After almost two years of deep cuts in both sales and prices, there are signs that the housing market in Manhattan is finally stabilizing. The sales numbers are much higher as compared to what they were a year ago, and the increasing demand is ensuring that the price remains stable. [Read more…]
HARP Government Programs for Saving Your House from Foreclosure
Many people are finding it hard to refinance their mortgage loans, as their mortgage balance is already significantly more than that of the property. If you land up in such a situation, then you can consider two government programs under the Making Home Affordable Scheme – HARP (Home Affordable Refinance Program) and HAMP (Home Affordable Modification Program). [Read more…]
Bank of America Announces Loan Forgiveness Plan
Bank of America has announced that it will start forgiving some portion of home loans of borrowers who have underwater mortgages. The company said that the scheme would allow borrowers to save their home from going into foreclosure. [Read more…]
Walking Away from Your Underwater Mortgage is Not the Solution
A large number of American homeowners now have an ‘underwater’ mortgage, which means that their home is valued lower than the remaining amount due on the mortgage. The problem has resulted from the massive declines in house prices throughout the country, by as much as a third in many places. [Read more…]
