July, 2010

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26
Jul 10

Real Estate Short Sale

A short sale is essentially an agreement with a lender allowing for the sale of a property to a third party for less than the amount owed on the mortgage. The borrower must prove financial hardship to the lender in order to recive permission from the lender to go ahead with short sale proceedings. Under this agreement, the lender accepts less than the amount owed and releases the borrower from the mortgage, thereby preventing foreclosure. The proceeds of a real estate short sale fall short of a balance owed on the property to the morgage lender.

Extenuating circumtances such as current real estate market conditions and an individual borrower’s financial situation influence the decision of whether or not banks will discount a loan ablance or essentially agree to a short sale.

A short sale is often executed at last effort to prevent foreclosure proceedings. As we all know a foreclosure has the potential to be highly detrimental to one’s credit and has the capacity to create major problems and headaches, in the future for many years to come. In the event of a short sale, the borrower’s is affected to a lesser degree, making financial recovery possible with the right mitigation professional guidance and mortgage mediation.

Foreclosures are often not in the best interest of the banks or lenders any more than they are to a borrower. A lender will often opt to allow a short sale if they foresee that doing so will result in a smaller financial loss than foreclosure proceedings. Foreclosure proceedings can become very costly with expenses such as maintenance of property, regular mortgage payments and insurance left to the lender to absorb. Most lenders are open to discover the most cost effective way out of any financial crisis. Short sales are typically less expensive and much faster than foreclosure proceedings.

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24
Jul 10

Real Estate: Understanding a Short Sale

In today’s lagging economy and slumping housing market, the “short sale” has become an increasingly common strategy for desperate homeowners, lenders and real estate professionals to jump-start property transactions. As this option has become more and more prevalent, the definition of a short sale is often misunderstood, misapplied or simply not accurate.

 So, what is a short sale, really? In simple terms, it means that either the property seller or the lender is getting “shorted” on the sale of the property in question. A short sale is nothing more than an agreement between the property owner and the lender, or mortgage holder, to accept an offer from a potential buyer for less than the amount that is actually owed on the property. It is usually the result of purchasing a property for more than its fair market value.

But why would a lender agree to a deal like this? Well, on the surface it may seem like a bad business transaction for the lender, but given the current state of the housing market in most areas, many are willing to take what they can get. It would be more advantageous to the lender to liquidate the property and remove it from their books rather than foreclose and acquire basically what becomes known as a “non-performing” asset. Lenders are in business to make money and languishing property is not beneficial to their bottom line.

It is also important to understand what a short sale is not. The term has been tossed around by some in the real estate industry to mean any property that is sold below market value and this is simply not true. Buying a foreclosure (bank owned property) is not a short sale. Lowering the price of a home below its fair market value is not a short sale. These are just examples of a willingness to take less of a profit, or perhaps no profit at all on the sale of the property. A short sale means the lender is getting “shorted” what is actually due them.

A foreclosure differs from a short sale in that the lender basically repossesses the property from the owner as a result of non-payment and then places it up for sale, often for much less than fair market value.

While short sales can be more complex in terms of negotiations between all parties involved, it can provide a much better alternative for the homeowner than filing for bankruptcy or going into foreclosure. It is best to check with your local real estate professional when considering the option of a short sale.

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23
Jul 10

To Buy an REO or Short Sale

A couple of people have asked what’s better to buy: houses that are foreclosures (REO, Real Estate Owned, Bank Owned) or short sales?

Well, first off, what is meant by better? Cheaper, easier, surer? Let’s address all three.

Foreclosures are generally priced very low, because banks want them sold fast. Houses are usually vacant and in poor conditions. Almost always there is only one lender, the second lender having been wiped out. But as the market is showing, bank owned properties are selling for more than asking price with multiple offers. A house listed at 9,000 sold for 5,000, with 15 offers.

On the other hand, short sales are usually owner occupied; in poor to fair conditions; banks act like they don’t want them sold; and there are usually two lenders. Listing agents and sellers want to get an offer that will satisfy the first and second lender but this is usually not possible. A house that was a short sale for 5,000 went into foreclosure, and came back on the market as an REO for 5,000. There was no second to worry about, and the bank priced it low to generate offers, which it did, and got more than asking price.

Generally speaking, a foreclosure sale will be cheaper than a short sale. However, it could take somewhere between 6 to 9 months from the date of foreclosure until the bank puts it on the market. Most buyers can’t wait that long for something that may or may not be. Also note that a low price draws more buyers, thus a higher sale price. At this time, short sales are very competitive.

Next, are bank owned properties easier to buy? Or rather, less difficult to buy? Right now, multiple offers are making it very hard to get an offer accepted. Also, banks come out with their own purchase contract; their very own submission procedures; and they want to dictate and control the process. Banks most always stipulate that the sale is As-Is; and they threaten per diem late fees. And worst, they claim the right to cancel the contract at any time for any reason. So, they too are difficult transactions.

Short sales are very difficult because banks take a long time to go over the owner’s information and the offer. It’s not uncommon for banks to approve in four to six weeks, even if there some agreement between the first lender and second lender. A first may give a second only 00 to release, and the second may accept. Or the second, may want 10 to 20% of their money. If there is only one bank it’s less difficult. The lengthy process becomes irritating, annoying, and frustrating to the point that most buyers quit and move on.

Are foreclosures more of a sure thing? Yes. The bank has done a Broker Price Opinion (BPO), set a price, done a few repairs, and put it on the market.

A short sale is less, less certain. If there is only one bank, the odds of getting the offer approved are 50-50; two lenders 25-75, a 75% chance working against the buyer. With three lenders, it’s nearly impossible. This is why many buyers avoid or try to avoid short sales. That with the fact, that a lender may entertain other offers coming in later. Buyers don’t want to wait two to three months only to be told sorry this offer isn’t going to work for the bank.

So taking everything into consideration, i.e. price, difficulty, and certainty, bank owned sales (REO) are ‘better’ than short sales.

My advice to buyers is go with a regular sale first, an equity sale, and a foreclosure second. If there’s a house that buyers really, really, really got to have, and it’s a short sale, then so be it. Go for it. This is the third option. There was a fellow who wanted to expand his business space; when a house adjacent to his business came up as a short sale, he bought it because it made sense. (Of course, price should be attractive.)

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12
Jul 10

What The Banks Don’t Want You to Know About Foreclosures And Why Less Than 5 Percent of The Government Programs Are Being Approved

So I owe $ 250,000 on my house which recently appraised for $ 70,000. I’m a little upside down to say the least. Las Vegas (where I currently reside) has the highest foreclosure rate in the country and last I checked the highest unemployment rate as well. For one year I have tried to refinance my house or best case scenario a principal reduction. I currently have an adjustable rate mortgage (option arm) that puts money on the backend of the loan. Why would I get such a mortgage you ask? Well allow me to retort, I got it as an investing strategy and here’s how it works. If I would have gotten a 30 year fixed my mortgage would be 75 a month with most of that amount going towards the interest and a very small amount going towards the principal. The bank using arbitrage takes this money and earns interest on it. Interest on interest, a pretty slick way to have money work for you. So the plan was to pay the least amount on an option arm which was at the time 0. And then I invested the difference as such 0 into a VUL (variable universal life insurance) and 0. In various international mutual funds. Both are considered low risk and very safe. (Unless of course the world market crashes) so the plan is to do this for 3 years then refinance into a fixed or sell the house if it’s a good market. My plan was foiled by the recession big time. Through out the past year I have tried various tactics to resolve my housing issue where every month I owe more and every month its worth less. I qualify for the TARP program help for homeowners, Hope, and HAMP. All these programs where created to help stop foreclosures and help are economy bounce back. All these programs in reality are smoke and mirrors because the banks have the ultimate say so on any loan modification, refinance and principal reduction. My bank, Chase, received 60 billion dollars for people in my exact situation. I’ve come to find out that less than 5 percent of people applying for these various programs are being approved. So here’s why the banks aren’t helping anyone. The home loans are all FDIC insured so the banks can write off the loss and still make additional money on the property through a short sale or refinance. I’ll use my situation as an example, I owe 0,000 on my house I short sell it (because the bank leaves me no choice) for ,000. The bank gets around 0,000 from the FDIC and $ 70,000 from the short sell making more money than the original loan in a shorter amount of time. Why would they help anyone when they could make so much more money much faster by not helping, the answer, they wouldn’t. This fact angers me to the core having tried for over a year to refinance my house. From hiring a mortgage broker, an attorney to trying myself and nothing was accomplished. What a waste of time, money and energy. In my next article I’ll address some strategies that will help home owners and people with large amounts of debits in these turbulent times. Here’s a great article about how to deal with a forecolsure or bankruptcey.

http://www.bukisa.com/articles/344961_how-to-handle-a-foreclosure-or-debit-and-actually-make-money

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10
Jul 10

Top Five Locations to Find Foreclosures

No one has a lot of time to waste looking for foreclosures in today’s world and that’s just why we’re here at ForeclosureConnections.com. We’ve got deals for as low as ,000 and we list all the government foreclosed homes and bank foreclosures to name just a few.

 To make sure that we’re your best source for any kind of foreclosures that you’re looking for, we continually scour the market looking for the places that are the best deals for you. Here’s a list of the most recent.

Memphis, Tenn. With an average price of just under ,000, buying a foreclosure in this southern state is a good deal. Remember that home prices increased here between 2009 and 2010 so far. Milwaukee-Waukesha-West Allis, Wis. An astounding 22% of houses sold in the first quarter were foreclosures here. Again, home prices increased almost 7 percent. Buffalo-Niagara Falls, N.Y. Eight hundred homes were sold there in the first quarter and eight percent were foreclosures. Cleveland-Elyria-Mentor, Ohio. Things get more encouraging as the list works toward the last position and this is the location where 26% of the homes sold were foreclosures. San Francisco-Oakland-Fremont, Calif. This is one of the most scenic places in the United States and one of the best places to shop for foreclosures. The choices were outstanding here with 45% of the sales in the first quarter being foreclosures.

Remember that the prices have gone low enough in these areas to make it more than worth your while to purchase, renovate and then resell at a profit. Take a good look at what we offer here at ForeclosureConnections.com. We offer features like:

Articles on foreclosures Listings to over 1 million foreclosed homes;

A new property added every day;

Now is the time to consider taking advantage of the great deals on foreclosures.

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8
Jul 10

Distressed Properties Sales Increase to 50%

Campbell/Inside Mortgage Finance reports the following distressed properties sales data in this month’s HousingPulse Tracking Survey:
The share of distressed properties sales, which includes bank-owned properties (REO) and short sales, was up from 47.2 percent in December, and well above the 44.5 percent share seen back in November.

First-time homebuyer activity slipped to 35 percent in January, down from 37.7 percent in December as mortgage rates crept higher and the FHA loans got more expensive. FHA lending garnered just a 27.7 percent share of mortgages, down from 30.2 percent in December.
The survey predicts additional downward pressure on pricing as the amount of distressed properties increases and the amount of first-time buyer’s decreases, especially for the categories of damaged REO properties and move-in ready REO properties. Over the past 12 months, time on market for the REO categories has strongly increased while the average number of offers has decreased. Also over the past 12 months, average prices for damaged REO have declined by 16 percent while average prices for move-in ready REO have declined 20 percent. Non-distressed prices have declined only 4 percent while the prices for short sales have been nearly flat.
Campbell/Inside predicts if market trends continue the majority of all homes sold in the United States will be distressed properties within just a few months. http://loanrateupdate.com/mortgages/distressed-properties-account-for-half-of-home-purchases

REI Maverick’s opinion on distressed properties sales trend
2 items stand out as a result of the survey on distressed properties sales. First, I do agree that more and more sold real estate will be due to distressed properties sales because more of this real estate is becoming available. In fact, distressed properties sales aren’t projected to get under one million transactions per year until 2013. Therefore, people will be buying these REOs and short sale properties at a discount, continuing the decline in pricing in the housing market. This increase in distressed properties sales also means that more houses that have no equity and little equity will increase and create a market for creative acquisition strategies, such as mortgage assignments.

The second item that stands out that in this case I don’t agree with is the statement that mortgages are falling because interest rates are slowly increasing. A 5% mortgage interest rate is not going to scare potential homeowners away. In fact, when owner financing properties, I’m able to write much higher interest rates and find plenty of buyers. The reason fewer mortgages are being written is due to the fact that fewer people, especially first time homeowners with little job experience or credit score history, are able to qualify for conventional financing.

Due to the increase in demand distressed properties sales and the decrease in mortgages being written, we are seeing the need for new, creative acquisitions and selling strategies. Let me be clear about this: there are more properties available for sale at lower prices (high supply) and more people wanting to buy properties but can’t qualify (high demand). Does this scenario sound like an opportunity to you?

Mortgage assignments is a creative acquisition strategy that allows distressed properties sales to happen because it allows you to sell an ‘unsellable’ home (due to little or no equity) to ‘unloanable’ buyers (due to low credit score or being self-employed). Distressed properties sales will be the future of this industry, and real estate professionals looking to thrive in this ever changing economy will become active in mortgage assignments.

If you liked ‘Distressed Properties Sales Increase to 50%’, then you may also enjoy other articles written by Phill Grove, the REI Maverick at http://www.REIMaverick.com

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3
Jul 10

Go Green With Paperless Banking

Online Banking mightOnline Banking might not be a new feature for many of the developed countries but it’s not so old for most of the developing countries and still stands as a miracle for many under-developed countries around the world. With a steep rise in the usage of online banking, the numbers of consumers have almost more than doubled in r

Online Banking might not be a new feature for many of the developed countries but it’s not so old for most of the developing countries and still stands as a miracle for many under-developed countries around the world. With a steep rise in the usage of online banking, the numbers of consumers have almost more than doubled in recent times.

Over recent years online banking has become increasingly popular, and people have started adapting it to enjoy the benefits of banking online. This is an important feature for all the countries whether developed, developing or under developed as it has a big impact on our environment which is getting polluted everyday by various other means. If you have a question in your mind asking ‘How?’ imagine the amount of paper saved every day with use of this technology eventually saving thousands of trees daily.

As humans, we mostly neglect the environmental aspects of any technology or revolution, thus there are different reasons why people decide to opt for an online bank account: 

User Friendly and Convenient: Thanks to the day by day growing technology and big IT giants that they understood the basic needs of normal banking consumer and provided the easiest and user friendly environment. With online banking you do not have to even leave the house or pick up the phone in order to conduct your banking transactions. Thanks to the internet, you can now perform these transactions from the comfort and privacy of your own home, and that too 24×7.
 

No Hush and No Rush: Neither do you need to face eyes of your boss to seek permission to go to bank nor do you need to allocate your personal time over the weekends to perform your banking activities. With online banking this becomes a thing of the past, it’s easy and at your finger tips.
 

One click Away: With online banking you can perform most transaction that you would be able to perform by visiting the branch. This includes credit or debit cards, transferring cash, making bill payments, checking your statement, and even ordering a new check book or card.
 

Special offers and incentives. Often you will find that online banks offer special incentives and offers to those that open up a bank account or savings account with them, such as a sum of cash credited into the account once you have been customers and met the necessary requirements for a specified amount of time. Many banks are offering referral incentives as well now-a-days.
 

Time is Money. With online banking you can conduct your transactions or check your statement at the touch of a button, saving you time and hassle when it comes to managing your bank account. Time is the most important factor when it comes to choosing online banking.

Almost every bank, whether government or private is offering and encouraging online banking now. Please note that the writer here is promoting the concept of online banking keeping the environment in mind and not because he is getting commissions from some leading banks anywhere. For you, this is where the banking future lies.

  1. User Friendly and Convenient: Thanks to the day by day growing technology and big IT giants that they understood the basic needs of normal banking consumer and provided the easiest and user friendly environment. With online banking you do not have to even leave the house or pick up the phone in order to conduct your banking transactions. Thanks to the internet, you can now perform these transactions from the comfort and privacy of your own home, and that too 24×7.    2. No Hush and No Rush: Neither do you need to face eyes of your boss to seek permission to go to bank nor do you need to allocate your personal time over the weekends to perform your banking activities. With online banking this becomes a thing of the past, it’s easy and at your finger tips.

  1. User Friendly and Convenient: Thanks to the day by day growing technology and big IT giants that they understood the basic needs of normal banking consumer and provided the easiest and user friendly environment. With online banking you do not have to even leave the house or pick up the phone in order to conduct your banking transactions. Thanks to the internet, you can now perform these transactions from the comfort and privacy of your own home, and that too 24×7.    2. No Hush and No Rush: Neither do you need to face eyes of your boss to seek permission to go to bank nor do you need to allocate your personal time over the weekends to perform your banking activities. With online banking this becomes a thing of the past, it’s easy and at your finger tips.

As humans, we mostly neglect the environmental aspects of any technology or revolution, thus there are different reasons why people decide to opt for an online bank account:  not be a new feature for many of the developed countries but it’s not so old for most of the developing countries and still stands as a miracle for many under-developed countries around the world. With a steep rise in the usage of online banking, the numbers of consumers have almost more than doubled in recent times.

Over recent years online banking has become increasingly popular, and people have started adapting it to enjoy the benefits of banking online. This is an important feature for all the countries whether developed, developing or under developed as it has a big impact on our environment which is getting polluted everyday by various other means. If you have a question in your mind asking ‘How?’ imagine the amount of paper saved every day with use of this technology eventually saving thousands of trees daily.

As humans, we mostly neglect the environmental aspects of any technology or revolution, thus there are different reasons why people decide to opt for an online bank account: 

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3
Jul 10

Foreclosure Alabama How to Get Your Home Back

How it works is the time frame that you have to buy the home back is called the redemption period, so the Alabama foreclosure law entitles you up to a year from the time of the date of the sale to buy back the property by paying all that you owe, as well as fees such as back taxes, late fees and legal fees from the seller.The right of redemption law of protection only applies when you have a deed in lieu of foreclosure. In this case it may be best just to file bankruptcy to stop the foreclosure process. The downside is that you may not be able to keep your home.

The best ways to get the right legal advise is to consult a foreclosure lawyer, to learn how to stop foreclosure in Alabama. In Alabama, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. To understand that process I have broken it down into parts.

Judicial Foreclosure

As you are probably aware the judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, when no power of sale is present, lenders may, at their option, choose to forego a lawsuit and foreclose by selling the property, as outlined below in the No Power of Sale Foreclosure Guidelines.

Non-Judicial Foreclosure

It is important to note the non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A power of sale clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

Some people do not realize that If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, if the deed of trust or mortgage contains a power of sale clause, but does not specify the time, place and terms of sale, then a foreclosure sale may take place at the front or main door of the courthouse of the county where the property located, after default of the deed of trust or mortgage, for cash to the highest bidder. The sale may not take place until thirty days after the last notice of sale is published.

Now if it was the real thing for those looking for notice of sale must be given by publication once a week for four successive weeks in a newspaper published in the county or counties in which the property is located. If the property is under mortgage in more than one county, the publication is to be made in all counties where it is located. The notice of sale must give the time, place and terms of said sale, together with a description of the property. If no newspaper is published in the county where the lands are located, the notice shall be placed in a newspaper published in an adjoining county for four  successive weeks.

No Power of Sale Foreclosure Guidelines

It has been reported that If no power of sale is contained in a mortgage or deed of trust, the lender, or any assignee thereof, may, after default of the mortgage or deed of trust, either file a lawsuit to foreclose or foreclose by selling the property to the highest bidder for cash at the courthouse door of the county where the property is situated. Said sale may not take place until after notice of the time, place, terms and purpose of the sale has been published for four consecutive weeks in a newspaper published in the county wherein said lands, or a portion thereof are situated.

Mortgage liens treated in Alabama

So if you want to complete the process of the laws in Alabama is generally known as atitle theory state where the property title remains in trust until payment in full occurs for the underlying loan. The document that secures the title is usually called adeed of trust ormortgage. In Alabama, the mortgage serves the same purpose and generally contains the same terms as adeed of trust and serves the same function in anon-judicial foreclosure.

Alabama mortgages foreclosers

Now for those looking to get the primary method of foreclosure in Alabama involves what is known asnon-judicial foreclosure. When themortgage is initially signed it will usually contain a provision called apower of sale clause, which upon default allows an attorney to foreclose on the property in order to satisfy the underlying defaulted loan. Auctions are conducted by the sheriff. Because this is anon-judicial remedy, there are very stringent notice requirements and the legal documents are required to contain thepower of sale language in order to use this type of foreclosure method.

Power of Sale Notice Requirements:

Lacking the knowllege necessary wil give you prior to initiating a foreclosure the attorney conducting the foreclosure must obtain and file a notice of sale indicating the foreclosure will be pending. The lender must then publish a notice of foreclosure sale date for three  weeks in a newspaper of general circulation in the county in which the property is located. If there is no such newspaper in the county in which the property is located, then the newspaper in an adjacent county may be used. As well as letting those know the borrower may make payment and discontinue the foreclosure process provided the payment is made prior to the foreclosure sale and all costs and fees are paid in full.

It is an important issue for you In Alabama, the lenders can also go to court in what is known as ajudicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale by thesheriff. A complaint is filed in court along with what is known alis pendens. Alis pendens is a recorded document that provides public notice that the property is being foreclosed upon.

The legal instruments that establish an Alabama mortgage

The documents are known as themortgage, or in a commercial transaction, asecurity agreement. Sometimes the mortgage document is combined with thesecurity agreement. Amortgage is filed to evidence the underlying debt and terms of repayment, which is set forth in thenote. Foreclose a property in Alabama is dependent on the timing of the various required notices, it usually takes approximately 60-90 days to effectuate an uncontestednon-judicial foreclosure. This process may be delayed if the borrower contests the action in court, seeks delays and adjournments of sales, or files forbankruptcy.

Right of redemption in Alabama

After careful research I would agree that Alabama has astatutory right of redemption, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs within twelve months after the sale. A Deed in Lieu of Foreclosure does not provide a right of redemption nor does it permit a deficiency judgment. Deficiency judgments permitted in Alabama deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures.statutes govern Alabama foreclosures

Alabama Foreclosure Redemption right is prevalent in the state and with this right the title of the sold property after foreclosure can be retaken by the original owner. One year of redemption period after foreclosure is given by the state redemption law. Alabama redemption rights are given to the following:

    * Mortgagor
    * Junior mortgagee or its transferee
    * Debtor, surety or guarantor
    * Judgment creditor
    * The spouses of the above
    * Children of debtor or mortgagor
    * Debtor’s or mortgagor’s heirs or devisees

The Alabama redemption period lasts for one year only and any demand for the same will not be entertained by the present owner after this date. To redeem the property many legal things like payment, redemption amount in the form of tender etc are required. Along with this Alabama foreclosure right of redemption also includes certain payments or called redemption charges.

Alabama Foreclosure Redemption Law

It includes purchase price during foreclosure, interest , cost of improvement, taxes given, paid insurance premiums and all mortgages given. Further according to Alabama foreclosure redemption law, the written demand by the interested borrower is made. Now within ten days of the demand, the person has to make the list of all the charges that are the reason of redemption. The amount of all the said charges is then paid to the purchaser. But in case no statement is given then all the claims will be forfeited.

Right of redemption in Alabama is forfeited if the mortgagor does not leave the property within the period of ten days of getting the notice from the lender. Owing to the large number of foreclosure and need for redemption, many bonding companies are now giving Alabama redemption bond, which is the insurance policy.     

With redemption bond, the mortgage company can issue mortgage for the property that is secured by such bonds. Redemption bond price has gone up in the recent period but does not cost much. Alabama redemption laws thus can be exercised on real property but that is bounded by time period, rights, and costs. if you want to redeem the property then it is better to consult a lawyer or attorney who deals in foreclosure redemptions and has all the knowledge of Alabama foreclosure redemption law. Before purchasing a foreclosed property from the bank for cash. In Alabama there is a one year right of redemption.

The best mortgage advice has nothing to do with interest rates or loan-to-value ratios.

It has been reported that you took out your mortgage with every intention of being a responsible homeowner, making all payments on time, keeping your homeowner’s insurance current and your taxes paid. People lose jobs, become temporarily disabled, incur unexpected medical expenses or have to make a choice between paying the mortgage or repairing the car that gets them to the job that pays that mortgage. As well as perhaps the classic decision is whether to keep the roof over one’s head or repair the leak that threatens to bring it crashing down. If you never are confronted with the reality of defaulting on your home mortgage, so a little knowledge can actually be a very good thing.