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The Foreclosure Mess and Subprime Loans

We’ve all been reading about the foreclosure mess. Home foreclosures are rising exponentially because laxity in lending encouraged false hopes and risky property investments. When people couldn’t make good on their loans, the result was an enormous meltdown in the real estate industry.

There’s surely enough blame to go around. Lending firms with solid reputations are involved in this foreclosure meltdown, just as surely as the most predatory loan sharks.  In fact, as hearings are held by legislators, we are learning that the most reputable firms have also been quite active in shady lending practices, enticing prospective homeowners with the carrot and stick of easy money, quick approval, and low interest rates.  

To begin to understand what happened, you need to know a little about subprime loans, which have undermined the entire lending industry.  A subprime loan is made with less than the normal or appropriate due diligence regarding the borrower’s ability to pay. Credit histories are overlooked and down payments are often not even required for a subprime loan.  Very little investigation is done.

At first glance, subprime loans were a market response to higher demands for housing. Many claimed they were an example of market forces responding to consumer needs.  The reality: they were only able to keep working while the housing market went up. How long can you keep inflating a balloon before it bursts?  The laws of physics will triumph over the speculative propositions of the mortgage marketing mavens.  Alan Greenspan, who just retired as head of the Federal Reserve, now claims the whole basis for the subprime marketing industry was built on quicksand. He’s conveniently trying to wash his hands of the entire fiasco, and one can only wonder where he was when the regulators looked the other way. Why was he asleep at the switch when he could have done something? You can’t have it both ways, Mr. Greenspan.

With subprime loans, interest rates and monthly payments later skyrocket at a time when the unwary homeowner is desperately trying to pay off major heating and other utility bills, and trying to appease countless creditors crying for what they are owed. That “adjustable APR” the lender told you about turned out to be the one huge straw that broke the proverbial camel’s back. 

Now is the time to turn to people who can give you help in fighting this machine.  You might have been quick to jump into something that looked too good to be true. If you find yourself in a position where the foreclosure notice has come in the mail, and you want to keep your most valuable asset, you need to talk to people you can trust. And you can trust us.

We believe that homeowners should be given every chance to hold onto their homes. To stop foreclosure on homes is our specialty. Our foreclosure specialists are on call 24 hours a day. We have the resources at our disposal to help you find a way to keep your home. We can stop your foreclosure before it begins.

 

 

 

 

 

 

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