Is your Credit Card Limits going to be lowered automatically?

Hi there, I hope all is well today in your home. I saw great video online on CNBC that talks about specifically what I have been telling my clients in my credit class. Even though many of you have never had credit challenges, you are seeing your credit limits lowered! Read and watch video below!

Your friend,
Carlos Samaniego, CMPS
Certified Credit Restoration Expert

Interesting article on consumer spending, credit, jobs and our lending environment.

Citi, BofA, Chase = 50% of the US Credit Card Market.  It's expected that they will reduce credit line amounts up to 45% over the next year.  The link to the video is below.

Meredith Whitney on Financials
Meredith Whitney, executive director of equity research at Oppenheimer, discusses the credit crisis and her outlook on the financial sector.

http://www.cnbc.com/id/15840232?video=946475488

Another step in the right direction, the negotiation between Wall Street (Lenders) and Main Street (Tax Payers) continues with our economy being held hostage…

http://www.marketwatch.com/news/story/hud-expands-mortgage-modification-program/story.aspx?guid=%7B16FE2FFC-8A8E-4F6C-9CE9-895647CD8FA4%7D&dist=msr_4

Here is great article.

Above is the link for the headlines that came from the on-going negotiation between Wall Street (Lenders) and Main Street (Tax Payers) continues with our economy being held hostage.

  • From 90% to 96.5% the lenders do not lose as much, now the HOPE plan is only 3.5% worse for the lenders vs a 10% gap with the original plan for modifying the mortgage(s) themselves.
  • The big shadow of this program is the equity participation by the Gov

Chase, Wachovia, Citbank and others promised to move forward with Loan Modifications?

That is right if you have watched news on television Citibank and other mortgage lenders annouced they would start doing loan modifications (New Article).

However, because you must qualify for their programs you better be careful before moving forward with their loan modifications. Most have already said, that you have to be 90 days delinquent on your mortgage to qualify, which makes no sense to any of us.

Do not make the mistake to talk with lender and not have legal representation to deal with your loan modification or review the documentation before starting a loan modification or completing a loan modification.

Right now banks and government seem more confused than ever, there are some light and the end of the tunnel, see the video below. But now more than ever you need to keep a very close eye on our personal finances, your lender, more than ever.

Let the experts deal with your lenders they know what to say, how to say, what to show them, to get your best loan modification possible. If you like to have one of our attorney partners work with you please visit my website www.CarlosSamaniego.com or call my direct line at (909)512-6418

Your friend,
Carlos Samaniego, CMPS
(909)512-6418

Need some extra cash to pay bills

A friend recently referred me to this book online. 1000_Ways_Book_big

He said that he Found the book Buffett read as a boy that got him thinking about making a million. It is a new version & original.

I thought it be a great book for my readers to get there hands on…if Buffet read it, I think we deserve to get this in our hands in these rough economic days.

You can get the book at called "How-To-Make-Money.com"    that you should take a look at.

They've compiled an ebook called "1,000 Ways to Make Money", and it's a virtual encyclopedia of new and unusual money-making schemes! Check it out!

I found some of ideas quite useful.

Your friend,
Carlos Samaniego

Warning- Scam Alert

Are you a homeowner? Are you getting mail,faxes, calls to your home claiming your lender will accept less then what they are owed?

This morning I was speaking with a mastermind of professionals and attorney's that specialize in loan modifications one of the biggest scam they are seeing is homeowners getting "official" looking letters that look like it came from their lenders telling the homeowner they are accepting reduce balance on their loan as full payment.

For example.."Mr.and Mrs. Homeowners get's letter from there lender (GMAC) letter states that they will accept $9,500 as full payment for there 2nd loan of $97,000, and the offer is good for 15 days if they wire the money to the "bank".

Be very, very, very careful!

If you get this letter, you need to immediately pull out your regular mortgage statement from that bank and call the number on that statement for your lender. Ask them if they sent that letter, email, fax.

So if you get any letter call your lender, call your attorney, call my office, I will be willing to help you anyway possible.

Your friend,
Carlos Samaniego, CMPS
Credit and Loan Modification Expert

P.S. I have been talking about the issues of loan modification and the fraudulent companies out there, here is recent article in LA times talking about those issues right here in San Bernardino County.
http://www.latimes.com/business/la-fi-scam5-2008nov05,0,7629587.story