All Posts Tagged With: "income"
Mortgage Modification or Refinance — What’s The Difference?
Is it better to modify a mortgage or to refinance? While both result in new loan terms, the two choices are very different.
When you refinance a mortgage you replace an existing loan with a new one. There’s no need to negotiate with the old lender because his mortgage claim will be extinguished. However, borrowers with [...]
Harris Poll: 27,000,000 Borrowers Think They’re Underwater
A new study from the Harris Poll suggests the extent of the current financial crisis and mortgage meltdown:
“Fully 24% of people with mortgages believe they owe more on their mortgages than their homes are worth,” says Harris. “One in nine homeowners (11%) with mortgages report having ‘a great deal of difficulty’ in paying off their [...]
What Paperwork Do You Need To Get A Mortgage?
One of the biggest problems with the government’s Making Home Affordable loan modification program is that a large number of borrowers are making their payments but do not provide required paperwork — and thus are unable to permanently refinance their mortgage with a new and lower rate. Because they did not provide required paperwork these [...]
1Feb2010 | Peter G. Miller | 0 comments | Continued
How To Write A Successful Loan Modification Letter
More than 2.8 million homeowners faced foreclosure during the past year according to RealtyTrac.com. Honest, honorable people with every intent of paying their debts have found themselves with impossible financial situations because of the Nation’s massive economic downturn as well as the use of toxic mortgages. In many cases owners are both unable to sell [...]
21Dec2009 | Peter G. Miller | 0 comments | Continued
Real Estate: Less Money, Fewer Sales
The Census Bureau is reporting that incomes nationwide fell between 2007 and 2008 under the Bush Administration.
___ Real median household income in the United States fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. This breaks a string of three years of annual income increases and coincides with the recession that started in [...]
Can 11,000 Appraisers Be Wrong?
Gee, golly, mention the idea of pressuring appraisers to come up with the “right” valuation numbers and you’re hardly alone. There seem to be a large number of appraisers who have encountered efforts to distort their valuations. Say 11,000 of them.
That’s how many signed on at AppraisersPetition.com. And what, exactly, is their beef? As the [...]
Why Some Real Estate Still Pays
Across the country retirement dreams are falling with the speed of 401K balances. People are discovering that the easy life they had planned for their “golden days” no longer exists.
The issue, of course, is that it takes money to retire. For most people, “money” means funds from IRAs and 401Ks and Social Security — in [...]
Mortgages, Foreclosures & The Disgrace of Journalism
It was long ago when I received a degree in journalism.
I wanted to study journalism because it gave me an opportunity to travel and to meet interesting people. I have been a correspondent on Capitol Hill and at the White House, I have lived on an offshore drilling rig in pursuit of a story, I [...]
Facing Foreclosure? How The Obama Plan Can Help
It was in February that the Obama Administration first announced it would create a mortgage relief program for millions of distressed borrowers. The details of the plan are now out, so it’s possible to see who can be helped — and who can’t.
To start, we’re talking about help from Fannie Mae and Freddie Mac. Between [...]
Mortgages & The Unnecessary Crisis
July 14, 2008 should be remembered as a notable date in the long history of mortgage lending. The federal government gingerly stuck its regulatory foot into the warm waters of consumer advocacy and for the first time enacted rules which would protect borrowers. Not all borrowers, of course, and nothing that would materially disturb the [...]
31Dec2008 | Peter G. Miller | 0 comments | Continued
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