Foreclosure! The New Reality Show!
Ok, we've Survived, lived with Big Brother, Danced and Skated With The Stars, discovered that America's Got Talent, worshiped Idols, and now we're ready to discover that along with talent, America, You've Got Debt!!
Seems that ABC is looking for some unlucky homeowners, or rather home borrowers. You know the ones, the ones with the suicide loans.
Here's part of the come on.
Did you get a teaser loan or an adjustable rate loan and as the payments have increased, you find it harder to pay the bill? Have you tried to refinance your loan and the bank turned you down because your loan is larger than the value of the home or did the bank offer you an even higher interest rate? Are you faced with selling your home or worse, losing it to foreclosure?
You can imagine where it goes from there, Cynthia McFadden or John Quinones on the couch looking concerned, eating coffee cake and tsk tsking.
Wonder how many will take them up on their offer? There shouldn't be any shortage of candidates according to this headline.
According to the article :
In another sign that the housing market is taking a major tumble, Americans across the country are getting foreclosure notices at a record pace.
New data released this afternoon indicates that one in every 656 homes in the United States went into foreclosure during May.
That's a lot of people but only the tip of the melting iceberg.
That is the highest figure they have ever recorded in their monthly report and is 90 percent higher than the numbers from a year ago.
"Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year," said James Saccacio, CEO of RealtyTrac, in a release accompanying the data.
Of course all the experts are saying , "they predicted this", yada yada yada. Sure. I guess that's why so many lenders hit the deep six.
Six of the nation's largest lenders who specialized in these high-risk borrowers filed for bankruptcy earlier this year after investors lost confidence in the $600 billion subprime market when default rates started to rise.
ABC shouldn't have annnnnnny problems finding subjects for their show. When it comes to hitting the financial wall, America's Got Talent!!