c-blog

Guest Blog­ger: Author Tomlin

You are not alone, my name is Author, my wife and i are both 76 years old. We had our house paid off when I retired. How­ever, we re-mortgage our home when we were both 70 years old to lend money to our son, who was going to start a busi­ness. But since his busi­ness went bank­rupt, and his wife just died of breast can­cer yes­ter­day, his house is going to fore­clo­sure. There is no way my wife and I would ever get our money back from our son. I should not have lis­tened to my when he asked me to re-mortgage at an adjustable rate. We are really in a mess.

My hous­ing coun­selor, Fay Gof­fin, said she has never seen so many peo­ple fore close their home. Poor women is see­ing 20 peo­ple a week to give them coun­sel­ing advice. If she does not go on a retreat soon, Fay will have to face look­ing for a new career. Each week the amount of peo­ple com­ing in who no longer can afford pay­ing for their homes because they signed into these high priced adjustable loans are dou­bling. So next week, she will be see­ing 40 people.

The weight of sub­prime ARMs — preda­tory loans

have really come down heavy. So many peo­ple were lead to believe they could afford their homes when the hous­ing mar­ket was rid­ing high. Now, with most homes over val­ued, I house that was val­ued at $400 000, may be now val­ued at $200 000. This is affect­ing mostly peo­ple with poor credit.

Lot of these preda­tory loans are sched­uled to reset

to even higher inter­est rates. Many lenders are stuck with lend­ing many peo­ple home loans with incomes that were fal­si­fied. If they revealed their real income or were asked to pro­vide income tax returns, they would not even be in their homes now. What is really sad is that folks who had these 80–20 loans where there is 1 very big loan plus a smaller loan or even a bank line of credit at a even higher inter­est rate just to come up with a down payment.

Go To Bar­bara Hand clow’s website:

At, http://www.handclow2012.com/, where you can read her mantra.

Get out of debt, Grow your own food, Do Ecsta­tic postures

It is eas­ier said then done, most peo­ple are in debt. Not to sound very cyn­i­cal. The fact is 100 years ago in Eng­land, when peo­ple could not pay their debts, they ended up in debtor camps. The fed­eral reserve said last week, they auc­tioned $30 bil­lion in funds to bail out com­mer­cial banks at an inter­est rate of 3.010 per­cent. This is the fifth in a series of auc­tions the fed­eral reserve did so far. The bot­tom line is as more and more peo­ple fore­close their homes, if they do not take pre­cau­tions now. The future will look very bleek to them. There is a small per­cent­age of peo­ple who have their homes paid off or are mort­gage free. What if you or some­one you know could be sent to debt camps?