Oh my goodness. I am feeling bad for a lot of people that are getting ready for the ARM adjustment. I cannot stress enough that people are not even prepared for this. In the news today, I read there is going to be $1 Trillion in ARMs set to readjust. Unaffordable, unbearable and unthinkable comes to my mind. What are people going to do? Will this cause more families to end up in foreclosure? I imagine it will and more of a housing glut in the market. What is the solution? If you are a mortgage lender or banker and got someone into their home using an ARM, do you not feel partially responsible and think you should contact them and talk to them about refinancing? What would you do if you are a mortgage lender?
