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'Impossible loan turns dream home into nightmare'

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Impossible loan turns dream home into nightmare

By Art C. Ryder at 04/16/07 19:49

Presents the story of a couple of first time homebuyers duped into a home priced above its assessed value and financed with a loan that was impossible to maintain on a farm laborer budget. Lenders and real estate agents in the case were potentially short of criminal in selling the house and financing to the two families involved. The article has a nice advice section which advocates seeking a lawyer to help read the financial mumbo jumbo if you are not able to do it, contact HUD for a free appraisal of the lending terms, and beware. Seek help with your loan and avoid foreclosure before it’s too late.

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