My New Blog

Every day, more people are faced with the reality of foreclosure.  Many are not sure of the options, that are available to them so the do nothing.  To do nothing shouldn't be one of your chooses.  The following is some of the potential solutions to your problem:

1.  Refinancing the loan.

2.  Negotiating a modification of the loan with the Lender.

3.  Listing the home through a Real Estate agent for a possible "short sale".

4.  Selling the home to an investor.

5.  Declaring bankruptcy.

These are some of the actions that have been offered as possible actions by someone facing a foreclosure.  Don't choose to do nothing, talk to someone to help you determine the best option for your specific situation.

Senior homeowners, who have build up equity and have a need for extra income to help fund their retirement, now can get those fund from their home.

An increasingly common practice for senior over the of 62 is to obtain a reverse mortgage (also known as a HECM, home equity conversion mortgage), which gives homeowner another way to help fund their retirement needs.

Reverse mortgage may be good option to consider for some people. The following are some things to consider;

1. Reverse mortgage candidates must be over 62 and have significant equity in their property. Only available on their primary residence.

2. They are required to attend a 45 minute counseling session with HUD (Housing and Urban Development) approved counselor.

3. The money from Reverse mortgage can be paid to you in different ways; lump sum cash, monthly loan advance or as a line of credit to use as needed.

Is this a good thing or another potenial problem?

Real Esate!  Yes real estate is still your best buy...  Although, a lot of people have make some mistakes with real estate purchases and this ridiculous economy that we find ourselves in, hasn't made things any easier on our finances.  Real Estate is on sale?

Tips for bargain-minded homebuyers for 2009:

1. Currently, real estate is on sale at a discount all over Michigan.  This is the best time in a generation to get a great deal on a home.

2. Interest rate are at the lowest point, that they have been since I can remember in all my life time.

3. Now, that banks are being forced to do more loan modifications to keep people in their homes, these types of bargains will not last for long.

If, you are a first time buyer or looking to upgrade to a larger home.  Can you afford not to act now?