Every day, the paper and the national media have stories about the falling mortgage and real estate industry. With large and small banks going out of business and homes selling in months instead of days, the media loves it. Just like when the opposite was true, the loved it. Why, because it sells stories. The President's plan will try to help people re-finance their sub prime loans but it is too early to tell how much is going to be done under the current guidelines. People must have good credit, have made their payments on time and have equity in their home. Most of the people facing foreclosure seem to be the ones that bought at the top of the market, over paid on a zero down loan and had a "teaser" rate. With the correction in the market, the payment goes up, the value has decreased and they struggle to make the new payment. Talk about a double whammy..
As an interesting side note.. I saw an article in National Realty News that "The Donald" himself has recent knowledge of the mortgage crisis. Looks like he "licensed" his name to a mortgage company a couple of years ago but their projections of growth fell a bit short..
Our markets change constantly. Your area might be doing well while others struggle. For buyers, you NEED to make sure that you have a good mortgage, area and plan in place. Homes sell in every type of market.. For helpful advise... "Just Call Nick!"
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