The Law Offices of J. Kutkowski, Esq. » ARM http://padebt911.com Pennsylvania's Bankruptcy Lawyer Sat, 16 Jan 2010 04:24:32 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 The Coming Economic Time-Bomb, April 2010 http://padebt911.com/the-coming-economic-time-bomb-april-2010/ http://padebt911.com/the-coming-economic-time-bomb-april-2010/#comments Mon, 09 Nov 2009 00:56:57 +0000 admin http://padebt911.com/?p=383 A lot of people, including Hollywood, are hyping 2012 as the end of the world because the Mayan calendar ends with the year 2012.  The Mayan calendar has 260 days on it as well, so I’m not putting much stock in that.

I’m more worried about April 2010, the month the housing crisis could explode.

Remember back in 2003-2005 when people were out there buying McMansions?  A vast majority of these loans were ARM (adjustable rate) mortgages and a lot of these loans are set to reset on April 1, 2010.

You thought tax day was going to suck, if you have an ARM on a jumbo-loan (a loan over $417K) that jumps 2% in interest, your payment is going to jump a minimum of $500 per month (and in some cases a lot, lot more).

In this difficult economy, $500 extra per month is hard to come by.

If you have a jumbo-loan that is ready to reset and don’t know where you are going to find that extra $500 each month and want to discuss mortgage modification, call me at 484-661-2891 or email me at jim@padebt911.com and we can schedule a free, no-obligation consultation.

The economic time-bomb is ticking down to April 1, are you ready?

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