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
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
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
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
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.
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.
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
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
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
Bankruptcy is a popular way to avoid foreclosure, and allow you to get back on your feet and able to make your mortgage payments. There are two main types of consumer bankruptcy, a Chapter 7 and a Chapter 13. A Chapter 7 is like a liquidation, which means most of
