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A Sigh of Relief.(motgage-payment adjustment)(Brief article)
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Kiplinger's Personal Finance Magazine
- Article date:
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January 1, 2008
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Copyright informationCOPYRIGHT 2008 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: PATRICIA MERTZ ESSWEIN
Two million homeowners face mortgage-payment shock by the end of 2008 as their interest rate adjusts for the first time. Many have made their payments faithfully so far, but the reset could tip some into default. Fortunately, lenders and companies servicing loan payments are more inclined to help now than in mid 2007, when the credit crunch first materialized. This past fall, for example, Countrywide Financial, the nation's biggest mortgage lender, announced it would contact borrowers facing resets either to refinance or modify the terms of up to $16 billion of Countrywide loans. Chase, which also services mortgage loans, announced a similar ...
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