Negative Amortization Loans Race To Higher Levels of Default
November 15, 2009 by Pete Mitchell
Filed under All Posts, Mortgage Insight
It now looks like the coming wave of foreclosures will be headed by homeowners stuck in an Option Arm, Negative Amortization (Neg Am) loan. These are mortgage loans whereby the homeowner has the option of paying less than an interest only payment and the difference is added onto the principle balance. In a short period of time, this causes the principle balance to balloon upward; often to as much as 120-125% of the original loan balance.
Obama Mortgage Bailout – The Home Affordable Modification Program (HAMP) & What This Means To You
September 7, 2009 by Pete Mitchell
Filed under All Posts, Foreclosure Help
The Obama mortgage modification/bailout plan known as HAMP, has a small number of reasonably easy to meet criteria that must be met to potentially receive a mortgage modification and lower your mortgage payments.
