Economic Conversation

For those of you who haven’t heard about the mortgage apple cake story please click on this link. To make a long story short, a lady in Teaneck, NJ had her mortgage modified and had to make a payment of $2559.94 to make her mortgage payment so she decided to bake and sell 100 cakes for $40.  So far she has already received orders for over 500 cakes.

This is another case of someone doing whatever it takes to avoid foreclosure.  I hope anyone out there who is in the same situation sees this as motivation to do any and everything to avoid foreclosure.  What most people do not realize is that foreclosure is the worst thing you can do to your financial career.  You are going to be unable to get credit for a great deal of your life and when you can get credit, it is going to be at a very high interest rate.

There are many companies that can help you avoid foreclosure.  You see ads on television and the Internet all the time.  What is is going to hurt if you give one of these companies a call and see what they can do for you.  It is better to take action than to just sit around waiting for the bank to take over your house.

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