If you’re struggling to make your mortgage payments, you may want to look into buyback claims and buyback options. You can preserve your credit rating if you work with your lender or a financing company to develop a buyback solution. What is a Buyback? A buyback is a contract through which your lender or a Read more…
The inability to make mortgage payments can be taxing on homeowners. From job layoffs to unexpected medical expenses, any hardship can warrant the need for assistance. Thankfully, other options besides foreclosures exist to help homeowners get back on their feet and avoid losing their homes. Just like you, banks and lenders do not want to Read more…
With the latest economic downfall and people losing their jobs at an alarming rate, mortgage payments are slowly becoming a heavy burden for homeowners. Temporary financial hardships are very common today and as a result, some homeowners need help to avoid the doom of foreclosure and potential home loss. If you are nearing a foreclosure Read more…
You may have heard of people selling and buying short sales, but most people don’t really know what one is or how a short sale works. If your home is in jeopardy of foreclosure, you will want to look into the short sales options to see if this might be the most financially sensible route Read more…
When does the foreclosure process start? Though the time period varies, usually six months or 180 days of missed payments means you are on your way to foreclosure and eviction. During this period, the lender will try to communicate with you through various means. If you refuse to get in touch with them or respond Read more…
If you suspect you have negative equity in your home but need to refinance in order to lower your monthly mortgage payments, consider the following options: What Does it Mean to Have “Negative Equity”? If your home’s value has dropped below the amount of money you owe on your mortgage, you are in a position Read more…
If you’ve got two mortgages and are falling behind on payments, you’ll want to educate yourself on how mortgages and foreclosures affect your overall credit and borrowing situation. Understanding First and Second Mortgages A first mortgage is the original mortgage taken out when a buyer purchases a home. The second mortgage is an additional loan Read more…
Not sure what a deficiency balance is? Not sure how to protect yourself from dealing with the outcome of a deficiency balance? It’s important to educate yourself and protect yourself the best you can since a deficiency balance can wreak havoc on your credit. What is a Deficiency Balance? A deficiency balance is the amount Read more…
Many aspiring homeowners jump on the chance to buy a home at a price lower than market cost, but as with anything in this world, you rarely get something for nothing. Though you can snag a great deal on a short sale, you must also be aware of the difficulties that may arise throughout this Read more…
Dealing with a foreclosure can be quite a stressful and scary experience, especially if it resulted from a sudden event. To go from one day possessing amazing credit to the next experiencing a tumultuous drop in your credit score and a loss of your home can be hard to grasp. In times such as these 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...