Long gone are the days when securing a mortgage required a simple credit check. Since the housing market meltdown of 2008, the path to a mortgage has been lined with paperwork and red tape. “Regulations have made the pendulum swing so far in the opposite direction that there’s an overemphasis on documentation and verification,” says [...]
The economy is continuing to improve, and many people who saved diligently during the recession to pay off debt are now feeling comfortable enough to borrow again for homes, cars, and other big purchases. As a result, U.S. household debt is climbing at its fastest pace in five years. Consumer household debt rose 1.1 percent [...]
The IRS will collect taxes on forgiven or cancelled mortgage debt but distressed homeowners may pay less than the full amount if they file correctly. When the bank forgives your mortgage debt, sells your home in a short sale or repossesses it with a deed in lieu of foreclosure, you no longer owe the mortgage [...]
The best mortgage rates are offered to those with the highest credit scores. This is true now more than ever. Since the housing market crashed, lenders only offer good mortgage rates if homebuyers have good credit scores. [VIDEO] If a borrower’s credit score is too low, the loan may not be approved at all. People [...]
A lot of nasty financial warnings went out during the Great Recession, including one that baby boomers wished they didn’t have to hear: Your credit score still matters. Boomers are plowing through the retirement gates at the rate of 10,000 a day, but the gate opened at about the same time that the bottom fell [...]
How will the new mortgage rules affect you? If you're applying for a loan, whether it’s a primary loan to buy property or to refinance, the new mortgage rules matter to you. The new mortgage rules went into effect on January 10th. Basically they say that lenders have to make sure borrowers can afford to repay [...]
Americans today continue to be disciplined with their spending habits. Saving money continues to be one of consumers’ top financial goals, but many have taken on more risk than they would prefer in order to play catch-up and pay off debt, according to a recent study from Northwestern Mutual. The 2013 Planning and Progress Study, [...]
Whether you’re a Medicare beneficiary or know someone who is, you’ve likely heard about the risks of Medicare fraud and medical identity theft. While the government is taking steps to mitigate these issues, there are things you can do now to protect yourself. Medicare is one of the country’s largest programs, with more than 49 [...]
Is the foreclosure crisis over? Home prices are rising, but there are still too many foreclosures to be a normal housing market. It depends on where you stand. Is this your reality? The housing market is on an upswing. Mortgage interest rates are still low, home prices are rising dramatically, and the stock prices of companies [...]
When I started in the tax field, working with the IRS on installment agreements and Offers in Compromise was like standing in quicksand. The IRS made obscure rules and changed them arbitrarily. It acted as an utter tyrant. Then, in the 1980s, there were a series of Senate hearings about the problems, and what emerged [...]
