Goddard Offers Foreclosure Workbook August 25, 2009
Posted by Sue in Ask The Broker.trackback
AZ Attorney General Goddard tells lenders to ease up in Arizona Republic article today: “Foreclosures are devastating families and communities across Arizona and America.” Billions of dollars of payment-option adjustable-rate mortgages (ARMs) were originated in Arizona, particularly near the end of the housing bubble. These loans allowed many consumers to buy homes and make a minimum payment that is only a fraction of the interest due on the mortgage. More than 120,000 payment-option ARMS are expected to reset in Arizona in the next 12 months. According to experts, a large percentage of payment-option ARMs could default once the reset is made.
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