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  • A Home Loan That'll Get Ugly Fast (ARM Loan Ticking Time Bomb Alert)

    12/11/2006 1:39:38 AM PST · by goldstategop · 52 replies · 2,079+ views
    Los Angeles Times ^ | 12/11/2006 | David Streifeld
    EVERY day, Will Hertzberg owns a little less of his three-bedroom house in Corona. Like hundreds of thousands of other homeowners around the state, Hertzberg has a mortgage that lets him choose how much he pays each month. ADVERTISEMENT Like many of them, he always chooses to pay as little as possible. For the moment, this allows the 56-year-old Hertzberg to continue living in his tract home despite being only marginally employed. But his debt is swelling, and his mortgage company controls his fate. "I am rather screwed," he said.