The coronavirus (COVID-19) outbreak has upended life all across the United States and the world. With this pandemic limiting many people’s ability to work and earn a paycheck, you might be among the thousands finding it difficult or impossible to keep up with your mortgage payments. The good news...
A Pennsylvania foreclosure won’t start as soon as you miss a payment. Instead, the foreclosing bank or subsequent owner of the loan (the "bank") must normally wait for at least 120 days due to a federal law. This law ensures that a borrower will have time to ask for help with a foreclosure...
Reverse mortgages are usually advertised as an ideal way for senior citizens to get extra spending money to supplement their retirement income. But taking out a reverse mortgage isn't necessarily a good idea. Before you get a reverse mortgage, learn how they work and consider the upsides and,...
Homeowners can lose their residential properties through one of two methods of foreclosure : judicial foreclosure (a process that involves the court system) and nonjudicial foreclosure (which allows a lender to sell the property without prior approval from a judge). The foreclosure type that your...
Sometimes, property taxes are paid through a mortgage escrow account that the lender sets up when a borrower takes out a home loan. With an escrow account, the borrower pays money to cover property taxes—and also typically homeowners’ insurance and possibly other items, like homeowners’ association...
Wisconsin homeowners won’t immediately lose their home to a foreclosure after falling behind on a mortgage payment. Federal law generally gives homeowners 120 days to research foreclosure avoidance options before the bank can start the process of taking a house. After this period expires, the...
