Sunday, September 02, 2007

buying a house only to lose it later...

It's been all over the news for the last few months, maybe the last whole year...about how the housing market is starting to peak and fall and how foreclosures are on the rise at record levels. It's kind of scary since I am either going to buy my dad's house or look to buy a house of my own in the next year or so. Foreclosure gives me nightmares, seriously...especially since those ARM loans have been biting people in the butt lately. I tell you thought...if I got a loan for a house, I wouldn't get one. It always seems like a good idea at the time, but when that interest rate adjusts it often makes it so that people can no longer pay their monthly mortgate payments. I can't imagine having all that equity in a house suddenly lost because you can no longer pay during the next month. It's gotta be heartbreaking. I was reading the amount of houses that are in foreclosure in the last few months in the local newspaper....there are more and more and more.

I wish that no one has to go through something like this, but with the market going the way it is, I don't think the trend is going to stop anytime soon. So, if you happen to find yourself in the financial pickle...there are websites which can help you through the process. Of course, my advice is to get help long before you even hear the word foreclosure, but something there is nothing you can do to stop the big bad from happening.

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