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Much of the banking drama from the last few weeks can be traced back to bad mortgage bets, making us wish that homeowners were never approved for loans they never could have afforded. Yesterday, a government drafted mortgage aid program launched into action that aims to contain the mortgage crisis from causing more trouble. The $300 billion, three-year initiative aims to allow about 400,000 homeowners to exchange their existing mortgages for more affordable ones, therefore staving off potential foreclosures.
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The housing crisis has highlighted just how many people are living in homes they can't afford. According to data recently released by the US Census Bureau, about 15 percent of American with mortgages are spending at least half their income on housing costs. Do you know how much the government and most lenders say is the most you should spend on housing costs?
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When, in August, 54.2 percent of Californians with homes on the market sold their properties at a loss, the sellers were involved in short sales. The term refers to selling a home for less than the value of the mortgage, and the owners end up still owing money on the property after they've sold it.
While it's ideal to stay in your home until the market improves, sometimes there are circumstances like changing jobs that make it impossible.
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