Try these articles:
• going green at home, being environmentally friendly
• keep mosquitoes out of your home and yard
• waterproofing your basement
• how to avoid foreclosure and keep your home
• security, alarm systems for your home
• sunroom or solarium: a bright addition
• remodeling your kitchen
• which home mortgage loan is best for you
• determine your home's value for selling
• find two more hours in every day.
How is the home foreclosure crisis going to affect you and your family?
Even if you don't have a problem mortgage yourself, you, your family, and your neighbors could well be affected by the current foreclosure crisis.
Although the foreclosure rate of home loans in the U.S. was significantly down in 2011, new foreclosures are up in 2012. Since the recession began in December 2007, a whopping 3.6 million properties have been lost to foreclosure, according to Realty Trac.
What Home Loans Are in Foreclosure?
Some of the foreclosures were the result of adjustable rate mortgage loans. The homeowner may have gotten in at a low rate, and didn't realize how high the interest, and the payments, would climb in a short time. If you find that you are trying to prevent foreclosure, read how to avoid foreclosure and keep your home.
Many of the foreclosures represent people who bought when real estate values were at an all-time high and used little or no down payment. The shady "robo-signing" practices of banks and mortgage companies compounded the problem, by giving larger loans than people could actually afford. Now, values have slipped, often 25% or more in some areas. Owners sometimes find themselves owing much more than their home is worth, and often make the decision to walk away rather than continue to make the payments, even if it means they will have bad credit in the future.
What If Your Mortgage Loan Isn't a Problem?
But what if you are not in that situation, and you have no problem paying your mortgage each month? It could still affect you, if you decide to sell your house. In this environment, there is often a glut of houses for sale in any given area, and many are foreclosures. Anything put on the market now is destined to sell for less than it was worth a few years ago, if it sells at all. In addition, lenders are getting more nervous about making new loans, since so many are in default. Many people who had no trouble getting a home loan in the past are being turned down, even with good credit.
This is especially true in areas with the most severe rates of foreclosure. Often, these were the areas that saw the biggest boom in real estate prices in the recent past, before the suddenly collapse of the market. The states with the highest foreclosure rates in the study were Arizona, Colorado, Michigan, Ohio, Georgia, Indiana and Tennessee.
Many are concerned the housing crisis will drive America into a recession. The government has responded by trying to convince (or force) lenders to modify existing loans to make them affordable. But lenders are not happy with the idea, and many homeowners are reporting frustration from roadblocks with the new program, called Hope Now Alliance.
At the present time, there seems to be a lot of confusion among homeowners, who are often waiting to see what the government and the banking industry will do next.
How to stop foreclosure on your property
• Learn how to keep the bank at bay.
• Learn about your options attorneys won't tell you about.
• You do not have to sell your home to avoid foreclosure.
• You do not have to borrow more money!
• Do not let the American Dream be stolen from you!
• Learn to use bankruptcy (if you absolutely have to) to your advantage.
Planning to sell your home? You could make $10,000, $20,000 or more from the sale of your home if you sell it yourself!
Planning to sell your home by owner? The You Can Sell Your House kit provides the information and forms you need. You could easily make $10,000 to $20,000 or more from the sale of your home!
Use the Mortgage Loan Amortization Schedule to calculate your monthly loan payments.
Home Mortgage Loan Options: Get the Most for Your Money!
With today's lower mortgage interest rates, many homeowners are looking to refinance their first mortgage on their home, sometimes to incorporate a second mortgage or home equity loan.
Homeowner's Insurance: What You Should Know:
Homeowners' insurance is a necessity any time you buy a home and have it financed. Insurance is designed to protect the home owner in case of emergency. Your mortgage lender will require the insurance policy to protect their investment.
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