Fewer Americans are having trouble paying their mortgages now compared to a year ago, according to a new survey. The bad news? Fewer Americans have mortgages. Some of those who were struggling last year have since sold or foreclosed.
"Buyers who prepare themselves financially early before they start looking for a home will have a better chance of succeeding," especially in this economy, one expert says. Here are a few tips to help you beat the odds.
If you are sitting on a lot of debt, you need to take action quickly. Personal Finance expert Jean Chatzky explains that interest rates will rise so it's important that you take steps now. In this video, Chatzky explains how to get started and discusses some great sites that might be of help.
HSBC got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its not the only bank whose annual report made for interesting reading. The risk disclosures in banks' annual reports shed some light on their attitudes toward the mortgage mess.
Banks' paperwork problems aren't over: In its annual report, HSBC Holdings said it has suspended foreclosures in the U.S. after a government review found documentation problems.
Fannie Mae and Freddie Mac both narrowed their losses in the fourth quarter of 2010. But they aren't out of the woods yet: Both of the government-sponsored home-mortgage buyers have requested higher amounts of new federal aid than they did in the previous quarter.