 Here's an interesting way to avoid foreclosureMonday, December 7, 2009 - Article by: Rich Iacovetta -
Watch the VIDEO version of this blog HEREHere’s an interesting way to avoid foreclosure. A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to those ruthless bankers that were trying to toss them out on the street. Suffolk county Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by One West Spinner made the decision that left Diane and Greg Horoski, owing absolutely no money on their ranch house in East Patchogue NY. This sets a VERY troubling legal precedent. A precedent that judges can forgive debt for citizens who legitimately owe the debt. Dubai has shaken up the global financial world, by seeking delays on debt payments causing concerns of potentially hundreds of billions of dollars in defaults. Hey I don’t know about you guys, but I sure thought it was a good idea to build sinking man made islands that look like the earth and palm trees. I mean that made sound financial sense to me. And so did that snowboard and ski resort in the middle of the dessert. Oh, what about the world’s only 6 star resort? I suppose that’s a pretty good looking set of assets these banks are feeling pretty good about right now. Average rates for 30-year fixed mortgages fell again this week, matching a record low set last spring and more than a full percentage point below what they were a year ago. Rates for 30-year mortgages averaged 4.625 percent this week with 0 points. If you recall, I said last week that if you have a rate of 5.25% or higher, there’s probably a good chance I can get you a lower rate with absolutley no closing costs, so give me a call or send me an email right now. |
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