Don't let mortgage companies steal American dream
Homeownership is part of the American dream. Recent news about the struggles and financial difficulties of mortgage companies, subprime loans and foreclosures has endangered this dream for many people in New Jersey and across the country.

The Monmouth County Association of Realtors urges all buyers to take the time necessary to understand the process of buying a home, the lending practices and the financial ramifications involved. By working with Realtors, lawyers, accountants and other professionals, potential buyers have the opportunity to ask questions and to better understand the legal process and responsibilities involved in their contracts before entering into an agreement. However, it is up to each individual to be educated and to ask whatever questions are necessary to gain a full understanding of the transaction process and its financial implications.

Knowledge, financial literacy and good judgment on the buyer's part can help to prevent potential problems. In the end, the person who signs the contract and commitment is fully responsible for the terms of the mortgage. Securing a loan for a home when the language or terms are not completely clear can result in tremendous financial hardships and long-term problems for people seeking the American dream.

Ellen W. Kale

president Monmouth County Association

of Realtors Tinton Falls