loan: HAMP - Preventing Froeclosures, Or Causing Them?
- 08/24/10 11:43 AM
As I once heard brilliant financial guru Steve Forbes say (paraphrase) “. . . we had a chance to fix the mortgage crisis back in ’07; if we had just let it crash, it would have been painful, but we would have recovered in 6 months.” A free economy tends to correct itself, but it’s just not the nature of government(s) to leave things alone. That’s why we have to endure this mess for years instead of months, and why we have new government programs every time another one fails. Whatever it takes to prevent economy from it’s natural course: stretch … (0 comments)
loan: Get The Right Home Loan First
- 06/14/10 02:21 PM
This is the first step in shopping for a home, and maybe the most important. If you have the right loan, it will save you untold frustration after you have your offer accepted. If you wait until after you’re in contract, there’s too much pressure and not enough time to make a thoughtful choice. I just finished reading this article in the LA Times, recently summarized by the California Association of Realtors: "After shopping for a home, tired buyers often make poor mortgage choices" http://www.latimes.com/business/la-fi-lew-20100606,0,1809394.story This is so true. Not all loans are equal, neither are they always what they … (0 comments)
loan: The Ethical Dilemma of Strategic Walk-Aways
- 02/03/10 12:54 PM
Owners that can actually make their loan payments, but choose to walk away, accounted for 1 in 4, or 25% of all foreclosures as of June 2009. That was over six months ago, and the numbers have probably gone up since the initial studies (these data can be easily verified via a quick Google search). Strategic default is an ethical dilemma, and the discussion is burning up cyberspace. On one hand, there is a moral obligation to honor your contract. If you owe more than your house is worth, one way or other you gambled on your equity and came … (164 comments)
As I once heard brilliant financial guru Steve Forbes say (paraphrase) “. . . we had a chance to fix the mortgage crisis back in ’07; if we had just let it crash, it would have been painful, but we would have recovered in 6 months.” A free economy tends to correct itself, but it’s just not the nature of government(s) to leave things alone. That’s why we have to endure this mess for years instead of months, and why we have new government programs every time another one fails. Whatever it takes to prevent economy from it’s natural course: stretch … (0 comments)
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