Guest Blogger: Author Tomlin

You are not alone, my name is Author, my wife and i are both 76 years old.    We had our house paid off when I retired.    However, we re-mortgage our home when we were both 70 years old to lend money to our son, who was going to start a business.  But since his business went bankrupt, and his wife just died of breast cancer yesterday, his house is going to foreclosure.   There is no way my wife and I would ever get our money back from our son.  I should not have listened to my when he asked me to re-mortgage at an adjustable rate.  We are really in a mess.

My housing counselor, Fay Goffin, said she has never seen so many people fore close their home.   Poor women is seeing 20 people a week to give them counseling advice.      If she does not go on a retreat soon, Fay will have to face looking for a new career.     Each week the amount of people coming in who no longer can afford paying for their homes because they signed into these high priced adjustable loans are doubling.  So next week, she will be seeing 40 people.    

The weight of subprime ARMs - predatory loans

have really come down heavy.     So many people were lead to believe they could afford their homes when the housing market was riding high.   Now, with most homes over valued, I house that was valued at $400 000, may be now valued at $200 000.  This is affecting mostly people with poor credit.

Lot of these predatory loans are scheduled to reset

to even higher interest rates.     Many lenders are stuck with lending many people home loans with incomes that were falsified.    If they revealed their real income or were asked to provide income tax returns, they would not even be in their homes now.  What is really sad is that folks who had these 80-20 loans where there is 1 very big loan plus a smaller loan or even a bank line of credit at a even higher interest rate just to come up with a down payment.

Go To Barbara Hand clow's website:

At, http://www.handclow2012.com/, where you can read her mantra.

Get out of debt, Grow your own food, Do Ecstatic postures

It is easier said then done, most people are in debt.   Not to sound very cynical.    The fact is 100 years ago in England, when people could not pay their debts, they ended up in debtor camps.    The federal reserve said last week, they auctioned $30 billion in funds to bail out commercial banks at an interest rate of 3.010 percent.  This is the fifth in a series of auctions the federal reserve did so far.    The bottom line is as more and more people foreclose their homes, if they do not take precautions now.   The future will look very bleek to them.     There is a small percentage of people who have their homes paid off or are mortgage free.  What if you or someone you know could be sent to debt camps?