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For several years low interest rates and low down-payment percentages enabled home buyers to get into increasingly larger and more expensive homes. Then as home prices rose, home sellers took advantage of the "equity" in their existing homes to move up to even bigger, more expensive homes. Housing prices continued to rise, which brought talk of a housing bubble into the picture and speculation regarding what would happen when the bubble burst. And the consequences of a burst housing bubble add ...
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In these times of financial uncertainty, many people do not feel confident investing their money in the stock market. Nor do they want to simply keep their money idle in a bank account which yields an insignificant interest rate. Add to this the predictions that foreclosures will soon be on the rise due to increasing interest rates and the result is an alternative for which some have opted, investing in foreclosed real properties.As attorneys practicing law in the area of mortgage ...
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I personally talked to Mike Cox, the Attorney General of Michigan at the DeltaPlex in Grand Rapids, Michigan last week at the February's Homeowner's Foreclosure Workshop of 2008. He assured me that the lenders were reaching out and doing their best to help people facing foreclosure. To confirm his statement, he gestured and pointed to about 28 tables representing about 16 service providers or mortgage lenders talking to homeowner's in foreclosure. Many homeowners came to this event, and one ...
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