Mortgages Update
Loan One of the great scenes in Tom Wolfe’s novel A Man in Full was of a loan workout. The protagonist had gone deeply into debt through reckless spending. He bought a race horse he called “First Draw.” Now he’s getting worked over and told to shape up. It’s a classic. Foreclosures typically cost a lender about $50,000 per house. Refinancing Here’s a report from the StarTribune.com: Loan rescues, known in the industry as workouts, are raising a sweat among lenders and borrowers alike.
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Tags: Borrower, Debt, Home, Loan, Mortgage, Mortgages, Refinancing