And many probably should have never been there. If their credit was not sterling then why were they given the mortgage?
Many buyers ended up with these adjustable rate mortgages that escalated and increased the payment hundreds of dollars a month.
Yes, the sub prime aftermath is not a pretty sight.
Some who were chasing the dream have gotten tired and gone the short sale route....and learned a valuable lesson!
Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!