The majority of the unemployed that were looking for the Dodd-Frank Wall Street reform bill that passed in 2010 to help save their homes from foreclosure are heading straight for disappointment. According to the U.S. Housing and Urban Development Department (HUD), of the 100,000 applications received, only about 10,000 to 15,000 of the applicants actually Read more…
Loan modifications have almost become commonplace when it comes to real estate finance. There are several reasons for this. People simply can’t afford their current mortgages, due in large part to the terms of their original home loans. Some loans were taken out with teaser rates as low as one percent, and after a few Read more…
We’ve all seen it happen to our close friends and relatives. They purchase a home, and you can feel their excitement; particularly first-time home buyers. But too often, in a tight credit market, where lenders are particularly hard-pressed to approve loans, first-time homebuyers are declined for a variety of reasons. In many cases it’s due Read more…
You put your heart and soul into a new home purchase. Buying a home is one of the most important transactions of your lifetime. In some cases it takes all of your resources, your hard-earned savings, and your retirement account. You’ve probably mentally moved into your new home months before it actually happens. You’ve decorated Read more…
One of the biggest purchases you will probably make it your life is your home. Your home may also be the biggest tax deduction you have. In order to save as much money as possible you should know the ins and outs of the tax deductions regarding the liens or mortgages you have on your Read more…
A deed of trust is a document that secures a promissory note, which is essentially a loan against real estate. When a person borrows on a property, they sign a promissory note which has all the details of the loan such as loan amount, interest rate, and payment schedule. A deed of trust is also Read more…
When a married couple takes out a home loan, the note and deed of trust that secures the loan are in both names. Often as part of a divorce settlement, only one spouse is awarded the property. This can present a credit dilemma to the spouse who didn’t receive the property. This is because both Read more…
The “should I own or should I rent” dilemma is not a new. It is an issue that consumers across the country are struggling to find an answer to, and each option has its own set of advantages and disadvantages. Choosing whether it is better for you to rent or buy comes down to a financial Read more…
Whether you are the buyer or the seller in a real estate transaction, the appraisal is one of the most important steps in the process. The appraisal determines the market value of the home, so if the appraised value of the home comes in low, the entire deal may fall apart. The appraised value of Read more…
You may remember your grandparents talking about how they moved into their home as newlyweds, and you may remember many holidays at the dinner table of this same home. For homeowners like these, paying off the mortgage as fast as possible may be a good idea in order to pay the least amount of money Read more…
Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits Read more...
One of the biggest purchases you will probably make it your life is your home. Your home may also be Read more...
The home loan business has experienced significant changes since the real estate crash of 2008. Most notably it has become Read more...
1. What is HUD? HUD stands for the United States Department of Housing and Urban Development. It’s a government agency Read more...