AlfonsoGomezBroker.com - I personally helped many homeowners modify their home loans years ago. It was a great feeling to see the relief of the families that I was able to assist. The downside was, and is, that most loan modification were adjustable rate terms. Lenders were giving out ridiculously low interest rate in order to reduce the monthly payment for the immediately future.
The problem was, and is, that the lenders added the missed payments, interest, and penalties to the end of the loan. Moreover, they only kept the interest rates low for 3 to 5 years and then, as they say, "the chickens came home to roost", the interest rates were going to increase...
Though many homeowners were able to take advantage of rising home values in today's market, apparently 2 million, were not...
These homeowners will simply return to square one, they will fall behind on their payments and start, re-start, the foreclosure process once again. Sad but true.
For the full article click HERE
Additional article click HERE
No comments:
Post a Comment