Mortgage Amnesia

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Sep28

September 28, 2006

Know More: Current News, Mortgages 2.0, Mortgages

Once again, here is one of those stories that I just had to read. This time it was a story in our local paper, The Denver Post. The story is titled "Mortgage amnesia hits home." from the title alone, it makes me think that someone forgets they did a mortgage transaction a certain way. In essence, the purchaser had bought a foreclosed, bank-owned home several years ago. The house was 100 percent financed. One institution lent him 80 percent of the money and then the second institution had a $50,000 down payment loan that went bad. I cannot even imagine this happening. What kind of financial institution was this that even put themselves in that situation? That seems very risky. There are loans that are just as risky if not riskier. I continue to be flabbergasted by these "no-money" down loans. If you are a mortgage broker or mortgage lender, what do you recommend for a solution?

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