The Pennymac Mortgage Blog is where you'll find unbiased, useful info to help save you money, time and peace of mind during the mortgage process. If you have a mortgage or are about to get one, we think you'll find info here you can't always get elsewhere.
Generally speaking, people file for bankruptcy during extreme financial hardships: the inability to repay large debts, have outstanding mortgage payments or they are facing foreclosure. Bankruptcy can offer some people a clean financial slate, but should only be considered as a last resort in resolving loan debt. Here is everything you need to know before filing bankruptcy.
For people faced with the potential of foreclosure, it’s natural to feel anxious and confused. How long does the foreclosure process take? Will you be able to remain in your home in the interim? What rights do you have, and how can you exercise them?
Read more about Understanding Foreclosure: A Guide for Imperiled Homeowners
Financial difficulties may affect everyone at some point. A past-due notice from a utility company, a late charge on your credit card statement or an accidental overdraft on your bank account can be easily remedied. But when your financial problems are bigger—say, months of missed mortgage payments—the stakes are a lot higher. If you’re having trouble paying your mortgage, here’s what you need to know.
Read more about Behind On Your Mortgage Payments? Here’s How to Avoid Foreclosure
If you’re struggling to pay your mortgage, the threat of foreclosure is never far from your mind. You feel anxious, frustrated, and possibly even embarrassed. Then, just when you’ve given up all hope, someone swoops in offering a miraculous solution to your impossible problem. You’re saved! ...or are you?