Is The Sky Falling Again

March 2, 2017

I Have News for You

I’ll bet you’ve heard a lot of hype in the news recently about how foreclosures have hit all-time record high levels… “The Sky Is Falling”… “The Bottom Is Dropping Out of the RE Market”… “Doom, Gloom & Despair!” I have news for you: That attitude is factually wrong, and doesn’t even tell the entire story. Consider the facts, take any necessary steps, and then relax!

Almost 80% of mortgages are NOT subprime. Many people mistakenly believe that a mortgage with an interest rate below the Prime rate is a subprime mortgage. This is not the case. Subprime mortgages are for borrowers’ with credit challenges or the inability to prove their income.
Even if you do have a subprime mortgage, most experts believe the situation is beginning to improve.
If you’re having difficulties or know someone who is, notify us immediately. The sooner we know, the sooner we can explore ways to help you stay in your home, for instance, by modifying your loan, deferring payments, extending the term, etc.