Category Archives: Mortgages
Home Sales Increase, But Many Potential Homeowners Still Can’t Qualify for Mortgages
With sales of new homes in September jumping to the highest level in years, one might assume the real estate market is finally recovering. But while the increase is certainly a good sign, it doesn’t tell the whole story, say bankruptcy attorneys. According to the Commerce Department, sales of new homes climbed 5.7 percent last… Read More »
Foreclosure Rates Hit New Low As Refinancing, Bankruptcy Help Distressed Borrowers Hold onto Homes
The good news is that an anticipated flood of foreclosures is shaping up to be more of a trickle. The bad news is that, rather than lose their homes to foreclosure, some borrowers are simply being pushed into short sales. According to a recent housing report, the number of foreclosure filings dropped to the lowest… Read More »
Compared with Bankruptcy, Mortgage Modifications Do Little to Help Housing Crisis
No one would argue with a lower mortgage payment. Unfortunately, loan modifications aren’t the magical solutions they’re cracked up to be, say DebtStoppers bankruptcy lawyers. In recent years, mortgage modifications have become a popular last-ditch effort for homeowners struggling to afford their home loan payments – partly because of President Obama’s Home Affordable Modification Program… Read More »
Fed Lowers Mortgage Rates, but Bankruptcy May Be Better Solution for Homebuyers
The Federal Reserve is embarking on an ambitious plan to boost the economy by lowering mortgage rates. But experts say the program, which was announced last week, may not be enough. The Fed plans to begin buying $40 billion a month in mortgage-backed securities in an attempt to push mortgage rates lower. But with rates… Read More »
Younger Borrowers Make Up Majority of Underwater Homeowners
This spring’s rising home values helped some homeowners emerge from their underwater mortgages. Unfortunately, they didn’t do much good for younger borrowers. While significantly fewer people now owe more on their mortgages than their homes are worth, a disproportionately large percentage of homeowners who are still underwater are under the age of 40, according to… Read More »