This [tag-tec]distressed owner[/tag-tec] is a divorced mother of two and will be facing a possible [tag-ice]ARM[/tag-ice] increase of $1,986 in November.
She got into trouble by trying to save the $496,000 interest only mortgage during the divorce and she knew at the time what would happen once the [tag-self]ARM[/tag-self] ballooned.
This lady will have plenty of company. Around 2 million ARMs will be resetting within the next few months.
The dilemma of distressed owners spells tremendous opportunities for real estate investors. But it is important to be able to get inside the minds of distressed owners to understand what they are going through.