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Can Bankruptcy Solve Home Mortgage Problems?
Home mortgage problems often lead to default and foreclosure of the property the individual is attempting to purchase. While bankruptcy may be the last resort to solve any financial difficulty, some homeowners seek this process to try to stop a foreclosure from taking the home away. Bankruptcy often erases most or all the debts of […]
Home Buying Agent vs. Real Estate Attorney
Purchasing a home will likely be the largest and most significant transaction of your life, which is why many people choose to hire a real estate agent to assist in the search and negotiate on their behalf. Real estate agents generally fall into two categories: home buying agents and home selling agents. Home buying agents […]
8 Tips for Choosing A Foreclosure Attorney
8 tips for choosing a foreclosure attorney Many homeowners fight foreclosure by hiring lawyers to represent them. Read on for eight tips for finding and selecting a foreclosure defense attorney, and what to expect. HUD is your bud Here’s the first bit of advice from lawyers: Before contacting a lawyer, call a HUD-certified housing counselor. […]
When Should I Hire a Foreclosure Attorney?
When it comes to foreclosure, hiring an attorney early in the process helps ensure that you have more options available to you than what might be available later in the foreclosure process. For example, a lawyer can help you work out a deal with the lender that will allow you to stay in the home, […]
How Much Do We Need as a Down Payment to Buy a Home?
It can be confusing to understand the amount of money you’ll need for a down payment on a home because of the availability of different loan programs. Many people, anxious to buy their first home, want to find a loan that requires the smallest percentage down payment. For example, say that a couple has been […]
Why Millennials Prefer Adjustable Rate Mortgages
The 30-year fixed-rate mortgage has long been a tradition in the U.S., but for many Millennials buying homes, this old-hat loan product just won’t cut it anymore. Instead, this cohort is gravitating toward a historically less-used product: the adjustable-rate mortgage. Offering lower up-front costs and the flexibility to up and move without taking a huge […]
Loan Modification: Lower Your Payments and Avoid Foreclosure
Sometimes all you need is a little break when you find yourself struggling to make your mortgage payments. A loan modification program can provide relief by making permanent or temporary changes to your loan, such as by reducing your interest rate or extending your payments. You don’t have to default entirely—you can make a few […]
What Is an Upside-Down Mortgage?
When you buy a home, you hope the value will appreciate over time so you’ll be able to build equity. Of course, it doesn’t always work out that way. Home values in neighborhoods can rise sharply for relatively simple reasons such as a major improvement in public transportation. Home values can also plummet. These fluctuations […]
5 Mortifying Reasons Mortgage Applications End Up in the ‘Reject’ Pile
Picture this nightmare: You apply for a mortgage, but your application gets rejected. Suddenly, you’re hit with an overwhelming wave of embarrassment, shock, and horror. It’s like having your credit card denied at the Shoprite. So. Much. Shame. Sadly, this is a reality for some home buyers. According to a recent Federal Reserve study, one […]
5 Mortgage Misconceptions Set Straight
Looking for a home loan? Get your facts straight so you can proceed with confidence. Getting a mortgage can be a breeze or a slog, depending on what you know about the process. To get organized and set your expectations properly, let’s debunk some common mortgage myths. 1. Lenders use your best credit scores If […]