Title: Money Talks (19)
Series: James
Author: Stephen Whitney
Text: James 5:1-6
Years ago, Ottis and Thelma Jaquish decided to take out a $5,000 loan to finish the inside of their small home in Riverside just north of Omak. The couple, both 91 years old, faced foreclosure on their home due to an illegal leading scheme by a mortgage company.
The company convinced them to pay off their existing $57,000 loan to get the $5,000 loan they wanted. They ended up borrowing $72,000 in two loans from the company, with both loans at more than 15% and were now paying $767 a month instead of the $480 they were paying before.
They paid about $5,000 in closing cost for the two loans which was the amount of money they were asking to borrow in the first place. The company overstated their monthly income by $1,100 a month - almost double their monthly Social Security income - so they could qualify for the loans.
Because they were not able to make the payment on the two loans they were about lose their home. Columbia Legal Services took the case and asked a judge to intervene so they would not lose their home. The lawyer working for them said, "We accepted the case because it was so compelling. The practices employed here shock the conscience."
Ottis said, "I've never needed help of any kind all of my life, until now. I fell into this trap. I'm old enough to know better. I was just going by his word."
In the world in which we live - MONEY TALKS. It has power and makes people greedy. It can take control of people's lives and make them dishonest, selfish and greedy so that they only think about themselves and how they can get more.
Oswald Sanders - "Money is one of the acid tests of character."
Proverbs 1:19 Unjust gain takes away the lives of those who get it.
They are controlled by their greed and become a slave to it.
WARNING OF JUDGMENT :1
Come now (4:13) - a challenge to listen to what God is saying.
Isaiah 1:18 Come now, let us reason t ...
Series: James
Author: Stephen Whitney
Text: James 5:1-6
Years ago, Ottis and Thelma Jaquish decided to take out a $5,000 loan to finish the inside of their small home in Riverside just north of Omak. The couple, both 91 years old, faced foreclosure on their home due to an illegal leading scheme by a mortgage company.
The company convinced them to pay off their existing $57,000 loan to get the $5,000 loan they wanted. They ended up borrowing $72,000 in two loans from the company, with both loans at more than 15% and were now paying $767 a month instead of the $480 they were paying before.
They paid about $5,000 in closing cost for the two loans which was the amount of money they were asking to borrow in the first place. The company overstated their monthly income by $1,100 a month - almost double their monthly Social Security income - so they could qualify for the loans.
Because they were not able to make the payment on the two loans they were about lose their home. Columbia Legal Services took the case and asked a judge to intervene so they would not lose their home. The lawyer working for them said, "We accepted the case because it was so compelling. The practices employed here shock the conscience."
Ottis said, "I've never needed help of any kind all of my life, until now. I fell into this trap. I'm old enough to know better. I was just going by his word."
In the world in which we live - MONEY TALKS. It has power and makes people greedy. It can take control of people's lives and make them dishonest, selfish and greedy so that they only think about themselves and how they can get more.
Oswald Sanders - "Money is one of the acid tests of character."
Proverbs 1:19 Unjust gain takes away the lives of those who get it.
They are controlled by their greed and become a slave to it.
WARNING OF JUDGMENT :1
Come now (4:13) - a challenge to listen to what God is saying.
Isaiah 1:18 Come now, let us reason t ...
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