Mortgages & Real Estate

What To Do If Facing a Possible Foreclosure

The recession officially started December 2007 and ended June of 2009, however many homeowners struggled to stay current on their mortgage before that time, and still do now. Those in the financial industry have been learning how to help people either avoid or survive foreclosure of their home, [...]

How to Drop Expensive PMI from Mortgage

PQVZCCWKQENX Private Mortgage Insurance (PMI) is expensive insurance that protects the lender if you foreclose, not you but you have to pay for it. It is required if you put less than 20% down when you purchase a new home, unless you can prove that your total equity is equal to or exceeds 20% (22% [...]

Homeowner Who Foreclosed, Other Personal Finance Headlines

Interesting articles worth checking out: Homeowners qualifying for new mortgage after short sale. Auto purchasing and the various fine print costly add-ons. Estate planning: Naming a trustee for your trust, and living wills. Roth IRA escape hatch, for those that already converted, but now regret [...]

Real Estate Rebounding?

Is the rumor true, is the real estate market rebounding? There are early indications that after years of depreciating values, prices in some areas are holding and are trickling up a bit. New homes being built are also on the incline. The inventories of houses for sale are the lowest in several [...]

Home Mortgage Good News

I’ve talked to several people who have been having difficulty staying current on their mortgage, some just over the past year, and others that have been struggling for several years that have qualified for help recently, and they are able to stay in their homes.  Some have even been turned down [...]

Wrongful Foreclosure Compensation Deadline Approaching

If you’re one of the millions of people who’ve faced losing your home through a wrongful foreclosure, you might get help, but you must act quickly. Homes that were foreclosed on in 2009 and 2010 should find out about the free Independent Foreclosure Review (IFR) process. The IFR process is by the [...]

Lender Reduced Interest Rate to 1% for Veteran

I just spoke to a good friend and veteran in Columbus Ohio that has a mortgage with JP Morgan Chase for 30 years at just over 6%. Chase lowered their interest rate to 1% for 3 years, which made their monthly payment drop by about $400. They were told that this was a special program for people who [...]

When to Pay off Your Mortgage

There is quite a bit of miss-information when it comes to whether someone should pay-off their mortgage. On one hand it is wise to have as a goal to someday have a mortgage free home, especially as one enters the retirement years, and minimizing of cash flow and simplification are goals. Many [...]

Renting Prosperity

A few days ago the Wall Street Journal had a very interesting and thought provoking article “Renting Prosperity.” This fascinating article may interest you if you: Are renting and considering buying Used to own a home, but are renting now Wonder about the effect of the housing crisis on people’s [...]

Homeonwership Rate Falls to 15-Year Low

Monday the Census Bureau announced that the percentage of people owning homes fell to the lowest level in 15 years to 65.4%, after peaking at almost 70% in 2004.

New Short-Sale Rules

Source: Kenneth Harvey LA Times A real estate short-sale occurs when someone sells their home for less than they owe the bank. People considering them are trying to get out of a mortgage payment they can’t afford, usually caused by unemployment, health care bills, divorce, or over use of debt [...]

Bank of America New Plan for Foreclosing Homes

The Wall Street Journal reported that BofA is initially offering in New York, Arizona and Nevada homeowners who are having difficulty making mortgage payments, to lease their home back to them, at market rates, in exchange for transferring the deed to the bank using a ‘deed-in-lieu of [...]

The Tax Implications of Foreclosure

The current economic turmoil has seen many good people having to go through foreclosure. For those that have the unfortunate experience of this, they might want to read the article in the Wall Street Journal regarding the tax implications of foreclosure

Bank Of America To Pay $335 Million In Fair Lending Case

Fox reported today that Bank Of America To Pay $335 Million Settlement In Fair Lending Case | Fox News to resolve allegations that its Countrywide unit engaged in discrimination of African-American and Hispanic borrowers.

Mortgage Settlement Possibly Forthcoming

Housing and Urban Development and some state officials are negotiating a settlement in the ballpark of $25 billion, with the 5 largest mortgage providers: J.P. Morgan Chase, Bank of America, Citigroup, Ally Financial, and Wells Fargo that could benefit some homeowners with troubled mortgages, the [...]

First Time Home Buyer Tips

Step 1: Get Your Financial House in Order Before you even think about the purchase of a home, look at your entire financial plan (talk to a financial planner and/or do your own plan using online software like eFinPLAN.com. The purchase of a house affects not only the amount of money you currently [...]

Mortgage Insurers Struggling

An article in The Wall Street Journal 11/15/11 about the Federal Housing Administration or FHA ”Loan Backer’s Cash Runs Low” states that an audit being released today that FHA has close to a 50% chance of running out of money and require a tax-payer bailout. This follows the 10/23/11 news that [...]

Refinancing Mortgage Considerations

Should I refinance our mortgage to get a lower interest rate? The old rule of thumb was if you are going to stay in your home for a few years, and interest rates drop more than your current rate by 1%, then it will be worth your while to refinance. Meaning since there are closing costs, it may take [...]
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