Fewer than 5,000 homeowners have taken advantage of an Obama administration program that aids “underwater” homeowners, reflecting banks’ resistance to offer such principal write-downs. The administration in March 2010 unveiled a multi-part effort designed to encourage banks to slash principal balances for borrowers whose homes have plunged in value due to the housing bust. It […]
Should You Incorporate?
Is incorporating your small business worth the time and money? Stacy Johnson offers some tips for deciding… Questions or comments? We’d love to hear from you. Just click the comment link below and share your thoughts or questions. Your email address will never be displayed on this site, and we never share your address with […]
Mortgages: Should You Keep Paying On Yours?
Should you keep paying your mortgage on a home that’s dwindling in value? No way, say an increasing number of underwater homeowners who are voluntarily choosing to “walk away” from their home loans, a practice known as “strategic default.” Jon Maddux, CEO of YouWalkAway.com, reports 10% more clients this year to his company, which advises […]
Mortgages: Strategies for Getting Approved
Before a buyer even begins to look at homes, it is critical to know if they qualify for a mortgage, and how much of a loan they qualify for. There are several proactive steps that can be taken in order to prepare for getting approved for a mortgage. If followed, these tips will successfully guide […]
Buying A Foreclosed Home
Foreclosure begins when a property owner defaults on the mortgage of a property, mainly due to financial difficulties or the inability to keep up with the mortgage payments. In the event a property succumbs to a foreclosure, it’s likely that the property has not been maintained as it should have been. This means perhaps the […]
Mortgage Denied? Here Are Some Possible Reasons
Getting a mortgage just keeps getting tougher, and many homebuyers are getting rejected for loans they could easily afford. The issue: Tighter standards from Fannie Mae and Freddie Mac, the government entities that back mortgages made by banks. A quarter of all mortgage loan applicants get denied for loans, according to the Federal Reserve. Many […]
Closing on Your Mortgage
If you’re in the process of buying a home for the first time, you’re probably wondering about what you can do to help make the mortgage closing process smoother. To do this, it’s important to understand your role as well as your mortgage lender’s role is in the home-buying process. Your Mortgage Company’s Role Your […]
Housing Rescue Scams
If you’ve considered an easy fix for your mortgage debt, beware. Questions or comments? Just click the comment link below. Your email address will never be sold or shared with any third party, nor will it appear anywhere on this website.
The Mortgage Deduction: Sacred or Superfluous?
As our country faces possibly the biggest budget crisis ever, the Obama Administration has created a deficit commission charged with discovering the best ways to bring down the national debt. It has come up with a plan to cut our $3 trillion dollars in debt over the next decade. One of the proposals this commission […]
FICO Profiles the Strategic Defaulter
Strategic default refers to a relatively new phenomenon where borrowers who have the capacity to make their mortgage payments but choose instead to default, often because the property value is less than what they owe on the mortgage loan. Last year, the practice had become such a concern within the industry that Fannie Mae announced […]
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