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 sudden halt of operations by some mortgage lenders have left many home buyers out in the dry: Some have forfeited their earnest money deposit; some are compelled to resolve the matter in court.

The mortgage industry crisis has grown to be so serious that home buyers and real estate agents should take the following precautionary measures to avoid any devastating outcome that could emerge as a result of the home buyer’s inability to secure financing: (more…)