There is a link between the high foreclosure rates in some states and the increase of arson incidents involving foreclosed homes, officials say.
According to fire safety officials in Nevada, Massachusetts and Ohio, the seventy year rise in the number of mortgage defaults is connected to the increase of blazes which destroyed the empty homes.
In 2006, when the median price of a U.S. home peaked to..(read more)
As lenders react to falling home prices and mortgage defaults, many have been reducing existing home-equity lines of credit or freezing them outright in markets that have been experiencing significant declines in property values
Banks involved in this practice say there is a process in place for customer to appeal their decisions. In many cases, clients who have had lines decreased often still have..(read more)
Here's some really good news for anyone involved in acquiring, rehabilitating and reselling foreclosed houses: The Federal Housing Administration is temporarily waiving its "anti-flipping" rules and will now insure mortgages on properties that have been owned by the current seller for less than 90 days.
The policy change opens ups the FHA fixed-rate mortgage program to investors..(read more)
You'd better hurry if you want to have shutters installed before September 10th the peak of hurricane season. Prices will increase as we move deeper into the hurricane season.
If you have not ordered before July, expect to pay a few hundred dollars more and wait a few weeks longer for the popular accordion shutters, company officials predicted.
What level of service would you expect from someone you paid $9000? For that kind of money, you'd probably demand personal attention, prompt responses to inquiries and expert insight.
That's what you should expect from a real estate agent, since he or she stands to make a profit once the transaction is complete.
So, what are the characteristics of agents earning their keep? An excellent agent:
..(read more)
Buying a house is one of the biggest investments you will ever make. Therefore, it is important to learn the true value of the property and then negotiate the right price and terms. Here are some tools that can help you:
Use county tax records information sites
Information in country records, allows you to check the legitimacy of seller claims. For example, a property may..(read more)
The market slowdown doesn't mean your home won't sell, but it demands a different approach. Here are some tips that will help your property sell in a slow market:
Make those necessary repairs. In previous markets it was enough just to cut the grass and retouch the paint. In today’s market, sellers will have to take care of those more onerous repair projects as well.
Price realistically...(read more)
Efforts by U.S. lawmakers and regulators to put pressure on top mortgage lenders and servicers speed up their efforts to help struggling homeowners, have finally paid off. Participating companies, including major banks and companies that service loans by collecting monthly payments, are part of the Hope Now coalition which agrees to help stem foreclosures by accommodating borrowers..(read more)
In the wake of the mortgage crisis, a growing number of workers are getting help avoiding or coping with foreclosure from their employers. A handful of companies are offering assistance, such as interest-free loans, grants and support in securing rental properties. They're also enhancing their employee-assistance programs, or EAPs, and adding more educational seminars on personal finance.
Various..(read more)
In markets hit hardest by declining home prices and rising foreclosures, lenders and brokers are discovering a new phenomenon: the "buy and bail," in which borrowers with good credit buy a new home at a much lower price, then bail out of the "upside down" mortgage on their first home.
Here is how it works:
Homeowners can qualify for a second loan by proposing to rent out their..(read more)
