What are the statistics for successfully paying off home loans in the USA from the time home loans were first?
281 asked:
When home loans were first instituted. I know my Grandparents bought a house in Baltimore City, MD for about $15,000 back in the 1960s and now its worth about in the 300ks.
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When home loans were first instituted. I know my Grandparents bought a house in Baltimore City, MD for about $15,000 back in the 1960s and now its worth about in the 300ks.
I am not sure where I am going with this question other than that the practices within the mortgage industry need an overhaul so that home buyers that default on a loan
are not left in the dust and penniless while the mortgage lenders get the properties plus some extra cash from the down payments and monthly loan payments.
That is how I see it what about you?
April 1st, 2010 at 8:10 am
My parents paid 13,500.00 for thier house in 1972. They paid it off in 2002. I can remember how happy they were. I can’t imagine ever being able to actually pay off ours. The home prices have been driven so high, it seems like ends will never meet.