Author Archive
Underwater Mortgage: Rebuilding Your Credit After Foreclosure on an Underwater Mortgage
No one knows for certain the exact percentage of foreclosures that are the result of people’s decisions to walk away from underwater mortgages, but we do know those numbers are on the rise. Reports indicate that from 14% to 18% of mortgage foreclosures are actually strategic defaults. In other words, people who are choosing to default on their underwater mortgage while keeping up on their other bills. What we do know for certain is that more homeowners are finally getting the message that it’s OK to save yourself and your family and strategically default if your mortgage is under water. In one survey, 31% of people perceived their foreclosures to be strategic, up 9% from the year before.
Pre Approved Mortgage: Benefits of a Pre-Approved Mortgage
A mortgage pre-approval is the first step and most important in the home buying process. This could be a tedious task most especially for busy people. But if you are a serious buyer and you don’t have the cash to purchase your dream house, then you have to have a mortgage pre-approval. And you need to do it fast! There is a mistaken belief that applying for a mortgage should be done only after finding the house one is interested to buy. This belief is of course untrue and could prevent you from purchasing the house of your dreams.