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Another option is to simply walk away from the mortgage — a move called a “strategic default” — but, like a short sale or foreclosure, doing so can be damaging to your future homeownership ...
It's not just homeowners walking away from underwater homes -- so are banks and their mortgage servicers. Unfortunately for some neighborhoods, the mortgage servicers are abandoning the homes ...
YouWalkAway.com developed a strategic default calculator to help homeowners calculate the savings they might have by getting out of an underwater mortgage. [5] In 2012, YouWalkAway.com launched AfterForeclosure.com to help people discover if they were eligible to buy again after a foreclosure or a short sale.
The house serves as collateral guaranteeing the loan, but you don't just get to walk away from your contractual obligations if something happens to the collateral. After all, you still borrowed ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
The Hope Now Alliance is a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages. . Created in 2007 [1] in response to the subprime mortgage crisis, the alliance claims to have helped over 1 million homeowners avoid foreclosure through January