October is here, which can only mean one thing: $50 billion in option-ARM mortgages ratcheting up to higher interest rates. Here’s four posts of ours that can help affected homeowners see their way clear:
sub prime meltdown
Countrywide Mortgage Adjustment Getting Outsourced To India
By 10.1.07
An excellent NYT article alludes to Countrywide Mortgage’s AOL-esque culture of phone reps only concerned about boosting their personal stats, regardless of the ruin it would spell for its customers.
Tales From The Foreclosure Frontlines: The Little House That Couldn't
By 9.28.07
“My wife and I went through a foreclosure and bankruptcy here in Ohio (where we lead the nation in foreclosures). The long story short – we bought a house for $32,000 in 1995, but couldn’t afford to fix it up. Just kids at the time (I was 20, she was 22), we were expecting our son and found a fix’er upper. We took out a subprime second mortgage to do the much needed repairs ourselves. The neighborhood was going to hell and after seven years we wanted to get out, but we had no real equity…”
Deceptive Mortgage Advertising Language To Watch Out For
By 9.12.07
In an almost comical case of too little too late, the FTC wagged a big finger at deceptive mortgage ads Tuesday. Here’s some of the red-flag advertising language they warned consumers to watch out for:
By 9.10.07
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The step-by-step process of $130,000 gross yearly income housing bubble poster couple getting foreclosed, a case study. [Dr. Housing Bubble Blog]
House Bought At Foreclosure Found Filled With Dead Cats And Dogs And Feces
By 9.10.07
Speculators beware: Foreclosure sales are great buying opportunities, except that you only get to inspect the house after the old owners move out, and that’s when you discover the over two dozen dead cats and dogs, over 100 live cats, and feces six to ten inches high covering the basement.
By 9.7.07
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A mortgage maker that positioned itself as a “Christian” lender wasn’t immune to secular market forces and fired employees are learning to turn the other cheek when it comes to their severance pay: a $20 supermarket gift card. [Atlanta Journal Constitution]
