Fannie and Freddie have called a halt to foreclosure sales, and evictions but that November moratorium is set to expire next week.
Yet to come, more resets of ARM interest rates, as bad loans were still being rolled out into the summer of 2007, and have not hit the 2 or 3 year mark at which they reset.
Interest rates are lower, but, some of these were interest only, and now the payment will reset to include principal, and so go up.
Many borrowers were told, don’t worry, you can re-finance when the interest rate resets, your home value will only go up.
Well, that did not happen, and mortgage money is tighter now than it has been for decades.
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