On Wednesday, February 1, President Obama presented a series of housing proposals. The primary proposal aimed at making mortgage payments more affordable for existing homeowners–particularly those struggling with underwater mortgages. It’s still a long way from approval, but if the … Continue reading →

If you put less than 15% down on a recent purchase, there’s a good chance that you owe more than your property’s current value. It’s a tough spot to be in—and tougher if you want to sell. But despite the … Continue reading →

We all know that short sales and foreclosures can hurt your credit, and bad credit hurts your chances of securing a mortgage. It makes sense. If you were unable to make your payments just last year, you’re a pretty risky … Continue reading →

The last few years have been rough on everyone. Bankruptcies, foreclosures, short sales, and unemployment have ravaged the savings and credit ratings of hard-working honest citizens, and their effects can linger. As our economy gets back to work, you may find yourself in an increasingly-common position: bad credit but good income.

Mountains of debt?

Is your credit score only hampered by past behavior, or are there current items weighing you down? If you have unpaid judgements or high revolving debt balances, you should almost always pay them down first. Doing so will increase your buying power and decrease your risk in the bank’s eyes, but it will also save you money right away. If you can hold off until you’ve paid off your most dangerous debt, do it. Continue reading →

With millions of homes in or approaching foreclosures, auctions are an increasingly popular method of liquidating inventory quickly. Banks unload distressed properties in a hurry, and potential buyers can compare and bid on dozens or hundreds of homes in their area in one place. It’s a win-win for everyone, as long as they’re prepared. Here are six tips for keeping your game-face on and getting the most out of an auction.

1. Know your goals: Talk with your family and decide which features are most important to you. Do you want a property that’s close to work? In a good school district? Near public transportation? Write down every feature and assign each an importance rank of 1 to 10. When you evaluate properties, assign a score of 1 to 10 to each (to the best of your ability–some aspects of a property, such as interior condition, may be hard to judge). Multiply the score by the importance and add all the numbers together. Your total score isn’t your only metric, but it may help you focus on what’s really important, once the emotion and excitement of the auction take over. Continue reading →