As the recession continues and job losses mount, the lengths lenders will go to in order to recover unsecured debts are increasing, exacerbating the already difficult situation for those in debt and, even, putting borrowers’ homes at risk.
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If your rate-lock period is within two to three weeks of expiring and your subordination request hasn’t been approved, call the HELOC lender and ask that it be given top priority. Dear Liz: I’m in a potentially bad situation with my home equity line of credit. I’m trying to refinance my primary mortgage and would save nearly $150 a month. But the HELOC lender is dragging its feet on agreeing to …
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Rita Holmes and her daughter Suporea are just four weeks into the first home they’ve owned — a 1 1/2 -story brick cottage on Detroit’s west side. It’s unusually nice for its $20,000 price, completely remodeled by the previous owner.
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Q. My husband and I live on the East Coast and are trying to relocate to the Midwest. I have contacted a buyer broker in our new state and have been prequalified by a national lender (in the local East Coast office near where I live) for a home purchase in our new state. I also have a hefty cash down payment ready to use for a house purchase.
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Q: We are in the final steps of completing a refinance of our barely year-old $410,000 mortgage. We were pleased with the interest-rate drop, and our local bank was generous in dropping many of the junk fees associated with a refinance. However, we are being…
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Borrowers on high incomes could see their ability to take out mortgage loans limited next year, following the introduction of a higher rate of income tax.
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A few days ago I opened my mail to find a notice from my flood insurance company. It seems that, unbeknownst to me, the policy had lapsed a few short days prior. Honestly, I hadn’t received an invoice or I would have paid the bill. It was such a hassle getting that policy to begin with, I didn’t want to stir up any trouble even by accident. Flood insurance is a fact of life for many homeowners …
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For those facing foreclosure on their home, the state of Michigan is stepping up efforts to try and help them out of their crisis.
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New appraisal rules from Fannie Mae and Freddie Mac have rankled appraisers around the country and, this week, the National Association of Realtors jumped on board as well.
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Greg and Amy Shields were having a dickens of a time trying to move up to a better home in Iola. They had talked with lenders but found interest rates and other things to do with home loans too demanding for their budget.
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