A real EYE-OPENING talk I had today...

[warthog]

with a co-worker of mine-She is a real estate agent;and we got to talkin about them interest-only loans...The ones that say"150,000 loan for $450 a month"...I did some some in-depth reading on them-the fine print is;shall we say,shocking...It said that payment will NOT cover all interest due every month on that loan;and all interest not paid is applied to the principal...It also stated that the minimum payment made on that amount for around 5 years or whenever the lmited time offer ended would make that 150,000 principal INCREASE TO AROUND $170,000.005 YEARS OF MAKIN PAYMENTS TO SEE YOUR PRINCIPAL INCREASE 20 GRAND???:There REALLY oughta be a law against THAT one...SO;the bottom line is:READ THE FINE PRINT -AND;AS THE WORD SAYS:COUNT THE COST PS:I got a small home on an acre of land up north in Michigan-I owe 39,000-worth 62,000..Payment is less that that one for the 150,000 loan-Complete with escrow-FIXED;thank you

 

[Mike from MI "Iron Brigade"]

Too many folks trying to take advantage of others!


What town is the other house in?

 

[Jim West Pa]

We got sucked into a "deal" by a predatory lender and we're gonna lose our house sometime this summer.It cost more to fight it than it does to pay it.

 

[VT Dave]

n/t

 

[Pete in MI]

all over this northern area cheap and in years from now it will triple in value - assuming there isn't another Black Friday - stock market crash in this country and even if it did ya still got a place out of the city to call home.

Insurance is a rip off too. When my Dad died, I figured he would have insurance to cover the vehicle loan to pay it off when he died. Amazing that the insurance company refused to let him include that in his insurance policy so the vehicle had to be returned to the loan company to sell at a loss. Why didn't the insurance company allow an old man to have a 'pay off' clause? Because they figured old people will die before they get to a 'break even' point (enough premium payments coming in to cover what they would have to spend to pay off the balance on a car loan). So the insurance company can tell you what insurance they will allow you to have. Instead of letting you pay for what you want for coverage.

Medical insurance is a rip off too. Sherry's medical insurance determines what a doctor can do for her - and when. Each time Sherry needs further testing to find out what is wrong with her so they can fix the problem it has to go through the insurance company first to decide if they want to pay for it or not. Sherry has been jerked around for well over 10 weeks now and she is getting no better - in fact - worse. And the insurance company takes their sweet old time about giving permission to do anything - adding to the problem.

The doctors can't do anything unless they know they are going to get paid for it...hospitals will get their money, etc.

Its all criminal!

 

[Pete in MI]

I think my mother-in-law will lose her place too. She made a comment about "getting a loan and I don't know how we will pay it off". I am guessing (she won't discuss financial matters to anyone) she used her home for collateral on one of those new loans that came out not long ago. Can't remember the name of it. Basically, you don't pay the payment on time you lose your home. She has a very nice place up here worth over $100,000 because they remodelled and and more than doubled the size of the place.

I doubt her daughters will get the house when their Mom passes away. We don't even know if she ever made a power of attorney or a will so the girls can do anything when their Mom is gone. (Same stuff I am going through now with my Dad's estate - what a pain.)

I'll be praying for you Jim. Sure hope it doesn't come down to losing your home.

 

[Mike Chgo area]

n/t

 

[warthog]

n/t

 

[steve in so la]

Everyone can shop around till they find the insurance they like. Also, if I hadn't had medical insurance when I had my heart op I would have had to pay 75 thousand. As it was, I paid very little. One only needs to be aware what's out there - and don't pick the predators, steve in so az

 

[MI$$OURI BETTY]

will be going higher as the County Gov't wants only one trash truck per subdivision which means we have to pay what they want. The Sewer Company is seeking a huge rate increase...additional cost for covered patios and driveways and etc. which means more sewer water....according to them. The gas co is seeking a raise and on and on and on! The only thing that doesn't go up very much is Social Security!

Food has also made a big jump in prices because of the minimum wage increase....but I'm happy for those working for low wages to have better pay, as they have to eat and pay bills too and usually are the ones with children to support! All I can say is: God save those who will be saved and come quickly, Lord Jesus! Amen!!

I'm still praying for you, Sherry and Casey! For healing and her salvation! Keep hanging on to Jesus, for He is the way, the truth and the life and the only answer to perfect peace that passes all understanding!

God Bless!
Sister Betty