By Joseph Smith
 There is no doubt that the state of Arizona is among the most flooded markets for foreclosures in the whole of the United States. Thus, there are loads of opportunities for buying foreclosed homes in Phoenix, the state's capital city. The growing number of foreclosures makes tag prices for the homes go down.
One in every 264 houses in Phoenix is currently under the foreclosure process. That is quite high already. The number is expected to rise as months and years go on and the housing and credit industries continue to slump. It is just logical that there are more foreclosed homes up for sale in Phoenix. The glut has paved the way for the emergence and rise of different Phoenix foreclosure listings.
Experts assert that the increasing number of different foreclosure listings in the city is sufficient proof that indeed, foreclosures are rising continually in Phoenix. The trend also indicates that there are more and more prospective buyers for such properties. As prices for such homes continue to drop, it is expected that the healthy number of Phoenix foreclosure listings |
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By Paul Chavez
 Foreclosure rates are still on the rise, leading some lenders to fail, and leaving millions of Americans without a home of their own. Fannie Mae and Freddie Mac needed a "bail-out" of themselves from the government. The foreclosures are still occurring, with another wave about to begin in 2009.
Many of these will be Pay Option Arm borrowers. This is what is known as a Negative Amortization loan, something that has greatly increased in popularity over the course of the last five years. Don't be surprised if congress passes a bill to prevent these loans from being sold to unsuspecting borrowers in the near future.
There are four payments options every month with the Pay Option Arm. The "minimum" Negative AM payment, interest only, 30-year (interest and principal amount)
and 15-year (principal and interest). Minimum monthly payments were based on a teaser rate of somewhere between 1%-4% that provided negative amortization on the loan.25%. While a person may be able to get this loan, it is often the case that a qualified borrower may only be able to make the minimum |
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By Paul Chavez
 Foreclosure rates are still on the rise, leading some lenders to fail, and leaving millions of Americans without a home of their own. Fannie Mae along with Freddie Mac had reached to such point that they badly needed a "bail-out"from the government.
It's getting bad with yet another wave of foreclosures set to begin in 2009.
Most of these will be borrowers in the Pay Option Arm plan. This is the Negative Amortization loan that was very popular the last 5 years. It is likely that Congress will outlaw the sale of these loans to unsuspecting borrowers in the coming months.
The Pay Option Arm comes with 4 payment options each month. The "minimum" Negative AM payment, interest only, 30-year (interest and principal amount)
and 15-year (principal and interest). The minimum monthly payment is negative amortization and was based on a teaser rate anywhere between 1%- 4.25%. Most borrowers obtained this loan and could only afford the minimum negative amortization monthly payment. The interest only, 30-year fixed and 15-year fixed payments are based on whatever index the loan was |
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