Legally binding document which obligates a specific value of funds available for disbursement. The amount of funds disbursed is to be repaid (with or without interest and late fees) in accordance with the terms of a promissory note and/or repayment schedule.
 

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The Growing Debt Problem - Has It Gone Too Far?
By EricRogers
The real estate world has known for a good while, yet some have been hesitant to read what it says. Many home owners are getting deeper into debt. Part of this problem likely comes from the cost of owning a home of thier own. For a increasing number of homeowners, housing debt is forcing a tough situation into an impossible one; creating a “foreclosure crisis” that will likely last many years more.

Several months ago, current data released by the Department of Housing and Urban Development are showing an alarming growth in the rate of foreclosures. In some areas, of all homeowners who were extended sub-prime loans, the foreclosure rate is as high as 14-20% when 4-6% is considered “healthy”.

This data has been all over the news — the stock market has been in upheaval. Sub-prime lenders traditionally specialize in extending financing to borrowers with credit problems, unable to verify income, employment or other factors that make them a poor fit for conventional loans. In the past few months, many major players in the sub-prime market have sold off operations or in some cases simply closed their doors and gone out of business. Just as their borrowers were unable to afford the escalating costs of living, many sub-prime financial companies found it impossible to absorb the rate of default we are now seeing.

The major issue doesn’t stop with the sub-prime market. Even traditional lending institutions are tightening purse strings and placing more scrutiny on the approval process. This begs the questions of how did this mess ever begin in the first place?

A fair amount of the responsibility can be laid at the feet of the homeowners themselves. In this age of “bigger is better” many home owners in America see a big home as an indicator of success. This

   

Additional Resources Get The Fha Refinance Mortgage Edge By Greg Lietz When it's time to shop for refinancing, no one is overly thrilled about the dry research that is necessary to do to provide for the best deal we can get on a FHA Refinance Mortgage.Only a Read more...

Additional Resources Getting A Uk Loan Quote By gordgoodfellow The UK banking system may be thought of by many as archaic, a bit Dickensian, and in many ways it is. But there are several ways of going about getting a UK loan quote. Here is a summary of the main Read more...

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