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

If you are facing foreclosure and your job prospects look grim, reach out to your neighbors, local representatives, legal experts or contact a debt relief professional. A recent federal study reports that while many people aren’t moving into the trenches immediately after a foreclosure, families are being impacted in painful, unforeseen ways. The federal study  … Read more

Loan modification is one the best ways to get your life back on track. You have a lot of bad debt credit—a new car or a significant balance on that 18-months, no interest credit card you financed that big screen with—and your children need new things for school. Loan modification seems like a great idea,  … 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

Which is better? It depends. Generally speaking, a 15 year fixed has a lower rate than the 30 year fixed. The drawback of course is that the borrower has half the time to pay it off and the payments are higher. If you experience a financial setback, a 15 year mortgage payment is going to  … Read more

Improving your credit score starts by taking stock of your entire financial life. Ask yourself first, “What loans or credit cards have the highest monthly interest rates? What percentage of my budget can afford to put towards paying down debt?” It should be your priority to pay down your debt, first, before improving your credit  … Read more

Low mortgage rates aren’t enough to boost new home sales, say economists. There are insidious factors to blame for sluggish growth in the housing industry: national home foreclosure forecasts and high unemployment. The net effects of the housing crisis in 2008 persist. New and old neighborhoods and home developments continue to be subject to the  … 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

You know that the prime-lending rate, at the moment, is at a historical low. People are calling you everyday with outstanding refinancing options. Why shouldn’t you refinance? Refinancing means more money, right? Right. Sort of. Refinancing to pay off revolving debt If you are looking at refinancing to pay off revolving debt, refinancing is an  … Read more