September 30th, 2016

Email is a breeding ground for foreclosure scams

Posted by at 1:04 pm

  October is National Cyber Security Awareness Month (NCSAM), and no industry is safe. Breaches in security and hacker attacks cost the global economy trillions of dollars every year. In the mortgage loan industry, banks, lenders, real estate agents and title companies are generally responsible for protecting  clients’ sensitive information. If bad press and fines aren’t enough motivation to get their IT houses in order, the lost business and lost revenue should be. But hackers aren’t content to attack just the business sector for an easy buck. Sadly, there are scam artists out there who will take advantage of homeowners facing bankruptcy, short sale or foreclosure. Barely afloat, they are prime targets for any sort of financial lifeline: The key access point is personal email. Red flags The Federal Trade Commission (FTC) warns troubled mortgage holders to know how to recognize a mortgage...
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Budget wisely for home ownership

Posted by at 11:08 am

  At one time in American history, there was such a thing as the poorhouse, a community or government facility to provide support and housing to the indigent or needy. Today the phrase “in the poorhouse” remains a metaphorical way of saying: “Living deeply in debt or broke.” Today in America, there is a too common – and ironic – path to the poorhouse. It’s called being “house poor.” House poor people are homeowners who – for whatever reason – spend an inordinately high percentage of their income on mortgage payments. Now, being “house poor” is called “making sacrifices” is some circles. But those sacrifices can become a financial danger zone if there is nothing left at the end of the month after paying basic expenses. Percentage points Most lenders say monthly mortgage payments should be between 28 and 33 percent of...
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