Lenders' Woes with Delinquent Loans

re: Lenders' Woes with Delinquent Loans

WealthyGeek — Fri, 09 Feb 2007 19:30:24 GMT

I’m wondering how many North Americans are getting second mortgages not for crucial renovations (which may eventually bring a return on their investment) but rather to fund a “lifestyle” that they obviously can’t afford. What gets me is that lenders use ethically questionable practices to get consumers to borrow more, then turn around and complain about delinquency. Per capita debt in the U.S. is spiraling out of control and something has to give.

And as far as 40-year mortgages go, I can’t imagine how even the most financially illiterate American would fall for this scam. I mean, it’s FORTY FREAKIN’ YEARS. Are you really willing to risk your retirement just to lower the monthly payment on your soulless McMansion in the suburbs? Here’s a better solution: buy a smaller house!

re: Lenders' Woes with Delinquent Loans

Michael — Tue, 13 Feb 2007 00:46:33 GMT

Unfortunately, this is a real problem! People are falling for 40 year mortgages; they are refinancing to fund a lifestyle that is beyond what they make. While it can make sense to refinance in order to avoid a bankruptcy (and the kind of mess *that* makes of your credit), it's happening far too much. In fact, I actually read recently that the savings rate in the US is actually a negative number...

People have to snap out of it. The smallest increase in pressure on a family's finances can send them into a tailspin that might take a lifetime to crawl out of -- if ever.

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re: Lenders' Woes with Delinquent Loans

Tony — Mon, 05 Mar 2007 23:24:02 GMT

With all of these foreclosures and delinquent payments in the mortgage market, where can i get access to some of these databases. How can I get a list of where these foreclosers are going and how I could get my hands on it?

re: Lenders' Woes with Delinquent Loans

Michael — Tue, 06 Mar 2007 00:42:18 GMT

One of your best bets for a "reputable" site that will get you to foreclosure information is the HUD site. You can find it at http://www.hud.gov/homes/homesforsale.cfm. It's a free access page, but it does take you to sites outside of the HUD site. Be aware that some sites that feature information on foreclosures do charge for the information.

One of the best pages I found, which gives you the real goods on how to find properties under pressure, is this one: http://tms.ecol.net/realestate/foreclos.htm

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