Daily Archives: July 2, 2009
Loan Modification Can Lower Your Monthly Mortgage Payment With A Willing Lender
The terms loan modification, streamline refinance and streamline mortgage are terms that sometimes get mixed up in use. For some borrowers, the idea of a streamline refinance or loan modification is a simple process to go from point A — the current loan and interest rate — to point B — the same loan with a lower interest rate and lower monthly mortgage payment. In this process the homeowner expects that the fees will be low and well below going to a new lender to refinance the loan.
Foreclosure Affects Credit But Homeowner May Avoid Deficiency Judgment
Going through foreclosure isn’t what anybody wants to go through. For some, going through foreclosure can be the start of a process that can drag on for years. If the foreclosure process does not yield enough money to pay off the mortgage that the lender had given the homeowner, that homeowner could be stuck with a deficiency judgment and having to repay the difference for years to come. If the lender does not pursue the deficiency judgment or can’t, the foreclosure will still have a negative effect on the homeowner’s credit history and credit score for years to come.
Lowering Your Monthly Mortgage Payment By Refinancing
Lowering your monthly mortgage payment by refinancing should be one of your goals if you decide to refinance. But that is only one of three issues that you should consider once you decide to refinance. Falling home values have caused many homeowners to be unable to refinance and lower their monthly mortgage payments. But the Obama administration’s newly enacted change to the Making Home Affordable program that will allow homeowners greater ability to refinance their homes even if the value of their mortgage is up to 125 percent higher than the value of their home, more people may benefit from the program.
Refinancing Mortgages With Falling Home Values And The Revised Obama Plan
Falling home values have sure hurt homeowners. As interest rates have come down, these same homeowners are trying to refinance their loans but are having trouble due to the lower value of their homes. Recent Obama administration proposals are attempting to help homeowners. Before, if your loan was up to 105 percent of the value of your home you could take advantage of the Obama Making Home Affordable program, this past week that amount was raised to 125 percent. We’ll see if the continued slide in home prices and the new plan can help homeowners.
Cancellation Of Contract Possible Due To Undisclosed Homeowner’s Association
The homebuying process is full of surprises. Some homebuyers will find out that a home they are looking to buy has title defects, construction defects or, as in the case of this reader, the home to be purchased belongs to a homeowner’s association. When a buyer is faced with these surprises, the buyer may see if a cancellation of the contract is possible. In some cases cancelling the contract is specifically permitted under the contract but in other cases the attempt to cancel the contract may lead to litigation.
Renters Struggle To Find The Perfect Apartment
I always seem to move at the worst time of the year (like August in South Carolina and January in Chicago) just to get the apartment I want in the off…
Changing Housing Market Means Changes In Rental Behavior
With the housing crisis and rising foreclosures, there are more renters on the market. Add these new renters to the existing renters, and you may see changes in renters’ behavior. According to a study by Rent.com, more renters are trying to find additional roommates and they’re looking for the basic necessities in their apartments, instead of luxury rental units.
Tracking Your Personal Finances Online
I have a checking account and a savings account, a debit card, two credit cards, six student loans, home utility accounts and just as many online acco…
Online Financial Tracking With Equifax Debt Wise, Mint.com and Quicken Online
Online financial planning tools like Mint.com, Quicken Online and Equifax’s new Debt Wise can help keep your personal finances on track. How do these online financial planning tools work? What features do they offer. A review of Equifax Debt Wise, Mint.com and Quicken Online explains the financial tools they offer, the benefits and the difficulties of online financial planning tools.
