Category Archives: Mortgages
Bankruptcy Can Reduce Pain of Rising Prices
The sweltering days of summer have been replaced by the crisp days of autumn. Unfortunately, the gas prices of summer seem to be here to stay. Prices at the pump have jumped more than 20 cents in the last two weeks. And experts are worried it could cause consumers to tighten their wallets this holiday… Read More »
How Bankruptcy Can Stop Foreclosure, No Lender Approval Needed
Too little, too late might be the best way to sum up the $75 billion government initiative to reduce foreclosures by encouraging lenders to modify loans. Obama’s plan certainly meant well – and to be fair, it did help some folks – just not everyone. The plan recently reached its goal of helping 500,000 troubled… Read More »
Loan Modification Program Hits Target, But Is It Enough?
The economy might be recovering, but we’re not out of the woods yet – especially when it comes to foreclosures. Even though a $75 billion government anti-foreclosure program recently reached its goal of helping 500,000 folks get loan modifications, that’s only one-eighth of the 4 million homeowners it originally set out to assist. And while… Read More »
Bankruptcy Can Be More Effective Than Mortgage Modifications
Thousands of struggling homeowners were in for a shock when they received mortgage modifications this year – and their payments went up. During 2008 and the first three months of 2009, more than a quarter of all modified mortgages went unchanged, according to a recent USA Today article. Even worse, another 27 percent got more… Read More »
Some Mortgage Modifications Have Hidden Fees
If you were going to modify your mortgage, common sense says you’d make it more affordable, right? Well, it seems that some lenders don’t agree. More than half of mortgage modifications have either made no change or actually made loans more expensive, according to this story in USA Today. How? It turns out that lenders… Read More »