Frustration abounds! I am surrendering. If you want to roll the dice and get yourself into a terrible financial situation be my guest. I have been cautioning borrowers for almost two decades and it seems there are more borrowers looking to commit financial "hari kari" then there were total borrowers years ago. Try this. Look at yourself to the mirror and try to figure out who is the recipient of all your "risky" thinking. That is at least a good start.
How old were you when you gave up on Santa Claus and the Tooth Fairy? What about Soylent Green? (Never mind, that's not important). When did you first realize that unbelievable car they were advertising was already sold? How about the big prize for the first 50 callers? Now you are getting the picture. Some people are always offering you things that do not seem to exist. According to my emails in the last month I have won every foreign lottery in the world, and at least 10 people want to give me their foreign fortune if I just send them my information. Those who offer you things that don't exist aren't always classical sales people, don't always reside in your neighborhood and if I had to take a guess probably don't look or sound much like you.
Now to the point. I have said to my wife more than a thousand times, "who would take the 1% mortgage"? I don't ask her anymore, not that question anyway. I now ask her "who wouldn't take that mortgage"? Everyday I receive, and that includes Saturday and Sunday, a plethora of emails all stating that they have that loan with the options and the real low payment and it's going up and their balance on their loan is also increasing . Can I help?
I am trying to guess what the loan officer (?) could have told you that would ever make you want to take that loan. I once had a loan like that years before I got into the business but instead of raising the balance yearly, they extended the term. When it got to the point that at age 35 it didn't look like I could outlive this loan I knew something was wrong. I quickly got out of it and took my lumps.
A lot of you are smiling and saying you were too wise to take that loan (thankfully) but instead you took a 5 year arm fixed at 3% and all of a sudden your balance is going up.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.