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Mortgage Payments

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How To Avoid Foreclosures: A Homeowner’s Guide

Every year, thousands of Americans face the frightening prospect of losing their homes to foreclosure. And many homeowners enter the foreclosure process not knowing what steps they can take to avoid the stressful scenario.  Use our guide to help you stay in your home. You’ll better understand foreclosures and how they work and – most...

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What Is Loss Mitigation and How Does It Work?

Sometimes, life brings unexpected surprises that make it difficult or impossible to keep up with your mortgage payments. If that happens, a lender can foreclose on your property. Foreclosures are rarely the desired outcome for borrowers or lenders; they usually end up being costly and inconvenient for everyone involved. That’s exactly why loss mitigation exists....

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Deed Of Reconveyance: Everything You Need to Know

When you have a mortgage, you are not the owner of your home – at least, not yet. Until the property has been paid off in full, a portion of your home is owned by the mortgage lender.  Eventually, if you keep making your monthly mortgage payments, you’ll own your home in full. This process...

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Lien vs. Encumbrance: What’s the Difference?

Oddly enough, owning a home does not give you complete control over it. There may be a variety of limits or claims on your property rights, including liens and encumbrances. Liens and encumbrances are different – and understanding these differences will help shed light on the broader topic of titles and other legal matters around...

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Deficiency Judgment: What Is It and How Does It Work?

As a homeowner, you don’t plan on having to deal with foreclosure – and hopefully, you won’t ever have to. You can help prevent foreclosure by making your payments on time and communicating with your lender, but sometimes life hits unexpectedly hard, making it difficult or impossible to pay your mortgage.  A single late payment...

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What Is a Curtailment on a Mortgage?

If you spend any time around homeowners, you’ll probably hear at least one of them talk about making an extra mortgage (or principal) payment to pay off their mortgage faster. This process is sometimes called mortgage curtailment or a principal reduction (although most people don’t use that term in casual conversation). It’s a common strategy,...

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What Are Mortgage Servicing Rights?

Mortgages can last for 10, 15 or 30 years. Naturally, this creates ongoing responsibilities for both the borrower and the lender. If a mortgage is active, it will need to be continually serviced, and the process often contains a lot of moving parts. While one mortgage lender will want to manage your mortgage loan for...

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What Are Underwater Mortgages?

When it comes to owning a home, some surprises aren’t as welcome as others. If you just found out that your outstanding mortgage balance is more than your home is worth, you have what’s known as an underwater mortgage, also known as an upside-down mortgage. If you have an upside-down mortgage, don’t panic. You have...

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What Is Mortgage Delinquency?

Mortgage delinquency is a term used to describe the state of a mortgage when the borrower falls behind on their payments. This can happen for a variety of reasons, and it can lead to plenty of consequences and stress. Left unaddressed, mortgage delinquency can lead to foreclosure proceedings. If you’ve begun to fall behind on...

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Should I Pay Off My Mortgage or Invest?

Whether it’s a financial windfall, accumulated savings, an annual bonus or a pay increase, you may be wondering whether it’s better to invest your extra cash or pay off your mortgage early.  Regardless of how you’ve come into your money, your goal is to set yourself up for future financial success. While there is no...

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Stick outline of a home

What Does Being “House Poor” Mean and What To Do About It

Home equity in a primary residence is the largest source of wealth for families across the nation, according to the National Association of Home Builders. As a result, many people see homeownership as a sure path to building their nest egg – and in many cases, this can be true.  But the heart is not...

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Can You Pay Off Someone Else’s Mortgage?

Can your parents pay off your mortgage? Yes. Can you pay off your parents’ mortgage? Aww … and, yes.  In fact, you don’t have to be related to a homeowner to offer the gift of a mortgage payoff or a mortgage payment. You can make a payment on someone else’s mortgage to help them out...

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