Exotic loans made front page news this weekend via The Miami Herald. Apparently The Miami Herald reviewed mortgage documents for 162 homes that were listed between April and August for foreclosure auction in three Miami – Dade ZIP Codes with a high concentration of exotic loans and it seems like only 4 of those homes had been financed with a traditional 30 year fixed rate.
The article also focused on “Negative Amortization Loans” which have turned out to be the most lethal loans around. It’s an insightful article and one that every seller and buyer should read. Pick up the phone and call me if you have any questions. Whether it’s regarding what’s up, down or sideways with Real Estate, I’m sure I can help.