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Posted by MansionMoney@gmail.com on November 29, 2007, 9:21 am
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Zero Down Means Upside Down! Buyers that need to sell shortly after
they close on a property are faced with an impossible situation. With
7% seller closing cost including commissions and title fees, it is
nearly impossible for someone that borrowed 100% of the sales price to
get out of the home without coming out of pocket. Sometimes this means
thousands of dollars in costs which the average home seller doesn't
have. This is especially true for the first few years in slowly
appreciateing markets or even worse, declining markets. The result?
Foreclosure and ultimately Responsible Lending! It had to get Ugly
for this to occur.
And, what about those 2 and 3 year ARMS on top of it all?
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