Is Buying a Fixer-Upper Worth It?

Mortgages

Is Buying a Fixer-Upper Worth It?

Is Buying a Fixer-Upper Worth It?

These days, true fixer-uppers are few and far between. A more exuberant housing market has severely depleted the post-recession inventory of foreclosures and distressed homes. Still, there’s a chance you’ll stumble upon a property whose appearance is not quite as dreamy as its price tag. Here are some things to consider if the affordable home... Read More

What Will Leave a Black Mark on My Credit Report?

Credit Score

What Will Leave a Black Mark on My Credit Report?

What Will Leave a Black Mark on My Credit Report?

When you’re looking to apply for a loan, lenders place a major emphasis on your credit report. Your credit history includes your amount of debt and payment history, as well as other factors, and lenders look to your past credit behavior to see whether you’ll be a good credit risk going forward. There are some... Read More

Can I Walk Away From My House After Bankruptcy?

Managing Debt

Can I Walk Away From My House After Bankruptcy?

Can I Walk Away From My House After Bankruptcy?

Bankruptcy and foreclosure can each have serious negative consequences for your credit scores. But what if you experience one and then the other? Is it a double-whammy? Our reader Brent went through bankruptcy nearly seven years ago, and did not reaffirm his mortgage. But he continued to make his mortgage payments, and is still living... Read More

10 States With the Highest Foreclosure Rates

Mortgages

10 States With the Highest Foreclosure Rates

10 States With the Highest Foreclosure Rates

The national foreclosure rate increased 1% in May from April and increased 16% from May 2014, reaching a 19-month high, according to RealtyTrac, a housing-data company. One in every 1,041 housing units in the U.S. had a foreclosure filing in May, which includes notices of default, scheduled auctions and bank repossessions. For the third month... Read More

Boomerang Buyers: Is There Homeownership After Foreclosure?

Mortgages

Boomerang Buyers: Is There Homeownership After Foreclosure?

Boomerang Buyers: Is There Homeownership After Foreclosure?

Roughly 7 million Americans lost their homes during the Great Recession. Now, seven years on, the first wave of those consumers might be ready to dip their toes back into the housing market, as their credit reports are finally clean of that negative entry. The group has been dubbed “boomerang buyers.” There’s disagreement about how... Read More

There’s No Such Thing As a Free House, Even When You Win the Foreclosure Battle

Mortgages

There’s No Such Thing As a Free House, Even When You Win the Foreclosure Battle

There’s No Such Thing As a Free House, Even When You Win the Foreclosure Battle

Some homeowners are emerging from the housing crisis with “free houses,” according to a recent article in the New York Times. According to the article, some homeowners are seeing the foreclosure cases brought against them dismissed because lenders missed key deadlines or because the statute of limitations has expired (here’s a nifty guide on states’... Read More

10 States With the Highest Foreclosure Rates

Mortgages

10 States With the Highest Foreclosure Rates

10 States With the Highest Foreclosure Rates

Foreclosure activity in the U.S. declined 9.39% from February 2014 to February 2015, with one in every 1,295 housing units in some stage of foreclosure last month. That’s the lowest the national foreclosure rate has been since July 2006, according to RealtyTrac’s monthly report on the foreclosure market. The analysis looks at how many homes... Read More

10 States Where Home Repossessions Are on the Rise

Mortgages

10 States Where Home Repossessions Are on the Rise

10 States Where Home Repossessions Are on the Rise

Mortgage lenders started spring cleaning early this year, as they repossessed 23% more properties last month than they had in January 2014. From December 2014 to January 2015, repossessions jumped 55%, contributing to a 5% month-to-month increase in overall foreclosure activity, according to the January RealtyTrac U.S. Foreclosure Market Report. More than half the states... Read More

The States Where Foreclosure Rates Rose in 2014

Mortgages

The States Where Foreclosure Rates Rose in 2014

The States Where Foreclosure Rates Rose in 2014

One in every 118 U.S. homes was in some state of foreclosure during 2014, bringing the national foreclosure rate below 1% for the first time since 2006. The year-end report from RealtyTrac puts the foreclosure rate at 0.85% for 2014, a 17.94% decline from 2013. Only 11 states plus the District of Columbia reported increases in... Read More

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