lesmelinda

I’m new to today.com and I came on this site to blog about real estate and finances.  I’m opening my first blog up about the credit crunch.  You are constantly hearing the media talk about the “credit freeze” and how people can’t get home loans anymore.  I have no idea where they get their information from.  Banks still lend money… they just make you prove that you can make the income that you, once upon a time, could state on your loan application.  Yes, the values have gone down everywhere you go… yes, the banks are helping some of the people by modifying their existing loans into something more manageable.  I bet you that 50% of these modifications are people that did max cash out when values were high.  I’m sure they didn’t take their money and put it into landscaping or home improvements.  It’s these people that have contributed to some of the mess.  I’m here to tell you, however, that there is still credit out there to be obtained.. It is just going back to old school mortgages and the right way to do it.

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