Mortgage Meltdown 1 in 10 Homeowner’s Now in Default
The Real Estate Market is in bad shape and according to this 60 Minute segment it is only going to get worse in the next 2 years. As a loan officer, I tried to keep clients out of interest only loans and pay option arms, but for some of them that’s what they wanted. They were not subprime borrowers, they just wanted lower payments. Some of my clients even refinanced out of the 30yr loans I afforded them with other lenders and are now in trouble. California’s Real Estate is going to be hit hard.
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