Fantastic data about Option ARMs recasting in the future
As a San Jose Short Sale Agent, I am a firm believer that the second wave of foreclosures will be triggered by multi billion dollars worth of Option ARMs recasting in the next few years. The problem has been brewing quietly and is the big secret in the industry today. It is the pink elephant that no one has been speaking about, but with the passing of time, it continues to grow and becomes too difficult to ignore. The above article actually put numbers behind the problem that the country and affected homeowners will be facing in the coming years. Make no mistake about this, option ARM will be a huge problem affecting the mortgage market and the subsequent impact it will have on foreclosures. Homeowners who own these types of loans will have a huge wake-up call in the coming months and years.
