Strategic default is a term coined to describe borrowers who are willfully (or passively?) allowing their mortgages to enter default because their homes are underwater. Why do people strategically default on their mortgages?...
President Obama has been scrambling to pass a jobs bill that will, hopefully, tackle the unemployment problem and spur the American economy. But unemployment isn’t the only area of economic growth he is targeting. As...
Private mortgage insurance is insurance a lender takes out on less than prime or higher risk loans. This insurance protects the lender in the case of default on the part of the borrower, like foreclosure or a short sale. As a...
You may have heard about a government-insured mortgage program that allows homeowners over the age of 62 to borrow against their equity. The idea sounds good in theory, take out a loan against the equity already acquired on...
Foreclosures and bankruptcy will be on your credit report for years. That doesn’t mean that you have to suffer for it indefinitely. The quickest way to rebuild credit is to take on new debt. Unfortunately, there aren’t...
