Archive for the 'Foreclosure' Category

What does a loan mod do to your home equity line?

Published by Gina Pogol on January 21, 2011 in Foreclosure . 0 Comments

If you are considering a mortgage modification and also have a home equity line of credit (HELOC), understand that a mod would also affect your second mortgage. A mod could (will!) decrease the amount you can borrow Most HELOCs contain provisions that allow lenders to curtail the amount you can borrow if your property value drops. ...

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Mortgage modification didn't go your way? Take 'em to court!

Published by Gina Pogol on January 07, 2011 in Foreclosure . 0 Comments

Does this scenario sound familiar? You're having trouble paying your mortgage because your payment adjusted upwards, your income adjusted downwards, or you had a major illness or other emergency. You apply to your mortgage servicer for help through the HAMP program, sending in your bank statements and pay stubs, and after reviewing your application your ...

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Reverse mortgage foreclosure? How to avoid it

Published by Gina Pogol on January 05, 2011 in Foreclosure . 0 Comments

Yes, despite what they say in advertisements, it IS possible to lose your home if you take out a reverse mortgage. No, you don't have to make payments, but you do have to keep your home insured, maintained, and your property taxes must be current. That said, there is no reason that you should ...

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Don't lose your home if you lose your unemployment benefits

Published by Gina Pogol on December 09, 2010 in Foreclosure . 0 Comments

With millions of Americans facing the impending loss of unemployment benefits, it is important that those who are unemployed or may soon be understand what steps they need to take to keep from losing their homes. The Home Affordable Unemployment Program (or UP) was put in motion back in May, and as of August ...

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Mortgage servicers advising borrowers into foreclosure, committee finds

Published by Gina Pogol on December 01, 2010 in Foreclosure . 0 Comments

If you are trying to get a mortgage modification, should you listen to your mortgage servicer and do everything you're told? Maybe not. According to a Washington Post article, testimony in a Senate banking committee hearing points to a big problem with the advice that troubled homeowners get from mortgage servicers. Here are a couple ...

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FHA short refinance program? Down in flames, apparently

Published by Gina Pogol on November 01, 2010 in Foreclosure . 0 Comments

Hey, I know from my email that many of you have been starving for information about the oh-so-coooool FHA Short Refi program. Yep, the one that involves your mortgage lender writing down your expensive underwater mortgage to 97.5% of your home's value and replacing it with a spanking new FHA mortgage. The catch? You have to ...

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Underwater properties derailing bankruptcies?!

Published by Gina Pogol on October 27, 2010 in Foreclosure . 2 Comments

Ever since bankruptcy reform, Chapter 13 has become a popular choice (okay, the only alternative) for middle class debt relief. To file for Chapter 7 (liquidation), you can't earn too much, and you can't mind giving up what may be your most valuable or favorite possessions. So many folks who might have opted for a ...

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About Mortgage Credit Problems

Specializing in Bad Credit Mortgages… Because Life Doesn’t Always Turn Out Like You Planned. A sick child, a few late bills, or an unexpected expense can easily get you off track and your credit may suffer, but we don't think you should miss out on the opportunities available to everyone else.

Gina Pogol

Gina Pogol

About the Author:

Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.

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