Florida Mortgage | Subprime Loans - Should you be worried?
By David A. Podgursky • Aug 14th, 2007 • Category: ARM, Residential MortgagesSubprime Loans are not inherently wrought with risk and problems. The issues of the lenders that are currently shut down do not automatically travel down the line to the borrowers with their loans. The issue is not with the lender but with the loan.
“Am I in trouble if I have a Subprime Loan” is a popular question right now… so popular that my answers on other sites have turned into a quote in a MarketWatch article called:
Six consumer questions about how mortgage-market issues affect them
By Amy Hoak, MarketWatch
The advice I give is to sit down with your closing papers… the ones you received at or after closing from the title company. In there you will find your Mortgage and Note.
Now, locate your Adjustable Rate Rider/Addendum and your TIL - Truth in Lending.
The big bit of information that you will want to know is the Date of First Adjustment. How far into the future is it? 2 years? 3 years? 6 months??
If your answer is within 12 months, your best bet is to Call your Mortgage Broker for an analysis of your options. Email or fax your Adjustable Rate Rider and TIL over right away and we can strategize a way to restructure your loan so that you do not have an adjustment that you cannot afford.
We will make sure that your loan gets refinanced within the timeframe that suits you for both your present situation and any future real estate plans you have in mind.
Now is definitely the time to start considering whether you are in the right loan for your present and future financial well-being.
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David A. Podgursky is a Broker Associate for Boca Executive Realty - www.bocaexecutiverealty.com. As a resident of Lake Worth Florida, David succeeds in assisting Buyers and Sellers with their Residential and Commercial Real Estate needs in Boynton Beach, Lake Worth, Greenacres, Delray Beach and Boca Raton Florida.
David is a Florida Licensed Real Estate Broker and Mortgage Broker making him uniquely capable of offering Full Service Real Estate Services to his clients.
From assisting a first time buyer in determining how much they can afford to analyzing an investment for a high end investor to helping a baby boomer decide the best property for their retirement in Sunny Florida, David Podgursky is the Boynton Beach/Lake Worth Realtor to call first!
(561) 504-6949 cell * davidp@bocaexecutive.com
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I am looking into a sub prime loan refinance but am scared of it I have never had one before