We understand that the decision to file bankruptcy was not an easy one. We also understand that you are faced with a lot of uncertainty and are probably asking yourself will anyone give me a loan, and what am I going to do for transportation?
You hired your bankruptcy attorney because you felt that they were the best choice to steer you through your bankruptcy filing. He or she undoubtedly had the knowledge to file the proper paperwork with the courts to allow for the discharge of your debts. The problem is that most attorneys are not able to keep up with the ever changing automotive and finance market. It simply isn’t their area of expertise. For that reason, we see so many people that keep a car loan that they owe so much more than it is worth simply because they feel that they have no other options.
After a period of time, when it is time to trade this car in they find that they are in the same place that they were before due to the negative equity that they carried though the bankruptcy. The primary reason for filing bankruptcy is to relive you of bad debt. If you owe more on your current car loan than what it is worth, you should consider that a bad debt.
Give Dan a call and allow him to do a 5 minute evaluation of your situation before it is too late. Regardless of whether you finance a car from 5 Star Auto Plaza or not, you will at least have the knowledge to make an informed decision before you no longer have a choice.
Automotive and Auto Financing Expert
5 Star Auto Sales
A roadway accident of any kind can bring with it all sorts of trouble and trauma that you never expected. Motorcycle accidents are no different, and the injuries caused in a motorcycle wreck are often much worse than those caused by a car accident. Motorcycle accidents commonly cause debilitating injuries and can lead to massive medical bills.
When you have been involved in a motorcycle accident it is extremely important to hire a personal injury lawyer who is knowledgeable on the laws that apply to motorcyclists. If you can find an experienced St. Louis motorcycle accident lawyer, you greatly increase your chances of obtaining fair compensation for both past and future damages.
Listen in today as Stephen Schultz explains what your rights are, what insurance coverage you should have before getting on the motorcycle or ATV. Be sure to contact Stephen Schultz with any questions regarding your situation.
Personal Injury Attorney
Schultz & Myers
Listen this Sunday from 4-5 pm on FM NewsTalk 97.1- The Doug Haldeman Show.
Sunday’s Show we will be talking about how to buy a car after bankruptcy with Dan Grosvenor and we will be covering the topic of Motorcycle and ATV accidents and what type of insurance you need to make sure you have if you own one or both of these vehicles.
Automotive and Auto Financing Expert
5 Star Auto Sales
Ed Conarchy a Mortgage Advisor with Cherry Creek Mortgage Co. says, “I don’t believe the American Dream is to just own a home. I believe it’s much bigger.
I believe the real American Dream is to reach financial security and I’m teaching everyone how to accomplish this.”
3 Things You Should Do Before Pre-Paying Your Mortgage:
1) Max out your 401K to IRS Cap
a. 40% of people don’t contribute to their employer match
b. 94% don’t hit IRS Cap
2) Payoff all high interest debt (especially non-deductibe)
3) 6-12 Months fixed monthly expenses in reserve
With this mindset Ed makes a great resource for listeners of “The Doug Haldeman Show”, tune in to find out more details.
Cherry Creek Mortgage Co.
495 N. Riverside Dr., Suite 206
Gurnee, IL 60031
Phone: (847) 970-4239
Fax: (847) 557-2088
Audio 1 Three Things You Should Do Before Paying Off Your Mortgage
Audio 2 Three Things You Should Do Before Paying Off Your Mortgage
When most people shop for a mortgage the only questions they know to ask are, what is your rate and what are your fees? The best rate in the wrong loan program may cost you thousands of extra dollars over time.
First: Are you working with a True Mortgage Professional?
Second: Do you know the Rules and Secrets to shop effectively?
Fill out the information below to get the inside scoop on how to do it right…
After you submit your information a link will appear above for your “Free Download”…
Audio 1 Shopping Around Part 1
Audio 2 Shopping Around Part 2
Some collection agencies will do whatever it takes to get you to pay your overdue bills, even if the practice is illegal. As a debtor, you have certain rights and you must do what it takes to protect those rights. This means that you must report illegal practices when they happen. Not only does this protect your rights, but you’re also helping thousands of other debtors that may come in contact with the collection agency.
At X-bility they believe everyone is capable of having the life they desire. Through a structured process, the courses guide individuals to identify and breakthrough the limiting beliefs which are creating barriers to their success in life. Jo Rossi and Kavin Chambers show participants who they are and how their individual abilities provide them everything they need to be successful and happy.
Thinking of making your home a two income household? We have found a Quiz that can help you decide if that is the best move for you and your household.
Experiment with this automatic calculator to see how much the second income amounts to.
If you have comments or questions feel free to contact Doug at his off air number 314.472.3684!
Click here for the Second Income Quiz
Russia’s annexation of Crimea
- Russia slapped sanctions on nine Americans forbidding them from entering Russia.
- Stocks are higher and Mortgage Bonds are also just a bit higher so far this morning. The situation in Crimea continues to develop. President Vladimir Putin signed a treaty allowing the annexation of Crimea into Russia.
- Putin also gave an important speech this morning where he first laid out some history about Crimea and said that it was Russian to begin with and it was wrong for Khrushchev to give Crimea to Ukraine back in 1954. He said that he has no intention of splitting Ukraine and don’t believe those who say we need more than Crimea. These comments calmed the markets, but can Putin really be trusted?
- Crimea has valuable seaports and airports for both military and trade purposes. And although it’s a scary comparison, Nazi Germany made some similar claims about not having ambitions for further conquests. The situation there remains fluid to say the least.
Stocks are higher and Mortgage Bonds are lower so far this morning. Initial Jobless Claims were released for the week ending March 15th, and Claims increased 5k to 320k from last week’s unrevised figure of 320k. This was stronger than estimates of 325k, and another very good reading. Claims have been trending lower which is encouraging for the economy. These Claims results for the week of the 12th are factored into the models for employment figures next month. It remains to be seen whether these low Claims figures will translate into real job growth.
Yesterday was the conclusion of the 2 day Fed Meeting, and the Fed continued to taper, as expected. They reduced QE3 by another $10B, bringing the total reductions to $30B off of the $85B during QE3. The reduction was split evenly between MBS and Treasuries, taking the Fed’s monthly purchases from $65B to $55B, which is $30B in Treasuries and $25B in MBS. In the policy statement, the Fed did remove the “well below” 6 ½% Unemployment Rate target before they would hike rates. The market did not react well to this because it leaves the decision to hike more in the discretion of the Fed as opposed to a specific target. Additionally, in her first Press Conference following the Fed Meeting, Janet Yellen shocked the markets when asked how long it would be before the Fed would begin to raise the Fed Funds Rate after QE ended. Her response was “probably something on the order of around six months, that type of thing.” Both the Stock and Bond markets sold off on the comment. So when will the Fed hike rates? We know that as of now, the Fed is only reducing QE at Fed Meetings, and by $10B…and that there is $55B left. Let’s take a look at the schedule (the asterisks mean there is a press conference to follow):
If the Fed continues to taper by $10B, that would leave the Fed with a decision at the October 29th Fed Meeting. At that time they will have $15B left in QE. They could decide to taper $15B, or if they remain at $10B, will have to cut the remaining $5B at the December 17th Meeting. According to Janet Yellen, that would mean rate hikes could come as soon as April 2015, or possibly June 2015. In either case, it would mean approximately somewhere near mid spring or late spring of 2015 for the first Fed rate hike. There’s a lot of time until then, and the Fed can change their mind, but that’s what they are looking at as of now.
Going along with Janet Yellen’s comment is the famous Dots chart. We have brought this up many times in the past, and it shows where Fed Members expect the Fed Funds Rate to be in the future. Let’s take a look at the most recent one. Each dot represents a Fed Member’s expectation for where the Fed Funds Rate will be. In 2014, all but one Fed Member sees rates as remaining the same. In 2015, all but 2 see the Fed Funds rate being higher. By 2016 everyone sees it higher.
Rates will be moving up, and it depends how the Stock market metabolizes the rate hikes. Without inflation, rate hikes are going to be a deflationary move. As far as Mortgage rates go, there is clearly a lot more pressure on the shorter end of the curve.
Leading Indicators and the Philadelphia Fed Manufacturing Survey both came in stronger than expected. This helped the Stock market turn positive and push Mortgage Bonds lower.
Existing Home Sales for February were reported down 0.4%. This was in line with expectations and a decent report. All of the regions did better, expect for the Northeast, where weather was a problem. Median Home Prices were reported at $189,000, up 9.1% year over year. The supply of homes increased to a 5.5 month supply.
Yesterday’s big drop in Mortgage Bonds was capped support at 103.61. Bond prices are following through to the downside today and have broken beneath this support level. Prices could continue to drop to test their 61.8% Fibonacci Retracement level at 103.13, another 40bp beneath current levels. We are going to recommend continuing our locking bias.
Listen in today to hear more on how Russia and Janet Yellen’s first Fed Meedting effects our economy..
Audio Market Update