Mortgage Mania Blend
By Drew Johnson on Wednesday, August 8th, 2007 :: 10:51 amCategory: Online Articles, Reviews, Financial News
CNNMoney has an article today which describes the sickened mortgage lending process from start to finish.
In this section, we learn about the Quams, a young couple who came to the painful realization that they can’t actually afford their home. They, like all-too-many borrowers these days, got a place they should be able to afford. But after some dubious lending practices from their mortgage broker, which left them with a loan whose interest rate keeps going up, they are stuck with payments they can barely afford every month. They are stuck paying just the interest on their loan, and have turned down job offers because they can’t move away from their debt albatross.
The author points out that the Quams are partly to blame, as they would have known what they were getting into if they’d read the fine print. But the paperwork is very confusing for financially inexperienced consumers, especially on these loans with variable interest rates.
This probably sounds very familiar to credit card users who’ve maxed out their cards and are stuck just (barely) paying the interest. Credit lenders use a similar practice of increasing interest rates unexpectedly, which can leave borrowers in a terrible lurch. Our debt-relief service, like debt consolidation, helps borrowers simply walk away from their credit card debt, instead of continuing to pay just the minimum amount month after month.
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