5 Things to Do Before You Go Into Foreclosure
If you’re having trouble keeping up with your mortgage payments and think you might be headed for foreclosure, there are still some things you can do to ameliorate the situation. Millions of U.S. homeowners have had their properties repossessed in recent years, so if you’re on the verge of losing your home or have received […]
Is This Loan Modification Offer Legitimate or a Scam?
A reader of AskTheMoneyCoach.com is dealing with a potential foreclosure situation. Of course, they’re trying to avoid foreclosure. This individual is interested in getting a loan modification and has gotten an offer for help. The dilemma this person is facing, however, is, whether or not this company offering loan modification services is indeed reputable and […]
Tips for Buying a Foreclosure
As more homes go into foreclosure, you might be considering investing in a foreclosed property to generate some extra income. Foreclosed homes can be moneymakers in strong rental markets or if you’re able to sell a deeply discounted property for a higher price in the future.
What to Do If You Become Homeless
If you’ve suffered some serious financial blows recently and find yourself homeless, there are some things you can do to help yourself get back on your feet and start a new life. Being homeless doesn’t have to be a permanent situation and you do have some resources outside of friends and family available to you. […]
Buying a Home in Foreclosure? Here Are 6 Tips
As more homes go into foreclosure, you might be considering investing in a foreclosed property to generate some extra income. Foreclosed homes can be moneymakers in strong rental markets or if you’re able to sell a deeply discounted property for a higher price in the future. Regardless of whether you’re considering a foreclosure for investment purposes or […]
Strategic Default: 7 Things Homeowners Are Doing With the Money they Save
We keep hearing a lot about strategic defaults and about how people are increasingly walking away from their homes because they see them as bad investments. Up until now, a fairly clear picture has emerged of the profile of the average strategic defaulter. Research shows that these individuals typically have better FICO credit scores, larger […]
How to Save Your Home if You File for Bankruptcy
When you have taken the step to file for bankruptcy and are struggling to make ends meet, you may have wondered if your home will soon go into foreclosure. If you’re filing for bankruptcy, it’s likely that you’ve been struggling with finances for several months – even years – and may already have come close […]
How Will a Foreclosure Affect My Credit Score?
If you’re facing foreclosure, you may be wondering how this will affect your credit score. Missing payments on your mortgage and other bills may have already dropped your credit score by several points, and when you reach foreclosure status, you will notice a significant drop in your credit rating. If you’ve been struggling financially for […]
How Long Will a Bankruptcy and Foreclosure Stay on My Credit Report
When you miss a credit card payment, mortgage payment or end up going into deep debt that you can’t realistically pay off within a reasonable amount of time, you put yourself at risk for bankruptcy or foreclosure. Many people who end up filing for bankruptcy or are dealing with foreclosure find it difficult to apply […]
How Will a Strategic Default Impact My Credit Score?
If the effects of the recession have left you with a home or condo that is worth less than the amount of your current mortgage balance, you may have considered a strategic default. A strategic default is when a borrower decides to default on their mortgage – basically refuses to make payments – and walks […]
How Long Will a Bankruptcy and Foreclosure Appear on My Credit Report?
When you miss a credit card payment, mortgage payment or end up going into deep debt that you can’t realistically pay off within a reasonable amount of time, you put yourself at risk for bankruptcy or foreclosure. Many people who end up filing for bankruptcy or are dealing with foreclosure find it difficult to apply […]
How Will a Foreclosure Affect My Credit Score?
If you’re facing foreclosure, you may be wondering how this will affect your credit score. Missing payments on your mortgage and other bills may have already dropped your credit score by several points, and when you reach foreclosure status, you will notice a significant drop in your credit rating. If you’ve been struggling financially for […]
What Is Squatter’s Rent
Q: I’ve heard the term squatter’s rent used many times. Can you tell me what is the definition of squatter’s rent? A: Squatter’s rent is the money someone saves up by not paying their mortgage. In many states, it is taking one year or more for someone who is behind on their house payment to […]
Foreclosure Rescue Scams: How to Recognize Bogus Mortgage Help
Despite the bona fide assistance out there, it’s harder than ever for many consumers to separate trustworthy foreclosure assistance companies from the bogus ones. And with unemployment and mortgage delinquencies remaining stubbornly high, con artists from coast to coast are increasingly preying upon Americans going through hard economic times. This year, for instance, officials in […]
When You Owe More Than A Home Is Worth And Have Bad Credit
Q: I am a Single Woman Sharing a Mortgage with my Mother. I Purchased the House From her in 2004 to Prevent Her from Filing Bankruptcy and Losing her Home. We’ve Refinanced Twice and Now the Loan is Twice the Amount of What the House is Worth. My Credit is Not Great. I’m in Debt Minus the Loan on the House of About $15,000. The Bulk of That is a $10,000 Loan I Applied for an got (Surprisingly) While I was Unemployed. Isn’t That Called Predatory Lending. I Would Love to Leave Here and Find My Own Place But I Need to Get My Credit in Order. Some of My Debts are 5 Years Old. I Don’t Want to Pay These If I Really Shouldn’t. What’s the Best Thing to do? Also, Re: the $10,000 Loan, I Know I Should Not Have Applied for the Money But I was Desperate As Our Mortgage Was 3 Months In Arrears and In Danger of Being Foreclosed On. Is There a Way That I Could Get This Debt Removed as it was a Predatory Situation?