Lending Institutions Getting More Rigid with Loan Qualifications
As regulators crack down on shady lending practices, banks and lending institutions are getting more and more rigid with loan qualifications. In fact, a recent New York Times article detailed one retiree’s struggle to obtain a mortgage even with excellent credit history and healthy retirement and brokerage accounts. In addition to demands for the usual read more »
Homeowner Costs: The Unspoken Reality of Hidden & Sunk Costs
Recently, we’ve talked a lot about the hard costs of owning a home. We’ve discussed the costs of borrowing money from the bank, interest rates, mortgages, second mortgages, and the varying value of your investment as the housing market declines and recovers. When faced with the unfortunate prospect of foreclosure, these hard costs are often read more »
What Exactly Does a Loan Modification Modify?
With so much talk surrounding home mortgage loan modification as an option to avoid foreclosure, it is important for borrowers to understand exactly what parts of their original loan are going to be modified if approved for such assistance. Most borrowers understand that a home mortgage loan modification will modify the terms of their original read more »
The High Cost of Foreclosure
Many people don’t bother to attempt a home mortgage loan modification because they simply think their lender would never approve such a request. They think that they have been in debt for too long or that their home is too close to foreclosure to avoid it. While it is true that failure to act quick enough could result read more »
Request a Loan Modification Without Being in Default?
A home mortgage loan modification is generally reserved for homeowners whose loans are already in default by at least two or three months. This means that many homeowners, because of their lender’s policies, must knowingly allow their loans to default before their application for modification can be reviewed. This worries many homeowners who would rather read more »