
Student Loans are Making it Hard to Get a Mortgage
Recent college graduates receive heavy social pressures from friends or family about when their timeframe for purchasing their first home. However, they might discover that those same student loans that allowed them to finish their studies are now holding them back from purchasing their own home. The National Association of Realtors recently published that 83 percent of the non-homeowners...

What Does It Mean To Get A Reduction In The Principal Due On My House?
A mortgage payment is made up of several components. The total payment made each month can be broken down into principal, interest, and escrow. The principal figure is the amount of the loan, or the purchase price. The interest is the amount added to the principal and is determined by the interest rate attached to the loan. And, the escrow portion of a house payment represents the portion of...

Should I Stop Making My House Payment If I Want A New Mortgage?
When homeowners are not able to make their house payments without difficulty, it is time to start looking for options to get rid of debt or reduce current expenses. There are several ways to do this, and one of the most well-known options is to file for bankruptcy. Bankruptcy is a great tool for getting out of hand finances under control, but it is not the only option. Another idea to think...

The Top Two Ways To Change Your House Payment
Many Americans bought into the “American Dream” of home ownership only to be staring down large house payments years after signing on the dotted line. And for many, the monthly house payment is the single largest expense to pay every 30 days, leaving very little money left over for other necessities and bills. If your house payment is too high, there are things you can do to get some relief....

How To Avoid A Crisis With Your Money
No one likes to live in crisis mode, whether it is having to figure out how to get the kids to and from their after school activities when the car is in the shop or burning the midnight oil studying for a test or preparing for a presentation at work that has been put off, when you have more than you can handle you can feel like everything is too much to tackle. This concept is even more true...

Why A DIY Approach To A Mortgage Modification Is A Bad Idea
Never before in recent years have there been more sources for how to complete a do it yourself project. You can google nearly any task and find a variety of videos to watch, or a step by step guide on how to get a project done the way you want. The DIY approach can save money and time, but is not the best idea for all circumstances. For instance, if you need a haircut you can probably find a...

Three Good Reasons To Modify Your Mortgage
If you are short on your house payment each month, one of the things you should consider is asking your lender to modify your mortgage. A mortgage loan modification is a good way to change the terms of your mortgage, without having to go through the requirements of a refinance. In a mortgage modification your current lender will re-write your loan, giving you a lower rate and other beneficial...

Can I Modify My Mortgage In Bankruptcy?
The single most expensive payment most families have each month is their house payment. A good rule of thumb is to spend no more than 25% of your take home pay on your mortgage payment, but many Americans exceed this limit. This may be because most people take into consideration other home related expenses when reporting what they pay for their house each month. For instance, taxes and...

Will I Still Owe On My House If It Goes To Foreclosure?
A foreclosure is a legal way for the bank to take back your house if you are not making your mortgage payments. Many times, when the bank is successful in foreclosing on your home, the home is resold by the bank in an attempt to recoup the loss taken on the loan. But most times the amount paid at resale is less than what you owe, and if that is the case the bank might come knocking for...

Who Holds My Mortgage And Why Does It Change?
Have you ever received your monthly mortgage statement in the mail and wondered who the lender was and why they were sending you mail? Many times the mortgage lender you originally make payments to when you first purchase your home does not stay the same the entire length of your loan term. Mortgages and the underlying notes are often bought and sold, or are serviced by a third party and all...