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A friend of mine defaulted. The bank messed up. He knew he was behind on payments, but had moved, house was on the market but not selling... He talked to billing over and over and they set up an arrangement for reduced payments, blah blah blah. Then he got a notice from a different department that the house was now in short sell status. Sold right from under him. I guess the default department doesn't talk to the billing department or something. He was angry, but didn't have the time or energy to fight it.
I'm buying a home and staying far away from any adjustable rates... And praying the market doesn't continue to decline. I'd hate to buy it and find out 6 months later its going for $50k less.
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