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Posts tagged "Foreclosure Prevention"

Foreclosure activity hits 11-year low

The United States is still reeling from the memory of the so-called "Great Recession," in which many people lost their homes as a result of foreclosure. Some families continue to struggle financially as a result of the Great Recession, but recent news points to a ray of hope: U.S. foreclosure activity has fallen to an 11-year low.

1 important foreclosure prevention strategy

The best way to prevent foreclosure is to pay your home mortgage payment on time each month, but what if your financial circumstance change for the worse and you're no longer able to pay your bills? Getting behind one month on your mortgage bill will result in costly fees, but getting behind by more than a month for any period of time could result in foreclosure.

What programs can help with an underwater mortgage?

If your mortgage is "underwater," it means that you owe more money on it than your residence is actually worth. This can happen to homeowners who take out a loan and buy a property before the real estate market starts to change for the worst. When property values decline, you could find yourself dealing with an underwater mortgage.

Underwater mortgages: The condition and the cure

Do you know what an "underwater mortgage" is? Maybe you know exactly what it is and you're sorry that your home is currently worth less than the amount of money you need to pay on it. With the current state of the Texas real estate market, there could be many homeowners who -- after their homes declined in value -- owe more money on their homes in mortgage loans than their homes are actually worth on the market.

A 2-step foreclosure avoidance strategy

When homeowners get behind on their mortgage payments, the threat of foreclosure is a terrifying experience. That's because homeowners stand to lose a lot that they have worked so hard to obtain financially. Even worse, their families could become homeless if they are unable to pay for a new home or apartment to live in.

The eviction process during foreclosure proceedings

Following foreclosure, a San Antonio resident could find him or herself being evicted from the home. However, with the assistance of a skilled foreclosure defense attorney, many San Antonio residents can seek to stop an eviction so they can stay in their homes.

The Home Affordable Modification Program: What is it?

In the wake of the real estate crisis that began in 2008 and 2009, numerous Texas homeowners have benefited from federal programs designed to help them prevent home foreclosure. One of these programs is called the Home Affordable Modification Program. By using HAMP, Texas homeowners can defend against a pending home foreclosure action, stop and/or pause a foreclosure action from moving forward or prevent foreclosure from happening in the first place.

Are you facing home foreclosure? Be careful of scammers

Faced with the threat of losing the family home in foreclosure proceedings, Texas homeowners are likely to feel very desperate for a solution. If you're in this kind of situation, be careful that your desperation to stop your foreclosure does not lead you to take dangerous or risky decisions -- they could even become the victims of fraudsters who appear like they're offering just the expensive kind of service that could help them.

Mortgage lenders shifting how they look at credit?

Credit is one of the traditional factors lenders review when making decisions like whether to approve a person for a mortgage. Now, what kind of credit data mortgage lenders look at when determining mortgage eligibility and rates can shift over time. One type of data which could end up playing a bigger role in such decisions in the future is trended credit data.