Richard Yoo’s Weblog

Are the home-price corrections coming?

If you haven’t bought a house yet, some good deals might be coming…

In 2003, Anita Britten refinanced her two-story brick cottage in Lithonia, Ga. using a hybrid adjustable rate mortgage, or ARM. Her lender reassured her that she could refinance out of the riskier loan into a traditional one when her interest rate started to reset.

Three years later, Britten can’t get a new mortgage and her monthly payment has jumped by a third in six months. She can’t afford her payments and may face foreclosure if her financial situation doesn’t change.

Foreclosures may jump as ARMs reset

              

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This entry was posted on Wednesday, June 21st, 2006 at 10:06 am and is filed under Ramblings. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.