So how did so many people end up in this fix?Link (editorial notes added).
"They didn't really look at the quality of the people who could afford to pay the loans," Randy Martin of the Orlando Association of Realtors said. [Not that a realotor has, you know, any responsibility to a buyer.]
Mortgage brokers signed people up for the biggest, fanciest house possible, offering low rates to buyers didn't truly understand.
"I've had clients come in and I've told them that they had an adjustable rate mortgage because I read their mortgage to them. They had no idea," lawyer Rosalyn Dunlap said.
Many people are now so desperate they'll try anything to get out of the mess they're in. They are trapped in homes they can't afford and can't sell.
Some mortgage companies and lenders don't want you to know how bankruptcy lawyers can help, telling you bankruptcy is for deadbeats.
In bankruptcy, retirement savings and 401(k)s [and in Florida, homes as well!!] are protected. You can be freed from second and third mortgage obligations. Some lawyers are even negotiating directly with lenders, which has never been done.
That's pretty interesting. But what's nearly more interesting is that in Celebration, a town created by Disney, 50% of the homes are on the market!
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