Financing a Home Archive


What about a second mortgage?

Monday, December 10th, 2007
It is a loan against the equity in your home. Financial institutions will generally let you borrow up to 80 percent of the appraised value of your home, minus the balance on your original mortgage. ...
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How does refinancing work?

Monday, December 10th, 2007
With a refinancing, you pay off an old loan on your home and take out a new one, usually at a lower mortgage interest rate. To refinance, you will generally need to have equity in your home, a good credit rating, and steady income. You can borrow a percentage of ...
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How long do bankruptcies and foreclosure stay on a credit report?

Friday, December 7th, 2007
They can remain on your credit record for seven to 10 years. ...
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Will I be able to buy again after losing a home to foreclosure?

Friday, December 7th, 2007
It can happen. But a lot will depend on your circumstances and the mortgage interest rate you are willing to pay. Generally, most lenders will consider your request for a home loan two to four years after your foreclosure. Predatory lenders will issue a home mortgage in less time. But ...
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Can a home be sold for less than its mortgage?

Friday, December 7th, 2007
Sometimes. But it is a complicated process and a lot will depend on the lender. ...
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If faced with foreclosure, what are my options?

Friday, December 7th, 2007
Talk with your lender immediately. The lender may be able to arrange a repayment plan or the temporary reduction or suspension of your payment, particularly if your income has dropped substantially or expenses have shot up beyond your control. You also may be able to refinance the debt or extend ...
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How can I protect my home from creditors?

Friday, December 7th, 2007
Check with your state. It may provide special protection through the filing of a homestead exemption, which exempts some or all of the value of your equity in the homestead - the home that you live in and the land on which it sits - from claims of unsecured creditors. ...
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How bad is a previous foreclosure on credit?

Friday, December 7th, 2007
Unfortunately, it is a pretty bad blemish. A property foreclosure is one of the most damaging events in a borrower's credit record. In terms of the effect on your credit history, a deed in lieu of foreclosure - where you voluntarily "give back" your property to the lender - or ...
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How do you clear up bad credit?

Friday, December 7th, 2007
It is not easy but certainly doable with both commitment and time. ...
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How do lenders define bad credit?

Friday, December 7th, 2007
It is all those things that appear on your credit report that are unflattering. They include: missing a credit card payment, defaulting on a previous loan, filing for bankruptcy in the past seven years, or not paying your taxes. ...
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