Big Lender Solves Home Mortgage Crisis...NOT!!
I was as pleased as punch, this morning when I logged on to the MSN Real Estate section and discovered that Washington Mutual (a big lender) has come up with a unique way of combating the sub-prime lending crisis we have heard so much about.
I had to wade through the article by Dina Elboghdady of the Washington Post as she offered support for the headline of her article "NO MONEY DOWN VANISHES AS A MORTGAGE OPTION". Basically she just rehashed the things weve been hashing the last few months. Some people bought more house than they should, some lenders took advantage of some buyers, some agents didn't serve the clients interest very well. Bottom line is, many people are being forced to walk away from what was to be the family home, because they no longer can make the payments. They give the keys back to the bank, or the bank takes the keys at a foreclosure sale.
I was hoping the article would give us some insight on how we could help the deserving families get out of this mess were all in, and I could pass it on to you, but no such luck. Instead we were exposed to plans from various lenders on how they were changing policies so that they didn't get hurt in the future. They also put us on notice that it wouldn't be quite so easy to abuse them anymore.
One of the most unbelievable plans was put forth by the aforementioned Washington Mutual. For the life of me I don't know what they are thinking. Check this out. "It used to be that we would finance a loan up to $1 million with no down payment for a first time home buyer," said Daniel H. Aminoff , a senior loan consultant at Washington Mutual Home Loans in Alexandria. "But as of March we will only finance a loan of $ 417,000 with no down payment".
Folks it doesn't get more ridiculous than that. If that's the best they can come up with then why bother. We have a problem, FOR SURE, But million dollar FIRST TIME HOME BUYERS is not it.
If you have a problem, think you could have a problem, or don't know but would like to talk to someone about your situation, give me a call. I will recommend 2 or 3 lenders that can help, put you in touch with them and the rest is up to them. By the way, if you are currently waiting for a "no money down" loan to fund, check with your lender daily. You don't want to show up for closing by yourself.
Thanks for listening. If I can be any help, give me a call. 801-567-0946
Corie