A couple of weeks ago, I wrote a post on mortgage payments and the “grace period.” I pointed out that nothing comes without a price, and by not paying the mortgage until later than the actual due date, you are incurring additional interest charges even when you haven’t reached the “not late until” date. That’s…
There’s a built in “grace period” in most mortgages. That’s a date, often ten or fifteen days after the payment is due, when it is not considered late. Your payment may be due by the first of the month, but it won’t be late if it is received by the 15th. Pretty cool, hunh –…
The value of your house used to appreciate in this country. That was one thing we could count on. But it isn’t doing that now. In fact the value of your house is depreciating as I write this and you read it. In some markets the loss of value is so bad that a home…
Well, almost. It’s no secret that banks make a temendous profit off the interest on mortgages. That’s why the current real estate market is hurting banks so much. When a mortgage goes into default, they lose the cash cow. There are many theories on how to save money in paying a mortgage. The traditional fixed-rate home…
Stop! Wait! Don’t move! Doug didn’t mean it literally when he said walk away from your house. Let me suggest he meant, camp there without illusions until the house is actually sold at foreclosure. “Walking away” is shorthand for making no effort to keep the house. Often that is a fundamentally sound decision. The arrears…
Solutions for resolving Mortgage payment arrears.
Most people, when they buy a house, head straight to a mortgage lender to bankroll the purchase. That is, unless they’re fortunate enough to have a large amount of cash on hand! There is however, another alternative, and it’s becoming especially popular in today’s era of extremely tight credit and stiff qualifications. It’s called “Contract…