Foreclosure Houston

Wachovia’s option adjustable rate loan program “Pick A Pay” is imploding and the company is doing everything it can to get borrowers out of it. The company is now waiving the pre-payment penalty that was designed to keep borrowers from refinancing the loans early.

The option ARMs are killing these companies as it accelerates the borrowers ability to get upside down in the mortgage. While not a terrible product in a rising market these loans are lethal to borrowers in our declining market. Wachovia recognizes that homeowners in the Pick a Pay program are just walking away from the loans instead of trying to refinance them due to an onerous pre-payment penalty.

By waiving the penalty, it may allow homeowners to refinance and save their homes, creating a win win situation for both Wachovia and the homeowners.

The struggling bank is also becoming the latest lender to stop offering loans ..

Source: Real Estate

If you are looking to get out of the rat race and find a community that offers both the aspects of a large metropolitan region and a more relaxed living style, this list is for you. To make this list the cities had to have a strong economy, reasonable home prices that were not in free fall, and a good quality of life.

Now the coastal folks will read this and scoff, but after spending the past week in the Midwest there is something to be said for the lifestyle that these cities offer.

1. Wichita, Kan.2. Omaha-Council Bluffs, Neb.-Iowa3. Harrisburg-Carlisle4. Madison, Wis.5. San Antonio6. Indianapolis7. Pittsburgh8. Dallas-Fort Worth9. Tulsa, Okla.

via MSN

Tags: Wichita, Omaha-Council+Bluffs, Harrisburg-Carlisle, Madison, San+Antonio, Indianapolis, Pittsburgh, Dallas-Fort+Worth, Tulsa

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Source: Indianapolis