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 »
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 »
When people buy properties by taking out mortgage loans, the lender gets an ownership interest in the property. That is, the property serves as collateral. This means that if you borrow money on a house and are not able to make the mortgage payments, the lender has the legal right to take possession of your property and evict you. This process is called foreclosure.
Foreclosure is a legal process and it does not allow your lender to take possession of your property very quickly. There are four stages in the foreclosure process. All the stages or the steps are set according… Read more »
If you’re falling behind with your home loan, the best thing you can do is contact your bank right away to attempt and work out some kind of payment arrangement. If you wait till a notice of default has been filed, the loan company will probably be less likely to work out any arrangement with you. Should you speak to the lender in time, there is an excellent chance they will offer you a specific amount of time to have things up to date and stop foreclosure…. Read more »