My Personal Finance Blog

Whether you are applying directly to your lender or claiming eligibility under HAMP, the practical decisions are all to be made by the lender. You do whatever you can to set out your side of the proposed bargain with a clear set of accounts showing money in and money out. The need is to demonstrate a guaranteed slice of your monthly income that can be devoted to paying a reduced instalment. So list everything you are obliged to pay to keep body and soul together, from food to utilities to transport to health insurance, and so on.

Without the modification, this is going to be negative, i.e. on paper, you are spending more than you earn. The “trick” is to show enough to cover a modified instalment, perhaps with a tiny slice of money left over for the inevitable emergencies. If the modified instalment you prove can be paid is enough to keep the lender less unhappy, the modification will be agreed on a trial basis. But if the minimum instalment the lender requires will leave you in negative territory, your offer to modify will be rejected. Why reject a good faith offer? Because people who have to juggle monthly payments to fit into the available money almost always default again. Your income must cover all outgoings.

If the modification is agreed in principle, it moves on to a formal trial basis. In theory, this is a three-month trial, but the reality is that the lenders usually drag their feet and are very slow to convert the trial into a permanent modification. This ought not to affect you. After all, you are paying the agreed amount. But there is a problem. Until the modification is made permanent, the lender will report you to the credit rating agencies as still delinquent. This is grossly unfair.

You are paying what is agreed. But, as the law stands, the unpaid balance each month will be reported as late. Thus, the longer the trial period is allowed to drift the worse your credit score will become. This requires action. You should contact the three major agencies, Experian, Equifax and TransUnion, and ask that details of the trial be added to your credit file. That way, even though your score will continue to decline, all other lenders will be able to see what is going on.

So what is happening during the trial other than you proving your ability to pay the reduced instalments on time? The answer is slightly disheartening. It is always in the lender’s interest to collect as much money from you as possible on your mortgage. But, while you stay in default, the lender is entitled to foreclose at any time. If the lender judges it will make more money by foreclosing rather than accepting the reduced payments over the rest of the term, it will always foreclose.

It is simply collecting as much cash from you as possible before triggering your eviction. No-one said the home loan industry had to work fairly, and it does not. The only time the lender will accept a permanent modification is when the accounts clearly show more profit in keeping the mortgage alive. While the housing market remains depressed, the odds are in your favor. But if resale prices start to rise, the odds will swing against you.

Article by Stewart Ames

Most people know that undercooked meat is filled with bacteria that can make one deathly sick. Yet time after time normal people who otherwise are very health conscious serve meals where the meat is either undercooked or way overcooked when using a simple digital meat thermometer could have resulted in the perfect dinner.Even the best chefs in the world use meat thermometers to guarantee that their meats are cooked to perfection. With their reputations and their very livelihoods on the line they aren’t going to risk sending out poor quality meat to their customers. They simply aren’t willing to allow one little avoidable mistake take away the career they have spent years building.No Undercooked MeatBy using a digital meat thermometer and cooking your meat to the exact internal temperature that is recommended for that type of meat you are ensuring that your family and guests never have to eat a bite of undercooked meat. By making sure that the meat reaches the ideal temperature you are killing bacteria such as E coli, and the bacteria that caused salmonella poisoning. You are also serving better looking and tasting food while protecting the health of those you care about.No Over Cooked MeatsWhile much is made and rightly so about how much safer meats are when you use a digital meat thermometer little is said about the fact that the roast you cook is not only safer to eat but, more flavorful as well. The reason for this is not only do meat thermometers ensure that you don’t under cook those meat dishes but, it also guarantees that you don’t over cook them as well. This means, that that chicken, Turkey or roast will be far more moist and flavorful because it is cooked to absolute perfection.Ease Of UseDigital meat thermometers are easy to use. All you need to do is insert them into the thickest part of the meat making sure that they are not resting against the bone and check the temperature that appears in the little window. When it reaches the internal temperature desirable for the specific type of meat that you are cooking your meat is perfectly cooked and ready to serve. There is no guess work and you don’t need to slice into the meat looking for pink or blood around that chickens breast bone.While digital meat thermometers aren’t rocket science they don’t have to be. These simple kitchen aids do what they are meant to do when used properly which is protect your family from the bacteria that can cause all different types of serious illness, give you a better tasting and moist roast or other type of meat and make your job as cook easier and less stressful. While you may not be a world famous chef you don’t have to be to turn out a really great roast or broiled meat all you need is a handy digital meat thermometer.