Month: May 2018

Understanding the Foreclosure Process

In most cases, foreclosure takes place when a homeowner is unable to pay their mortgage. In these instances, the mortgage holder, usually a bank, will attempt to sell the property in order to recoup the amount owed by the homeowner.

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1 year ago

What Is a Foreclosed Property?

A foreclosed property is a piece of real estate sold by a mortgage lender or bank in order to pay off a defaulted or unpaid mortgage loan. Foreclosures end with a public auction in which mortgage lender or bank sells the property, which can be bought by a private citizen as well as the bank itself.

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The Harsh Reality of Reverse Mortgages

Reverse mortgages, home loans designed for older homeowners that requires no monthly mortgage payments, have come into the spotlight recently after the Federal Housing Administration stated that the insurance program backing reverse mortgages is “losing money and can no longer remain viable in its present form.”

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Study Finds Home Affordable Modification Program Falls Short

The Home Affordable Modification Program (HAMP) launched by President Obama in early 2009 to stave off foreclosures, despite its good intentions, has fallen short of its original goal.

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Foreclosures Increase in Big Cities: A Blessing in Disguise?

Economists have recently expressed concerns because foreclosure starts have started to increase in some of the country’s largest housing markets.

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Reasons to Hire a Foreclosure Attorney

The fear of foreclosure can be paralyzing for many homeowners, yet states tend to be highly protective of those who have taken out a mortgage loan.

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How to Deal with Debt Collection Calls

Though it is inevitable that your bank will contact you to collect an outstanding mortgage payment, you are still entitled to be treated fairly.

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The Eviction Process After Foreclosure

After a foreclosure sale, the bank or the foreclosure auction winner is legally entitled to seize the property. For homeowners, this often poses a problem if they haven’t yet secured housing. In order to accommodate former homeowners, the law offers certain protections that must be adhered to.

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Housing Counseling for Homeowners Facing Foreclosure

Homeowners at risk of foreclosure should consider speaking to a housing counselor a top priority.

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Which Liens Survive Foreclosure?

Liens, which are tied to the title of a home, can oftentimes survive foreclosure.

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