Foreclosure Nation
The family residence is the backbone of the American economy, the most valuable and enduring asset for those who have achieved a financial foothold. Yet today record numbers of households confront foreclosure. In the next year it is estimated that over two million Americans will lose their homes and almost two billion dollars of wealth will disappear in the process. How did the traditional qAmerican Dreamq morph into a nightmare for so many? Real estate attorney and educator Shari B. Olefson, a recognized expert in the current mortgage crisis and its effects on homeowners, explains how America slipped to the edge of this dangerous stagnation-recession precipice. In plain language that is easily understandable to the average person, she clarifies legal and financial terminology and describes how our countryas mortgage system really works. Utilizing real-life lender and borrower interviews, she exposes its intrinsic flaws and often discriminatory practices, from the mortgage application process to the securitization of bundled mortgages by large investment firms. She also provides evidence to show the governmentas and Wall Streetas roles in both causing and solving the problem. Above all, Olefson offers expert tips, tools, and resources to help you: ac Choose a mortgage professional and understand whatas motivating him or her ac Decide what mortgage product fits best and when to refinance ac Get the best fees, interest rate, and service ac Create your own solutions for navigating the credit crunch ac Know what to do when you canat afford your mortgage ac Protect your home if you are at risk of foreclosure ac Understand how to proceed if you are already in foreclosure ac Capitalize on emerging opportunities and avoid the scams and mortgage fraud ac Prepare for coming changes Foreclosure Nation demystifies the real estate bubble and the subprime mortgage crises that followed. With bold, clear visuals like inventory, absorption, and price trend graphs, Olefson pinpoints exactly when and why experts are predicting a recovery. She also cites statistics that strongly suggest the number of foreclosures will surge in the fall of 2008 and again in 2009, with increased reverberations felt throughout the US and global economies. Foreclosure Nation will prove indispensable to explaining what is happening and guiding readers through. Whether you are planning on buying your first home, struggling to meet your current mortgage payments, facing foreclosure, or wondering how your investments will be affected, this comprehensive book will assuage the fear of the unknown, empowering you to make wise choices and protect your most valuable assets.Loans subject to HOEPA subject lenders to additional requirements and allow borrowers some additional rights, including: ac Written ... loan. A high-cost mortgage may not be structured as a home equity line of credit, for instance, if there is no reasonable expectation that repeat transactions will occur. ... Balloon payments are allowed for bridge loans of less than one year that are used buy or build a home.
| Title | : | Foreclosure Nation |
| Author | : | Shari B. Olefson |
| Publisher | : | Prometheus Books - 2009-12-04 |
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