There are many steps homeowners can take and resources they can tap into to prevent a foreclosure situation. Not only does foreclosure mean the loss of the home and relocation, but it also has significantly damaging impacts on credit histories and scores, which can...
There are two primary types of foreclosure in the United States. The type of foreclosure filed will depend on the terms of your mortgage contract and the relevant laws of your state. Most foreclosures will be either a Judicial Foreclosure or Non-Judicial Foreclosure....
Homeownership is a big part of the American dream. A safe place to shelter after a long day of work, a place to rest, entertain, and maybe even raise a family. In 2021, 6.12M homes were sold, according to the National Association of Realtors. Millions of individuals...
There are three main consequences of a short sale. Each can have long-term financial and legal consequences and must be considered carefully before entering into a short sale as a solution to missed mortgage payments. Failure to Secure a Deficiency Waiver As mentioned...
The Consumer Financial Protection Bureau, a U.S. government agency, warns consumers that there are states in which homeowners are responsible for the difference between the value of your property and the amount you still owed on the mortgage loan. This amount, which...
Most short sale homes are listed for sale just like any other home on the market. That said, the sales process is much more complex. The Freddie Mac website advises homeowners exploring short sales to work with a qualified real estate professional. Process Once a...
If a homeowner loses the ability to meet the financial obligations of their mortgage loan, a short sale is an alternative to foreclosure. Still a complex process with financial and legal consequences, a short sale can be advantageous to multiple parties in the...
Purchasing a home is often the biggest financial investment in an individual’s lifetime. A house becomes a home, a place of sanctuary, rest, and peace. When a person purchases a home with a mortgage loan, the lender goes through an extensive loan application and...
In the world of residential real estate, most transactions involving the sale and purchase of a house happen between an individual (or family) that wants to sell a home and an individual (or family) that wants to buy a home. In general, most transactions happen...
If you are selling or buying a home as part of a for-sale-by-owner transaction, being represented by a qualified and experienced real estate attorney can bring a lot of peace of mind to the transaction. The website, ConsumerAffairs.com states: “Even if your state...
