Was it Solomon who said that the borrower becomes the lender’s slave? Today it is very true for those whose debt becomes unaffordable due to interest rate rises. What to do if your bank has you trapped in a high priced home, business or farm mortgage that may become more expensive, putting your home at risk through default. By law I can’t tell home-buyers or other consumers for a fee, so I’ll tell you for free.
1 How did it happen
Banks and other lenders knew interest rates would probably rise from historic lows. By offering cheap mortgages for very expensive housing as well as for businesses and farms, they knew that as rates rose buyers would be trapped in unaffordable mortgage debt. Then they could nurse the borrowers along like pet rabbits destined for stew.
The interest they earn will grow with rate rises to give huge returns. Borrowers will slave away to meet repayments. Unmet interest can be added to the debt to earn more interest. If after a decade the debt gets close to the home value, the lenders can move in and sell the borrower up, absorbing the difference between debt and sale value by unbelievably high foreclosure charges.
Escape
On Monday I will start explaining the best options for borrowers to escape this carefully laid trap.
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I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://www.binance.com/tr/register?ref=W0BCQMF1
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
Your article helped me a lot, is there any more related content? Thanks!
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