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Showing posts with label Flower Mound Homes. Show all posts
Showing posts with label Flower Mound Homes. Show all posts
Friday, June 19, 2009
Friday, May 22, 2009
Even the Smartest Ones Lose Their Homes
Posted from Inman News
Monday, May 18, 2009, by Dakota
First, Edmund Andrews, an economics reporter for the New York Times (who makes $120,000 a year), falls in love, and then he buys a $460,000 house in Silver Spring, Maryland, and then he takes out two mortgages (a primary mortgage of $333,700 and a "piggyback" loan for $80,300). Here's how his broker convinces him not to worry about the loans: "'Don't worry," Bob reassured me, saying what almost everybody else in real estate was saying at that moment. "The value of your house will be higher in five years. You'll be able to refinance.'" And then the credit card debt starts piling up, and then his wife gets laid off, and then they default on their mortgage, but JPMorgan Chase is so busy dealing with the mess of the housing market that the bank is too busy to foreclose on his home. Wondering how he, an economics writer, failed to understand what he was doing (well, he knew he was gambling), Andrews ends his essay this way: "Eight months after my last payment to the bank, I am still waiting for the ax to fall." [NY Times magazine]
For info about housing visit: http://www.dfwhomeforsale.com
Wednesday, May 13, 2009
Short Sale hurts your Credit
Short sale hurts your credit
Choosing a short sale over foreclosure is difficult. Both take a bite out of your credit rating. But one is easier to recover from.
NEW YORK (Money Magazine) -- Q. We have to relocate because of my husband's job. Our home value has fallen nearly $100,000. We would like to get rid of it, but we don't want to go into foreclosure. Someone mentioned a short sale. What impact would that have on our credit rating?
Gerri Willis, Money magazine contributing writer and host of CNN's "Your Bottom Line," says:
A.A short sale, in which you negotiate with the bank to sell your home for less than you owe on your mortgage, will have a dramatically negative affect on your credit.
A consumer who has been through a short sale could see a drop in her credit score of up to 200 points, essentially the same decrease as if the homeowner had gone into foreclosure, says John Ulzheimer, president of consumer education for Credit.com.
And like a foreclosure, the negative mark will pull down the score for seven years.
That said, if you're underwater on your mortgage and you need to move, a short sale is a better option than foreclosure. Going through foreclosure will make it very difficult for you to get a loan for at least three to five years; if you've done a short sale, you may be able to qualify for a new mortgage within two years.
By Gerri Willis, Money magazine contributing writer
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Thursday, April 16, 2009
Banks Likely to Ramp Up Foreclosures
Banks Likely to Ramp Up Foreclosures
More borrowers are expected to lose their homes to foreclosure as the nation's largest mortgage companies lift their internal moratoriums on home repossessions and start to determine which troubled borrowers cannot be helped.
The mortgage companies say the Obama administration's housing plan has given them a better idea of which borrowers they should assist, but their actions could be politically sensitive because some lenders received funds from the federal government's financial stimulus program.
An increase in foreclosures could lead to a further decline in residential prices and put more pressure on the earnings of banks as they write off troubled loans.
Source: Wall Street Journal, Ruth Simon (4/15/2009)
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