Housing

What is a deed in lieu of foreclosure?

When defaulting on a home loan, many people believe that they are out of options and must have a foreclosure. However, one option that may be useful is called a deed in lieu of foreclosure. Doing this transfers the deed from the borrower to the lender, and in effect, cancels out the debt in exchange for the property the debt was on. There are a few things that you must know about deeds in lieu of foreclosure before deciding whether this is a viable option for you. Continue reading

Thinking of Purchasing a Home Warranty?

Although the housing market has begun to improve across the country many areas are still having a hard time. Many homeowners looking to sell in these pockets of the country must find ways to entice buyers; or be forced to significantly reduce or their price or put off selling all together. Traditionally home warranties are a way sellers can entice buyers to make the leap of buying a home. The idea is that a home warranty significantly reduces the chances that new homeowners will have to shell out additional money on repairs for a home they just purchased. While in theory this should make purchasing a house easier, do home warranties really hold much worth to potential home buyers? Continue reading

Apartment Shopping – The Do’s and Don’ts

Shopping for a new apartment is an important, but sometimes surprisingly painful, process. It’s difficult to know what is important and what isn’t, what prices are too high, and, ultimately, when to stop shopping and just sign on something. In this post, I will provide some useful tips and advice from my last apartment shopping experience that can hopefully reduce the stress of your next apartment shopping experience. Continue reading

Fifth Third Bank: Looking Out For Customers and the Bottom Line

When someone losses their job it is usually a pretty traumatic experience. Not only is it tough emotionally, but the financial ramifications go far beyond the loss of income for day to day living expenses. Without a job it becomes nearly impossible to keep up with mortgage payments – which is why foreclosure is such a common side effect of being laid off. One bank in the Midwest, Fifth Third Bank, is taking a unique approach to help customers avoid foreclosure by thinking outside the box. Continue reading

The Mortgage Forgiveness Debt Relief Act of 2007

If you have debt, you might be having trouble with everyday purchases. If you are having trouble with your mortgage, you need to do something to protect yourself and your family. One of the few government debt reduction programs is available to you, if you qualify. The Mortgage Forgiveness Debt Relief Act of 2007 can allow you to restructure an unaffordable mortgage loan in order to prevent foreclosure. Continue reading

What is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance, or PMI as it is commonly abbreviated, is additional insurance required for most homeowners. Its main function is to protect lenders against loss in the event that borrower’s default on a loan. Therefore under most circumstances you will be required to pay private mortgage insurance. The general rule is if you obtain a loan from a lender that is more than 80 percent of your new home’s value, you will most likely be required to pay Private Mortgage Insurance. In other words, PMI is usually only required if the buyer’s down payment is less than a 20 percent. Continue reading

Should You Pay Off Your Mortgage Early?

Paying off your mortgage early can be a good strategy for saving money long term. Mortgages are a huge, lifelong investment, and depending on how your mortgage is structured, you may end up paying as much as the value of the home in interest payments! For that reason, it can be quite a money-saver for you to pay more money on your mortgage early. Continue reading

Will Filing Bankruptcy Stop Foreclosure?

When facing home foreclosure, many debtors feel like they are out of options and turn to a bankruptcy filing. Although a bankruptcy filing prevents home foreclosure, it is not the best solution. There are several methods you can attempt before resorting to bankruptcy filings in order to protect from foreclosure. Continue reading