Sharks...
I can't help but feel sorry for these people. They really should give you a test before you close to make sure you understand the terms of what you're getting into. I hope the broker gets hers. They're no better than used car salesmen or realtors.
http://seattletimes.nwsource.com/html/localnews/2003696532_loan07.html
http://seattletimes.nwsource.com/html/localnews/2003696532_loan07.html
Comments
The writing on the wall is crystal clear.
They were told at the homebuyer class that they could not afford a home. This should have been a clue.
Emphatically, yes. I do blame them. I don't buy into the idea that these poor people were preyed upon by evil lenders. They were complicit in their downfall.
I went out to buy a car last year. I just wanted a cheap, reliable used car for about $10k. "everyone" -- including the dealer who was willing to deal, my friends and co-workers who told me I deserved it because I always drove beaters, my dad who said I made too much money to drive around in old cars, etc. etc. -- told me to pony up $25-30k for something "really nice"
but I decided I didn't want to sink $500 a month into a depreciating asset, so I got a used car in my budget. It doesn't matter what people are telling you! Anybody wth a shred of common sense and a four function calculator can decide for themselves what they can comfortably afford.
It's nobody's fault that these greedy deadbeats got tied up in Cinderella loans they knew they couldn't handle.