Q. My lender has started foreclosure proceedings. What should I do? A. Immediately contact an attorney and/or a MSHDA approved foreclosure prevention counselor in your county. Click on the following link for information on foreclosure prevention counselors. http://www.mshda.info/counseling_search/. Many Michigan counties also have lawyer referral services that can assist you in finding an attorney. The … More Lender started foreclosure … What should I do?
Oh yeah ? Not so fast. I hear it over and over – “lets bandwagon, let the bank have it, let it go, walk away”…after all, Mr Fix It is in the white house and America cares for the little guy, not those ding nab fat rich bankers ! Try on a dose of reality: … More “I’ll just Short Sell it 😉 “
… In theory, it should be a good time to buy a home. In the worst-hit areas, properties have lost more than half their value. Yet as the average 30-year mortgage rate has slipped below 4 percent, the combination of employment insecurity and unusually tight standards for lending are discouraging buyers en masse. Lenders are … More Why Home Prices Won’t Bottom
A Credit Reporting Agency may report negative information for seven years. exceptions: Crminal convictions may be reported without any time limitation. Bankruptcy – up to 10 yrs. Response to application for a job with a salary > $75,000 – no time limit. Information reported re: an application for > $150,000 worth of credit or life … More How Long is Credit Information Retained on Your File
Being 30 days late on a house payment — even if it is an accident — can knock 100 points off a pristine 780 credit score….
How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac? The 30-year fixed-rate mortgage loan, the steady favorite of American borrowers since the 1950s, could become a luxury product, housing experts on both sides of the political aisle say. Interest rates would rise for most … More 30-Year Mortgage May Fade Away
Make sure your credit is as clean as possible, according to FICO, a person’s score is as follows: 35 percent is determined by payment histories on credit accounts, with recent history weighted a bit more heavily than the distant past. 30 percent is based on the amount of debt outstanding with all creditors. 15 percent … More Bring your preapproval letter and lets shop for some BARGAINS !