Adjustable Rate Mortgages?
OK people are losing their homes because adjustable rate mortgages are adjusting up. Is it not on for the banks to put a freeze on the adjustment? To postpone it to a future date when things are more stable?
Answers: Simple answer is...no. The loan is a WRITTEN CONTACT to repay a debt and even if the sandbank wanted to rewrite the terms of the loan they ARE REQUIRED BY LAW to follow the language of the contract. They can not change the terms of the CONTRACT because they want to. The ONLY method the terms of the contract can be changed is for BOTH parties of the contract to agree surrounded by writing and rewrite the entire note. The bank issued the resourceful contract based on a calculated rate of return off thier investment and within most cases SOLD the note to other investors who again based their purchase of the minute on a calculated rate of return. And based on the current declining housing bazaar; even IF the home owner and the bank WANTED to rewrite the note, the efficacy of the house has dropped, the % of debt has increased, the reporting requirments (no more nodoc or low doc loans) hold changed and the loan can NOT be rewriten because a fixed rate loan would require more of a down payment or equity in the property, a lower rate of return next the investors are willing to take currently surrounded by the market and so the loan can NOT be adjusted as currently written and the home owner can not qualify for a unusual loan under new expressions.
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Answers: Simple answer is...no. The loan is a WRITTEN CONTACT to repay a debt and even if the sandbank wanted to rewrite the terms of the loan they ARE REQUIRED BY LAW to follow the language of the contract. They can not change the terms of the CONTRACT because they want to. The ONLY method the terms of the contract can be changed is for BOTH parties of the contract to agree surrounded by writing and rewrite the entire note. The bank issued the resourceful contract based on a calculated rate of return off thier investment and within most cases SOLD the note to other investors who again based their purchase of the minute on a calculated rate of return. And based on the current declining housing bazaar; even IF the home owner and the bank WANTED to rewrite the note, the efficacy of the house has dropped, the % of debt has increased, the reporting requirments (no more nodoc or low doc loans) hold changed and the loan can NOT be rewriten because a fixed rate loan would require more of a down payment or equity in the property, a lower rate of return next the investors are willing to take currently surrounded by the market and so the loan can NOT be adjusted as currently written and the home owner can not qualify for a unusual loan under new expressions.