Just yesterday got a call from a woman pretty much just begging me to take her property and take over her payments.
Option ARM situation. She was paying $2700/month...now it bumped up to over $5K. Her credit score is about 770. Soooo many people are getting hit hard.
Industry insiders say a skewed system that paid mortgage brokers more to sell Option ARMs than traditional loans has left even prime borrowers struggling with monthly payments and unable to either sell or refinance.
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