Purchasing your first home can be exhilarating, a bit frightening and, at times, overwhelming. Buying a home is often rated as the most important financial decision of your adult life, and being fiscally responsible should be your number one priority.
Facing an upside down mortgage can literally turn anyone’s financial stability upside down as well. An upside down mortgage or when the collateral that secured a mortgage loan is considerably worth less than the balance owed has secured prominent standing in the U.S. real estate market in the past seven years.
The housing crisis that began concurrently with the financial crisis of 2008 may be a distant memory for most Americans, but according to Forbes there are many families still holding underwater mortgages, who are still dealing with it every day.
Many people worry about their mortgage every month. There is a palpable dread when they open their mailboxes to find their monthly bill. If you feel the same way about your payments, then follow these steps to lower your payments and alleviate your stress.
The worst of the housing crisis may be over, but many Illinois homeowners are still facing an uphill battle on the brink of financial insolvency. Filing for bankruptcy may be the best way that a family can keep its home during financial hardship, even with the challenges that bankruptcy itself can present. Bankruptcy can offer some people a way to start over, a fresh beginning, and an opportunity to get out from under crippling debt that keeps plaguing recovery.
Many news reports from the last few months have talked about the “fiscal cliff” and how badly consumers and businesses would be affected by increased taxes. At the last moment, Washington came to an agreement about how the tax breaks would be handled, if that meant modifying them, extending them or letting them expire at the end of 2012. One tax measure included the decision was the Mortgage Forgiveness Debt Relief act of 2007.