Help for High Risk Mortgage holders, dont count on the borrower coming thru!
There are 1.8 million subprime mortgages and many, many, many more loans such as the equity lines of credit that are scheduled to reset to higher rates this year and in 2009. With trouble we could see more foreclosures and to buy one stop by this site TracForeclosures.com.
We see people coming in who say, So what! We'll just let the home go. We
don't have anything in it anyway
said a spokeswoman, who has been a mortgage and consumer loan counselor for
almost 18 years.
This change in attitude helps explain why there is a subprime mortgage crisis
and why banks
who analysts say made credit too easy, way too easy, for too many have had
to set aside billions of dollars
in reserves to cover potentially bad loans. Yes that is B for Billions in
bad loans!
It was not long ago it used to be that people who owned homes would make
it a priority to pay the mortgage.
They didn't want to lose their home or forfeit the down payment or equity
they'd built up,
there was also a very real stigma as being a deadbeat in the family and neighborhood,
something
that was once prized and honored has gone the way of the 5 cent cup of coffee.