Author Archive
As Foreclosures Rise, Dutchess County Braces For The Fallout
Dutchess County, with over 280,150 residents is experiencing its share of the foreclosure misery that is affecting the rest of New York and the country as a whole. With foreclosures on the rise in Dutchess County the state is slow in responding with any kind of solution. Some housing experts yesterday warned that state […]
Equity Lines of Credit. The Allure Of Easy Money Is Teaching Harsh Financial Lessons
The way Americans have taken on mortgage debt has changed significantly in the past two decades. The 1980s saw second mortgages account for less than 4% of outstanding home mortgage debt. By the mid-1990s second mortgages had increased to 12% of home mortgage debt. The 2000s have shown yet another double-digit increase, and the number […]
Do Not Waste Money On A Home Appraisal Without Enough Equity To Justify It
For many homeowners seeking help to stop foreclosure, refinancing their current mortgage is quickly becoming the option of choice, especially if they feel their home has enough equity in it to justify the decision. The only way this can be determined, however, is through a property appraisal. The problem with this is most home owners […]
Credit Reports Are A Snapshot Of Your Financial Wellness. Are You Well Or On Life-Support?
What is a credit report anyway? Some people lump it into the same category as their IQ results, driver’s license number, and cholesterol counts in other words numbers to be aware of but not having any relevancy in our day-to-day life. They assume that when they decide to purchase a home that this is the […]
Closing Costs Can Eat Up Your Equity…Which Could Have Been Cash In Your Pocket
Closing costs are an inevitable part of buying or refinancing a home mortgage. Closing costs can represent a significant out of pocket expense. If you are involved in stopping foreclosure this becomes problematic as you are likely to be conserving whatever cash resources you have.
Closing costs is unavoidable for at least one of the […]
Can You Still Stop Foreclosure In The Current Housing Crisis?
In spite of reports stating foreclosures are showing evidence of decline in some states the overall numbers are still increasing nationwide. With over a million loans in default and more expected now through the end of 2008 the overall outlook is bleak.
These days’ homeowners trying to stop foreclosure are asking whether they qualify for help. […]
Before Restructuring Your Mortgage Make Sure You Meet The Minimum Requirements
Restructuring an existing home loan to avoid foreclosure is a sensible consideration for some homeowners, but not all. Unless the minimum requirements are met you may just be spinning your wheels.
For obvious reasons the qualification requirements for a mortgage restructuring are quite different than those for a first time home buyer. The homeowners attempt to […]
Bad Credit … The Consequences Can Be Long-Term And Costly
Most borrowers pay little attention to the “fine print” on a credit application. Most shrug their shoulders, promise themselves they’ll never get in trouble with their credit card, and sign away. Unbeknownst to them they are committed to a legal contract that is heavily weighed in the creditors favor. Yet again the “I want it […]
As Foreclosure Numbers Increase Nationwide Distressed Homeowners Face Decreasing Remedies
There’s no imminent end to the foreclosure crisis gripping our country. Until lenders and homeowners get on the same page turning things around will be a long and difficult task.
The numbers are impressive and also oppressive at the same time. Over 600,000 foreclosures were reported between January and July of this year and there are […]
A Well-Written Hardship Letter Is Pivotal For Short Sale Success
Few people purposely wish to suffer through the pain and humiliation of losing a home through foreclosure. There are many alternatives to bankruptcy and stopping home foreclosure for owners unable to keep their mortgage payments current. One such option is known as a “short sale.” It means a lender is willing to accept less than […]
