Times are tough, and if you had bad credit when you got your mortgage, you might still have bad credit and be unable to refinance. However, if your mortgage is causing you some hardship and you are in danger of defaulting, contact your mortgage lender about a loan modification. Continue reading ‘Can’t Refinance with Bad Credit? Maybe You Can Modify’
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Loading ...73-year old James Bruce found an unusual way to pay his mortgage when he got behind — he robbed 3 banks at $600 a pop to come up with the cash. The guy probably had other alternatives — he had run through his retirement and so he and his wife only had Social Security to live on and the earnings they could eke out from a small pottery business. He was too embarrassed to ask his lender for help (but apparently not too embarrassed to rob banks!). But Mr. Bruce had options — he didn’t have to rob banks to save his home. Continue reading ‘Not the Best Solution: Retiree Robs Banks to Pay Mortgage’
(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 ...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 ...Today I spoke with a friend who is at her wit’s end dealing with her two mortgages. She and her husband were fine until they were hit with economy-related work reductions and some unforseen expenses. Despite the fact that it would almost certainly be to their advantage to walk away from their home loans, they want to do the right thing, keep their house, pay their bills, and not uproot their kids. Continue reading ‘Second Mortgage Holder Jerking You Around?’
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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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