pramod asked: One of the biggest mistakes homeowners often commit is that they try to hide their ailing financial status from others, including the lender. It is important to highlight the fact that foreclosure proceedings are an expensive initiative for lenders and given a chance, they'll always be keen to avoid it themselves. So, the very first thing a financially distressed homeowner needs to do is to appraise the lender of the situation and seek assistance. Before contacting the lender, a true, unbiased assessment of one's financial state and income must be made - this shall ensure that the loan modification arrangement is based on a firm foundation and the homeowner shall not default even after loan modification. Such financial analysis can also be sought free of cost from a nonprofit counseling service. Some [+]

Danny Schechter asked: According to a Senate report, the starting point of this crisis was in 1997, during the reign of the Clinton Administration. It was then that a period of housing price appreciation began - increasing by nearly 85% until 2006. Home prices jumped by 124%. This was unusual, having occurred only once before in American history, right after World War II.Soon the housing sector was driving the American economy. Within the next few years, seven million families bought homes with subprime loans.Homeowners who may have been cash poor, became house rich, by dipping into inflating home equity either by refinancing or taking out low-cost equity loans. As this business boomed, underwriting standards began to "deteriorate." The banks and other lenders had found a new way to make money - and fast. These [+]

Tom Mead asked: You may not even be aware that you have a credit score, but if you've ever applied for a mortgage, a car loan or even had utilities, such as gas or electricity connected to your home, it's likely that your credit score has been checked.A credit score is effectively a 'risk-assessment' carried out by a lender to see what the likelihood is of you either paying or defaulting on your bills. It is a mathematical formula that compares your bill-paying history with the histories of millions of other people.It will compare your debts, your credit history, the length of your credit history, new loans and anything else considered relevant. The resulting figure tells lender whether you have a good or bad credit score. If yours is good, you are [+]

Bruce Owens asked: Mortgage renewals are becoming a hot topic as Canadians weighing their home refinancing and mortgage renewal options continue to wrestle with a wealth of information about the economy, the housing markets in Canada and where interest rates are headed. The Canadian economy and world economies, in general, seem to be in the midst of turbulent times.Reports from the annual meeting of the Bank for International Settlements held this week in Basel, Switzerland indicate that rising inflation fuelled by rising energy and commodity prices is weighing heavily on the minds of the gathered officials from the central banks that are charged with overseeing their countries' monetary policies. Reuters News Agency reports that policymakers from the world's central banks are "on high alert to the dangers posed by rising inflation and slowing growth," [+]

Brooke Hayles asked: When you are looking for that special, versatile gift for any occasion, Visa gift cards can be jus what you are looking for. You can use them for birthdays or corporate incentives. The following are some people and situations where Visa gift cards can be just what you are looking for.Loved ones who live in another state – Visa gift cards may be perfect for sending to friends and family who live far away. They are safer than cash and you don't have to spend extra money on wire transfers. Also, only standard postal rates will apply when sent along with a card, so no extra postage or packaging is necessary.College bound students – A great way to send your child, or yourself, back to school with [+]

Daniel Cohen asked: Reward credit cards come in different varieties. There is a different set of procedures for earning reward points and the ways in which you can redeem those points for rewards for different cards. There is a specialized field or area toward which a reward credit card is related.For people who frequently fly with the same airline company or frequent fliers, there is an airline reward credit card, through which the customer can earn frequent flier airline miles on the purchases made. These airline miles can be redeemed for flight tickets or substantial discounts at hotels, travel destinations or car rental agencies.There are some reward credit cards that allow you to earn points when you make purchase at drugstores, gas stations and supermarkets. You can earn a discount [+]