Last quarter, the United States suffered an unparalleled surge in mortgage delinquencies as foreclosures continued to increase and banks offered fewer and fewer mortgage loan modification opportunities. According to the Office of the Comptroller of the Currency, the number of struggling borrowers, behind on their payments, rose nearly 17 percent quarter-to-quarter. What is Causing this  … Read more

Debt settlement is not for everyone. While for some it may be the best option for handling rising debt problems, for others it could be problematic. Since the industry is largely unregulated, pursuing debt settlement can be risky. However, for some, it can be worth considering. For those struggling to avoid bankruptcy and foreclosure, debt  … Read more

According to a report recently released by the inspector general for the Federal Housing Finance Agency (FHFA), Fannie Mae ignored indications that its attorneys abused the foreclosure process. The inspector general has actually determined that as early as 2003, legal firms hired by Fannie Mae were engaged in illicit activities. Such activities included, but were  … Read more

According to HousingPulse Tracking Survey, fewer homebuyers are pursuing short sales as a means of saving money on a new home. This trend has been primarily attributed to the problematic, lengthy nature of the short-term sale process. Most notably, HousingPulse found that first-time homebuyers accounted for merely 40 percent of all short sale transactions, a  … Read more

While debt settlement can often be the best means of avoiding bankruptcy or foreclosure, it can also mean doing significant, lasting damage to your credit. Failure to pay bills—a crucial step in the debt settlement process—can severely damage an individual’s credit score. Therefore, the last important step of a debt settlement negotiation is to repair  … Read more

After weeks of surprisingly low application numbers, U.S. mortgage refinancing applications surged last week as rates hit a new all-time low borrowing cost. In fact, according to the Mortgage Bankers Association, mortgage applications increased by 9.3 percent from the previous week, with refinancing requests increasing a whole 11.2 percent. This is the third consecutive weekly  … Read more

The Emergency Homeowners’ Program—a $1 billion federal program designed to assist the unemployed—is due to expire on Friday, having assisted only a fraction of those who applied. In fact, of the 100,000 applicants, only 10,000 to 15,000 are expected to receive aid. The program aimed to offer interest-free, forgivable loans to those homeowners who lost  … Read more

For many struggling homeowners, foreclosure can seem like the worst possible scenario. To owe so much money that the bank reclaims your home is a terrifying notion to consider, yet, this is not always the end of the ordeal. Unbeknownst to most homeowners facing foreclosure, it is possible to still owe large sums of money,  … Read more

For those considering refinancing their mortgage, rates have never been better. As many experts anticipate that rates will not stay at this level, it is important for interested homeowners to enter the process as soon as possible. However, for many there will be a major speed bump in the process: the appraisal. The appraisal process  … Read more

A short sale can sometimes be the best means of avoiding foreclosure when a homeowner is feeling swamped by mortgage debt. However, many homeowners are struggling at present—especially in states such as Nevada, Arizona, and California, which have particularly high default rates—but not everyone will qualify for a short sale. Short sale applicants must prove  … Read more