Editor's note: Sometimes it pays to learn from others, and in today's real estate market lessons can come at a high price. This three-part series examines hurdles for homeowners facing foreclosure, buyers who are interested in buying those foreclosed homes, as well as options for standard borrowers looking to purchase a home. (Read Part 1, "Upside down: Homeowners share lessons in foreclosure," and Part 2, "Buyer beware: Foreclosure sales not for everyone.") Despite the relentless onslaught of alarming headlines in recent weeks, there are still plenty of mortgage lenders willing to extend credit to subprime borrowers. Although you might be hard-pressed to find subprime or Alt-A lenders offering 2/28 hybrid adjustable-rate mortgages (ARMs),100 percent financing or "...
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