What Is a Short Sale?

Mortgages

What Is a Short Sale?

What Is a Short Sale?

The world of real estate can be confusing, and sometimes, even with careful planning, mortgage payments can be difficult to make. If you find yourself faced with options like foreclosure, bankruptcy or a short sale, it’s important to understand your choices. A short sale is for those who do not qualify or do not want… Read More

What Happens If I Stop Paying My Mortgage?

Mortgages

What Happens If I Stop Paying My Mortgage?

What Happens If I Stop Paying My Mortgage?

Homeowners who stop paying their mortgage do so for a host of reasons. Lives and financial circumstances change. Job loss or relocation might put consumers in a bind. Housing values can plummet, leaving homeowners owing far more than the property is worth. About 6% of all mortgage loans were at least one payment behind at… Read More

The New Reverse Mortgage Rule That Could Save Your House

Mortgages

The New Reverse Mortgage Rule That Could Save Your House

The New Reverse Mortgage Rule That Could Save Your House

Imagine receiving a foreclosure notice after your spouse dies, even though you are current on all of the payments. That’s just what happened to some widows and widowers who took out a reverse mortgage while their spouses were still alive. Reverse mortgages allow individuals or couples over the age of 62 to receive cash payments… Read More

Why Is the City of LA Suing a Mega-Bank?

Mortgages

Why Is the City of LA Suing a Mega-Bank?

Why Is the City of LA Suing a Mega-Bank?

The city of Los Angeles filed a lawsuit May 30 against JPMorgan Chase & Co., accusing the nation’s largest bank of pushing minority consumers into risky, unaffordable mortgages. City Attorney Mike Feuer filed similar suits against Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. last year, according to a report in the… Read More

Burt Reynolds Faces Foreclosure

Mortgages

Burt Reynolds Faces Foreclosure

Burt Reynolds Faces Foreclosure

Burt Reynolds may need to find another place to keep his Golden Globes. A judge denied the award-winning actor’s request to throw out a foreclosure on his home in Hobe Sound, Fla., allowing Bank of America to continue the lawsuit against Reynolds, according to a report from the Associated Press. Reynolds, 78, allegedly fell behind… Read More

How Short-Sale Survivors Can Get a Mortgage

Mortgages

How Short-Sale Survivors Can Get a Mortgage

How Short-Sale Survivors Can Get a Mortgage

Need to finance a home this year? If you had a previous short sale, pay very close attention to your credit report, because it might list the home as a foreclosure. It’s important to know how this difference can prevent you from getting a new mortgage again, and how you can deal with it so… Read More

Last Year’s Foreclosures Hit Lowest Total Since 2007

Mortgages

Last Year’s Foreclosures Hit Lowest Total Since 2007

Last Year’s Foreclosures Hit Lowest Total Since 2007

In the past year, the national foreclosure rate declined each month by at least 20% from where it had been the year before, according to the CoreLogic Market National Foreclosure Report from December. Additionally, the 12-month sum of completed foreclosures hit its lowest level since 2007. The progress is encouraging — about 837,000 homes in… Read More

Is Foreclosure the End of Homeownership for You?

Mortgages

Is Foreclosure the End of Homeownership for You?

Is Foreclosure the End of Homeownership for You?

If your home was foreclosed upon during the recent housing crash, you might think there’s no chance for you to ever own a home again. But that couldn’t be further from the truth. Although lending standards are tighter than they were pre-recession, there are still a few steps you can take to put yourself on the… Read More

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