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Adjustable-rate mortgages are ravaging the foreclosure industry
The adjustable rate mortgage industry has become crippling for a majority of home owners. We have seen an influx of foreclosures that are directly related to the adjustable rate mortgages. Far too many brokers tried to squeeze future homeowners into a loan by putting them in adjustable rate mortgage. This lowers their mortgage payment and allows them to qualify. They don't tell the homeowner the truth about the situation and that their mortgage payment might double within two years. Brokers really don't care about that as all there after is the initial broker fee associated with loan. Once they've sold loan to the future home owner they washed their hands of the situation and frankly or don't care what the future holds. Somehow these brokers need to be held accountable. The following article excerpt is an example of some of the same issues happening in California.
- This is an excerpt from an article posted by The Voice of San Diego, by KELLY BENNETT - Wednesday, Feb. 21, 2007 …The adjustable-rate and subprime loans usually start out charging borrowers a low monthly payment and then ramp up after a few years. Unless borrowers are savvy and can refinance their loan at a more predictable, fixed-rate loan before the reset period, they will have to start paying significantly more each month. When borrowers are unable to do that, they may miss a payment or two and thus enter the first stage of foreclosure.http://www.voiceofsandiego.org
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