Now What?

As we enter the holiday season of 2007 the news on the mortgage front is
being portrayed as grim and grimmer. The projections for 2008 are
starting to come out and the realization is beginning to set in that tougher
days in the mortgage world will be with us for awhile. No worries for you
though, as you are a reader here. The information that you get here will help
you navigate through the troubled waters ahead.

You need to know that in 2008 there are still over 300 Billion dollars in
mortgage loans that are due to reset. There are people out there trying
to place blame for the mortgage mess situation that is at hand.
Second thing you need to know is that it isn't as serious as the media
would have you believe. Greed is the reason for the situation in the
sub-prime mortgage business. It is a complicated mess to be sure,
with terms like " CDO'S", "DERIVITAVES" and other complicated things
that involved business on Wall Street. To make it short and sweet
kid's weren't playing nice on the "street." Some of those kid's
shouldn't have been playing in the same sandbox.

If you would believe the media, you would think that much of the blame
lies at the feet of Wall Street. The stock market is a big deal to be sure, but not nearly as big a
deal as the credit markets. As is usually the case, deals were made,
expectations were raised, then along comes the Fed, makes some moves
that aren't expected, "not in the script" so to speak, and thing's begin
to come apart.

Reminds me of several things. Foxes watching the chickens? Does the
name Enron come to mind? I'm guessing a Congressional investigation isn't far away.

I'm saying that all of that is good for you. I also say that the mortgage
business is healthy. The entire lending industry is not on the verge of collapse,
not even close.

The kids that played with matches, got burned. The lending rules will
change, but they always change. New rule will appear. Old rules will return,
policies and programs will change. All you need to do is learn what the
changes are and prepare your plan accordingly. If you are not prepared,
get prepared.

The best friend you can have, my opinion, is a mortgage professional. A
mortgage broker is vital to the process, a good one, not a bad one.
Have them thoroughly checked out.
The great thing about the internet, is it gives you an edge in verifying
information. Check out what they tell you. Make sure it's straight up.
We provide additional info in a great little ebook that we've just finished
called "Surviving the Mortgage Massacre of 2007." It's available at
http://shop.tampabaycreditdoctor.com