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FIB - Scams 101
Re: Nothing but dark linings
Posted By: Virginia R. Sanders In Response To: Nothing but dark linings (Bill, the Roadie)
Date: Tuesday, March 20, 2007, at 8:10 p.m.(pst)
>> http://biz.yahoo.com/ap/070312/mortgage_meltdown_q_a.html?.v=1
"refinancing isn't an option for many subprime borrowers facing dramatically higher payments. The rates on an estimated $265 billion in subprime mortgages are scheduled to be reset this year. Some of those borrowers could be facing interest rates as high as 12 percent if they can't refinance.
Do you know what subprime is? I understand this problem and have watched people lose their houses because they refinanced the house to the hilt. BUT what did they do with that money?
The difference is you must have a plan for refinancing and as I said before, it is not to purchase a new BMW. The money has to be used to increase wealth that is what the MILI group teaches. The concept is something I knew nothing about for too long a time but it just makes good fiscal sense.
Real estate is cyclical up to day and down tomorrow. No one can predict how it will go. But the trick is to be prepared for both. Equity management allows homeowners to do that.
It is smart to separate equity from the structure. Many consumers cannot do that or do not know how. With some training it becomes their anchor in hard times and can save their finacial future.
I know you are spewing gloom and doom and unfortunately this is the case if you just refinance your house and spend all the money on some depreciating item. If those subprime borrowers were smart, they would not be subprime now.
During the 5 year boom, they could have used their equity to insure prompt payment on all debts, saved some money and refinanced into a lower loan at this juncture with prime credit. No body is available to educate the consumer on how to do that...
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