Archive for the 'Foreclosure' Category

Are you a foreclosure waiting to happen?

According to a survey, 68 percent of homeowners surveyed saying they would not be able to pay their mortgages if unemployed for more than nine months. That's a lot of potential foreclosures in today's economic climate.

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My lender won't approve my short sale!

When homes can't be sold for enough to cover the mortgage(s) against them, homeowners may try to effect a short sale, which means selling for less than what's owed to the mortgage lender(s). You'd think it would be easy to get these done--after all, the sale prices are higher than foreclosure sales prices, buyers avoid bad credit, and mortgage lenders avoid taking more property onto their books. Unfortunately, things aren't that simple.

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Sometimes, there IS a free lunch. Or a free house

In a very weird Iowa case, a couple going through foreclosure got to keep their house. For free. Matt and Jamie Danielson were both employed in the housing industry - he was a builder and she was a loan officer. They made plenty of money and never saw the downturn coming.

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HAMP reaching the middle class -- finally

The latest HUD scorecard shows that HAMP mortgage modifications are finally making inroads with America's middle class of homeowners. The data released this morning shows that the Making Home Affordable programs are reaching middle income homeowners and providing them with real payment relief.The January Housing Scorecard showed the following:

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Foreclosure in 2010? Get your taxes right!

It's tax time (groan). If you, like many folks, went through foreclosure in 2010, you will have to deal with it when you file your 2010 return.

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Wall Street Journal concludes HAMP is a failure -- incorrectly?

The Wall Street Journal in a recent article concluded that the HAMP program is a failure because many homeowners who got mortgage modifications re-defaulted on their home loans. In addition, the publication took the government-sponsored program to task for failing to provide relief to the initially-estimated three to four million homeowners. In fact, only ...

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When Does it Make Sense to Choose Foreclosure?

You'd have to have spent the last year under a rock not to know that walking away from mortgages is becoming a big phenomenon in the US. There are moral judgments being thrown all over the place, there is name-calling directed at lenders and homeowners, and there are politicians wringing their hands and tuning ...

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