1 in 4 are Upside Down

The Today show was just on in the other room and I heard Matt Lauer say, "Now listen closely to this statistic, because it is a staggering storm cloud that is on the horizon....one in four mortgage holders are currently upside down on their homes....and many are simply choosing to walk away rather than continue making payments."

The guest on the show then went on to explain that "upside down" means that a home owner's mortgage is currently more than what the home is even worth.

They then went on to banter back and forth about the moral issues of walking away from your obligations and the credit issues that would ensue from such action.

I believe we have all come to the conclusion that you can't legislate morality...so how do you think this country is going to deal with the financial fallout if millions of people simply walk out of their homes and say, "Screw it!"

Furthermore, what happens to people's credit rating and credit when they simply quit making mortgage payments?

First off, their existing credit card companies will lower the available credit and, at the same time, can raise the rate on any outstanding balance. So now you would have millions of people who thought they were saving money by walking away from a house...finding themselves paying 30% on their credit card balance....which many of those won't be able to pay...and will try and walk away from those. (bankruptcy?)

Also, the mortgage company has the legal right to track a person down and garnish their wages in an attempt to recover their money. The interviewer said that while this doesn't happen often....it is within the contract and the bank could do that.

Guess what...if millions start walking away from their bank obligations....and the banks see themselves losing $billions.....they will start tracking people down and start taking their paychecks.
Then how will those folks make their current rent payments? How will they continue buying stuff at the mall?

It's becoming fairly obvious that the table is set for the financial collapse of the USA. Will it happen for sure? No one can say. If God wants America strong for His reasons....then this financial calamity will probably pass in the short term.

However, if America's cup of sin is full and overflowing, then judgment has to happen and God's mercy on us will be withdrawn.

This may explain why America is no where to be found in prophecies concerning the Last Days.

Remember, 50,000,000 abortions performed in this country, porn and perversion flowing out of every crevice and the majority of citizens worshiping the false idol of money.....can only go on for so long.

Lord, forgive us for sqandering the wealth that you entrusted with us. Forgive us for robbing you as witnessed by our tithes and offerings. Forgive us for spending more time and effort spent chasing wealth and things of this world than we spend working for Your Kingdom.