This post was prepared by yours truly, with contributions from Phil Bradford, a financial web content writer. Phil graduated from New York University School of Law and recently joined Herald University as a reporter. He has also written for websites such as debtfreeguys.com and disabilitycanhappen.org An now, on with the post… Those who’ve exhausted their financial options or...Read More
This case is a testament to the subprime crisis and illustrates how complex and devastating mortgage securitization and pooling was to ordinary homeowners; middle-class people faced with sudden and insurmountable mortgage debt. Sadly, this decision also illustrates just how hard it is to stand up to the holders of pooled mortgage loans.Read More
The Economy has been sputtering: struggling valiantly but with little to show for it. Case in point: Is your home still underwater? For most people the answer is still yes - even as markets around the country rebound. So today we address a deceptively simple question: What is a mortgage and how does it work?...Read More
One option for those who've gone through Bankruptcy and are looking to borrow again is the FHA Loan. Before the housing bubble burst in 2008 FHA loans were considered the choice for buyers with little credit or bad credit; or for those with low incomes. But since everyone's home value began falling - taking credit...Read More
The Bankruptcy Court pries apart a Motion for Judgment on the Pleadings brought by banks and servicers that claim to be entitled to collect mortgage payments from the Debtor while peering into the world of securitized mortgages - the process of bundling loans into trusts, slicing trusts into securities, and trading those securities on Wall...Read More
The Federal Reserve and Government forecasters agree: the Great Recession is over. But not for millions of Americans whose homes remain underwater thanks to the sub-prime mortgage scandal. Nor is it over for the millions more who lost their jobs and have only been able to secure part-time work with less pay and no benefits.Read More
Freddie Mac and Freddie Mae made guideline changes to the prevailing short-sale guidelines that unified and clarified them. Those changes featured examples of eligible hardships that would permit homeowners to sell their homes even if they were then current on their mortgage. Ultimately that new guidelines enabled lenders and servicers to quickly and easily qualify...Read More
Chances are that any equity you had in your home disappeared between 2008 and 2011 and hasn't been seen since. What will happen in 2013? One thing for sure though: if a write-down is not an option many people will find themselves looking to programs like HAMP and HARP to manage their payments, and others...Read More
You can find yourself in serious debt anytime. Reasons range from the interest rate on your ARM loan to unemployment, the state of the housing market, failed ventures, even natural disasters. If you're confronted by out of control debt, sudden illness, or job loss; could the resulting budget chaos threaten your home or nudge you...Read More
Our first community seminar "Foreclosure Alternatives" will take place October 29 at 6 P.M. We will repeat the Seminar October 30 at 6:00 P.M. and Saturday, November 3, at noon. All seminars at Rasmussen College, Romeoville.Read More
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