Tag Archives: foreclosure
My Partner and I Would Like to Purchase a Foreclosed Home, What are the Issues Involved?
Buying a foreclosed home is a great way to get an excellent deal. The downside is that you may be buying more than you bargained for if the home has been sitting vacant for a long period of time. In most states, foreclosed homes are sold as is with no warranty. This means that you get what you see and will be responsible for any and all repairs that are needed. Following are some tips for those who would like […]
Making Home Affordable Program Extended 2 Years
A federal program that helps troubled homeowners receive modified mortgages is being extended by two years, and will run to the end of 2015, administration officials said Thursday. The extension of the Making Home Affordable Program, which includes the Home Affordable Modification Program, follows a two-year extension of a government refinancing program. “The housing market is gaining steam, but many homeowners are still struggling,” said Treasury Secretary Jacob Lew. “Helping responsible homeowners avoid foreclosure is part of our wide-ranging efforts […]
So what exactly is a short sale?
In today’s economic crisis and down real estate market this is a term that comes up a lot. But what exactly does it mean? In simple terms, a short sale is a tool that is used by banks and borrowers who have come on difficult times, as an alternative to foreclosure when a borrower cannot repay their loan. When a homeowner takes out a mortgage loan to purchase their house, they agree to pay a certain sum of money, known […]
White House may unveil mortgage plan next week
The Obama administration is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages. The administration has been working for weeks on how to implement a mortgage relief program. President Barack Obama could include a nod to the plan in a speech on job creation next week, sources familiar with the administration’s plans said. The refinancing initiative would allow certain borrowers to refinance loans that […]