Shanelle Missy
Joined: 29 Sep 2009
Posts: 11
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| Posted: Tue Oct 20, 2009 5:10 am Post subject: What is currently going on in the mortgage market? |
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Its partially hype but mostly a very hard and painful lesson. I plan on doing a seminar soon on this topic
Borrowers. they're not educated enough, they don't understand the entire mortgage process fully and usually don't have a plan to use a home as an investment vehicle. Also, they were greedy, buying too much home and using a home as an atm, meaning if they had equity in the home, they took it out in the form of cash to go on vacation, buy a car, tv, everything but take care of the home itself, the main investment. After the tech bubble crash, everyone was looking for the next quick cash venue, and with homes gaining 10-15% in value each year, it was an easy choice. Fundamentally, as borrower's we've forgotten the value of a dollar and how to save for it. |
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