Mortgage crisis Q&A: “What is an underwater mortgage?” I have no idea why I never touched on this topic before…perhaps I thought it was too simple of a concept, but clearly it could use an explanation. Put simply, an “underwater mortgage” is a home loan that exceeds the value of the associated property. An underwater [...]
Tags: Mortgage, Underwater Mortgage
Posted June 28, 2011 by Admin under Financial Guru
Despite the ongoing housing crisis, there may be a new player in the mortgage industry in the next few months. Discover Financial Services, better known for hawking credit cards to consumers, could get into the direct mortgage business. Chief Executive David Nelms told Reuters today that the company was looking to grow in light of [...]
Tags: Mortgage, Mortgage Business
Posted September 19, 2010 by Admin under Financial Guru
Here’s an interesting tidbit from Diana Olick over at RealtyCheck. Former Credit Suisse analyst Ivy Zelman, the one that came up with the infamous mortgage rate reset chart, said on average it takes 417 days for a lender to send a foreclosure notice after a borrower stops making mortgage payments. Yep, 417 days. More than [...]
Tags: Mortgage, Paying Mortgage
Posted April 20, 2010 by Oliver Blake under Financial News
Q: I am $75,000 upside down and seriously debating either, to just walk away or negotiate a short sale. My friend told me I may have a recourse mortgage, which I never heard of. Can you explain? I live in Missouri. A: If the debt is recourse, you are personally liable for the debt. So [...]
Tags: Mortgage, Recourse Mortgage
Posted December 23, 2009 by Admin under Financial News
The current downturn in the housing market has left many individuals ‘upside down’ on their homes – owing more than the home is worth. A common strategy in these situations is to have the mortgage adjusted, generally with more favorable payment terms for the borrower. These loan modifications, some of them sponsored by the federal [...]
Tags: Mortgage, Mortgage Readjustment
Posted December 7, 2009 by Admin under Financial News