Jerry Brown sets out to Slay the next Mortgage Dragon

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Option ARMs reset 5 yrs after the originated. Most of them originated in 2004,2005,2006. If you know your loans, you’ll remember these were called option ARMs because the gave you the option to not pay principle. Most people who got these didn’t understand know what they were getting, and went negative amortization on them.

Now as these reset, most borrowers are underwater and can’t afford the new fully amortized rate.

Read more here http://www.dsnews.com/articles/california-ag-calls-on-lenders-to-outline-option-arm-modification-plans-2009-11-02

-sunil

SMA REALTY

Sunil Sethi / Broker, Preisent, REALTOR, MBA, CPA / SMA Realty
38350 Fremont Blvd. #202 / Fremont, CA 94536
Office 510 793 8600 / Mobile 510 388 2436 / Fax 510 431 9046

My Bio: http://sunilsethi.com/about_me.htm

Personal: http://www.sunilsethi.com

LinkedIn: http://www.linkedin.com/in/fremontrealtor

CA DRE#: 01173766

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