To the Editor:
I am wondering when the industry is going to create a new document/disclosure that notifies consumers about the facts regarding property appreciation/depreciation.
If property values decline after a home is purchased, it is not the lender's responsibility to cushion the customer from market conditions — that is, unless the pendulum swings both ways, and the lender shares in any value increase.
While I hate the idea of adding another form to the already burdensome document process of home purchase, someone needs to remind consumers that property appreciation is not a right or guarantee of homeownership.
LJM Consulting, Sacramento
Editor's Note: LJM helps firms with delinquent mortgages.