Credit counselors blame easy loans, creative financing
By NAOMI SNYDER
Staff writer, The Tennessean
Monday, 09/10/07
(I am prominently quoted in this article-Rod)
LaToya Tramill's hopes of homeownership have turned into heartache.
She has fallen behind on the mortgage payments for a $102,000 house she bought in Antioch last year, and her lender is threatening foreclosure.
And even if she fights to keep the home, her adjustable-rate mortgage will reset next year and she worries she won't be able to afford the higher monthly payments.
Tramill is one of a growing number of homeowners in Tennessee and across the nation falling behind on their mortgages. After years of easy credit and creative lending arrangements, many homeowners ended up in homes they now cannot afford. (to continue: More Tennesseans... )
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