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July 2015 Archives

Researchers say millions of mortgage holders could refinance

Many people in Delaware paying more than they have to for their home mortgage, according to a report from Black Knight Financial Services. The report looked at data from May 2015 and found that 6.5 million mortgage borrowers could qualify for lower mortgage payments after refinancing or using other methods. Black Knight researchers looked specifically at borrower and mortgage data from 30-year fixed-rate loans to arrive at their conclusions.

Deciding between a short sale or foreclosure for one's home

Delaware homeowners who are dealing with financial challenges may face the need to decide how to deal with a mortgage that is not manageable. Some financial institutions may consider working through situations to allow homeowners the opportunity to bring their loans current. In hardship cases, it may even be possible to work out a long-term payment suspension to allow time for an adverse situation to be handled. However, there are many cases in which a homeowner is still unable to get back on stable footing with regard to a home loan. In such cases, a short sale is one of the few remaining options to explore.