Feb 12, 2008
Mortgage Industry Finally Getting Smart
Interesting, mortgage lenders are putting a 30 day hold on forclosure proceedings across the board. They are trying to work things out with their customers rather than just throw them out.
This may sound "nice" - but really it is just good business. Lenders don’t want the house, and in this slow market they REALLY don’t want the house. The people living in it on the other hand really DO want the house, so usually there is some kind of middle ground. Of course, that is really only if the interest rate is high and there is room for wiggle, and if the owners have steady income.
You can also thank the Federal Reserve for their 3/4 point cut a few weeks ago. That figures heavily into the mix.
Mortgage lending, ARM Mortgage, foreclosure 
3 comments
I know this situation is sucking for a lot of people (although, honestly, a fair number of those people did this entirely to themselves), but due to the declining home prices, Better Half and I are actually looking forward to possibly buying our very own little box in the near future.
Oh, and start posting again!
Um… usually when you HAVE a blog you need to UPDATE it every year or so…
Hey, its only been, um… 4 months… I’ll update again soon! Prob’ly…
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