New articles on HSH.com will help answer your questionsby Tim Manni
Can my homeowners association really foreclose on my home?
Unfortunately, the answer to that question is “yes.”
Homeowners associations (HOAs) have a history of foreclosing on owners to collect relatively small sums of money. For example, in one California study, the median amount owed in HOA foreclosures was just over $2,000; in all other cases it was over $190,000. One family even lost their home because of a $120 HOA arrearage! Learn how to avoid an HOA foreclosure and how to sidestep the ways some HOAs use to try to take your home.
There are many laws in place to protect homeowners from foreclosure by their lenders or other claimants. Borrowers are protected from mortgage lenders foreclosing with bankruptcy proceedings, through homesteading, and through forced mediation in many states. But HOAs don’t face these same restrictions. (Read more)
If I’m refinancing my mortgage, what does my lender owe me?
As a mortgage refinance customer, you are entitled to understand exactly what you are getting into, assistance in selecting the best mortgage products, efficient and respectful service, and accurate disclosure of loan terms. This article will tell you three important things that your lenders owes you when you refinance. (Read more)
Can I appeal my HAMP denial?
One of the most frustrating things about applying for a HAMP loan modification is the uncertainty. You look at the Making Home Affordable website and go through the checklist and realize that you definitely qualify. But it’s your servicer that makes the final decision to modify your mortgage — or not. If you have been denied for a HAMP modification, do you have any other options? Is it possible to appeal your denial?
Experts across the board have maintained that HAMP needs a formal appeal process. The Treasury Department claims it is working on one. This article will help you find out what you can do about a HAMP denial, and what programs are available if you have been declined. (Read more)
What do I need to know before I finance a condo?
Should friends let friends buy condos? While condominiums took the brunt of home value loss in many places across the country, they also represent some of the biggest bargains around. Here’s what you should know before shopping for a condominium and a condo loan.
For most people, buying a condo means financing a condo. In today’s lending environment, financing a condo is not an easy accomplishment. Learn what’s required for a condominium loan so you don’t waste your time on units you can’t finance or even afford. (Read more)
Can a home equity loan help me get rid of my debt?
If you have more debt than you can handle, you may be able to qualify for a home equity loan to consolidate your payments and lower your interest cost. You may even be able to use the home equity proceeds to settle your debt altogether.
Too many people manage their money from paycheck to paycheck; spending everything they earn but still managing to maintain a decent credit rating. But life has a way of throwing unforeseen things your way that can throw your whole system out of balance. If you’re lucky, there is some warning — you know that big medical expense is going to eventually end up in collections, that soon you won’t be able to make the minimum payment on your credit cards, or that your mortgage rate is going up and that means less money for other bills. It’s important to take action before your finances go down the toilet. It’s time to set up a home equity loan or line of credit before things go seriously wrong.
If your debt gets out of hand, a home equity loan can be used to consolidate your higher interest debt, making payments more manageable. But if that’s not enough, it can also be used to make debt go away entirely. (Read more)