Mortgage Foreclosure & Refinance Resource

There has been much talk about predatory lending and how unscrupulous lenders have been taking advantage of unknowing homeowners. In general, the tendency is always to blame the home owner “.. should have read what they were signing..”, unfortunately sometimes people just do not know any better. Here is an example of how one person got taken for a ride:

This month Hansen stunned a new client by explaining that the interest rate on her mortgage is scheduled to go up 1 percent every six months, that a prepayment penalty means she can’t afford to refinance, and that a “balloon note addendum” means her 30-year mortgage is really a 50-year mortgage.