Foreclosure allows a lender to financially recover from a defaulted loan on a house. This processes is initiated after a fourth missed payment on a mortgage, and a Notice of Default is what begins the process officially. If you’ve reeived a foreclosure notice from a lender, you legally still have the right to stay on […]
There are two options when foreclosure is an inevitability and you want to make the process as painless as possible. Short sales or a deed-in-lieu are two options that can save you from financial trouble. Short Sale A short sale involves selling your property for less than the amount you owe on it. While it
The short answer? Yes, 100% financing is available! This is a great option for new and repeat buyers alike who want to eliminate the need for a down payment. This is because many individuals can’t afford the traditional 20% down payment on a home. If you’re buying a $255,000 house, you immediately have to come
When a landlord wants to remove a tenant from their rental home, they move forward with an eviction process. Once the notice is in place, the tenant can agree to the final move-out date. Or based on the circumstances, a legal dispute may take place. This is why the answer to this question really depends
Filing for bankruptcy is a way to erase certain types of debt and stop creditors from harassing you. It’s unfortunate when it happens, but it’s often necessary for saving your financial future. People often wonder if they can fully recover to the point of buying another home. Even though a bankruptcy will stay on your
The buyer typically pays for any fees relating to their mortgage loan. The seller typically pays the agent’s commission and various fees relating to the transfer of property. With that being said, closing costs are often just as negotiable as anything else in a real estate transaction. California: Both buyers and sellers are responsible for certain closing costs during the final stage of the home buying
California: Home-buyers can expect closing costs to average of 2% to 3%. There are two types of expenses: one-time (non-recurring) and recurring (pro-rated or ongoing). For example, if you buy a house in San Diego for $800,000, your one-time closing costs would range from $16,000 to $24,000. Additionally, the recurring costs would be similar. Florida: The average closing
What is a Closing in Real Estate: Understanding the Final Step in the Home Buying Process Closing is the final step in the home buying process. It is the point at which ownership of the property is officially transferred from the seller to the buyer. During a closing, various paperwork and agreements are signed, funds
A FICO score depends on five main factors: payment history, amounts owed, length of credit history, new credit, and credit mix. Each factor carries a different weight, and changes in any of them can move your score up or down. The same actions that help your score grow can also cause it to drop, sometimes
