A recent study conducted by analysts at the Federal Reserve Bank of Chicago compared foreclosure rates in their own city with those in four other major Midwestern metropolitan areas: Des Moines, Milwaukee, Detroit, and Indianapolis. While Chicago had an overall foreclosure rate similar to that of the other cities (except Des Moines, which came in  … Read more

Reports from the Treasury Department suggest that in 2011 the homeowner Unemployment Program—a part of the federal Making Home Affordable initiative—showed significant improvement. Namely, the report showed that between June and July of 2011, there were marked increases in the number of forbearance agreements offered to homeowners. This year has also seen a lot of  … Read more

The plan enacted by three Rhode Island cities to prevent foreclosures and ease their impact on homeowners, has had little effect. The plan involved requiring lenders to try mediation procedures before pursuing a full foreclosure initiative have helped only a small percentage of Rhode Island homeowners struggling with debt. The most recent statistics released by  … Read more

In the past year, studies show that the rate of homeownership has fallen at the largest percentage since the Great Depression, even though overall homeownership numbers remain relatively high. According to the Census Bureau, homeownership rates are at their lowest levels since 1998. The current rate is down 67.1 percent since 2010, coinciding with a  … Read more

A number of the nation’s largest lenders have begun seeking out qualified homeowners to complete short sales in exchange for substantial monetary incentives. In fact, reports suggest that incentives could amount to as much as $35,000 for each deal completed. These legitimate offers have appeared all over the country. However, as short sales require banks  … Read more

Every day, we hear about a friend who has resolved their credit card debt through a debt settlement. It can seem like a tempting proposition, but before taking this serious financial step, it is important to assess the options available and determine if this is the right choice for you. Only with a comprehensive understanding  … Read more

Recent studies show that Canadian homebuyers are becoming increasingly interested in the United States’ property market. In particular, Canadians have begun flocking to cities such as Phoenix, and other warm locations, to look for deals. Lured by the markedly-weak U.S. dollar, as well as exceptionally-low interest rates and property prices, Canadians have begun looking to  … Read more

This summer, around 250 Southern California homeowners fell victim to one of the largest foreclosure scams on record. After cheating struggling homeowners out of $1 million in debt, the perpetrator was sentenced to 25 years in prison for his crimes. How It Began In the beginning, the perpetrator used a corporate front to pay real  … Read more

As the foreclosure crisis drags on, short sales are becoming increasingly common. Unlike foreclosure—in which the bank seizes a property from the homeowner in lieu of mortgage repayment—short sales entail receiving permission from a lender to sell an underwater property for less than the amount owed on the mortgage. While short sales are generally considered  … Read more

Over the long-term, a damaged credit score can make life very difficult. It can be a challenge to get any kind of loan modification or receive refinancing approval. It is therefore imperative that borrowers who have been through a debt settlement, in order to avoid bankruptcy, pursue measures to rebuild their credit scores as early  … Read more