Not all mortgages are created equal; this seems to be one lesson that we have all learned in the last two years, even if only indirectly. For those who have suffered through an unpaid mortgage and lost a home, the importance of small print need not be further emphasized.
Connect people with the funds and the willingness to invest them with people who needed funds and were willing to pay interest on them. Add to that area for people to explain why they should be the person you invest in and you have a system that is, in ideal circumstances, both lucrative and strangely intimate.
The housing market has really been sinking, and although we've been lucky in the western U.S. real estate market with rising sales lately, overall, the market still stinks. If you are one of the unlucky people faced with a mortgage you can't afford, there are a couple of options out there.
By the end of last September, 2007, the U.S. Treasury Department stated there were 46,717 cases of mortgage fraud reported - an increase of 35,617 from the previous year. That translated into a dollar loss of more than 813 million.
You may have seen the recent television commercials with "The Golden Girls" star, Rue McClanahan, which advertises reverse mortgages. What are these loans? Who is eligible? And what are the risks involved?
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