The Complex Story of American Debt

The Ventura Star carries an article by Michelle Singletary who writes, “This past summer, the Pew Charitable Trusts issued a report titled The Complex Story of American Debt that explored household debt.

“One of the biggest shifts in American families’ balance sheets over the past 30 years has been the growing use of credit and households’ subsequent indebtedness,” the report said. “In the years leading up to the Great Recession, the average household at the middle of the wealth ladder more than doubled its mortgage debt. Although Americans’ debt has decreased since then, housing — which still is the largest liability for most households — and other debt remain higher than they were in the 1990s, and student loan obligations have continued to grow.”

The jump in the use of debt has not kept pace with household income, according to Pew.

DeForest Soaries, the senior pastor of First Baptist Church of Lincoln Gardens in Somerset, New Jersey, said recently:

“Consumer debt grips millions of people with plastic shackles every bit as powerful as the iron chains that once bound slaves,” he writes. “A bold, even audacious, statement, I know, particularly considering the historical atrocities of slavery in our country. As a descendant of some of those slaves, I do not make this analogy without recognizing the gravity of its implications.”

We here at Coal to Cash Homebuyers, Inc. see the results of too much debt all the time in foreclosures. Seven to eight years after the housing crisis, you would think that homeowners would have stopped losing their homes through foreclosure. However, look at the latest Zillow map. It shows 500 houses of the almost 1,000 in foreclosure and pre-foreclosure.

If you are afraid of losing your house through foreclosure, we can help. We can buy your house as-is for cash and help you rebuild your credit.

We can do this by buying your house “Subject To”

Buying “subject to” means buying a home subject to the existing mortgage.

It means the seller is not paying off the existing mortgage and the buyer is taking over the payments. The unpaid balance of the existing mortgage is then calculated as part of the buyer’s purchase price.

“Subject To” works like this. The buyer evaluates your property, see what needs to be done to the house to meet today’s buyer’s needs, and makes an offer. However the buyer has the seller convey the deed to the buyer, but the mortgage remains in the seller’s name. The buyer makes the payments along with any missed payments. Curing the default saves the house from foreclosure and saves the credit of the seller.

Do you want more information about rebuilding your credit by us buying your house “Subject To”? Give us a call today at 805-426-9988

Coal to Cash Homebuyers, Inc. is a cash buyer solution. We are here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.

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