Littleton Mortgage

Is it not a time to buy a House. Sometimes buying a home does not make any sense at all. Especially if you are not in it for the long term. A lot of what we call the mortgage meltdown was due to the fact that to many people were in it for the short term. At the time you could just be in a house for 5 months and walk away with $50,000. And who could blame any one for wanting to do that. The problems arise because real estate should be a long term investment. The whole mortgage meltdown could have been prevented. Look to stay in the house at least 10 years. I know its hard to predict what is going to happen in just 5 years. Let alone the 10 years down the road. But its all so hard to go bankrupt. The problem is a lot of people received short term arm loans. Some loans were only 2 years long. In that 2 years the market changed completely. littleton Mortgage
Now instead of that person making $50,000 in 5 months. They were upside down $50,000. or they were owing $50,000 more on the home than it was worth. So they lost the ability to be able to sell the home. Now that they lost the ability to sell the home they had no way of getting out of it. With no way to sell the property or refinance the 2 year adjustable rate mortgage comes due. With the Adjustable rate due the mortgage payments were now twice what they were before. Then they had to just walk away from their home or investment. Then the bank takes on their bad investment. Thats how some of the mortgage meltdown blame can go. Of course the mortgage meltdown was dynamic, so there are many other factors involved this is just a part of the problem that added to the mortgage mess.