Adjustable Rate Mortgages…What I Know Now.

I have just completed  thoroughly researching the most recent list of pre-forclosure properties and have found a very interesting correlation.  ALL of the properties are carrying and adjustable rate mortgate!

I attended the California State Bar Convention San Diego last Semptember – with the specific intent of hearing a panel of Bank attorneys – explain to the membership body, what had caused the mortgage and financial crisis.  The attorney for Wells Fargo almost made me faint!  I quote him, “the mortgage broker’s made bad loans to people who should never have qulaified for a loan, because they only had 6th grade educations!  It was THEIR FAULT!  I could not believe my ears!!  If you are a person with a 6th grade education, who has one of these ‘knock-out’ loans, I would LOVE to hear from you.  Actually, if you lost your home – I would love to hear from you!

I am here to tell you and anybody else that you know who has one of these loans, they are DANGEROUS.  You stand a very high probability of losing your home even if you think that you can pay it off easily. 

I am in Sacramento, California today – where I am learning that the banks have partner attorneys in place – buying up properties in bulk…pennies on the dollar…   These same banks have taken ‘paper losses’ and are now in a second surge, – a buying frenzy if you will, strategically purchasing many, many more homes. 

Please pass this along to anybody that might be interested in this subject.  May God Bless you and may God Bless America.