Credit

Information on credit and rebuilding your credit after a foreclosure or short sale in order to purchase a new home.

Delays in Foreclosures Rise: Top States for Delays

Short Sale Homes and Help

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 [...]

BofA’s mortgage-to-lease program may become the new fad

Short Sale Homes and Help

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

Short Sale Homes and Help

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

Short Sale Homes and Help

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 [...]

How Mortgage Lates and Foreclosure Affect Your Credit Score

How a foreclosure or short sale hurts your credit

Many homeowners wonder what effect a mortgage delinquency (late payment), a short sale, or a foreclosure has on their credit. Many people just assume that their credit is ruined if they run into mortgage problems. Recent research reveals that their is a significant difference between between the type of delinquency a homeowner receives on their credit report and the [...]