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

Elderly Woman Ignores HOA Mail, Loses Her Home

Mortgages

Elderly Woman Ignores HOA Mail, Loses Her Home

Elderly Woman Ignores HOA Mail, Loses Her Home

A Kentucky woman paid for her home in 2007 — $125,000 in cash — but she’s paying rent for that place now. After six years of failing to pay her $48 annual homeowner’s association fees and subsequent late fees, her house was foreclosed upon, according to a report from the Lexington Herald-Leader. Ingrid Boak, 75, said… Read More

Mortgage Delinquencies Hit a 5-Year Low

Mortgages

Mortgage Delinquencies Hit a 5-Year Low

Mortgage Delinquencies Hit a 5-Year Low

Foreclosures and delinquencies in the housing market have dropped to levels as low as before the recession, according to the most recent Mortgage Bankers Association’s National Delinquency Survey. The percentage of mortgages with at least one late payment dropped to a five-year low last quarter, with 6.41% of all outstanding home loans in delinquency. The… Read More

Is Your State Still Struggling With Foreclosures?

Mortgages

Is Your State Still Struggling With Foreclosures?

Is Your State Still Struggling With Foreclosures?

The housing crisis flooded the real estate market with foreclosures, and while the number of foreclosed homes on the market has declined significantly in the last year, some states are moving through the backlog faster than others. Foreclosure processes vary among states, one of the biggest differences being whether or not foreclosures require court action…. Read More

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