IL – The Greeks are finding themselves in hot water. They have maxed out their credit.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The government borrowed money and is having a hard time paying it back today. Here is what most people don't understand about how a national economy works.
When the government reduces interest rates to boost the economy and spending, they are actually only acting as a co-signer on the loan. Here is a real life comparison.
Let's say a wealthy person has lots of kids. I'll call him Mr. Wealthy. To boost his kid’s economic activity he lends them money at 1% interest.
However, because he has so many kids, pretty soon he has lent all of his own money. So he starts borrowing money from someone else at 6%.
Pretty soon he has maxed out his credit. In addition, he is also paying the difference in interest payments between 1% and 6% each month. That difference is almost ready to eat up his remaining savings. After he runs out of money; he'll be broke. Let me ask you a question?
How much longer will his kids be able to enjoy below market 1% interest rates? It doesn't sound like much longer to me.
This is what happens when a government with a good credit rating borrows money and re-lends it to citizens for below market interest rates.
It sounds to me like Greece borrowed a lot of money from foreigners and is now having a hard time repaying the debt. A bailout from Germany, the EU, and the IMF hasn't stopped their problems yet.
And it doesn't look like it will be anything other than a short term band-aid. Many say that when Greece does default it will send shock waves thru the global economy.
Who really knows? Either way, it is still a good idea to get rid of upside down debt with a short sale. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at dtoomey@remax.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Dennis Toomey.
Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor:
Phone: (847) 338-0180. dtoomey@remax.net.
For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy!
View My homes for sale at www.HouseByZip.com.
Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dennis's personal views and do not reflect the views of RE/MAX Action.
This information on Short Sales: Do the Problems In Greece Affect Us? is provided as a courtesy to our viewers to help them make informed decisions.
Short Sales: Do the Problems In Greece Affect Us?
IL – The Greeks are finding themselves in hot water. They have maxed out their credit.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The government borrowed money and is having a hard time paying it back today. Here is what most people don't understand about how a national economy works.
When the government reduces interest rates to boost the economy and spending, they are actually only acting as a co-signer on the loan. Here is a real life comparison.
Let's say a wealthy person has lots of kids. I'll call him Mr. Wealthy. To boost his kid’s economic activity he lends them money at 1% interest.
However, because he has so many kids, pretty soon he has lent all of his own money. So he starts borrowing money from someone else at 6%.
Pretty soon he has maxed out his credit. In addition, he is also paying the difference in interest payments between 1% and 6% each month. That difference is almost ready to eat up his remaining savings. After he runs out of money; he'll be broke. Let me ask you a question?
How much longer will his kids be able to enjoy below market 1% interest rates? It doesn't sound like much longer to me.
This is what happens when a government with a good credit rating borrows money and re-lends it to citizens for below market interest rates.
It sounds to me like Greece borrowed a lot of money from foreigners and is now having a hard time repaying the debt. A bailout from Germany, the EU, and the IMF hasn't stopped their problems yet.
And it doesn't look like it will be anything other than a short term band-aid. Many say that when Greece does default it will send shock waves thru the global economy.
Who really knows? Either way, it is still a good idea to get rid of upside down debt with a short sale. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at dtoomey@remax.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Dennis Toomey.
Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor:
Phone: (847) 338-0180. dtoomey@remax.net.
For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy!
View My homes for sale at www.HouseByZip.com.
Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dennis's personal views and do not reflect the views of RE/MAX Action.
This information on Short Sales: Do the Problems In Greece Affect Us? is provided as a courtesy to our viewers to help them make informed decisions.
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