Beating the Lender: What to Do When Your Home Is in Foreclosure

Following the 2008 subprime mortgage crisis, Harry Angel, a 79-year-old Texan, found himself struggling to meet his mortgage payments. His lender, JP Morgan, suggested that he refinance his loan and intentionally miss a payment in order to qualify for government relief. Unbeknownst to him, the lender was planning to use his late payment as a reason to proceed with a foreclosure on his property. Harry was in so much distress...

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The Good, The Bad and The Ugly of Reverse Mortgages

If you’re a retiree concerned about your finances and you own a home with equity, taking out a Reverse Mortgage loan can be a good option. Just as in taking any other form of loan, it is best to carefully consider the Reverse Mortgage loan requirements to determine if it is worth it. Reverse mortgages are a type of home loan for seniors who own a home. In regular home...

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Ready to Refinance Your Home: What You Need to Know?

Refinancing is the replacement of existing debt or debts. Terms and conditions differ depending on the regulations of a country, province, or state. Factors such as inherent and projected risk, a nation’s political and currency stability, bank regulations, credit appraisal of the borrower, and a nation’s credit rating should be considered. Replacement of debt can be caused by a number of factors: Financial distress and the need to consolidate debt....

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What Is a Reverse Mortgage For Senior Citizens?

A reverse mortgage for senior citizens is a credit for older adults ages 62 and older. HECM reverse mortgages are protected by the Federal Housing Organization (FHA) and permit property holders to turn their home value into money with no month-to-month contract installments. In any case, borrowers are required to keep paying property expenses and protection and to maintain the home as per FHA rules. Reverse mortgage advances Reverse mortgage...

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Highlights and Reflections of FHCRC 2015-2016

FHCRC (Fair Housing Council of Riverside County, Inc.) is a non-profit organization approved by the Department of Housing and Urban Development (HUD) to fights for the rights of residents living in almost all cities of Riverside County. The organization works with the government to ensure that fair housing laws are followed. FHCRC proudly provides various services to the residents which affirmatively addresses the issues of housing discrimination by analyzing and...

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When Your Mortgage Servicer Will Not Send Mortgage Statements After Your Bankruptcy

If you have not received your mortgage statements from your service provider after your bankruptcy, do not fret; we can help guide you through this process with your mortgage service. We know it can be a stressful time, but there are methods to the madness, and we are here to help! Why is my mortgage service not sending me statements after my bankruptcy?  The short answer is that they do...

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How Donald Trump’s Decision to Suspend the Mortgage Premium Cut Has Affected Americans

Donald Trump’s victory has brought America an uncertain environment both globally and domestically, thus introducing irrational altitudes of unpredictability into international politics. Whether it is a correct or a miscalculated move, there is that silver lining that America and the world are hoping to cling desperately to. However, what is evident is that Donald Trump’s term has been marred by a lot of controversies. Soon after the president got into...

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How to Protect Your House from Foreclosure

Home foreclosure is a terrifying scenario for any homeowner, and especially for first-time buyers. During foreclosures, not only are your finances in jeopardy, but your entire livelihood could also be at stake if your household is your sole residence. Luckily, here are some simple tips to help you avoid this unfortunate outcome. Do Not Become Your Debt: Before we move into the topic of money management advice on how to...

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Why You Should Go For FHA Loans

The desire to own a home is one that so many people have in their lives. This goal is certainly attainable. The interest rate, however, is something to consider because determines whether or not owning a home is affordable. Various changes have taken place in the mortgage industry, and before financing your home, one should be privy to these changes and how to capitalize on them. The interest rates hit...

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Possibility of GSE’s Becoming Independent Again

Fannie Mae and Freddie Mac Given the Authorization to Invest in LIHTC The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) have both been given the go-ahead to begin investing in dollar-for-dollar tax credits for subsidized housing. They have not had the permission to do so since just before they went into conservatorship in 2008. This is important, positive news, as in recent...

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