CHAPTER 8
What to Do When Things Go Wrong
THE MORTGAGE DEBACLE in the 2000s changed the way lenders did things forever. It also changed the lives of people everywhere. Lenders are still licking their wounds for all the bad loans they made. In fact, most of the lenders who made all those subprime and alternative loans are out of business. But all too many buyers of those homes found themselves in serious trouble and are still recovering today. Many faced foreclosure right square in the face and won. Some lost.
As a lender makes a loan, the agreement is to get paid back on the first of the month, every month until the note is retired. If the note ...
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