Mortgage crunch is hurting Novatans business by

The Business of Business By Al Coddington Question: I have a small business in Novato. I live in Novato, and I have a problem. My business has fallen off 20 percent. I blame this on my customers inability to get second mortgages. They can no longer afford to purchase the kind of home-improvement products I sell. Normally, I would just get a second mortgage to fund my business during this slow time. However, two large banks have turned me down. I m not even sure how I can pay my mortgage.

I am very upset. Can you help me? Answer: I seem to be hearing this a lot lately. The mortgage industry made a lot of loans with a teaser low interest rate. It was all the rage. The time has come for the mortgage payments to reflect the higher interest rate and a large number of people cannot pay it. Foreclosures are on the rise significantly.
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