Mortgage Blog
Friday, May 6, 2011 - 22:23
With home prices dropping more than 50% in many metropolitan areas, a new report put out by realtor.com shows that home prices may be showing some stability along with an increase in consumer interest.
Los Angeles is one the areas that have been hardest hit by the wave of foreclosures. Great climate, a variety of thriving industries including: entertainment, tourism and high tech , will supply the economic support that will allow this area to thrive in the months to come.
The large amount of foreclosed homes on the market have driven prices down to an affordable level. The typical home in the...
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Monday, February 28, 2011 - 22:42
As 2011 gets in full gear with the economy still lagging behind, many homeowners find that they are unable to pay their mortgages. In addition, their banks are no longer willing to do loan modifications. In fact many banks are now encouraging their delinquent mortgage customers to do a short sale or deed in lieu of foreclosure.
Why would a bank choose foreclosure over a loan modification?
It goes against all common sense that if someone owes you (the bank) $400,000 and agrees to pay it back with a modified loan the bank would be better off than foreclosing at the home's current price of $250,...
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Tuesday, December 7, 2010 - 00:41
Rent control has been the vain of many landlords and a blessing to those of limited means. Landlords are in the business to make a profit. One misconception is that all landlords are wealthy or have Donald Trump money.
While its true that real estate can create a lot of wealth there are plenty of property owners who have average incomes like there rest of the country and may make some or all of their income from renting out a property they own or inherited.
Rent control is helpful to people on a fixed income like the elderly or disabled. Having a rent increase of as little as 5% can mean the...
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Thursday, October 14, 2010 - 23:22
As more homeowners find that they no longer have equity in their homes, selling a home can become a real challenge. Many homeowners are facing difficulties in paying their mortgages and many are seriously considering walking away from their homes and letting their bank foreclose instead. In recent months a short sale has quickly become a better alternative to foreclosure thanks to the Home Affordable Foreclosure Alternatives or H.A.F.A....
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Sunday, September 12, 2010 - 23:31
The Benefits of Short Sales
If you currently owe more on your home than what its worth, have been unable to refinance or were denied a loan modification; a short sale can be a great alternative if you are facing foreclosure or are seriously considering walking away from your home.
In a short sale your current mortgage lender agrees to accept a pay off that is significantly lower than your current mortgage debt balance. For instance, if you current mortgage balance is $400,00 but your house is only worth $300,000, your mortgage lender agrees to forgive the negative difference of $100,000....
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