Yes, rates are low. And if you are paying over 6% on your mortgage, you should probably look into refinancing and saving some money. However, not everyone who could benefit from refinancing will be able to do so. Here are three reasons you may not be able to refinance–and what you can do about them. Continue reading ‘3 Reasons You May Not Be Able to Refinance Now–And What You Should Do’
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Loading ...If you are experiencing financial difficulties, you may have decided that you can’t afford to make your mortgage payment. Or you may be waiting for a loan modification from your lender. But in any event, if your checking or savings accounts are with a bank that also has your mortgage, you should move them–or you could lose them. Banks all over the country are raiding their customers’ accounts if the mortgage isn’t being paid. Continue reading ‘In Trouble with Your Mortgage Lender? Check Your Checking Account’
(3 votes, average: 5 out of 5) Loading ...On January 1, 2010, would-be borrowers will get a rude awakening from FHA. The agency’s streamline refinance will no longer be the easy transaction it is today. Today, the biggest advantage of FHA streamline refinances is that they don’t require an appraisal or credit qualifying. So even if your home’s value has tanked and you have bad credit, you have been able to refinance easily into a better FHA loan. That opportunity is about to go away. Continue reading ‘FHA Toughening Guidelines in January: Better Refinance Now’
(5 votes, average: 4.8 out of 5) Loading ...According to an article in the LA Times, mortgage problems are becoming credit problems. While refinancing under making Home Affordable programs won’t hurt your credit and may even help it a little, the same can;t be said for short sales. Many holders of under water property assume that a short sale won’t harm their credit, or at least not much, but it really depends on how the lender chooses to handle the sale. Unless you live in a non-recourse state like California, your lender has the right to pursue a deficiency judgment against you. If it does, you could be liable for the difference between the sale proceeds and the loan balance. And even if you pay this in full, one large American bank still reports the transaction as a “charge off,” which is little better than a foreclosure. Continue reading ‘Mortgage Problems Hurting Americans’ Credit’
(2 votes, average: 4.5 out of 5) Loading ...The chairman of the House of Representatives Financial Services Committee said that he plans to keep working on legislation to reduce mortgage balances via bankruptcy proceedings, and that the lame performance of lenders, some of which received taxpayer bailout funds and have yet to modify a single mortgage, increases the support for that legislation. Continue reading ‘New Legislation May Help You When Your Lender Won’t’
(3 votes, average: 4.67 out of 5) Loading ...You need a mortgage modification. You checked the questionnaire on www.makinghomeaffordable.com and discovered that you meet the criteria for a modification under the Home Affordable Modification Plan (HAMP). So you call your lender, get your modification packet, and return it. And then nothing happens. For months. Continue reading ‘Frustrated with Your Lender? So Are Some Judges’
(4 votes, average: 4.75 out of 5) Loading ...All the buzz these days is about the homeowner rescue programs–Making Home Affordable and it’s babies Home Affordable Refinance Plan (HARP) and Home Affordable Modification Plan (HAMP). But eligibility for these programs requires that the property be a primary residence. What about investors? Is there any help for them? Continue reading ‘Investors In Trouble: Any Foreclosure Help for Borrowers with Rentals?’
(5 votes, average: 4.8 out of 5) Loading ...Drop the word “foreclosure” into almost any conversation and you’ll hear something like: “loose lending…irresponsible borrowers…dead real estate market…what do you expect?”
But what you probably won’t hear is that one of the biggest causes of losing a home–even today–is medical. Continue reading ‘Want to Avoid Foreclosure? Get Medical Insurance’
(10 votes, average: 5 out of 5) Loading ...Who would have thought “mortgage” would be everyone’s favorite cocktail party topic?! And listening to the misconceptions flying around you’d have to conclude that everyone at the party was drunk. So here’s a quick course on mortgage rescue. Continue reading ‘The Unofficial Mortgage Rescue Guide’
(16 votes, average: 5 out of 5) Loading ...It’s bad enough that you can’t pay your mortgage and have to go through foreclosure or a short sale. But it could get worse than that if you’re not careful. Continue reading ‘Foreclosure / Short Sale Pitfalls’
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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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