“Trapped in the bubble” is the angle, people with adjustable-rate mortgages who can’t afford their payments. The cover story? A woman who bought her home in 2002 and is complaining about her payment going up. She doesn’t want to sell and doesn’t want to do a rehab. Who’s the editor in charge at NBC? I threw a shoe at the T.V. and screamed, “Lady, you had FIVE years to sell or refi, what are you waiting for????”
Luckily, Barbara Corcoran, a realtor who is very savvy, jumped in with some good advice – negotiate with your bank. “Lenders don’t want the home back, they just want to get paid”, says Corcoran. Agreed, if you have problems paying, the WORST thing you can do is ex-communicate the people who are owed the money. Call and work something out – they are usually pretty fair about a payment plan.
