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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Prospective home buyers need to do their homework
The red hot housing market has now cooled off. And many home buyers -- many who bought at the top with little cash and poor credit -- are paying the price. Many are defaulting on their mortgages. The percentage of homes in foreclosure was at a record high for the last quarter of 2006. Sometimes circumstances happen to set homeowners back. Sometimes it is out right fraud or predatory lending. Illinois started a mortgage fraud task force that is regularly checking closing records. In the meantime, prospective buyers need to do their homework. Spring kicks off the typically busy home buying season in Chicago. Before you agree to a new mortgage, financial experts warn: know what you're getting into. According to the Mortgage Bankers Association, last quarter, loans that were 30 days late or more jumped to 4.95 percent. That is up from the previous quarter when it was 4.67 percent of home mortgages. Dean Martinez is the secretary of the Illinois Department of Financial and Professional Regulation. He says they typically see between 50-60 complaints about mortgages lenders each month. But last November there were 46, and in December, which is typically a slow time, they had 94 complaints. "It's actually a trend that we are seeing across the nation. It's not just an Illinois problem. It's a problem across the nation," said Martinez. Secretary Martinez says the problems sometimes come from customers being lured into risky mortgages. "If you fall behind a certain amount of time, one year or three years into a larger payment that you cannot afford, and as a result, you end up losing your home. So the American dream of owning a home turns into the nightmare of foreclosure," said Martinez. For more information on this and other real estate matters, your first source for Palm Beach real estate should be licensed agent and long-time resident Caesar Parisi. click here for article |
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