On average, home owners in foreclosure can stay in their homes for over a year before they are evicted. In the first quarter of this year, the foreclosure process nationwide averaged 370 days to complete — that’s up from 348 days in the previous quarter and the lengthiest average since 2007, according to RealtyTrac. While […]
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BofA’s mortgage-to-lease program may become the new fad
People are watching with interest as Bank of America ($9.23 0.03%) rolls out its mortgage-to-lease program. The appeal is obvious to consumers who get a chance to stay in their homes, but will this new program spark a new fad in the mortgage industry? Alex Matjanec, co-founder of MyBankTracker.com, said it might, but not just yet. “I think the natural thing […]
February Foreclosure Activity Trends Down after January Surge
After a sharp increase in January, foreclosure starts and sales have reverse direction and resumed the steady decline they began in mid-fall. The February Mortgage Monitor Report published by Lender Processing Servicers (LPS) showed foreclosure starts down 15 percent from January to 172,602, 15.4 percent lower than during the same period in 2011. Foreclosure sales decreased 19 […]
Helpful Tips! How Much Can You Afford To Invest In A House
Here are the steps to figuring out how much you can afford to pay each month: Multiply your monthly gross income, before taxes and other expenses, by thirty-six percent (or 0.36). Add up all of your family’s fixed monthly debt expenses. These include car payments, student loans, minimum credit card payments, or child support. Do […]