Earlier this week, I came across this article from the Wall Street Journal about a phenomenon that’s sweeping the real estate world: mortgage-loan buyers. Companies such as Kondaur and PennyMac are springing up all over the country, offering to purchase mortgage debt from homeowners on the verge of foreclosure. However, the article suggests that these businesses may not be the benevolent home saviors they appear to be.
Interesting to note is the fact that many of these companies (including Kondaur) started out as subprime lenders, some the same organizations many financial experts blame for our current housing slump. Kind of makes you say hmmm, doesn’t it? So, what’s the moral of the story? If something sounds too good to be true, it probably is. It’s a fascinating read. Check it out.
Take care of yourselves and each other, and remember…
NOW you have options!
