Back in 2005 – 10 years ago – from 2015, there we loans written with Balloon Notes that were due at 10 years.
This could be what will be enforced in 2015, with those Balloon Notes coming due, some won’t have the equity to refinance and will have to make use of other options.
Not all of those in 2015 will be using the Short Sale as their savior. Some will allow their homes to go to foreclosure. They will be hoping that the Cash for Keys will be enough to place them into a rental.
Some will just Foreclose and move along. Some will be beside themselves and hire those they hear about on the radio that will “modify” their loans. Or say they will 🙂
The bottom line is this. We don’t know the numbers, but do know these balloon note mortgages were very popular back in 2005.
Makes sure you are getting good advice and before you pay for anything, upfront, get what they are offering/guaranteeing in writing.
These basic rules of business methods will keep you safe.
An Example I get several times a week:
I received a call from someone that pitched they were sponsored by Google and they would be able to keep me on Page 1 for the specific keyword search of Valencia California real estate.
He said there were 325 people a month that were searching for that exact phrase.
He wanted $49.95 down and $129.00 a month, without a contract.
He said I could cancel at any time and that I would not because I would be at the top of page one for every single search inquiry for that exact key phrase.
I told him to email me that guarantee and he’d have a deal. He said that his company does not do email.
This is an example of what you need to watch out for and let me know if we can be of assistance, now or in 2015!