Cash Money Life

I read an interesting article on MSN Money yesterday - Next shoe to drop: Prime mortgages. The article covers the correlation between the housing market, consumer spending, and the economy.
Basically, the more often banks foreclose on houses, the less people are willing to spend on consumer items, which further weakens the economy, potentially causing a [...]

Yesterday, Project Lifeline was unveiled. Project Lifeline is a White House backed plan that calls for six of the nation’s largest mortgage lenders to voluntarily contact homeowners who are 90 days or more behind on their mortgage payments, and possibly grant a 30-day “pause” in the foreclosure process so a favorable solution can be reached.
This [...]

My wife and I got our first mortgage bill for 2008 and our mortgage payment dropped $150 per month! We have a fixed rate mortgage and the lower mortgage bill is a result of a change in our property taxes and an adjustment in our escrow level.
Changes in a mortgage payment are actually not uncommon [...]

An escrow is a legal arrangement with a neutral third party where money or goods are deposited until a contract is legally satisfied. In layman’s terms, that means an escrow service is basically a middleman between a buyer and a seller, or in the case of a mortgage, a middleman between a homeowner and the [...]

A Home Equity Line of Credit (HELOC) is a flexible line of against the value of your home – you use your home’s equity as collateral. Usually, the borrower agrees to a certain maximum amount they can borrow over a specified time period. In some ways it is similar to a credit card because the [...]