Glossary

Appraisal Appraisal is the process in which a professional performs an evaluation of the property in question to determine the fair market value. The appraisal value may be used to determine an asking price for sale, appropriate amount of insurance to be carried, or in relation with a short-sale. ARM An ARM loan is an…

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Credit counseling may help you in avoiding foreclosure

Tragically, many families lose their homes unnecessarily simply because the owners didn’t know what to do when financially troubled times hit. Sometimes, however, in trying to do the best thing, the debtors accept the first help offered; help that turns out to be from a credit-counseling agency that takes advantage of the already debt-stressed individual…

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Overview of Foreclosures

Thanks to today’s tough economic times, foreclosures are making headlines in cities throughout America . Many financial situations can cause foreclosures – loss of a job, divorce, high medical bills, even simply taking out the wrong kind of loan. Whatever the reason, more and more homeowners are facing the loss of their homes due to…

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Know Your Mortgage Rights

When a purchaser fails to meet the obligations of a finance contract for a home or other piece of property by missing payments, the lender has certain rights that allows him to assume ownership of the home. This action takes place through a legal process known as foreclosure. If you don’t make timely payments toward…

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