Foreclosures Teach us Three Lessons
The foreclosure crisis has given us an opportunity to know more about the ins and outs of real estate as well as mortgages. As per the findings of Mortgage Bankers Association out of every two hundred residences one is faced with foreclosure. In the near future, 250,000 mortgages will be under the foreclosure cloud. The figures are frightening and sad for those who will lose their hearth and home; they will have to start from scratch.
During the housing boom the families were tempted to reach beyond their means. They had to make no down payments and contract mortgages which they could ill afford from the very start. The other side is that many family members became unemployed or under-employed; their earnings made it impossible for them to be current on their mortgage dues.
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Arlington, Virginia, United States