How do you weather the loss of a job and keep yourself going till you get a new one? It may seem very difficult, but if you have prepared for the worst and if you deal with the problem methodically, then you can pass the period of crisis without getting a huge debt burden. [Read more…]
Refinance My Home Loan
The past couple of years have been quite a roller coaster ride for the real estate industry. Several home loan corporations, banks and financial corporations have gone bankrupt and foreclosures rocked the banking and financial scene. Like most Americans, I have had my own financial problems the past year but I am more than proud to say I have kept my home and stayed out of foreclosure. This, I successfully accomplished when our family decided to refinance my home loan. [Read more…]
Mixed Reaction to Bank of America’s Debt Reduction Offer
Bank of America announced on Wednesday that it would start offering debt reduction for homeowners who have an underwater mortgage. However, the offer has got a mixed reaction from industry analysts.
Bank of America has said that it would reach out to homeowners who are struggling to keep up with their mortgage payments and are likely to see a foreclosure of their property if no help is offered. The offer would be valid only when the mortgage balance exceeds the value of the property by at least 20%. The bank would choose about 45,000 homeowners to whom it would extend the offer of reducing their debt by a maximum of 30% in the next few years. [Read more…]
