How to avoid foreclosure.
“Modified loans” switch variable rates that soon become impossible to fixed rates that borrowers can afford, allowing them to save their homes. As lenders get faced with expensive foreclosures (they can lose $30,000 to …
“Short” sale may be better than foreclosure
If you’ve been notified by your lender that they intend to foreclose on your mortgage, the first thing you should explore is Chapter 13 bankruptcy. That can forestall the foreclosure; and if you go …
Regulators putting pressure on subprime lenders to reset interest rates.
The Wall Street Journal reports that federal and state banking regulators are putting preesure on subpime lenders to “modify” the interest rates on their variable loans to avoid foreclosures. Nearly three-quarters of all subprime …