A nightmare is unfolding for Americans who hold security clearances, both in the private sector and in the military. The U.K. may be equally hard hit as mortgages strain family budgets. But for those that thought their mortgage broker was telling them the truth many are finding out the risks outweighed the rewards.
There are signs which effected a credit report long before foreclosure or repossession. Credit card payments may be late, and perhaps one or two ‘late 30’s’ start to appear on credit reports. But if a person’s job depends on a security clearance the saddest cases of all sometimes come from duplicity at the closing table, and many of those are a result of HELOC’s ( home equity lines of credit) and other unsecured paper.
We invite your attention to a factual real-life article. This borrower did not end up in foreclosure, but in an interview he said he was not told – until leaving the closing table – that the loan, based on the monthly payment quoted, would not be repaid during the loan period. At the end of the term he would owe as much as he borrowed in the first place – and that was eleven years later! (see article here)
For more on the details of loans like this see this outstanding reference