I spoke with someone yesterday who had gotten “roped” into one of them adjustable rate mortgages several years ago.
His loan was sub-prime but the mortgage company (Option One) never told him what that meant (i.e., you're screwed!).
He made the decision a couple of years ago when the rate went through the roof to keep paying his mortgage and let the other bills become late.
After a year American Home Mortgage readjusted his mortgage – from highway robbery to convenience store robbery!
He is still maintaining his mortgage although the house is only worth half the mortgage while the other accounts are now proceeding through varying stage of collections and judgments.
I am not an attorney nor a financial planner but it seems to me he should have told AHMS to take the house and kept his otherwise good credit.
Short sales are not the end of the world.
A man should not live every day wondering….
If you are in the Viera, Suntree, or Rockledge Florida area and are considering selling your house, call me.
If it is a short sale we can discuss the process.
Gary Waters, Century 21 Baytree Realty, Rockledge, Florida, 321-693-3850 or email agent@moving2brevard.com.
