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2007 has been labeled the year of the sub-prime meltdown and the exploding ARM. With the high cost of housing in Southern California many homebuyers elected to take on mortgages with a two or three year fixed terms which would later turn into an adjustable mortgage. For many households this adjustment could mean increases as much as $1000 for even entry-level borrowers, hence the term exploding arm. Many articles have been written advocating that the borrower contact their bank and attempt to renegotiate extension on their introductory interest rate, which would allow the sub-prime borrower to continue paying a payment that … (0 comments)
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