You may be unable to afford your mortgage payments when economical troubles strike at home. That does not mean that you need to pack up and depart if the lender initiates foreclosure proceedings. It’s possible to legally remain in your home until the lender sells it as well as the new owner evicts you, which […]
Category: Budgeting Your Project
Veterans, active-duty service members, some reservists and National Guard members, and surviving spouses of active-duty personnel killed in action can get help from the Department of Veterans Affairs (VA) to buy a house. The VA provides mortgage insurance to protect creditors if a home buyer defaults, making lenders willing to forgo the down payment for […]
Several factors go into calculating a mortgage repayment amount. You have to be aware of these factors to decrease your mortgage payment in halfan hour. Interest rate, loan duration and the value of a home are vital factors to consider. Some borrowers decide to refinance a mortgage to cut on the payment in halfa year. […]
Promoting your house, refinancing your mortgage or taking out another mortgage require an appraisal to ascertain your house’s fair market value. That’s defined as the value that a knowledgeable buyer and seller could agree to at a reasonable sale at the local market, if the house was available for a reasonable length of time. Realty […]
By inheriting a house, the heirs money can be cost. Heirs may need to pay a variety of state and federal taxes, which may be due immediately or should they sell the house later. The government exempts some property from taxes and offers ways to reduce taxes, based on the heir’s circumstances. Sometimes, owners who […]
If someone owes more on his mortgage than his home is worth and needs to immediately sell his home, he may short sale the property. The home sells for less than it is worth and does less damage to his credit score than a foreclosure would. The lender may lose money but will not incur […]
A lease purchase contract is an agreement between a landlord and tenant stating that the renter has the right to purchase the house he is currently leasing within a set time. In return, the landlord claims that he won’t try to sell the property to another party for the whole period of the lease purchase […]
When you take a home equity loan or home equity line of credit, you borrow from the total value of your house, less the amount you owe on your mortgage. The home becomes collateral, which is why the loans are often called mortgages. The rates of interest are lower than most consumer loans or credit […]
When you take out a mortgage, home equity loan, or home equity line of credit on your home or on another piece of property, you grant the lender a lien on that property. The lien allows the lender to foreclose and sell the property if you fall behind in your obligations under the loan. Bankruptcy, […]
Home foreclosures can happen for numerous reasons, however in the end, banks must foreclose on a home because a borrower can’t or won’t make his monthly payments. Foreclosure rarely comes as a surprise, given the reality that their are multiple attempts made by the lending institution to encourage the borrower to bring the loan up-to-date […]