Many homeowners find themselves falling behind on their monthly mortgage payments and may find themselves foreclosing on their home. When it comes time to buy a home again, you will be considered what is known as a boomerang buyer.
Are you in default or about to default on your loan? There are many consequences like fees and damage to your credit score, and your loan is now considered non-performing. One of the fees you will come across are default-related fees. These fees typically come from default-related services, and are determined by default rates.
When a lender forecloses on a mortgage, the total debt owed by the borrowers to the lender frequently surpasses the foreclosure sale price. The difference between the sale price and the total debt is called a deficiency.
You’ve foreclosed on your home after being unable to make your monthly mortgage payments. Your lender has then sued you for the deficiency and won the case, resulting in a deficiency judgement against you that the lender will collect. There are two ways deficiency judgments can be collected:
Back in the housing crisis of 2007, millions of homeowners lost their homes to foreclosure. Now that the years have passed, they’re looking to buy a home again and are subsequently called “boomerang buyers”—someone who has foreclosed on their home or experienced a short sale and are now eligible to buy a home again. As […]
Many people who have gone through the foreclosure process wonder if they will ever able to buy a house again. While a foreclosure can be a big blow to your credit score, you may eventually be able to get another mortgage, but you’ll have to wait. The amount of time you must wait before applying […]
Your previous home was foreclosed, perhaps because you couldn’t afford your payments due to a death in the family or serious illness. What can you do to ingratiate yourself with the mortgage company to get a mortgage on a new home? It won’t be easy, but you can make the process smoother by following these […]
Previously, we discussed why Americans are more confident in the housing market than they were in past years. Delinquencies and foreclosures are down, which is one reason why the people’s confidence has risen, but why exactly are they down? There are three main reasons why foreclosures and delinquencies have decreased in recent years: Kansas City […]
The housing market and the economy are closely related. If people are not confident in the market and aren’t buying homes, home sales will drop whether they are being sold or not. As a consequence, many homeowners will be at risk of going underwater. The 2008 recession was, in part, triggered by falling home prices […]
Sometimes, people have no choice but to foreclose their Kansas City home loan due to a financial hardship. These hardships range from permanent disabilities to losing a spouse or job. Foreclosure can result in both short term and long term consequences, making it a problem you want to avoid if at all possible. The main […]