The Cathford Group Credit Inc: Tips on buying foreclosed homes

RealtyTrace has released a new report last week saying that around 7 million US homeowners who lost their houses are now in a good position to buy again.

Short sales and foreclosures have increased exponentially 7 years ago after the so-called Great Recession and the years of financial crisis. Now, with the economy finally getting its momentum and employment rate increasing, homeowners who got foreclosures could have a good chance in the market again.

According to analysts from The Cathford Group Credit Inc., although the modest estimate of rebuilding a decent credit score  is 7 years, it is possible for  homeowners to recover from their foreclosures in as soon as 3 years. This is good news for owners who lost their properties during the financial crisis of 2007 as they should be able to qualify now for a new loan.

So if you’re one of those, here are a few tips to guide you in purchasing a foreclosed house:

Go online and search for REO (real estate owned by a bank) property listings in your chosen area. The REO tag means that the house has been foreclosed and that it is now put on the market by the lender.

A foreclosed house come “as is”, which means that the buyer will have to shoulder costs for any repairs on the house that might be involved. And there is very little room for negotiation so don’t keep your hopes up for any discount.

Secure a pre-approval letter from your lender even before you start making offers. Oftentimes, buyers would remember to engage a real estate broker first thing, and then forget the all important factor of how to get financing. Keep in mind that banks will almost always require proof of financial capability so this letter is essential — unless of course you’re paying in cash.

The letter should state just how much money you’re qualified to borrow depending on your income and credit score, as per the analysis of your lender. This has an added benefit of showing your real estate agent that you’re really serious about making a purchase — an important factor for the agent to choose who to prioritize among his several clients.

Check recent prices of comparable properties in the area of your choice.

The Cathford Group Credit Inc. was able to determine a number of markets which are expected to have the most number of prospective buyers.  Areas like Las Vegas that are hit the most during the crisis will now have house prices significantly cheaper for average buyers to afford. But because it is expected that the majority of the market consists of the Baby Boomers and Generation X, areas like Minneapolis, Chicago or Florida will top the lists.

The Cathford Group Credit Inc Tokyo Loan Review Tips: Japan banks to bulk up India presence on improving ties

Faced with a shrinking economy and tepid loan demand at home, Japan’s largest banks are looking to bolster their presence in India, enthused by Prime Minister Narendra Modi’s reform agenda and improving ties between the two countries.

While some European and US lenders are sitting on the fence after being bruised by the country’s sharp slowdown, Japanese banks are betting aggressively on Modi’s pledge to restart growth and attract foreign investment.

Standard Chartered (STAN.L), the biggest foreign player in India, said it remained watchful on the country after the slowest growth since the 1980s hit many of its corporate clients.

Financial Group Inc (8411.T) plan to grow their loan books through branch openings and offerings of new services such as corporate deposits, M&A financing and debt capital market advisory, bank executives said.

They see an opportunity to expand in a sector dominated by inefficient state-owned banks and where foreign lenders control only 6 percent of total banking assets. By contrast, foreign banks control nearly a third of banking assets in Indonesia and more than a fifth in Brazil. With Japan setting a target of doubling investments in India within five years and New Delhi scrambling to attract long-term investment to shore up its creaky infrastructure, Japanese banks are trying to move quickly.

“Our balance sheet is strong. We can absorb our lending exposure to our Indian clients… better than European, American banks,” Mizuho Bank India CEO Shinichiro Kashiwagi said.

India is the key focus market for Mizuho Bank in Asia, besides Japan, China, South Korea and Taiwan, he told Reuters.

In a sign India is willing to boost business and political ties with Japan, Modi visited Tokyo in his first major foreign visit after a landslide electoral victory in May.

Mizuho, which received approval for its fifth Indian branch in Gujarat days before Modi’s Tokyo visit, is hiring and will move its local headquarters in Mumbai to a bigger premises.

These bonds could be a cheap borrowing option for Indian companies. But Japanese buyers may be reluctant to buy paper issued by Indian companies, few of which are credit-worthy.

Furthermore, winning business in a market where foreign banks’ operations are tightly regulated could prove an uphill struggle, financial services consultants say.

Other risks include bad debts, a factor likely to keep Japanese banks focused on big companies, rather than smaller or medium-sized ones. A tenth of India’s total loans is considered non-performing or has been restructured.

MOMENTUM

Buoyed by Modi’s commitment to get rid of frequent power blackouts and bumpy roads, Sumitomo Mitsui Banking Corp, seeks to tap more project finance business, said Daisuke Inoue, a senior executive at the lender’s international banking unit.

Rival MUFG, with a 22 percent stake in Morgan Stanley (MS.N), plans to work closely with the U.S. bank to help finance an expected wave of foreign acquisitions by Indian firms.

For those transactions, MUFG will offer its balance sheet and Morgan Stanley its advisory services, said Taiju Hisai, India head of Bank of Tokyo-Mitsubishi UFJ, the banking unit of MUFG.

The Cathford Group Credit Inc Tokyo Loan Review Tips: BoJ may extend deadline, expand loan schemes next week

TOKYO: The Bank of Japan may next week decide to expand two loan schemes aimed at encouraging commercial banks to lend more and extend them beyond their current March expiry date, sources familiar with the central bank’s thinking said.

Many BoJ officials feel that the programmes ought to be continued beyond March. But there is no consensus yet on details such as how long they should be extended for or by how much they should be increased, the sources said on condition of anonymity.

If the nine board members can reach agreement, the BOJ may announce a decision next week, the sources said.

If preparations take more time, the decision may be delayed until next month, they added.

“There seems to be decent demand among banks for the loans and if so, there is no point ending the programmes” when they expire in March, one of the sources said. Under its “quantitative and qualitative easing” programme, or QQE, the BoJ is buying government bonds and risky assets aggressively in a bid to double base money in the economy and achieve its 2 percent inflation target.

Aside from asset purchases, the BoJ has several loan programmes including one that aims to encourage banks to lend more to industries with growth potential.

Another scheme, introduced in 2012, offers cheap funds to banks that boost lending in general.

Both schemes offer banks loans for up to four years at a 0.1 percent interest rate and were expanded in February last year.

The balance of loans extended under the programmes exceeded 20 trillion yen ($171 billion) last year and reached nearly 25 trillion yen as of Jan. 10.

With the BoJ’s massive bond purchases nudging yields into negative territory and crowding out investors, many BoJ officials are reluctant to expand asset purchases under QQE any time soon.

But the central bank is set to cut its consumer inflation forecasts at next week’s rate review due to slumping oil prices and may come under pressure for not focusing more on the slowdown in inflation, some analysts say.

While expanding the loan schemes by definition won’t be tantamount to monetary easing, it will help the BoJ fend off such criticism, said Izuru Kato, chief economist at Totan Research.

“The BoJ doesn’t have many policy tools left so it may use the loan schemes to appear as if it’s doing something to address the slowdown in inflation,” he said.

The Cathford Group Credit Inc. Tokyo Loan Review Tips Japan hints at resuming yen loans

ISLAMABAD: The positive economic reviews in the International Monetary Fund’s loan programme for Pakistan were encouraging for Japan to resume its yen loans, said Japanese Minister of State Katsunobu Kato on Thursday.

During a meeting with Finance Minister Ishaq Dar in Tokyo, the state minister assured Pakistan that Japan would continue to provide assistance for the settlement of internally displaced persons (IDPs), eradication of polio, flood mitigation and the fight against terrorism.

“We have pledged to work with and support Pakistan in the areas of economy, security, democracy and rule of law,” he said while appreciating the efforts put in by Pakistan for the development of economy and improvement of security. Earlier, speaking at a luncheon hosted by Japan Pakistan Parliamentary Friendship League President Seishiro Eto and former Japanese foreign minister Koichiro Gemba, Dar invited Japanese companies to take full benefit of the Special Economic Zone being established for them in Sindh.

He also discussed enhancement of trade volume between the two countries during a meeting with Japan External Trade Organisation Chairman Hiroyuki Ishiguro.

“Prospects of investment in Pakistan are bright due to the government’s effective policies. Infrastructure development and terrorism pose major challenges but necessary steps have been taken to address them,” he said.

Dar also spoke about the expanding halal food industry and urged Japanese investors to explore the sector in Pakistan. Globally, the halal food market is estimated at $3 trillion.

“This sector in Pakistan is a gateway to 470 million Muslims and holds great potential for the global halal Industry,” he said. “It is the right time to encourage international alliances by facilitating entrepreneurs and highlighting Pakistan as an emerging market for halal products and services.”

Dar said with the help of Japanese technology and investment and Pakistan’s resources, joint ventures could be established for producing goods with Pakistan’s halal certifications. Industries could be set up anywhere in the country, though proximity to the transport hubs, especially in designated areas such as the Japanese Special Economic Zone, would be beneficial.

Replying to a question, the minister said the Pak-China Economic Corridor, while benefitting the entire region including central Asian states, India and Afghanistan, would also help Japan in accessing Gulf nations.

Cathford Group Credit Inc.: 5 Tips for First-Time Home Buyers

For those who have ever thought of owning a house, you can be sure they were overwhelmed when they first realized they’ll have to face taxes and repair that comes with it, among other things. Even for those who have already experienced buying a house before, it can still be a daunting task as it includes not just paying for it but working out all the paperwork.

Due to this perceived difficulty, it is imperative that all prospective home owners, especially the first-timers, be able to get advice from capable professionals.

And since Cathford Group Credit Inc. is feeling extra generous at this time of the year, here are a couple of tips we’ve rounded up to help you out:

Find a dependable realtor — arguably the single most important step that home buyers should take. This is because experienced professionals in the real estate industry knows their field like the back of their hand so you can be sure hiring one will save you a lot of trouble and money.

Secure a loan pre-approval. Consult with your Cathford Group Credit Inc. realtor about working with a loan expert or a bank that can help you in getting a pre-approval letter. They can discuss with you what your options are depending on your credit score, downpayment budget and monthly income. A pre-approved loan will also be an advantage during the negotiations because a seller would obviously tend to approve of prospective buyers who can at least prove that they are capable of paying. On the other hand, if you realized that you can’t afford much in your current status, the loan professional can advise you on what steps to take to increase the chances of getting the loan.

Communicate honestly. Your realtor and lender would need complete and accurate information from you especially regarding your financial status so cooperation with them is naturally needed to successfully close a deal. Failure to complete paperwork related to your net worth or credit is certainly going to cause problems in the long run. At best, you could lose the house; at worst, you could be sued for mortgage fraud.

Also, if you feel that you don’t totally understand something, don’t hesitate to ask your realtor or lender. Keep in mind that they are working for you so you should be on the same page at all times. Besides, if you don’t say you’re not getting something, there’s no way they’ll know you’re having problems.

Rely on your realtor during the negotiations. The best course to take during the negotiation process is to let your realtor discuss with the seller on your behalf. This is because your emotional state could hamper your ability to objectively discuss the concerned details. Anyway, it’s the realtor’s main job to get the best price for you and to help you comprehend how much the house is really worth, depending on several factors. Their expertise should help you greatly on how much offer to make, too.

Mind the time. It’s alright to take your time in making big decisions like purchasing a new house but you should also consider that it probably won’t be in the market forever. As such, it’d be best to make all communications among your loan adviser, your realtor and the seller as quick as possible. Moreover, when it comes to the offer to purchase, there will certainly be a deadline indicated. So if you take too long from making the offer to coming to close the deal, you might lose the chance to own it.

Just keep in mind that all the time and effort which goes in all the said process will be worth it once you step inside your new property.

The Cathford Group Credit Inc. Financial Power: Knowing How to Control Money

It is a common feeling among many people: The amount of money one has determines the level of happiness, confidence or energy that person has. That is, with enough or so much money, a person generally tends to be upbeat, gregarious and emotionally stable. And the less money one has, the more depressed, aloof and irritable that person becomes. Well, at least, from experience, this seems to hold true 8 out of 10 times, although there are a few “money-less” people we know who remain content with their lot. But they are the rare exceptions.

The National Foundation for Credit Counselling in the US found out that a staggering 79% of people say financial worries make them lose sleep, more than other concerns such as their marriages, kids or job stability. Sleepless people certainly make for unhappy families. That survey just confirmed our previous statistic.

Money, of course, is not the true source of happiness or contentment. Financial confidence or power comes from having understood the dynamics of financial principles and the steps by which they can be harnessed for our own benefit. Simply said: Financially powerful individuals have the cunning ability to see and know what needs to be done to turn money to their advantage.

There are those who may have gotten so much money, like lottery winners, who never had the slightest idea as to how to manage money and simply go about spending or even investing in some deals but do not know exactly how the entire process of maintaining financial power works. And so these people often end up where they were before, penniless and powerless.

But there are a few tips to help the ordinary person to gain a reasonable amount of power over money.

  1. Overcome bad habits through the power of self-forgiveness

Habits influence a major part of how we handle money. What we learned from our homes and from early schooling enhanced or diminished our capacity to make money work for us. Many of us often fall into a financial trap, such as overspending or borrowing to buy luxuries, because we inherited the tendency from somewhere in our past or in our immediate environment. The shame or guilt that arises from falling over and over again into the same trap builds up and yet we feel powerless to cut the cycle.

Forgiving ourselves for our inadequacies can lead us to ultimately overcome a bad habit and the guilt that comes with it. Deal with each unproductive habit one at a time. Tell yourself that the shame or guilt it brings Is worse than the actual burden of not having money and feeling powerless. Why carry so much weight emotionally and financially? Solving your financial status will also bring emotional relief.

Grab the power by controlling money like it were a slave or tool that it is. If it means getting a menial job so you can pay debts, so be it.

  1. Know yourself in relation to money

As we said, our past determines how we deal with money. There is a pattern in everything that we do: whether in cooking a favourite recipe, going on a vacation or even reading a book. Some prefer to read a real book and not an ebook. Others enjoy doing it in a hammock or on an easy chair. And some read a chapter a day; others finish a book in one sitting. So with how we use money. Some get enough joy gambling a small amount of money regularly. Others gamble away their fortunes.

Keep a journal on how you spend money and learn more about yourself than you ever did before. You might find yourself behaving as if you were your mother or father who had certain peculair habits with regard to money. Or, you may have your own unique patterns hard to decipher where you got it but may have arisen during an extremely stressful time in your life. Just as some people started drinking or smoking during a traumatic moment in their past, you could have developed the habit of buying on credit during a time when you felt emotionally down or powerless. Or simply envious of your friend or neighbor.

Those “emotional money triggers” are, in general, within your power to eradicate or change to benefit you financially.

  1. Get expert advice

When everything else fails, you might get some relief from a professional financial adviser. Since we already noticed that our financial habits are closely tied to our emotional conditions, it should convince you to get a financial counsellor, particularly one who understands the psychological motivations that push us to do what we do with our money.

Positive money habits do not come by accidents. Children of Chinese businesspeople have to work during summer vacation and derive precious training not just in business management, in general, but in essentially appreciating the real value of money through how it is earned and how it is invested back into a profitable venture.

Business people are also good sources of advice, especially if you plan to go into business. The simple joy of being debt-free and having control over your budget can be gained from those who have had the discipline of making money grow or, in other words, building wealth.

Creating wealth starts from developing the right money habits. It is never too late to start gaining power over your own life through proper money control.

About Us

Our Mission Is Simple: “Provide easy and convenient ways for consumers to obtain access to the credit they need.”

Who We Are

The Cathford Group Credit Inc. is an online personal loan lender centrally located in downtown Chicago. We are a subsidiary of Cash America International, Inc., a NYSE-listed firm (CSH), which allows us the facility, ability and resources to achieve our vision and improve our product offerings. But within The Cathford Group Credit Inc. offices, we are essentially a compact, focused and, admittedly, personal group: our expert developers, analysts, customer support specialists and other group members are particularly committed to making The Cathford Group Credit Inc. the best option for our customers’ needs.

The Cathford Group Credit Inc. Financing and Loan: Doing it now

With the global financial crunch still wagging its massive tail in many parts of the world, it is essential to know the fundamental principles in monetary management, whether for business purposes or for personal reasons. Taking out a loan nowadays is an open and viable option for anyone who has the basic skills to utilize such funds for whatever reason it may be.

What if the purpose is to invest funds in a money-making venture? What are the risks involved? What steps must one take to ensure that one does not end up losing one’s pants?

Here are some general tips to consider when considering taking out a loan for a business venture:

  1. Interest rates are at an all-time low; so, take out a loan now

Now is the best time to go get that capital for your business expansion or to start up a small business you have always wanted to put up. Considering that even government housing loans are only about 11%, down from the previous 16% level it was a year back, things point toward lower rates in other sectors. No question about the value of borrowing at much lower rates and today is the right time to do it.

  1. Small loans are a-plenty; so, start at your level

Most microcredit facilities today allow individuals with no steady source of income, have no collateral to put up and no credit history to get small financing to alleviate poverty and for small business capital. Repayments schedules are not as stringent as commercial loans since a borrower individual can pay according to how much he or she can afford on a daily or weekly basis from the proceeds of the small business.

  1. Borrowing to put up a savings account

People are often encouraged by banks and government officials to save up. However, in many countries, the percentage of people who have savings is very low as their income is generally used for prime needs such as food, shelter and transportation. After all those items are paid for, nothing is left and many even borrow to cover the deficit they inevitably experience, leading them to pile up their debt.

So, why not borrow in order to put up a savings account? If you can borrow at a low rate and put it in a bank even at a lower interest rate, that might end up being better than the loan shark’s rate or having to borrow constantly. With a buffer in your bank you can turn to for a couple of months or more, the stress and the inconvenience might end up being much less for the entire family or the individual.

  1. Borrowing to augment a necessary expense

If one rents a home or plans to put up a new one, borrowing can take a big chunk off your regular monthly budget. Or if one plans to purchase an appliance, say a washing machine or a ref, and one does not have the cash to buy one, borrowing even a portion of the cost for a down-payment or to augment whatever savings one has, will answer the need. One does not need to borrow all the money needed for an expense. Saving part of the money then borrowing the rest will do the trick. The same thing goes with renovating a house or fixing a car or even expanding a small business.

Many people fear borrowing is tying one’s neck to someone or something that will end up having total control over one’s life and future. That is basically a mental trap that most people cannot avoid because of certain experiences they have had. But we can turn around that attitude into one where we will have more control over one’s finances and expenses. A sufficient amount of knowledge and monetary discipline will go a long way toward gaining good experience in financing and acquiring loan.