Archive for November, 2009
How Much Will Your Credit Score Drop With A Foreclosure?
Many times people will ask me “how much will my credit score drop if I have a short sale? What if I have a foreclosure?” and usually, my answer was something like “it will hurt your credit, but no one can really tell you exactly how much it will hurt your credit.”
Until now.
Fair Issac Corporation [...]
Professor Tells Struggling Homeowners to Walk Away from Mortgages
The more a homeowner is underwater on their mortgage, the more likely it is they’re going to walk way from their loan despite their credit score, as Justin McHood recently wrote here at Mortgage Loan Place.Â
Now, a University of Arizona law professor has a controversial take on strategic defaults, going so far as to suggest [...]
Strategic Defaults: It Depends How Far Under Water You Are
The term “Strategic Default” has been actively reported on for the last few months as more homeowners who can afford their mortgage payment just “walk away” for various reasons.
And the #1 reason they walk away is because they owe more than the home is worth.
And according to the latest research, the larger the negative equity, [...]
Are FHA Loan Limits Going Higher?
Will FHA loan limits go even higher?
Thanks to the Economic Stimulus Act of 2008, maximum FHA loan limits were pegged at $729,750 for a single family residence and were recently extended for another year. And there is at least one legislator who wants to increase these limits even more – to $839,750.
Barney Frank!
According to a [...]
PRE-DIVORCE MEDIATION
In these tough economic times, where people are trying to save money and want to have an amicable divorce, an excellent way to do this is through a pre-divorce mediation package. I have handled several of these successfully, and would like to explain how it works.
Both the husband and wife meet with an attorney [...]
9 WAYS TO SURVIVE DIVORCE FINANCIALLY IN 2009
By Henry S. Gornbein
9. Find out as much about your financials as possible before you file a divorce, so that there will be no surprises.
8. Try to find out as much as possible about your job security and if you aren’t employed, see what your options are for employment.
7. Carefully consider all options, especially whether or [...]
Recession Slows Growth of “Boomburbs”
Some of America’s fastest growing suburbs are now seeing slower growth due to the recession. Of the 53 cities with populations of 100,000 and up that grew at least 10% every decade since 1970, 24 have lost population over the last two years, according to USA Today.
Of these “boomburgs” — suburbs that grew into major cities —15 [...]
8000 Tax Credit Tax Fraud?
As with many good things in life – there are always a few people who are doing what they shouldn’t. In this case, there are quite a few people claiming that they are eligible for the 8000 tax credit when in fact they are not eligible for whatever reason.
If someone tries to claim the 8000 [...]
Can You Rent Your Home From Fannie Mae?
There may be a little bit of light at the end of the tunnel for people who are currently going through foreclosure – they may be able to rent their property back from Fannie Mae.
Fannie Mae has recently announced the Fannie Mae Deed For Lease Program and it is designed to be another option to [...]
Jumbo Loan Modifications: The Role of Mortgage Insurance
Anyone who currently has a jumbo loan and has been trying to work with their lender knows that the “Obama loan modification plan” doesn’t really apply to them – because they have a jumbo loan.
Which means that whether or not someone with a jumbo loan gets a loan modification done is really going to depend [...]