Kathy Foran - REALTY EXECUTIVES Boston West



Posted by Kathy Foran on 3/1/2015

Did you know your credit score can change every day? Your credit score or FICO score is a three-digit number used by lenders to help them decide whether or not to lend you money and at what interest rate. Knowing what lenders see as risky can help you avoid mistakes that can damage your credit score for years. Here are some of the factors lenders look at: Payment track record How much debt owed Credit history Established credit New credit inquiries Types of credit accounts If you want to have the best credit score possible there are a few basic things that, if done on a regular basis, should improve a credit score: Pay all of your bills on time, every time. Keep your credit card balances low. Only open new credit when necessary.





Posted by Kathy Foran on 2/8/2015

With the tax deadline come and gone it is important to know that not paying your taxes can have significant repercussions. Tax laws and even worse the fallout from not paying your taxes can be a complicated mess. You could get stuck with a tax lien, if this happens to you here are tips on what can you do to remove a tax lien? First, what is a tax lien? It is a legal way for the IRS to get an individual to pay tax debt. Liens can be placed on personal or real property when you fail to pay taxes within a given period of time. The lien is usually filed at a local County Clerk’s office and is a public document. It can also be filed with the Secretary of State. Through the lien the IRS gains legal claim on property until the lienor can pay the tax that is owed. Tax liens are not only inconvenient but they can also affect your credit rating. The sale of any personal property will also be difficult or even impossible. Your top priority should be to remove a tax lien as soon as possible. Here is what you need to know: 1. You have 30 days to respond to a tax lien after receiving a “Final Notice of Intent to Levy”. 2. Tax liens can expire but this may not be the best option. For tax liens more recent than November 6, 1990, the tax lien becomes unenforceable after 10 years. For all liens prior to November 6, 1990, the tax lien becomes unenforceable after six years. 3. A tax lien can show on your credit report forever. Even if it expires the lien will remain on your credit report, whether the IRS acts upon it or not. 4. Pay the tax that is owed. If you choose this option, your tax lien should be removed within 30 days. It can be removed from your credit report as well. 5. Prove a financial hardship. If you can prove to the IRS that levying money in your bank account will cause more harm than good and that it may cause you to never be able to pay them what you owe them. 6. Your best option is to consult with a tax professional to help you create a realistic tax payback plan or correspondence with the IRS.




Categories: Money Saving Tips  


Posted by Kathy Foran on 1/18/2015

Housing prices are low, rates are low but how can you buy a house when your funds are also low?  How can you save money for a house while prices and rates are still good? Saving for a home can be different than just saving because you have save such a large amount of money and you don't know exactly how much you'll need.  Here are some strategies on how to save up: 1. Start with small goals. Try saving for closing costs or another smaller amount and then add another goal. Break the down payment into 3%, 5%, 10%, and 20% levels, to help make the savings goal more achievable. 2. Try saving a specific amount of money every month. Instead of saying I want to save $6,000 a year it is easier to say I will save $500 a month. Smaller, more achievable milestones are always good motivators to savings. 3. Ask for help. If people ask what to give you a gift for your wedding, birthday etc. ask them to contribute to your home savings plan. Online sites like SmartyPig make it easy to get other people involved in your savings goals. 4. Create a visual goal graphic. Create a vision board or some kind of graphic that represents what you are saving for. It always helps to see what you are saving for and have a constant reminder. Hopefully, you'll be on your way to a new home in no time.





Posted by Kathy Foran on 12/14/2014

Would you like to save money every month? How about eliminating $1,000 a month from your budget?  Trimming $1,000 a month is no easy task. Here are some places to start reducing your monthly expenses. 1. Phone, Cable and Internet Start out trying to cut costs on utilities. Call your cable, phone and Internet providers. Review the services you have, look for services you don't need, and slim down the utility bill as much as possible. Don't forget to ask about any specials or promotions they may be running. You may also want to call the competition to see if they offer a better deal. 2. Child Care You can save money on child care if your employer offers a flexible spending account. A flexible spending account lets you set aside pre-taxed dollars to pay for health care, child care and commuting costs. 3. The Mortgage If mortgage rates are low you may want to consider refinancing. A lower interest rate can help reduce monthly mortgage payments. You may also consider future savings and change the terms of your mortgage. Look into 15-year mortgage options that could allow you to have your home paid off prior to retirement. 4. Groceries Take the time to comparison shop when buying groceries. Try the store brand instead of paying top dollar from brand name food. Coupon clipping can also save you money, every little bit helps. You may not have time to become a master coupon clipper, however, saving a few dollars each week will add up over time. If you can focus on recurring monthly expenses, and make cut backs as needed, you won't have to work as hard every month to save money.





Posted by Kathy Foran on 6/29/2014

Making daily choices to help conserve water is a win win. Reducing the amount of water used in your home will help protect our world's natural resource and save you money at the same time. Best of all, most of the ways to save are either free or very inexpensive, and will save you hundreds of dollars every year. Here are some water saving tips that are friendly to both your wallet and the environment: Turn off the faucets. Don't run the water while you are shaving, shampooing your hair, washing dishes, or brushing your teeth. Did you know turning off the water while brushing your teeth can save you over 25 gallons of water every month? Fill up the sink when doing the dishes. Put soap on one side and rinse water on the other side of the sink or use a plastic rinse bin. This will save you gallons of water every time you clean. If you use a dishwasher, always run full loads. Don’t do laundry unless you have to. Always run a full load in the washing machine. You can also reuse towels to save on filing up the laundry basket. Don't use the toilet as a wastebasket. Every time you flush a bug, tissue or trash down the toilet you waste five to seven gallons of water. Bring your car to the car wash. Commercial car washes often use recycled water. Cover pools, spas, and hot tubs when not in use. This will help prevent evaporation of water. If you must water your lawn make sure to do it early in the day so you don't lose water to evaporation. Mulch your plants. Placing mulch around your plants will help keep them retain moisture. Water conservation will have you saving money on your utility bill and also prevents water pollution in nearby lakes, rivers and local watersheds.