRECTION TO THE PRESIDENT’S REMARKS: THE TOLL-FREE PHONE NUMBER FOR THE HOPE NOW HOTLINE IS 1-888-995-HOPE.”

Most of the financial institutions giving loans to customers who have small businesses, earn more money and get rich day by day. These companies also offer credit cards at 0 APR for a limited time. Credit cards give discounts for insurance with minor bank charges. One of the forms of mortgage is secured loans and it allows you to pay off your loan in easy installments. In the time of recession, financial institutions use debt management to control their credit.

As we can see the President was off in giving out the phone number to the Press and the Public. At least it is a Toll Free number, but how was he to know that it was an 888 number. There are so many variations of the Toll Free number, that anyone can get confused. So remember if you are under water call 1-888-995-HOPE. And what does HOPE stand for?

HOmeowners PrEservation Foundation

 

Staying On Top During a Recession

Last modified on 2008-02-16 17:56:54 GMT. 0 comments. Top.

Whether you think there is a recession on the way or have been listening to the the news about the doom and gloom that is about to come, you should be prepared and looking to protect yourself.

As with many large businesses, Cash Flow is the the only way to survive. Our favorite author Robert Kiyosaki (author - Rich Dad Poor Dad) writes “…the worst is yet to come…” He spells out the basics of how he has come to this conclusion in his latest article.

The Economy, International Impact , Too Many Dollars, and Inflation are the basis of his thesis. If you think he has some valid points, then button down the hatches and brace yourself. As he says “…Throw Yourself a Life Line…” and buy international currency to hedge against your losses. The silver lining may be to buy Silver.

But we recommend to start looking about your personal finances and increase cash flow.

If you want to hear more about Robert’s Guide to Wealth, his trained army is currently presenting a workshop titled “Learn to Be Rich” throughout the United States .

Everyone wants to lower their expenses and get greater income to become rich, so why not choose cheap insurance for your house, car and even your pets? In the time of recession, people enjoying loans could benefit from debt solution opportunities. Packages offered by many finance institutions giving a bad credit loan help overcome hard times. The type of mortgage depends upon the nature of the business. The business could be a work at home business. An investment property could also be mortgaged by banks.

Sizzling Home Prices in a Down Market

Last modified on 2007-11-13 07:04:56 GMT. 0 comments. Top.

Are home prices going up or down?  Forbes latest feature discusses “Ten Rising-In-Value Real Estate Markets”.  

Are prices in your area falling, maybe you should consider moving somewhere prices are expected to rise. Here is a run down of the top sizzling markets.

Salt Lake City, Utah - Median Home Price $233,100
1yr Increase: 21.9%

Binghamton, N.Y. - Median Home Price: $111,200
1yr Increase: 19.8%

Salem, Ore. - Median Home Price: $227,900
1yr Increase: 16.7%

Farmington, N.M. - Median Home Price:201,900
1yr Increase:14.0%

Allentown-Bethlehem-Easton, Pa.-N.J. - Median Home Price: $274,500
1yr Increase: 12.8%

Beaumont-Port Arthur, TX-Median Home Price $127,700
1yr Increase:11.8%

Glens Falls, N.Y. - Median Home Price: $175,700
1yr Increase: 10.7%

Reading, Pa. - Median Home Price: $157,800
1yr Increase: 11.2%

Glens Falls, N.Y. - Median Home Price: $175,700
1yr Increase: 10.7%

Spokane, Wash. - Median Home Price: $197,700
1yr Increase: 10.4%

Cumberland, Md.-W.Va. - Median Home Price: $109,300
1yr Increase: 9.3%

Bad Trade for ETrade

Last modified on 2007-11-13 02:56:37 GMT. 0 comments. Top.

How DIRE is it for ETrade Financial Group, ETFC, with their stock tanking today by nearly 50%. 

Our friends at BlogginStocks report that Bankruptcy may be in sight.  As with the whole mortgage market, no one knows what the impact may be.  If a company has in any way been involved in the mortage market, there most likely is a risk.  All he number crunchers have been working profusely to peg the impact.

The initial estimate is $1 billion loss creating almost a $2 billion drop in market cap.  What is going to be left if the company has another $1 billion loss?  There is only 1.65 billion left in market cap.  Also many investors must be wondering why are they in the mortgage market?  Only time will and Money will tell what the outcome will bring.