Nationally, the foreclosure rate has skyrocketed in recent months. Overall, one in every 570 housing units received a foreclosure notification in the last month, which means that the national rate increased seven percent just from July to August. Realty Trac has compiled a list of the top four states in the United States for foreclosures. … Read more
With foreclosure being such a major problem in the United States today, it is tempting to jump at any offer of mortgage loan help. However, some of these offers to help homeowners avoid foreclosure are, actually, too good to be true. As more and more homeowners become desperate for a way to keep their homes, … Read more
The National Association of Realtors (NAR) has recently made suggestions designed to minimize the impact of distressed properties on local communities. According to the National Association of Realtors, inventory of real estate owned (REO) properties held by government agencies could be significantly reduced if additional resources were committed to loan modifications and short sales. They … Read more
What does it mean that the United States was downgraded by Standard and Poor’s? Essentially, it means that the credit score for the USA has taken a hit, just as any individual would take a hit if their financial outlook took a downturn. For individuals a lack of budgeting leads to increased debt, defaulted lines … Read more
Bank of America, one of America’s largest holders of mortgages has been subject to investigation and legal proceedings. Some borrowers claim that BofA has not acted in good faith after agreeing to new mortgage terms, or a mortgage loan modification. BofA, a recipient of federal funding and incentives via the Making Home Affordable program, sought … Read more
It isn’t uncommon for a homeowner to feel the effects of scrupulous mortgage lending practices. With foreclosures on the rise, and more homeowners seeking loan modification, the lending industry has become increasingly in need of regulation. The Truth in Lending Act was passed to protect borrowers from their lenders, real estate agents and contractor colluding … Read more
In Nevada, banks were recently accused in court of acting in “bad faith,” when they refused to negotiate or accept new conditions on a loan agreement. Another suit, brought against Bank of America, claims the megabank accepted government incentives for helping their debt-ridden clients, only to renege on those promises later. Borrowers claim that banks, … Read more
According to cnn.com, home prices have dipped another 4.5% in 20 major cities around the United States. Obviously, this continues to leave many home “owners” upside down on their homes and face the potential of foreclosure. Many have opted to dump the properties, either by sale or default—many wonder if this is the solution for … Read more
Barbara Boxer, a democrat from California, has teamed up with Johnny Isakson of Georgia to introduce a bill to Congress that would require Fannie Mae and Freddie Mac to allow homeowners whose homes are now worth less than their original mortgage, a refinancing option. What Will This Mean? While it might sound somewhat unbelievable this … Read more
If you are like most people, you have one or more credit cards that you use everyday. Even more common is to have at least a thousand or more in debt on each of those cards. When you need financial help, the way your credit card company operates can impact your life in many ways. … Read more