The Rich and Famous… and Soon to be Homeless – Foreclosure Trends Steeply Rising amongst 5 Million Plus Mortgage Market
They worked hard for ends meet and saved up for their shot at the American dream. A few years ago that 35,000 dollar monthly payment seemed affordable. However now that the CD albums and cable network television have fallen victim to the piracy of the digital age, and the trust funds have disappeared along with the promised returns of the many Ponzi schemes that have now failed, the wealthy and well to do of this great country are finding mortgage default is not just something that the middle class screws up. Now the rich and famous are struggling through a surge of foreclosure and financial hardship.
5 million plus mortgage loans are defaulting in record numbers and at a rapidly increasing rate. Last year in 2009 1200 – 1400 mortgage holders with loans above the 5 million mark received foreclosure notices. That is about 100 plus every month. In February of 2010 the mail man delivered 300 – 400 foreclosure notices to this same crowd. This is alarming.
Honestly, and perhaps I am just being middle class like here but if i am making 100,000.00 dollars plus a month which is about the bare minimum one would have to earn t get a loan of that size, I am not gonna take out a loan to buy a house. I might loan my money out but I am not going overboard on a 10,000,000.00 dollar loan for a home when I can buy a small mansion in a great neighborhood free and clear.
However, people who make that kind of money do take loans like that for their home of choice. So now as if this country does not have enough problems to worry about we are going to have to help these guys find their way to a small humble mansion somewhere fabulously nice and safe so that they will have the opportunity to make the good life affordable.
I guess these folks will just have to get use to a life of luxury instead of absolute royalty with in their former personal zip code of a front lawn.
I suppose this just goes to show that even the rich need to brush up on their personal finance and home budgeting to become more effective with their debt management practices
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