We all know the saying "Cash Is King."
Well what happens when we don't have it.
Want to purchase a new home? With tighter lending the banks want high down payments.
Want to refinance your home? For Cash? or To get rid of that old bad loan? If your property value has dropped or simply was given a mortgage way above your property's value, you don't have the Cash in the property for a refinance.
Facing foreclosure? Loan Modifications not getting accomplished? Your home is going to the person who has Cash, and it may not be you. What is the answer to this dragged out housing crisis? Stay tuned... realestateOCONA
http://cnn.com/video/?/video/business/2010/08/16/elam.america.housing.mortgage.cnn