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U.S. homebuyers are less likely to purchase a foreclosed property today than they were a year ago, according to a recent survey by Trulia & Realty Trac. Some 45% of U.S. homebuyers say they are at least somewhat likely to purchase a foreclosure today, compared with 55% who said that same a year ...
Borrowers who consider walking away from their mortgages have yet another reason to think twice. Fannie Mae has implemented a new policy that penalizes borrowers who walk away even though they had the ability to pay, or who did not complete a workout arrangement. Such borrowers now will be inel...
Some home buyers who may be concerned about paying high closing costs might be tempted by a "zero-cost" or "no-cost" loan option, which requires no cash outlay, but typically adds a half percentage point to the rate. However, some financial consultants say these loans tend to be most beneficial t...