I know some people who have to sell at least one house to solve the financial problem.
They have something in common:
They purchased one or more properties(other than primary) in 2005-2006 by using option ARM.
And the real rate is above 8%, since they made
the minimum payment, the balance is up every month. (and the property value is down). And they may face the rate reset schedule because of the depreciation
of the value. So some of them decided to
sell one house at a loss.
So that means you may get a good deal at the current market.
They have something in common:
They purchased one or more properties(other than primary) in 2005-2006 by using option ARM.
And the real rate is above 8%, since they made
the minimum payment, the balance is up every month. (and the property value is down). And they may face the rate reset schedule because of the depreciation
of the value. So some of them decided to
sell one house at a loss.
So that means you may get a good deal at the current market.
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