Category Archives: Foreclosure
Mortgage meltdown trend: The wealthy are walking away from their homes too
There’s an old saying: The rich are different. But lately, that difference is shrinking, as some affluent homeowners face foreclosure and struggle with mortgage payments just like everyone else.
Folks who bought at the top of the market with 10 percent down are faced with life changes (job transfer, divorce, new kids) that require them to [...]
How does foreclosure work
Around the country, home values have dropped dramatically in the past few years. Some people who bought with ‘zero down’ or even 10 percent down when lending was easy, find themselves with homes ‘underwater.’ When the property is worth less than the total mortgage amount, they’ve often had to sell in a short sale.
In the worst-case [...]
Top 5 tips for buying a foreclosure or short sale in real estate
Nowadays, it’s likely you’ll come across a short sale or a foreclosure in your home search, no matter the price range. You may be lured by the low price or the terms “motivated seller” or “bank-owned.” It’s true: You can get great deals on bank-owned and short sale properties. But my advice is, as always, [...]
