Non-Profit to Call 994,001 Homeowners with Adjustable Rate Mortgages to Warn of Rate Shock
43% of those with Adjustable Rate Mortgages do not understand how their loans will be effected by the recent increases in interest rates. Non-profit organization is going to call those at risk and warn them.
Highland, NY (PRWEB) July 27, 2006 -- After 17 consecutive interest rate hikes by the Federal Reserve, homeowners with Adjustable Rate Mortgages (ARM's) are in for a very rude awakening. A little known item in their Mortgage Note, called the "Margin," may send mortgage payments through the roof for millions of people ... 1.7 trillion mortgage-dollars will be affected.
"We are doing something about it," said Brett Saso, CEO of Consumer Debt Solutions (CDS) through our Financially Strong America Program. "We have already called 15,000 homes with our warning, and are very concerned with what we are finding. We have not found one person who knows the specifics of their Adjustable Rate Mortgage. And when they learn that their interest rate may literally double, their initial shock is very upsetting."
When you figure in declining property values, it becomes the perfect storm for mortgage defaults. The non-profit group has coined the phrase "Mortgage ARMageddon." If a person waits too long to refinance, and their home value drops, they may not be able to get out of their soaring interest rate.
Professionals in Financial Planning and in the Mortgage Industry are being asked to assist CDS in this massive campaign. CDS is able to call all 994,001 households as this public service campaign is exempt from the Do not call law.
So when the phone rings and it's Financially Strong America calling to warn you about your Adjustable Rate Mortgage, you should -- take the call!
For more information call (845) 691-9600
# # #
Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/U3F1YS1Db3VwLUZhbHUtSGFsZi1JbnNlLVplcm8=
Bookmark -
Del.icio.us |
Furl It |
Technorati |
Ask |
MyWeb |
Propeller |
Live Bookmarks |
Newsvine |
TailRank |
Reddit |
Slashdot |
Digg |
Stumbleupon |
Google Bookmarks |
Sphere |
Blink It |
Spurl
|
