The Downside Of Refinancing

The people affected by Hurricane Katrina will see first hand the downside of taking equity out of their homes in the coming year. Where many might have been able to break even had they left their equity alone, a good number will now be facing foreclosure at the very least and possibly bankruptcy. While mortgage companies have been lenient due to the circumstances, there will be a time when the loans will have to be paid back. They may be letting survivors defer payments for the time being and even waiving late fees and not reporting delinquent accounts to the credit bureaus, but this is a short-term program that won’t last forever. (you can read more about this at money.com)

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