Connecticut Real Estate and Mortgage Update

George Souto of McCue Mortgage Company has agreed to be a guest blogger at the Eastern Connecticut Real Estate Blog. He'll be stopping by to keep us updated on mortgage happenings around Connecticut.  I asked George how the sub-prime mortgage fallout was affecting home-owners in Connecticut:

Most of the mortgage news these days seem to be centered on the fallout from Sub-Prime Loans.  In Connecticut alone there are over 70,000 families who have a Sub-Prime Mortgage, and are now struggling to meet the increased financial commitment that these loans have placed upon them now that they are readjusting to a new interest rate.  Some of your friends, relatives, and neighbors might be among those that are struggling with an increased financial demand, because they are one of the 70,000 who have one of these loans.  They may even be behind on their mortgage payments and at risk of losing their home.  While the Government has enacted recently new legislation to allow FHA to try to assist borrowers with these loans through the FHASecure Program, it is not answer for everyone, in fact it will probably only assist a small percentage of these borrowers.

If you know of families that are struggling because of these loans, you should urge them to contact a Mortgage Professional.  By doing so the Mortgage Professional will be able to access their situation, and advise them of their options.  They need to do this quickly, before they further damage their credit, and find themselves in a situation that they can not correct.

George Souto can be reached at (860) 573-1308