The glitz and glamour of being on your own in your own home is overwhelming and the banks pray on that. They lure those who have these dreams with unrealistic deals. Banks have been handing out mortgages to anyone who walks in wearing a shirt and shoes, even to those who already can’t pay off their car loans or maybe even a previous mortgage. The unsuspecting, future-foreclosed homeowner is greeted with a smile when they walk into these banks and are then pulled in by attractive offers and adjustable rates. But, they are none the wiser when they are amazingly approved despite any bad credit they may have.
The idea of adjustable rates should never be allowed. People are persuaded into these by the lower interest rate, which offsets the initial high monthly payment. It all sounds great at first but borrowers are not given the full details about adjustable rates and how they increase annually. Even though a small increase like 3% doesn’t sound like much, it can drastically add up in the end making it hard for homeowners to ever catch up and they eventually default on their mortgages.
If a borrower has a bad credit history and is having a hard time getting a loan, there should be something they can do to build their credit back up. During the foreclosure crisis, lenders were awarding borrowers wi...
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...ls should be explained verbally to the borrow with his or her initials indicating that they understand what was said. Commission should not be allowed for those whose job already pays them. And those interested in buying a home should be able to easily get another estimate on the home they are looking at from an independent and honest appraiser. There should be a website, toll free phone numbers, and places to go where people can get up-to-date information and advice from professionals. A foreclosed home affects more than just the bank or the homeowner, it also hurts neighbors who live nearby and now have a street full of empty homes. And vacant houses that sit for a long time can bring the value of other houses in the area down as well as bring in unwanted criminal activity. There is so much that can be done so another family doesn’t have to lose their home.
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