Real Estate Problem

In recent years, a number of real estate lenders offered promotional “teaser” rates to tempt people into buying homes. Today, many people are feeling the pinch as those teaser rates come to an end and each mortgage resets to the actual interest rate. In fact, foreclosures are near record levels because of these mortgage teaser rate resets.

If a homeowner cannot meet their monthly mortgage payment once or twice, often, the lending institution will easily and happily forgive it, and simply expect the homeowner to “double up” on the next payment. This makes sense because things happen to all of us from time to time when there just isn’t quite enough money in the bank to make the mortgage payment.
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The votes are in. The decision is final. The National Civic League has narrowed down the candidates, and the All-American City for the year 2007 is . . . well . . . it is not Calabasas, California. But it was close!

It is worth mentioning, however, because the fact that the city was in the running says something very important about the community — especially for prospective home buyers and sellers. The All-American City awards are given to ten American cities each year and this year the city of Calabasas made the short list of 20, but went no further. Some say that the awards tend to go to those cities that have made major turnarounds in recent years or perhaps have more dramatic stories. Maybe Calabasas was just out of luck this year. But the important thing for those in the real estate market is that they tried. The city put up a significant amount of time and money to send a delegation to make a pitch for their city, and that shows a community with a lot of pride.
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Courtesy of TheOnion.