“FIRST TIME HOME OWNERS FATAL MISTAKES”
Copyright © 2008 by Dr.J.AMcBean Library of Congress Washington.D.C.20559
I n this dog eat dog world, a novice have no chance of surviving in the rat race of life. Mortgage Company and moneylenders will eat up a first-timer. Even when the homeowners get a fix mortgage, the insurance and all the other things go up yearly and drown you in bills. Not to mentions maintenance for the house.
(1) REFINANCING TO REMODEL THE HOUSE:
The first mistake that the first time home owners made is to put a second mortgage on the house, then use that money to remodel or fix up the house. Yes! It is your house so we think. Stop made payment for three months and we will see who really own that house. It is almost like fixing up your landlord house. Only done enough fixing to accommodate you and your family. In fact, you should not have to do much fixing if your home inspector did do a good job. Put the money in an account for hard times and un-fore seeing evil, such as. Sickness, job loss, and hurricane seasons with its dilemma.
(2) A SECOND LINE OF CREDIT:
After buying your first home, you phone is going to be bombarded by swindles are trying to trick you into a deal. They will ask you to send them money so they can get the title for you. Your titles will come to you in the mail from the title company without you paying a penny. If you can stay clear of the swindles, you stand a good chance of keeping your home.
“THE WATER TREATMENT SCAMS”
The water treatment scam is another scam that get first time home owner. The thing never work, it is just a water softener, it is not a water treatment device. The water treatment people gave me over forty bottles of soaps as a gift. That soap was intended to wash out my head and get some sense. I had them debit my account monthly so as to avoid a late payment charge. The late payment charges still turn up in the mail. Three years later I still owed them $1800. If you want a water treatment device, go buy one at the hardware stores.
First time homeowners are bombarded by swindles. You pay five thousand dollars for a water treatment device. You were told, two thousand dollars by the sale person. What about the financial charges and late fees. When every thing is added in, you; owed five thousand dollars, for equipment that you could get at one of our department stores, and install yourself, for lest that five hundred dollars. You need to keep away from all those sales people that will bombard you.
BUYING A NEW CAR:
I buy a new car about two years after buying my first home. The dealers told me that they would finance. They applied to twenty-seven banks to get me the loan. Too much inequity to your credit is just like having a bad credit. You do not want a second line of credit once you buy a house.
You have to save all your resources for unseen evil, such as period of unemployment and sickness. Our politicians and law makers are doing little or nothing for us. Homeowners in period of difficulties should be able to get a deferment. This should be mandatory. Just like a student load. We would not have so many foreclosures. One man told me he cut his risk to kill himself after losing his job. He know he was going to loose every thing he work hard for.
(3) HAVE BACK UP JOBS AND BACK UP SKILLS
Some people are laid off right after they buy their house. One man got married, and while he was on his honeymoon, his boss, and co-workers conspired against him. They plan to fire him on trump up charges when he returns from his honeymoon. Before you try to buy a house. That is if you are a poor person trying to come out and join the long line of home owners. You need to have a back up skill. I was having some difficulties. I went to my job and ask for some overtime. Overtime was always available. All I been getting is a run around. “Call back tomorrow” always the same line. Finally, my back up skills gets me an additional thirty-two hours. One man teaching in a Christian’s school, he co-workers plan to get him fired and fixes it so he could not get a job again in teaching. When you have responsibilities, you have to know who is having the upper hand over your life. You cannot afford to make any mistakes, because the mistake you made is like nails in your coffin.
"THE CREDIT CARD SCAM"
Some where in the fine print, there is a clause that gives them the right to up or down the interest rate. Any time you step up your payment so as to pay off the card, they raise the interest rate. Once the interest rate is raise, it eat up the previous payment that you have made, and your are still in the same predicament. I owed $700 us on a store card. I made arrangement to pay it off in seven months. The months went by and I still owed them seven hundred dollars. You will have to take out another loan to pay off all that money and get away from than.
Come back for update soon.
"Sword Bearer"