Archive for April, 2009
Second Mortgage Modifications
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The Obama administration this week announced a new government program that will help some struggling homeowners to reduce their payments on a second mortgage at the same time they are modifying their first.
For a free Homeowner’s Guide to Making Home Affordable, click here.
This is great news if you’re a homeowner who can’t repay your debts, not so great news if you would rather not see tax dollars subsidizing second mortgages. During the housing boom, many homeowners took out a second mortgage - either a home equity loan or line of credit - to make a down payment or pay for home improvements, medical bills, college bills, cars, vacations or other expenses.
Short Sale Guidance
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If you need to sell your home in today’s market, you may be in for a big shock if you discover that the current market value of your home is in the toilet, and you now owe more than your home is worth. If there is any possible way you can postpone selling right now until the market begins to turn around, that would be your best bet. However, if you find yourself facing a certain financial hardship that you know you can’t recover from or you’re facing a divorce or you’re relocating to a new job and have no choice but to sell, here is some information to help guide you through the process.
The Use Of Credit While You’re Unemployed
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If you’ve currently found yourself unemployed, don’t get discouraged….you’re in good company. The unemployment figures in the US are higher than they’ve been in decades. Now that the unplanned and unwanted event has arrived, if you have a savings account, regardless of how much you’ve put into it, and you have some available credit lines, you’ll have two tools that will be a huge help to you to get through this time without damaging your credit. Let’s look at some steps that you’ll need to take.
