Mortgage elimination’ scam leaves many without a roof over their
NEWBEDFORD — On the face of it, there was nothing too unusual about theforeclosure auction conducted on a dismal morning last week in front of159 North St. in a neighborhood a little down on its luck.
Withwell-dressed people reading proclamations aloud and waiting for biddersto declare themselves, the scene mirrored countless others across thecountry. Borrowers in a once-booming housing market suddenly find itimpossible to keep up with the payments. Financing deals that onceseemed sweet become sour when interest increass on adjustable mortgagesdrive payments through the roof.
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‘Mortgage elimination’ scam leaves many without a roof over their … - SouthCoastToday.com
| ‘Mortgage elimination‘ scam leaves many without a roof over their … SouthCoastToday.com, MA - It’s also a cautionary tale of what can happen when one who is swimming in debt goes looking for a way out of it and instead gets snared in the tentacles of … |
technorati tags:debt, elimination, mortgage
Lenders Tighten Their Belts And Sub-prime Borrowers Feel the Squeeze
I found this recent news item and thought the readers of this blog would find it interesting…
As many as 31 sub-prime lenders have ceased lending operations since December 2006. Many of the remaining sub-prime lenders are taking defensive measures to make sure they’re not next. As a result, new homeowners have limited options available to them to get our of their adjustable rate mortgages.
(PRWEB) March 21, 2007 — In order to stop, or at least slow down the rate of future loans defaulting, many sub-prime lenders have changed their lending guidelines. By raising credit score requirements and being tougher on appraised values, they intend to prevent the riskier loans from getting through their underwriting process.
…read the entire press release
Technorati Tags: credit score, loans
