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Re: What could be more helpful to homeowners in this economy? Dec 13, 2008 6:02 PM
in response to:
Elite1
Elite ..the audience are homeowners facing foreclosure otherwise!
http://www.thesaintclub.com
Adjustables coming due, homeowners that are upside down because they bought in the year 2000 and beyond. Homeowners who were given an interest only loan with negative amortization.
I personally can recall looking at a home where a countrywide agent was staffed on site by the developer at a fabulous gated trac that appeared that it would be years before construction would be completed. I recall asking if there would be any concessions made because the $300 mo gate fee had no value to any homeowner living there as there would be potential buyers parading through the trac for several years. Thank goodness i passed up that deal.The loan officer working on site was trying to put me into a interest only loan with negative amortization. I still have a copy of his paperwork but I would not agree to that loan product. When I questioned him what this little mark on the loan doc meant he then told me and had I not noticed it I would have been bambuzzled into god knows what type of loan product..
