Get Out Of Debt

The problem with the internet is there is too much information.  Add to that the fact that so many of us are crippled by ADD, it is nearly impossible to focus on any one thing for more than 5 minutes…  Am I right?  I mean, what are you supposed to do if you want to do more?

How are we supposed to make money on the internet, make the mortgage payment, buy a boat, a new car, go on a vacation, or just live on a decent income?  Is it even possible any more?

What we need is a way to take advantage of this short attention span, constant channel changing, net-surfing and youtube mentality.  Instead of trying to change that mentality, why not take control of that power and use it to our advantage?

Making money online isn’t that hard, but there is a real problem:  Those internet ”Gurus” try to make it sound like it is so hard that you need a coach, you need to pay those big Gurus in order to succeed.  They try to talk in big words to confuse you, to make you think that making money online is so hard, that you need these extremely complex strategies in order to make your website successful.  You know why they do this?

They make it sound like making money online is so complicated because they want you to feel like you NEED their product.  They also want you to think that if you fail at using their product, it is your fault.  You’re just not smart enough.  You just didn’t understand the content.  Then you won’t ask for a refund.  It’s not the Guru’s fault that you don’t understand complex internet marketing strategies, right?

It’s a scam.  They make you feel like you are stupid.  They make it sound like you purchased such a quality product, that it couldn’t possibly be the fault of the guru. It was money well spent, right?

I know you’ve felt like that before.  I know I have.

I have spent $500 here, $1500 there, and each one of those products promised me ”quick, easy money”.  Apparently, to them “quick and easy” is staying up all night, for months on end.  Working only a few hours a day, sure, but it took over 6 months for the business to be set up, working at that rate.

Well, I don’t have 6 months to waste.  I needed quick money, which is why I purchased a product that would get me quick money.  I don’t know about you, but slow money just doesn’t interest me.  I got car payments to make.  I’ve got a mortgage to pay.  I’ve got places to go, people to see… 

So, yea… Let’s move on to something that does make fast money online.

If you want to spend 6 months, building a business and wait for it to slowly make you rich, you might as well stop reading this article.  4 Minute Money just isn’t for you.  This is for someone that doesn’t have much time on their hands to build a business.  It’s for someone who wants to build a business right away, and fit it into their already busy schedule.  Sound interesting?  Good.

I don’t want to waste your time because I know you have plenty of other things that you have to do, and every minute you spend on this article is time away from actually making 4 Minute Money.

Simply put, “4 Minute Money” is simple and easy tasks that take only a few minutes to complete each day, but will bring in small amounts of money.  One may bring in a few hundred, another a couple hundred, another maybe a thousand each day.  I’ll show you how you can skip to just using the tasks that bring in the thousands.

This is not like building a regular business.  It is much more powerful for the person who just wants to pay off their credit cards and get out of debt.  It’s about making quick cash and move on to the next task as quickly as possible.

Who want’s to sit around for 6 months, hoping that money will come in eventually.  I don’t know about you, but I want to know if my efforts are paying off RIGHT NOW.  I want to know instantly, that the tasks I am doing are bring in cash.  I also want to know instantly if the tasks I’m doing are not working.  I want to stop wasting time.  4 Minute Money will help you accomplish all of this.

Can you spend just a couple hours a week on this, if you can prove to yourself each and every day that the tasks you are completing are actually bringing in cash?

If I show you what to do, can you spend a few hours doing that over and over within the next 7 days?

Of course you can.

After just a few hours of doing 4 Minute Money, most people can set up 10 or so money making tasks.  With these 10 lets say you have no idea what you are doing and fail miserably on 9 of those tasks, because it’s just your first time doing it and you need a little more practice to get them right.

Okay, so what?  Am I saying that 4 Minute money doesn’t work all the time?  Am I saying that it is going to fail 90% of the time?  Of course not.  I will say that the success rate with these tasks is about 85%.  For every 10 that you set up, about 8 or 9 of those will work.  Took me a few months to perfect the tasks to crank out the most cash from each of them.  I’ll show you how to do them so you don’t have to spend too much time on them.

So back to the 10 that you originally set up…  Let’s say that 9 of them failed.  Only one of them made any money, and that one made $100.  Big deal.  Nothing to write home about, right?

Then you spend a few more hours and create 10 more tasks, and this time 3 of them work perfect and bring in a few hundred.  Getting better, right?

Okay, so back to the average… 8 or 9 out of 10 work perfect.  Only takes a few minutes a day to set these up, and each task makes a few hundred.  You could spend more than a few minutes and set up hundreds of these tasks every day if you wanted.  Do the math, it adds up pretty fast.

Or you could just spend a few minutes a day doing the tasks that bring in a thousand or more each.  Make life easy.  I’ll show you how to do it this way so you can relax most of the day instead of working too hard.

The idea of 4 Minute Money is to start small with hardly any time.  Soon, you will see a few thousand extra cash coming in each month.

I’m also going to show you how to make all of this as Residual Income.  So you can just set it up and forget about it.  It keeps paying you over and over again.  That is how you build it into a six figure income.

Are you starting to see the potential yet?  Sure would be nice to have just a few tasks to complete each day to make you extra cash every month.

I know it sounds too simple.  This couldn’t possibly work, right?  Hey, don’t be fooled by simplicity.  Gravity is a pretty simple concept, isn’t it?  Amazing that it wasn’t discovered until 1687 by Sir Isaac Newton.  So, don’t discount simplicity, my friend.

Click the link below to check out the 4 Minute Money Program.

http://tinyurl.com/29sz42q

What is mediation?  The presence of neutral third party mediators who can help parties reach an alternative to foreclosure for example this could be in the form of a loan modification, special forbearance, repayment plan or even selling of the home in the form of a short sale or deed in lieu.

Many states and courts have enacted laws where it is necessary to go through mediation before the lender actually forecloses on the property.  This process will be very similar if you were to hire a foreclosure attorney, loan modification company or even calling the HOPE hotline.  If you are seeking a loan modification to assist you in keeping your home and reducing your monthly mortgage payment going to mediation maybe beneficial.  This third person will help you through the process and explain certain terms to you.

In Philadelphia they have a pre-mediation “conciliation conferences” where the parties are required to meet to discuss foreclosure alternatives.

However, this meeting will only take place if the parties cannot come to an agreement on their own.

Having mediation programs also helps the courts by reducing the need to see every foreclosure case in court.  The idea is to bring the lenders and homeowners together to resolve their issues and to come to an agreement that both parties are happy with.  In some states Judges are still called upon during the mediation process; however this is not the case in all states.  In some non judicial states like Nevada, the state requires lenders to participate in mediation before they actually foreclose on the property.  Rhode Island will impose a fine on lender servicers that proceed to foreclosure without attempting mediation.

If you do not know if you are in a non judicial or a judicial state you can visit Realtytrac.com or read previous postings on our blog.

For most homeowners, bankruptcy is certainly not their first choice to save their home from foreclosure. This is for a very good reason, as the credit effects can be quite serious and its results are generally poor, at best. Many of those who file bankruptcy to get out of foreclosure find themselves right back in the foreclosure process within in months of entering bankruptcy. Putting off losing the home is obviously not the reason most homeowners file, as they will then be stuck with both a bankruptcy and a foreclosure on their credit.

Chapter 7 Bankruptcy

In any event, homeowners facing foreclosure can not include the house in a Chapter 7 bankruptcy. Chapter 7 is only for unsecured debt, such as credit cards, store cards, personal loans, and the like. The mortgage is secured by the property, so it would not be dischargeable under Chapter 7. The clause in the mortgage paperwork that keeps it from being included in a Chapter 7 case is that it states the mortgage loan is secured by the underlying collateral, the property itself. Chapter 7 does not discharge secured debt, so this combination excludes the mortgage and this type of bankruptcy from having anything to do with each other.

Chapter 7 bankruptcy may, however, serve a purpose in freeing up income that the homeowners could use to keep on top of their mortgage payment. Keeping a roof on top of their heads is much more important than financing a new television or furniture, and credit card companies who are unwilling to work with homeowners in financial trouble will have to bear the costs of their poor lending decisions. Discharging most of these types of debts can significantly free up income, which can immediately be used to pay down the arrears on the mortgage or establish a repayment plan or other workout program. Homeowners with a debt-to-income ratio too high will not qualify for these bank workout programs, so discharging some of this high-interest, unsecured debt through Chapter 7 may be a reasonable path to getting the mortgage back on track.

Chapter 13 Bankruptcy

Homeowners who want to file bankruptcy to stop foreclosure can include the house in a Chapter 13 filing, which is a reorganization of the debt with a payment plan mandated by the courts. But if the house is already too expensive, then agreeing to an expensive payment plan would not make a whole lot of sense. In Chapter 13, the mortgage payments might very well go up, because the homeowners have to pay the regular monthly mortgage, as well as a portion of the amount that they are in default. Falling behind on this type of bankruptcy almost always results in the house going back into foreclosure and sold at a county sheriff sale.

Especially if the homeowners fall behind on the Chapter 13 plan, they will be in serious danger of losing the home very quickly. Bankruptcy does not actually stop foreclosure — it only puts the process on hold and gives the owners protection under the courts to pay back what they have fallen behind. Thus, if the payments are not made as agreed, the bank will request that the courts lift the stay and allow them to proceed with the foreclosure process. And the lender will be able to proceed as if the bankruptcy never occurred, starting up right from where they left off. This can often result in a sheriff sale being scheduled very quickly, within a matter of weeks.

Filing bankruptcy to stop foreclosure is a decision that homeowners need to consider very carefully, and even potentially consult with a lawyer for approved legal advice. The only real way to get rid of the mortgage and no longer worry about the property is find some way to sell the house, give a deed in lieu of foreclosure, or have it be foreclosed on by the bank. The county sheriff sale will eliminate the mortgage liens and transfer ownership of the property. The homeowners will have to deal with a foreclosure on their credit for 7-10 years, though. There are no easy decisions during the foreclosure process, of course, but the possibility of facing foreclosure and bankruptcy on the same house should be avoided.

Chapter 7 bankruptcy is one you file for liquidation. During this bankruptcy proceeding your assets will be sold as directed by the judge to pay off your creditors. It is essentially a bankruptcy proceeding for consumers who don’t have enough money to pay off their creditors.

In order to buy this some time to recover financially and satisfy creditors, consumers may file for Chapter 7 bankruptcy. A Chapter 7 bankruptcy claim relinquishes your nonexempt property to the bankruptcy trustee. At this point the trustee will proceed to liquidate the property (convert to cash), and subsequently distributed to your creditors.

Not all people can qualify for Chapter 7. A few of them that do qualify are those who own real property, working people, and people who live or have a residence in the USA. You can file for Chapter 7 insolvency provided you haven’t filed for either chapter seven or Chapter 13 in the last 6 years.

After deciding to declare bankruptcy, your lawyer must verify your qualifications to do so. Your lawyer will conduct a financial audit to determine if in fact you are in a financial bind significant enough for a Chapter 7 bankruptcy declaration. During this period your monthly earnings will be scrutinized, and will have to be equal to or less than the median income for your particular state in order to qualify for Chapter 7 bankruptcy. And of course your monthly expenses such as, your rent or mortgage payment, food, other monthly bills will be deducted from your monthly income.

If your earnings are at least $100 under the state’s median income than you’ll have the right to file Chapter seven insolvency. During Chapter 7 insolvency, which is different than Chapter 13 insolvency, your obligations will be wiped out and you’ll be given a new start financially.

The largest flaw to chapter seven insolvency is naturally the total eradication of your credit for at least ten years, an incapability to borrow for no less than 2 or 3 years, dependent on when your insolvency is discharged. This is the reason why most credible debt control or legal firms will counsel you not to file a Chapter seven claim apart from as a final resort.

In future articles we will go into much more depth on Chapter 7 bankruptcy, including qualifications to make a claim, as well as, the short and long-term ramifications Chapter 7 bankruptcy will impose on you.

If you’re like the average person, let me warn you ahead of time about what I’m going to reveal in the next few paragraphs. You may be angry after you finish reading this article about how you’ve been misled in the use of credit card debt.

The American economy is designed to make you work yourself to the point of exhaustion, only to build wealth for those very same companies you work yourself to death for – not for YOU!

The most eye-opening example of this is with consumer debt. For example, if you purchase your home with a conventional mortgage, you’ll pay about THREE TIMES the amount over the life of the loan. Think about it this way. It’s like taking your monthly mortgage payment and tripling it, then sending it off to the bank.

This is how much you will eventually pay back for the privilege of using their money. So you can see how two-thirds of the total amount you’ll pay your mortgage company is primarily INTEREST payments. Interest is pure profit for the mortgage companies and a detriment to your financial well-being.

Ask yourself a serious question – does the Bank deserve to get so much of your hard earned money? Do you think that they are doing such an outstanding job that they should be compensated so well?

This simply means that when you come home from a hard day at work, you’ve just contributed to your bank or mortgage company’s bottom line – not yours. THIS IS YOUR MONEY! I’m sure you’ve work hard to earn it. You’ll most definitely have to pay taxes on it.

For instance, if you think your mortgage payments are out of control –consider credit card debt. If you have an average payment of $5,000 in debt, it will take you over 60 years to pay that debt in full if you make the minimum payments.

I don’t know about you, but I wouldn’t want to be retired and still making payments on credit cards I charged up in my twenties.

But you know the story, and you’ve probably heard it a million times — the rich get richer and the poor get poorer. It’s certainly not fair and I’ll give you an easy way to get out of debt without loans or debt consolidation programs and more importantly, stay out of debt.

When you know how to invest the money you’re currently spending on mortgage payments, car loans, credit card debt and any other type of monthly installment debt, you’ll be pleasantly surprised at how quickly you can become debt-free.

Make a commitment to yourself to find at least 10% of your monthly take home pay to help you get out of debt. Look for ways to cut costs. Go over your cable bill, your cell phone plans, see if it still makes sense to keep your home phone, revisit insurance policies, etc. and see where you can redirect money to help you get out of your debt situation.

Now go and gather up your credit card bills, automobile loans, and any other installment loans you have and total them up. Keep in mind there’s a difference between debt and expenses. Expenses are things like utilities, foods and taxes.

After you’ve come to grand total, look at the monthly payments for each debt. Select the monthly payment that is the smallest amount. Now, you’ll add the money you’ve “found” to help you pay down this debt to zero. Once this debt is paid in full, take the money you were paying on this debt, add it to your second debt, plus the extra money you found and continue to payoff your debt in this manner.

It won’t happen overnight, but you didn’t get into debt overnight either. Consistency is the name of this game. By faithfully following this method, it will take the average person between 5-7 years to get completely out of debt.