The new Consumer Financial Protection Bureau just released new rules demanding changes in how delinquent mortgages are serviced by banks. Rules include dedicated representatives for mortgagees who are facing foreclosure and collection stays on accounts seeking loan modifications. Hopefully, this is going to mean better service for troubled mortgages, but it could have lasting ramifications for all mortgagees.
I am an aspiring real estate investor. I don’t have direct experience investing in real estate, but several of my closest friends and family members own at least one rental property. I don’t just want to follow the crowd, because most people don’t think highly of investing in real estate. While I don’t have the experience, I am starting to learn the basics of investing in real estate. For those who are wondering how to get started, here are some basic steps.
If you are like most Americans, you’ll need a good plan for tapping into your home equity in retirement. Most Americans hold a large portion of their savings in equity after retirement. While equity is a nice figure to help boost your net worth, it’s more than a little troublesome to convert to cash. While there are plenty of options for tapping into home equity, there are many costs, benefits and downsides to any potential strategy.
A home warranty is a contract that home buyers have the option of purchasing, and it provides discounted repairs and services on the home’s major components such as the heater or furnace, air conditioning, electrical, structural, and plumbing. A home warranty is not homeowners insurance, but it does provide peace of mind because you know that you won’t have to pay for costly repair services for your home.
If there is anything this recession has proven to Americans, it is that unemployment can happen to anyone. The economic turmoil has been particularly brutal for those on unemployment. According to economic reports, the average duration for unemployment has ballooned to over nine months in the last few years. Just because your paychecks have stopped, doesn’t mean that your mortgage payments go into hibernation.
After several months of improvement, we are beginning to see home foreclosures pick up again. Last month, data showed that nearly half of states are seeing a dramatic increase in foreclosures. It’s not a giant surprise, many experts are expecting 2012 to be a boom year of foreclosure filings and there are a number of interesting developments that help us to understand why.
Adjustable rate mortgages are loans that offer the buyer low interest rates for some set period of time, such as five years. These rates will fluctuate depending on the prevailing market interest rate. Of course, this means that the interest rates rise or fall depending on the market situation. This fact is especially important when you are living in a crumbling economy like that of the United States with hardly any national income growth these days.
The news is abuzz over Bank of America’s latest program, mortgage-to-lease, to help homeowners abate impending foreclosure. Unfortunately, when you hear anything with Bank of America’s name on it, you’ll be faced with a lot of dishonest reporting from those with political agenda from both the bandwagon and peanut gallery of detractors. If you want an impartial opinion of the program, you’ve come to the right place.
No doubt, you are already grumbling about rising gas prices. You may even complain about your inflated grocery bill. However, there’s one other major cost on the rise this year: rent. Depending on where you live, the increase on rent could have a very powerful effect on your budget.
An under-reported study conducted by the St. Louis Fed reveals a very different narrative with regards to the causes of the recent housing crisis. Researchers studied national foreclosure demographics to determine if predatory lending played a crucial role in the recent housing collapse. Economists were able to hone in on two demographics that made up [...]
More troubling data on real estate and foreclosures as a whole from the NYT: In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a [...]