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Look out and be prepared!

by Jim Stakem 1/26/2010

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If you have a mortgage commonly referred to as “Alt-A”, you may have a problem in the near future. Many of these loans had features which will cause financial hardship for the homeowner. They are generally adjustable loans which were designed to reduce the monthly payment of the borrower under the assumption that prices would continue to rise. As we all know that was simply not true and because of these and other questionable loans the demand for residential property was artificially stimulated and the “bubble” was created.

If you have one of these loans you will probably have a very large increase in your monthly payment in the next 18 months! In many cases it will be overwhelming and you may be facing financial disaster. Do not wait until you have a panic situation! Your best first step is to contact a Realtor who has been trained to handle this kind of problem. Look for Realtors with the (CDPE) Certified Distressed Property Expert designation. There are over 14,000 of them and we have over 40 trained CDPE's in our REMAX Select Properties, Inc. offices!