While driving around your community, you may have seen signs posted on telephone poles that offer “foreclosure help.” These seemingly generous offers to help financially troubled homeowners who are in danger of losing their homes to foreclosure are actually scams. Typically, the “help” comes in the form of an offer to buy the home for a reduced price from the homeowner. The scammer offers to pay off the homeowner’s existing debt and to rent the home back to the homeowner until they can afford to buy the home back. The scam comes after the owner signs the paperwork and the offer to rent the home to them abruptly disappears, leaving the scammer with an inexpensive house and the homeowner without a house or a place to live. Fortunately, the current booming real estate market has made it possible for financially troubled homeowners to avoid foreclosure on their home and the scammers.
Month: November 2019
The housing market has exploded in the last five years, and homeowners are finding that the equity in their homes is greater than it has ever been. The equity in a home is the difference between the market value of the home and the amount still owed on it. As home prices increase, so does the equity for those who own their homes. In parts of California, home values have tripled during the last five years, and homeowners are doing increasingly risky things with their newfound “wealth.” Anyone considering borrowing against their home’s equity should carefully consider the possible pitfalls of doing so.
Remember when cash was a tangible commodity in all of our personal economies? As kids, we went to the bank, shopped with our parents and frequently watched them pay with cash. Now with cash on the endangered species list, today’s kids see their personal economic situation much differently. As we enjoy the convenience of charge cards, stored value cards, debit cards and ATM cards, the challenge of teaching kids about an invisible commodity like money is magnified. If you’re searching for ways to teach your kids more about what makes up their personal economy, including the importance of saving and how to set and reach their financial goals, here are some practical tips.
If you have been turned away from loans on your property, there is another option. Hard money lenders loan out money on collateral property in a hassle free way.
Guide to secured personal loans
Here is a useful guide to secured personal loans. A secured personal loan is the generic term for a loan. A secured personal loan is when you take out a loan that is secured on your property.
Guide to mortgage terms
Listed below is a guide to mortgage terms. It is a useful list of definitions of mortgage terms that may or may not be familiar to you.
Guide to life insurance terms
Listed below is a useful guide to life insurance terms. It is a list of definitions of life insurance terms that may or may not be familiar to you.
Guide to life insurance
Here is a useful guide to life insurance. Simply put, a life insurance policy provides a lump sum payment upon death of the policy holder.
Guide to home insurance
Here is a useful guide to Home Insurance. Home insurance covers damage from incidents such as fire, theft, and vandalism to your house, usually adjacent structures like a garage or shed, and your personal belongings. It covers living expenses if your house becomes temporarily unusable.
Guide to fixed-rate mortgages
Mortgages are considered as the best helping hand for those people who want to realize their dream of owning a home. A mortgage is the loan one obtains from a bank or finance company for buying a house. Mortgages are generally secured loans, hence the risk is less. The newly purchased home is considered as the security for the loan. Mortgages are of different types. But nowadays, the money market mainly concentrates on three types of mortgages – Fixed-rate mortgages, Adjustable rate mortgages and Balloon mortgages.