Summary
The more that borrowers know about their options - even after they've closed on their home - the more likely they will be able to make payments, regardless of changes in the interest rate. And if they someday find that they just won't be able to make their next payment, borrowers need to know that it isn't the end of the world. There are plenty of steps they can take to make sure that things don't get out of control.
Regardless of whether you're a lender or a borrower, or whether you're a national entity or a local individual, it's crucial to remember that we're all on the same team. Lenders take no pleasure in watching their clients lose their homes, I assure you. So it is in everyone's best interest to make things right.The more you know when you're looking to buy a home, the better. This goes for the newlywed couple that's looking for a starter home, just as much as it goes for the retirees who are thinking about settling into the home of their dreams. Knowing what you're getting into - and knowing that there's help available if you ever run into tough times - is half the battle. The more people that have this knowledge, or simply know whereto find it, the better off we'll be as a whole.See the full content of this document
Extract
Homeowners: Educate Yourselves
When you become a public servant, it doesn't take long to learn that the closer to home that an issue hits your constituents, the more that you're going to have to know about it.
But what...See the full content of this document
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