Consumer Alert #1 - Bad Mortgage? Piggyback or 80/20 Loan - Learn to avoid default!
The following is a sample of this report: Get the FULL Report
As a consumer oriented mortgage professional I am deeply concerned that many Americans were financed into these types of mortgages which have put them at great risk of losing their homes.
In a 2005 report by Federal Deposit Insurance Corporation or the FDIC they stated that almost 1/2 of all homeowners that year were financed into a type of exotic mortgage that will cause them face financial difficulties as interest rates continue to rise, their payments adjustment, and housing values decline.
In this consumer alert I am going to address piggyback mortgages or 80/20 loans.
These loans were widely used and quite popular during the last several years and are a type of exotic mortgages. On one hand, they allowed homebuyers with very little or no money to put as a down payment to get a home loan to buy a home. The 80/20 loan concept was derived to avoid having to pay Private Mortgage Insurance (PMI). Although this may have made sense at the time, the stark reality is now commonplace with this type of mortgage program.
If you have happen to have a Piggyback Mortgage or 80/20 Loan, I urge you to contact me. Take advantage of this knowledge and apply the innovative solutions. Additionally I hope you act now before your mortgage controls your life.
