Mortgage Guide

Joe asked:

Have most sub-prime mortgages been “adjustable”?

Are foreclosures up so high because people lost their jobs?

Or are foreclosures so high because the loans adjusted to such a high rate of interest that people are unable to make the payments? If so, about how many percentage points did the “reset” go up compared to the initial terms?

Were the size of the “resets” much higher than would have been expected? Or were the resets no surprise?

Question posted courtesy of: Richard

autoshowplantation asked:

I have a small dealership, 10-12 cars. I do not want to deal with the hassle of going through in-house financing. I know there are many sites that advertise auto loans, but the majority of them just refer people to a dealer who buys the leads. What I need are sources to refer my customers to obtain their own financing. Most of them have marginal to bad credit. What would be ideal is a site where I can sit the customer down, have them put in their information, and get a decision quickly, and a check sent to either me or the customer. Does anyone know of any sub-prime lenders who give online approvals?

Question posted courtesy of: Yolanda

Chuck S asked:

I live in a neighborhood with many sub prime homes and in my opinion are low class people. They have moved in and the once great school system is already struggling. Now I hear the government talking about letting them stay and fixing their mistake and actually offering a better deal than people who were responsible have gotten.

Why do we reward the losers and punish the responsible people in this country?

Question posted courtesy of: Lois