Have you ever seen a product that you thought was a great idea, yet simple and wondered why I never thought about it?  I ran across an article about a couple (Todd and Rahn Basche) that created a combination lock using easy to remember words instead of numbers.  Darn, why didn’t I think of it first? Remembering a simple 4 to 5 letter word is much easier than remembering numbers.

When Todd Basche came up with the idea, he first went shopping for a word combination lock and couldn’t find one.  As a result, his company, Wordlock, Inc. was born in 2007.  Prior to founding Wordlock, Mr.Todd Basche was Vice President of Software Applications at Apple where he was responsible for iPhoto, iMovie, iDVD and iTunes.
 
The company has a patented an algorithm which creates thousands of 4 and 5 letter words which removes inappropriate words from the dials. Wordlock locks are made of hardened steel, and are used on luggage, bikes, lockers, and anywhere a standard numerical lock might appear.

Wordlock locks are sold at Target, Ace Hardware, Kmart, Sears, True Value, Walgreens and online at Amazon.com, Edwards Luggage, HSN, just to name a few.

Visit Amazon.com to buy Wordlock Locks.

Social lending networks are booming!  Internet based services such as Virgin Money, Prosper Investing / Prosper Borrowing, and Lending Club use online collaboration with credit analysis tools to match lenders with borrowers.  This creates a win-win scenario for both the lender and borrower.  Lenders get an above market rate from their investment, while borrowers get easier access to credit at a decent interest rate.

Social lending networks allows borrowers with good credit access to personal loans at interest rates more attractive than those available from conventional funding sources such as banks and credit cards.  Social lending networks use an auction style process connecting borrowers with lenders offering the best terms.

Lenders are now pumping $250,000 in capital per day into Lending Club with about 95% of loans over the past month being fully funded.  In 2008,  Lending Club generated over 2,500 loans totaling $21 million (approximately $9,000 per loan).
 
Lenders at Lending Club fund specific borrowers with an interest rate of 6.69% to 19.37%, minus a service charge of 1%. Borrowers must complete a loan request online and can instantly view the interest rate they qualify for.  It’s free to check interest rate, however there are strict credit-standards that must me met, such as a minimum FICO score of 660.  So if you have bad credit you are out of luck. The interest rate is fixed for the full three-year duration of the loan. As part of the loan application, a borrower must provide a social security number and other identifying information. 

Below are 2 videos;  the first is about getting a loan at Lending Club and the second is of the CEO of Virgin Money being interviewed on CNN about the benefits of social lending.

Video: Getting a Loan at Lending Club

Video: What Works – Social Lending

For more information visit LendingClub.com, VirginMoneyUS.com and Prosper Investing / Prosper Borrowing.

Related Article: Get a Personal Loan via the Internet

Online banks definitely have the highest interest rates today.  One online bank with a very unique name that has some of the highest returns is “RedneckBank.com“. The company claims to have a good laugh, but taking care of your banking needs is no laughing matter. RedneckBank.com offers high interest, no minimum balance, no monthly maintenance fee and many other free services.

Redneck Bank is the Internet Banking Division of Bank of the Wichitas, a well-respected “country” bank established in 1913, and is insured by the FDIC, like all legitimate banks!

Right now RedneckBank.com is offering 5.25%APY under $10,000 on Rewards Checking and 3.10%APY under $35,000 for Mega Money Market Account. 

Below is a screenshot of comparisons of the Redneck Bank checking accounts:

For more information visit RedneckBank.com

Related Article: Earn More Money with Internet Banks

TaxACTOnline now allows you to prepare AND file taxes fast, easy, and best of all free! There are no rebates, restrictions, or gimmicks.

TaxACT is developed by professional accountants and CPAs making doing your taxes a hassle-free experience.  TaxACT is now in its eleventh tax season and is the 2nd most visited destination for do-it-yourself tax preparation services.

With TaxACT you can print a copy of your return, print individual forms, or have a printing-related question, you’ll quickly find the information you need.

For more information visit TaxACTOnline.com.

Many military families who were required to relocate because of change of duties have been hurt by the current real estate market.  Many of these families saw the value of their homes drop significantly. 

However, because they had to relocate, they sold their homes for a loss, couldn’t sell their homes or had to go into foreclosure.  Now there is help from the $787 billion stimulus package, signed into law by President Obama on February 17, 2009.  The stimulus package has a provision titled, “Military Homeowners Assistance Program (HAP)”.

HAP offers eligible applicants compensation for the difference between 95% of the appraised fair market value of the property prior to the announcement date, and the appraised value of the property at the time of sale, or the sales price, whichever is greater. Closing costs are reimbursed for private sales.  HAP extends to eligible n military homeowners who purchased homes before July 1, 2006 and who sell the homes before Sept. 30, 2012.

HAP was originally created because of the rising foreclosures and the credit crisis, and adds more than $400 million to help military homeowners who are in the middle of foreclosure, or unable to sell their homes in the event of a permanent change of station order.

HAP also assists wounded soldiers who must relocate due to medical reasons, and surviving spouses of fallen service members who are also forced to move.

For more information about the stimulus package go to Recovery.org.

Last week I posted a video clip of the “The Daily Show with Jon Stewart” exposing the so called experts and executives who don’t know what they are talking about or just plain lying.  In the video Jon Steward blasted Jim Cramer, of “Mad Money” for telling investors that, “Bear Stearns is not in trouble…and…it’s time to buy, buy, buy”. The company collapsed 6 days later.  (See video post)

The clip definitely stirred things up between the men with a Jim Cramer getting invited to Jon’s show to clear things up. Below is the video of the interview.  In the video Jon Stewart is really hard on Jim Cramer who seems like he’s out of his league with this debate.

Video: Jon Stewart vs. Jim Cramer Unedited Interview Pt. 1

Video: Jon Stewart vs. Jim Cramer Unedited Interview Pt. 2

Video: Jon Stewart vs. Jim Cramer Unedited Interview Pt. 3

Related Post:  Jon Stewart’s Very Funny But True Video

Citi has released an informational video called “Facing Foreclosure” showcasing how Citi is working with outreach programs across the country to help stem the tide of foreclosure and keep people in their homes.

Video: Facing Foreclosure by Citi

Citi has also announced the “Homeowner Unemployment Assist” program, which is the latest program offered under Citi Homeowner Assistance, their multi-faceted program to help people avoid foreclosure and stay in their homes. Citi understands that unemployment is a major concern facing the American economy right now, and it especially worries mortgage holders. Homeowner Unemployment Assist will help recently unemployed, delinquent CitiMortgage customers stay in their homes by paying a reduced monthly mortgage payment for three months.

Below is a Question and Answer from Citi about the program:

How does this program work?

CitiMortgage customers meeting certain criteria who have recently lost their jobs will be eligible to participate in the Homeowner Unemployment Assist program. Often when families lose their homes, they are forced to downsize to a one- to two-bedroom rental residence. Under the Homeowner Unemployment Assist program, Citi will lower required monthly mortgage payments for the majority of qualifying customers to an average of $500 for three months. $500 is below the cost of the nationwide average rent for a one-bedroom residence.

How to I know if I qualify for this program?

If you make payments to CitiMortgage, are more than 60 days delinquent or in foreclosure and have a first mortgage loan that is for your principal residence, please contact CitiMortgage at 1-800-283-7918 and our mortgage professionals will look up your loan file to understand if you qualify for this program. At this time, this program is only available to customers who have a first mortgage owned and serviced by CitiMortgage and does not apply to second mortgages or home equity loans.

What kind of documentation is required in order to be eligible this program?

You must:

• Provide proof of unemployment
• Be actively seeking work as verified through State Unemployment benefits receipt, letter, etc.
• Be involuntarily unemployed for under six months

How are the payments determined and will the payment go towards my principal or my interest? What about escrow or insurance and taxes?

• Customers with a monthly escrow account payment of $500 or less with their CitiMortgage loan will pay a lowered monthly amount of $500.
• Customers whose monthly escrow amount exceeds $500 will be asked to pay the amount necessary to cover the monthly escrow.
• Customers who do not have an escrow account with their CitiMortgage loan, but who pay their own property taxes and other real estate costs directly, will pay a monthly amount of $300. Payments will first be applied to escrow, taxes and insurance. Any remainder will go towards paying off the principal with no interest accrued.

Can I be Self Employed?

If you have been involuntarily unemployed for under six months and are actively seeking work as verified through State Unemployment benefits receipt, letter, etc. you can qualify for the program.

What if I find a job prior to the payment ending period?

Borrowers who find employment during the payment relief period must resume their original monthly payments, or if eligible, receive a long-term loan modification under Citi’s streamlined program adopted from the FDIC.

What if I can’t find a job by the end of the payment relief period?

Citi will work with customers on a case-by-case basis to explore the best solutions for the customer.

Are other Citi businesses, such as CitiFinancial, Citibank, Primerica, taking part in this program?

At this time, the program is only available to CitiMortgage customers with a first mortgage loan.

Do you expect the other Citi businesses to launch similar programs for their mortgage and other customers in the future?

Citi continues to evaluate the best ways to help its customers and run its business safely and soundly in this challenging economic environment.

For more information visit CitiGroup.com or call 1.866.915.9417.