Getting
the wrong mortgage or failing to refinance when you should, can really hurt your finances.
Consumers who were directed into
the wrong mortgage by their Banker or by some web site claiming to offer «the lowest rate».
and there's a steady stream of horror stories, on this news site and others, that show just how costly and financially dangerous it is to be in
the wrong mortgage product, with the wrong lender.
And remember, choosing
the wrong mortgage can cost you $ thousands for many years to come.
Choosing
the wrong mortgage can cost you thousands of extra dollars.
The rising number of short sales and foreclosures in the past few years has been a direct result of selecting
the wrong mortgage.
«The Bush Administration's FHASecure product has quickly proven to be a responsible solution for 200,000 American families who are in the right house, but
the wrong mortgage,» said FHA Commissioner Brian D. Montgomery.
«We want to be able to help families who are in the right house, but
the wrong mortgage.»
You might just be surprised with how much interest you'll be paying with
the wrong mortgage rate or be buried by the debt of a too pricy piece of property.
Signing up with
the wrong mortgage company can cause the person lose a significant amount of money over time and they may get locked into an agreement that it is impossible for them to get out of.
It's not a short sale and they are foreclosing on
the wrong mortgage.
Bank of America can't even order a payoff for a home that isn't a short sale and they are foreclosing on
the wrong mortgage on property where they issued a reconveyance on their own loan.