Free software predicts mortgage foreclosures!!

Consumer Advocate Harj Gill has developed a software program to predict when you will default on your mortgage!

 "Piggyback" loans originated a few years ago.  These loans are really two loans closed at the same time.  The first is for 80% or more of the total mortgage amount to avoid payment of mortgage insurance.  The second is for the remaining amount of the loan and is usually a variable rate loan.  The first may also be a variable rate.   Developed for sophisticated investors, they became very popular with borrowers who had little or no down payment.  According to SMR Research, 48.2% of all loans were piggy back loans by the middle of 2005.

And the default rate on these loans is 43% - with a staggering 50% default rate if the FICO score is under 660.

Problem is, when the variable interest rate kicks in increasing the monthly payment.  Borrowers who barely qualified at the time of the home purchase may have real problems making the increased payment.

Gill has created a "crystal ball" software program where you can enter your current income and debt and it will tell you - to the exact month and year - when you will default on your mortgage.  But the good news is, by changing some items, it will also tell you how to avoid default.

To get a copy of this software go to www.mortgagefreeusa.com

You can't afford not to do this.

2:56 PM - Aug. 4, 2006 - comments {0} - post comment

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