What Happens If I Walk Away From My Home If I Can’t Pay The Mortgage?  If you are unable to pay your mortgage and are facing foreclosure, you don’t have too many options.  You could try to do a short sale or a loan modification.

How Does A Short Sale Work? Continue Reading »

The McCain mortgage bailout of $300 billion is a bad idea.  First of all you want to bail out people that can’t pay their mortgages.  Many of these people had no business buying a home anyway.  The second issue is many of these people have no money at stake in the transaction.  Many of these folks got loans at 100% LTV.  In my day buying a home meant something.  You actually had to save up money for a down payment.  When you bought a home you had something at stake.  Continue Reading »

The second presidential debate was held earlier this week.  The only thing I heard that was a real alarm was John McCain and the 300 Billion Dollar housing bailout plan.  I thought this is what the FHA Secure mortgage plan was to address.  It is already on the table.  I do not think at this point we need to be bailing out homeowners that cannot pay their mortgage and having the taxpayer absorb huge losses.  I not really interest in raising my taxes just to pay for someone elses mortgage.  Who is going to help the rest of us.

Do Not Bailout The Housing Market, Stimulate Business Instead Continue Reading »