Financial Foundations

There are many flavors of compromise you can strike with your lender if you are facing foreclosure. One of the toughest to execute is the short sale.

What Is a “Short Sale”? The title “short sale” is somewhat misleading; many assume that “short” means quick, implying a transaction that has a short escrow period. Au contraire. A [...]

Why would an impersonal institution — a mortgage bank — want to compromise with a homeowner who is behind on his payments? Well, some banks have more of a “compassionate personality” than others, but the bottom line is that it costs a bank up to $80,000 to foreclose on a home!

What Is a Workout?

A workout is [...]

Foreclosure is far from the worst thing that could ever happen to you. If your home ends up in foreclosure, chances are there are lots of things you should thank your lucky stars for: your family, your health and your good looks. Foreclosure doesn’t mean you are irresponsible or not deserving of prosperity. It can be [...]

Ask homeowners who have lost their homes to foreclosure and a surprisingly large number complain that they were unaware of important mortgage features when they signed on the dotted line. Whether you are buying, refinancing or already own your home, a clear understanding of your mortgage is key to avoiding the foreclosure process. Smart owners should [...]