Two mass-market loan modification programs are aimed at preventing foreclosures. But critics say they don't solve the problem and could have a corrosive effect on borrowers.
You may have seen headlines about the latest public and private efforts to help financially distressed homeowners cope with their mortgage payments. But you might not have caught key details that could affect you or people you know -- now or in the recession months ahead.
For some families, a second home on the same lot yields perks: You can keep tabs on aging parents, and the kids can spend more time with grandma.
Their homes are too big, their friends have moved or their families are too far-flung. But those aren't the only reasons aging adults are moving into separate residences on their children's properties.
Moody's and Fitch's high ratings of subprime mortgage bonds disproportionately harmed black and Latino home buyers, the National Community Reinvestment Coalition alleges.
In what is apparently the first legal action of its kind, an association of community-based organizations has filed a federal civil rights complaint against two of the three largest Wall Street rating firms, charging that their inflated ratings on subprime mortgage bonds disproportionately caused financial harm to African American and Latino home buyers across the country.
Most people schedule real estate settlements late in the month to save on paying upfront cash, but the last-minute rush often causes mistakes and creates logjams.
To milk all they can out of their final rent checks, first-time buyers often try to schedule their closings as close to the end of the month as possible.
2615 Ruhland Ave. #14, Redondo Beach 90278
Question: I'm a titleholder in a town home association. Our monthly assessments have risen annually since 2004 from about $250 per unit to more than $360.
Extended families sharing a home was once an American tradition. Now with rising foreclosures and layoffs, it's a necessity. But there is a silver lining.
Donald Garcia, 35, and his wife, Augustine, were living in a Burbank apartment when Augustine's mother approached them for help. She had refinanced her three-bedroom Tujunga home a year and a half earlier with an interest-only loan, and what had been a $900 monthly house payment had doubled.
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| D'Ann Faught |
| Broker/Owner/Realtor |
Office
(571) 244-1827 |
| Contact D'Ann |
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