Archive for April, 2010

2nd Mortgage Loan Modification

Many people know that it is possible to get a loan modification under the Home Affordable Modification Program (HAMP) but what many people don’t know is that it is also possible to get a 2nd mortgage modified and not just a 1st mortgage.
Some of the biggest lenders in the country who hold many of the [...]

Should You Stay In Your House?

Many times (many, hundreds of times) people ask me a simple question:
Should I keep making my mortgage payment or should I do something different?
And the answer I usually give is something close to “it depends“.
And what it actually depends on is something different for each person. [...]

Land Bidding Wars Happening Now

In many areas of the country, home values are falling, foreclosures are rising — and builders are getting in bidding wars for land.
One such area is the Phoenix metro area – and there are others in the country just like it. From the Wall Street Journal:
Builders are particularly interested in finished lots, land with improvements [...]

Choosing a Home Inspector

Don’t skimp when choosing a home inspector. Getting a thorough property inspection when buying a house can keep you from having your own personal “Money Pit.”Â
Home inspectors examine a property to look for any potential problems. Among the services they may provide are testing foundations, structures, wells, septic systems, electrical wiring, plumbing, and exteriors such as roofs [...]

Getting A Mortgage After Foreclosure

With as many people who have either been through foreclosure, did a deed-in-lieu of foreclosure or short sold their house over the last few years, I had been wondering if Fannie Mae/Freddie Mac/FHA would change their guidelines as to how long someone had to wait before getting another mortgage.
And recently Fannie Mae changed their guidelines [...]

No Job? No House Payment

An interesting idea – if you lose your job and are collecting unemployment, you don’t have to make a house payment for up to 9 months.
That is a proposed plan by Bank of America as one possible solution to the problem of high unemployment and struggling homeowners.
The catch under this plan is that if you [...]

Credit Concerns When Buying a Home

Know Your Credit Scores Before Closing Day
House hunting can be one of the most exciting times in your life.  If only it didn’t have to be one of the most stressful too.  The culmination of hard work and saving money to finally purchase your own home is almost always coupled with the uncertainty of securing [...]

Americans Still Prefer Home Ownership, Poll Finds

Despite troubles with the economy and the nation’s housing market, 65% of Americans still prefer owning a home, according to the Fannie Mae National Housing Survey.Â
The poll, which was conducted between December 2009 and January 2010, asked homeowners and renters their views about home ownership as an investment, the current state of their household finances, and their overall confidence [...]