Lynn, you bring a great point to light. This is why most lenders changed their qualifications and now base it off the fully amortized rate instead of the teaser.

Good to know Daniel, I hope it becomes that all lenders are required to change. Thanks for commenting!

I think it is going to take quite some time for all of this mess to shake out.  It isn't over yet.

I'm in agreement with you Linda...we're just beginning to see the tip of the iceberg.  I suspect a lot more changes are forthcoming.  Unfortunately, like so many serious events that have occured over time, it always seems to take a catastrophe-like event to happen before changes come about. 

Lynn- I am hearing of hope for those who are having their mortgages adjust... we must remember that the banks do not want homes back and there are some who are willing to work things out instead of taking a home back if the people cannot afford the payment. If you want more info on some of the help available log onto MACUSA.org and ask for some help there is a lot of good info on this site and people to help or give advice if needed.

Dan, hope is good!  Hopefully the recent half point rate drop will help some.  Thank you for the information available on the site MACUSA.org.  I will definately, look into it.