indymac: When is it too late to save a home from foreclosure? What NOT to do if owner wants to keep the house
- 05/08/09 08:37 AM
This woman called me, clearly in distress. She's losing her house that she felt she shouldn't have bought in the first place. She saw me on HGTV's "What's my house worth" and was reminded that she wanted to talk to me. NEGATIVE AMORTIZATION (Mistake #1) When she was looking to buy a house, using money from her 401K as a downpayment, she fell in love with a house. Three times she was turned down by lenders who told her that with her income, she couldn't qualify for a loan. But a third lender told her that she can: with a negative … (5 comments)
This woman called me, clearly in distress. She's losing her house that she felt she shouldn't have bought in the first place. She saw me on HGTV's "What's my house worth" and was reminded that she wanted to talk to me.
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