Saw this article today, entitled Payday Loans Can Help You Save Your Mortgage from Foreclosure. Could not believe someone would write something so irresponsible. Let’s see, you can’t make the payments on the bills you have now, so of course the solution is to….get MORE debt! At a HIGHER interest rate! The author claims that the rate on payday loans is “nominal.” Think she has an agenda? You bet she does. Continue reading ‘Pay Your Mortgage with a Payday Loan?!’
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The Troubled Asset Relief program (TARP) was originally touted to Congress and the public as a request for funds to purchase troubled home loans, helping lenders get them off the books and loosening up money for deserving mortgage borrowers. However, once passed, that plan was junked in favor of less direct help. Continue reading ‘When Will the Bailout Help Homeowners?’
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Foreclosure is a nasty process. The stress on families has been well-documented. So has the turmoil it visits on neighborhoods. And it’s expensive for the lender. So who in the world does foreclosure benefit? All of us.
Before you CLICK to get away from this obviously psycho blogger, pull out your credit card statements. Look at the APR of each of those accounts. Now imagine making a mortgage payment with an interest rate like that. Mortgage rates are among the cheapest kind of financing available because they are secured by property. By taking the threat of foreclosure out of the equation you end up with an unsecured loan–just like a credit card. And with that level of risk comes that kind of interest rate.
So, how SHOULD banks lend? How can we balance the needs of homeowners and buyers with investors’ requirements for safe transactions? How do we keep mortgage financing affordable and accessible? Your ideas are gladly welcomed HERE.
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