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 the 'Life After Foreclosure' Category
There are a lot of things to consider when you are facing the possibility of a foreclosure. The effect that the foreclose will have on your credit, how much time you will have to move, and whether the bank can come after you to collect if the house doesn’t sell for a high enough price are just a few. Before you can decide what you are going to do about your situation, you need to know what happens when you foreclose on a house.
The Timeline for Foreclosure
The foreclosure process can take anywhere from one to ten months, depending… Read more »
One of the things you might worry about if you are facing foreclosure is how it will affect your credit score. Obviously, a foreclosure will have a negative effect on your credit, but just how bad will it be? Will you ever be able to buy a house again?… Read more »