According to the Mortgage Bankers Association, “One out of every two hundred homes will be foreclosed upon.” Even more startling, every third month, 250,000 families are faced with their home foreclosing. While there are many ways, including loan modification, that help homeowners who face foreclosure keep their homes, there are also illegitimate methods that homeowners need to be aware of.
Foreclosure fraud is a serious problem and the criminals at large use a bevy of methods to dupe unknowing homeowners. Imposter companies will make promises of mortgage help, requiring customers to pay money up front for the services, then split town, never to be heard from again. Criminal organizations may also go straight for the house itself, asking borrowers to hand over ownership while the fraudsters assure the customer it will be theirs again a few years down the road. The latter part of the deal, however, does not occur. No matter the illegal method of conning homeowners out of their home, the outcome is generally just that – the loss of a home. (more…)
Can your house be used for debt settlement? It depends on the capacity in which you’d like to use it. Debt settlement isn’t the same thing as having a debt judgment levied against you by a court. Debt settlement is voluntary and something that you’d do in order to pay off your debt. If your debts are higher than you can afford and you can’t keep up with the monthly payments, you can initiate a debt settlement with your creditors. You don’t need a lawyer to do it but you may need a thick skin and some bravery in order to contact your creditors and ask that your debts be reduced to allow you to pay them off in a lump sum. (more…)
If you’ve ever considered applying for a home mortgage loan online, there are a few pros and cons to think about before getting a home mortgage loan online.
Owing a home is something that many people work towards. In today’s market, there are many new opportunities for first time home buyers to obtain such goal. First time buyer programs, tax rebates, low prices, good finance rates, and many other factors makes this one of the best times to buy a home. For some people, it’s just a matter of finding their dream house and they will be ready, but for others getting the financing they need to maintain their own will be a challenge that they will have to work hard for.
Today’s real estate market is a volatile one; prices are bouncing around and Interest rates are still favorable, but foreclosures are still a big part of the market. Wages haven’t kept up with home prices and some buyers who had to stretch to find a way to obtain a mortgage in the first place are having trouble making their payments. Usually, if a buyer cannot meet his or her mortgage obligation, the lender forecloses, taking the home and leaving the buyer without a place to live and a tarnished credit record. If you are having problems paying your mortgage, can you avoid this scenario?
