refinance: The Domino Effect with Mortgages
- 07/03/07 11:04 AM
As many lenders tighten up their guidelines to prevent people from not making their payments, I personally think that by them doing this, it is actually affecting the person that has an ARM that is ready to adjust but cannot refinance because so and so lender changed their guidelines. Which means that borrower will have to either ride the wave or just wont be able to make the payment because it adjusted another $600.00 and be another foreclosure statistic. I am seeing this everyday and it is just like the title says it is a domino effect. What do fellow rainers think about whats … (4 comments)
As many lenders tighten up their guidelines to prevent people from not making their payments, I personally think that by them doing this, it is actually affecting the person that has an ARM that is ready to adjust but cannot refinance because so and so lender changed their guidelines. Which means that borrower will have to either ride the wave or just wont be able to make the payment because it adjusted another $600.00 and be another foreclosure statistic.
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