I have met several people who have been living for free in their homes for over a year!! Yes, I said they are living for free! But, they are living on the edge since the bank or financial companies can give them notice any time to leave the premises. Are these people opportunists? No! They do not know each other, but have the same story. These people have lived in their homes for many, many years. One lady has lived in her home for well over 20 years and she is in her 80s. During the financial boom, with low interest rates, re-fiancing was one of the bank's major selling items. As a former worker at different banks, the employees get paid for selling customers a product and re-financing a loan is a big product. So, thousands of people were lured into refinancing their homes. However, when the real estate bust occurred, those people found themselves in great financial difficulties as the mortgage increased drastically. Each person has expressed their great efforts and frustration in contacting the banks and financial institutions. They all echo the fact that they have spent hours on the phone trying to rectify their situations. However, as seen from the 60 minutes episode, the banks have not been of any help to their customers. This is a shame!
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