There are many homeowners looking to buy new homes because of all-time low interest rates and the fact that home prices are at a record low. However, many are stuck in their current homes because they simply cannot afford to get out from under their existing mortgage obligation. To compound matters, home values are on the decline because the foreclosure rate around many occupied homes is at an all-time high. Although there is little homeowners can do to help improve the overall housing market value, implementing a vacant property registry in your community is one way to make sure vacant… Read more »
Archive for 2012
According to new data released by Trulia, Las Vegas short sales are on the rise, and are quickly overtaking bank-owned home sales. A remarkable 498 homes sold through the short sale process during the first half of June 2012, while only 434 homes owned by lenders sold and closed during the same time frame. What is happening? Why are so many people jumping on the short sale bandwagon?
Mortgage Debt Relief Act Expiring
One of the most likely reasons for the rise in short sales in Las Vegas is that the Mortgage Debt Relief Act is set to expire on December 31, 2012. While there… Read more »
If you’ve decided to try to save your house but you don’t have enough money to catch up on your payments, getting a second job can be a viable option. However, this will not work for everyone. This strategy assumes that: You can find a second job, You will be able to make enough money from the second job in time to save your house, and You will be able to quit the job once you get caught up. In order for a second job to be a realistic option for you to stop foreclosure and save your house, you… Read more »
The Home Affordable Modification Program was set up by the U.S. government to help homeowners facing foreclosure get loan modifications from their lenders. The program was supposed to prevent millions of foreclosures, but has fallen far short of that goal.
Eligibility for the Home Affordable Modification Program
In order to quality for HAMP, borrowers must have mortgages that were initiated no later than Jan. 1, 2009. The amount owed on the home cannot exceed $729,750 for a single-family home, and the mortgage being modified must be a first mortgage. There are also income requirements for getting a modification through the Home Affordable… Read more »