Credit Card Spending’s Impact on New Jersey Mortgage Foreclosures
| | Friday, July 29, 2005 @ 10:53 AM EDT
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Contributed by: Robert Kahn, ABR, SRES
Robert Kahn, ABR, SRES Properties
Read more archived articles about Foreclosures
Cranford, New Jersey August 1, 2005 ----- Just about everyone in foreclosure has high interest/high balance credit card debt. So what? It’s going to get worse!
Credit Card Spending’s Impact on New Jersey Mortgage Foreclosures
Most families, living from paycheck to paycheck, have historically resorted to credit card purchases for big ticket items such as televisions, computers, or gourmet barbecue grills.
Post Sale Housing Counselors at the Special Care Group are concerned because we’ve seen that credit cards are now being used for routine purchases of staple goods including groceries, disposable diapers, prescription medication, the payment of utility bills, and now gasoline.
In the wake of recent changes to the US bankruptcy Code, MBNA, Citibank, and Bank of America announced they were raising the minimum monthly payment requirement on credit card balances. In some cases, required payment will double, and it’s certain that other lenders will soon follow. What’ll happen if the Borrower misses or is late with the minimum monthly payment? á
For one thing, the penalty for missed or late payments on some credit card accounts can trigger late fees, and/or an interest rate hike to 28% or more... Already strained household budgets must endure an impending budgeting nightmare. These insidious changes to credit card debt will become proximate cause to an increase in mortgage loan default. Talk about tightening the screws!
The American Dream is owning your home. The American Nightmare is when your home owns you! For New Jersey families that face the loss of their home to mortgage or tax foreclosure, Special Care Group is pleased to announce it’s new educational website @ www.SpecialCareRealty.com
Financially distressed homeowners are encouraged to view Special Care Group’s “NJ Preforeclosure Tutorial” and are invited to request an Evaluation and Recommendation Report prepared by a recognized authority on loss mitigation techniques, who is also a contributor to, “NJ Preforeclosure Primer: Half Truths and Outright Lies!”
Special Care was formed in response to, and as a solution to the identification, then solution to financial problems and other entanglements that precede the forced sale of mortgaged property.
For additional information, or to request a complimentary copy of “Half Truths and Outright Lies!” e-mail your request to: Info@SpecialCareRealty.com
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(Special Care was formed to serve NJ homeowners with financial problems and other entanglements that precede the forced sale of mortgaged property.)
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