Scanning through headlines the other day, I came across the following: "Underwater Mortgages Are The Main Cause Of Foreclosures."
After letting that thought sit for a couple of days, it dawned on me that really, how much you owe on your house shouldn't matter except when you want to sell it. Really the main cause of default was ARMs that reset, in some cases doubling the homeowner's monthly payment. Correct me if I'm wrong but most homeowner's want to stay in their home and would tolerate being underwater in their mortgage if they could afford their monthly payment.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment