A lot of people don't think that their life after foreclosure could actually be as good or even better than it was before. They're wrong. The fact is, that if you position yourself correctly before and during your foreclosure, you can walk away with a very promising future ahead of you. But one of the things you're going to have to do to get there is change your mind about some things. If … [Read more...]
There’s gold in them thar hills. Or is there?
Gold bars are seen in Fort Knox, Ky., in this 1979 photo. (AP Photo) There's gold in them thar hills. Or is there? Rep. Ron Paul, suggesting America's reserves may not be as robust as officials claim, is calling for an independent audit of the U.S. gold held at Fort Knox and other facilities. The Republican congressman known for his fierce opposition to virtually everything the … [Read more...]
The 5-Minute Guide to Foreclosure Options for the Underwater Mortgage
Facing an underwater mortgage? Having trouble making your payments? You're not alone. 1 out of 10 people missed a mortgage payment last month. This isn't just some little economic storm—this is a tsunami we're facing. And what would you do if you knew an actual tsunami was coming? Would you head out to the beach to watch, or would you grab your family and head to higher ground—and … [Read more...]
What is Pre-Foreclosure?
Pre-foreclosure is the grace period between the time when your bank first notifies you that you're late with your mortgage payment—generally after you've missed your second payment—and the time when they can actually legally take your house away. Pre-foreclosure is also your window of opportunity. This is the time that you can take to put the money you've been paying on your mortgage into … [Read more...]
The First Place to Turn for Underwater Mortgage Help
So where's the first place you should turn to for help with your underwater mortgage? Well, we can tell you where you don't want to turn. You definitely don't want to go to any real estate attorneys to help with a loan modification, and you almost certainly don't want to go to your bank. In fact, you don't want to trust anyone who has a financial stake in how you decide to handle your mortgage … [Read more...]
National Stats from the National Association of Realtors
Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of Realtors®. Existing Home Sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July … [Read more...]
Underwater Mortgage Advice on Dealing with Your Bank
If you're caught in the underwater mortgage tsunami, the last thing you want to have to deal with is your bank. The good news is that you don't have to! At least not at first. Confused? Let me explain. It can take a very long time—sometimes as long as 2 years—for your bank to get around to foreclosing on your house if you decide to stop making mortgage payments. You can draw out the … [Read more...]
Watch Out for Your ARM!
The ARMs Role in Underwater Mortgages Things may be looking dire enough for you right now if you're one of the many, many people with an underwater mortgage. But if your mortgage is an ARM, things might just look worse before they look better. ARMs, or adjustable rate mortgages, started becoming popular in the 1990s when the federal government started mandating that banks make mortgages more … [Read more...]
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