I have been getting more calls lately from homeowners who are headed for trouble with their home mortgage. Unfortunately until they are truly in trouble and missing payments there is little help that banks or the government programs are offering. I always recommend that the homeowner contact their lenders loss-mitigation department and ask for a mortgage modification. Unfortunately I am hearing more and more that banks and mortgage companies are unwilling to offer any help. I don’t understand this phenomenon, as mortgage holders are constantly saying they do not want to be in the real estate (5 comments)
It has been reported that 2010 and 2012 are going to see a lot of mortgages re-adjust. If you have an ARM (adjustable rate mortgage) and it will be adjusting this year it is most likely going to rise. In this economy many homeowners are going to find themselves in a situation where they will no longer be able to meet their mortgage payment obligations. As a homeowner you do have some options to head off this type situation happening to you.
If at all possible look into refinancing, (5 comments)
Are You Up to Date on Your Homeowners Insurance is something we should all be asking ourselves. There are some basics involved in keeping our homes correctly insured. The first and probably most important step is to get a record of everything in the home. This can be done the old fashioned way with a pad and pen or the tech way, with a video or digital camera. Either way get it on record. It is much easier to deal with the insurance company when you have a home inventory. Additional information can be found through any of the (1 comments)
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