Credit scores weigh heavily on a homeowner's ability to borrow money. This actionable guide provides a month-by-month strategy to improve your credit score steadily over time.
The CFPB proposed new mortgage servicing rules to prioritize borrower assistance over foreclosure, streamline loss mitigation processes, and improve communication. Key changes include limiting fees during reviews, simplifying applications, and requiring clear, multilingual notices. Aimed at reducing preventable foreclosures and enhancing transparency, the rules may take effect by late 2025 or early 2026, pending finalization.
Effective money management starts with budgeting to prioritize essential expenses and allocate savings. Automate transfers to build an emergency fund, aiming for 3-6 months of living expenses. Reduce unnecessary costs, set clear savings goals, and consider splitting paychecks for consistent growth. These steps help build financial stability and prepare for unexpected events.
The August 2024 foreclosure report shows a slight decline in US foreclosure activity, with 30,227 filings nationwide. Key states like Nevada, Florida, and Illinois lead in foreclosure rates. The second half of the report provides detailed data on foreclosure trends in states served by BlueHub SUN, including Connecticut, Illinois, and Delaware.
Homeowners are facing increased property taxes and insurance premiums, raising monthly housing costs. Property taxes are up due to rising real estate values and local reassessments, while insurance premiums have surged due to inflation and natural disasters. These changes impact escrow accounts, leading to higher monthly payments. Staying informed and proactive can help manage these rising costs.
The U.S. faces a housing crisis for seniors, with the 65+ population rising by 34% in 2022. Financial challenges like rising property taxes, insurance premiums, and mortgage debt threaten the ability of older adults to maintain homeownership. Nearly 11.2 million seniors spent over 30% of their income on housing in 2021. Solutions include tax relief, refinancing, and accessing home equity through safe methods like HUD-certified counselors.
In 2009, Connecticut attorney Theresa DeGray, despite being a lawyer, was overwhelmed by debt and filed for bankruptcy. This experience inspired her to help others avoid foreclosure. At her firm, Consumer Legal Services, LLC, she assists homeowners in navigating bankruptcy, striving to end its stigma. DeGray uses her story to build trust and show clients they can overcome financial difficulties.
NOAA predicts a hotter-than-normal summer. Keep your home cool affordably by using fans, blocking out the sun, optimizing windows, cooking outside or using the microwave, and switching to LED bulbs. Change air filters regularly. During power outages, stay hydrated, take cool showers, wear lightweight clothing, use battery-operated fans, and find cooler public places. Learn more tips for staying cool and safe during heat waves.
Foreclosure impacts more than finances, possibly leading to severe mental health issues like depression and anxiety. Housing professionals can offer crucial support by understanding these challenges and connecting clients with resources. This article explores the psychological toll of foreclosure, provides expert insights, and lists national and state-specific support services to aid clients during this difficult time.
Spring cleaning rejuvenates your home as winter ends. Our checklist includes gutter and roof cleaning, filter replacements, and tree trimming to prevent damage and boost appliance efficiency. Steps like mulching, power washing, and grout cleaning enhance appearance and safety. These tips can lead to energy savings and a more efficient, resilient home for the warmer months.
