My little obsession on home loan
The recent housing market boom lured many susceptible borrowers into taking on mortgage debt that they had no ability to repay. Less scrupulous lenders encouraged this practice by offering adjustable rate loans with attractively low introductory rates that subsequently spiked out of reach. When the housing market crashed, these borrowers were left with homes that had dramatically reduced in value, many to an amount less than that of the outstanding mortgage balance and leaving the homeowners underwater, so to speak. With nowhere else to turn, millions of these underwater borrowers simply abandoned their homes to foreclosure. Mortgage refinancing may be the best way to save these homes.