How Will A Foreclosure Affect Your Future? If you happen to be one of the millions of homeowners who have experienced a home foreclosure (in the past or currently), you might wonder how this will affect your finances in the future. How long does the foreclosure process take, and will it be on your financial… Continue reading How Will A Foreclosure Affect Your Future?
Which is Better: Foreclosure or Short Sale? If you currently experiencing financial hardship and you can no longer stay in you home, you have one of two options: foreclosure or short sale. Short Sales A short sale is what happens when you have to sell you home, but even the proceeds from the sale won’t… Continue reading Which Is Better: Foreclosure or Short Sale?
Negative Equity Explained The amount of your home that you actually own rather than the portion of the home loan still financed by a home loan is the amount of equity in your home. So the more you pay down your home loan, the more you equity will increase. However, if the value of your… Continue reading Negative Equity Explained
Real Estate Owned Explained A residential property that a lender is now the owner of due to a foreclosure is called Real Estate Owned (or REO). If you are in the market for a new home you might see listings that are marked REO or bank-owned, which indicates that the lender has repossessed the property.… Continue reading Real Estate Owned Explained
Alternatives to Private Mortgage Insurance Private mortgage insurance (commonly shortened to PMI), also referred to as just “mortgage insurance”, is usually required by lenders when a borrower has a down payment that is less than 20% of the home’s purchase value. However, even if your down payment is less than 20%, there are other alternatives… Continue reading PMI Alternatives