The Shocking Truth About Your Mortgage

The Shocking Truth About Your Mortgage 1

The Shocking Truth About Your Mortgage!
What your banker won’t tell you…
This summer could be a​ foul season for many consumers followed by tumultuous times for the​ remaining years .​
The quadruple jinx of​ rising interest rates,​ higher credit card minimum payments,​ erratic fuel costs,​ and depressed home values could be the​ calamity for many families already living on​ the​ threshold of​ bankruptcy.
Americans who recently broke into overvalued home equity,​ at​ historically low interest rates,​ are now seeing a​ sign of​ things to​ come .​
In some cases,​ consumers may find themselves upside down,​ owing more than their home is​ worth .​
In other cases,​ low interest rate credit cards now mandate APRs at​ least four percentage points higher than two years ago .​
Plus,​ issuers have been forced by regulators to​ double minimum payments on​ some cardholders who are paying high interest rates .​
But the​ real blistering is​ fuel prices which could now soar any day to​ any price .​
Paying $4 per gallon for gas,​ higher utilities,​ a​ 30%+ APR for credit cards,​ and clinging to​ a​ 100%+ home equity line of​ credit may push more Americans into foreclosure and ultimately bankruptcy.
Don’t kid yourself on​ your current home situation .​
If you​ are upside down in​ your home,​ there is​ a​ clause in​ your contract with the​ lending institution that states that they can ‘call’ the​ loan in​ at​ anytime .​
That means quite simply that they can force you​ to​ pay enough to​ settle yourself into an​ equity position or​ foreclose on​ the​ home .​
Why would the​ banks do that?
Look at​ it​ this way .​
Banks are in​ the​ business to​ make money,​ it’s as​ simple as​ that .​
In addition,​ while you​ are mailing off your mortgage payment to​ Chase Manhattan,​ it​ may actually be forwarded to​ the​ Bank Of Beijing! That’s correct .​
China now holds over 40% of​ American home mortgages.
There is​ a​ concrete reason that credit card minimums have doubled .​
The credit card industry will attempt to​ fill your head with propaganda such as: ‘they are attempting to​ help consumers get out of​ debt quicker’ .​
What they are really pulling off is​ this: when you​ can’t make the​ minimum payment and contact them,​ they are now trained to​ look at​ your credit file and determine how much (if any) equity you​ might have in​ your home .​
They then offer you​ a​ consolidation loan with their bank .​
Should you​ decide to​ take them up on​ their generous offer of​ a​ consolidation loan,​ they then own you​ .​
Should you​ default on​ your credit card,​ they can take the​ house! Beware of​ wolfs in​ sheeps clothing.
Another clandestine offer is​ consumer credit counseling .​
Every ad and commercial you​ will see for this service pitches themselves as​ a​ non-profit organization that was established naturally to​ help you​ get out of​ debt quicker,​ thus avoiding bankruptcy .​
What you​ don’t know is​ that the​ non-profit consumer credit counseling industry if​ fueled and funded by the​ credit card industry .​
They report to​ the​ credit card industry! They also will not make your monthly payments on​ time,​ thus ruining your credit history anyway .​
I​ have seen this time and time again,​ over and over.
This brings me to​ ARM’s .​
In short,​ they are adjustable rate mortgages .​
Never in​ American history have we seen so many people with no credit files approved for home loans .​
Many of​ these people were innocently following the​ American dream and quite naturally,​ the​ American dream is​ to​ purchase as​ much house as​ you​ can afford for the​ longest amount of​ time .​
Based on​ this fact,​ many people that could not afford that dream house under conventional financing were able to​ afford it​ by incorporating an​ ARM loan .​
In the​ long run,​ this will come back to​ bite them hard .​
When they signed an​ ARM,​ they were betting that the​ interest rates would not rise during the​ next 30 years! When the​ rate does rise and their mortgage rises accordingly,​ we will start seeing the​ effects of​ this in​ the​ way of​ mass foreclosures .​
As of​ this writing,​ we are already at​ an​ all-time high for foreclosures starting with Indianapolis in​ first place,​ Atlanta in​ second place and Dallas-Ft .​
Worth in​ third place .​
As rates continue to​ rise and jobs continue to​ be outsourced,​ we will see a​ plague of​ foreclosures that I​ predict will surpass the​ 1980’s.

The Shocking Truth About Your Mortgage

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