Mortgage rates fall; Unemployment data still weak

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Looks like another mad rush for borrowers desperate to refinance to a lower interest rate.

With the banks still not cooperating and denying modifications, borrowers are left with little or no choice but to foreclose and go into bankruptcy.

Having been in the Real Estate industry for some time now, I’ve begged my clients time and time again to consult with a Real Estate attorney if none of the tradtional methods work in their favor. Instead most prefer to wait to the bitter end and face the music then.

Anyone reading this blog, please do yourself a favor – prepare, take notes, learn the facts and take action before the bank takes action on you. Don’t jump on the next wave of refinancing only to find that you still can’t afford to make the payments.

For those of you who have families with children, it’s a no brainer. Don’t put yourself into a situation where you have no money to even put food on your table.

Thinking of all your out there. Be safe and have a blessed Christmas and New Year.

Source – Mortgage rates fall

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081218&id=9139901

Holly Leano – REALTOR and Sr Mortgage Consultant

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