Holly has worked for Walt Disney World for 30 years, and was unaware that she was on an adjustable rate mortgage for 5 years. Her payment has nearly doubled, and she works tirelessly to try and save her home for her granddaughters.
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August 10th, 2010 at 4:25 pm
“They had me on an …
“They had me on an adjustable rate mortgage, which I did not know…”
What are you, retarded? Did you not read your contract?
Silly woman. You’ve only yourself to blame. You signed an ARM. Did you seriously do no research before spending thousands of dollars?
Oh well, here comes the government to save you!
August 10th, 2010 at 4:25 pm
what’s even sadder …
what’s even sadder is that the same ethnic people defrauded one another. Many minorities were targeted by their same race color. Black mortgage brokers went after the older black home owners in the community and Hispanics did the same, Asians and so on……..
August 10th, 2010 at 4:25 pm
I feel sorry, but …
I feel sorry, but didn´t those people know mathematics? It takes a person to be cheated, as much as I hate those LearJet punks and despise these 5th Avenue criminals on executive levels.
August 10th, 2010 at 4:25 pm
These loans should …
These loans should have never happened. I blame the loan officer for even have these loans and trying to trick people into taking them. WHO has a credit card probably alot of people. Guess what if you get screwed by the cc companies. We get to sit back and call you dumb. Thats fair right.
August 10th, 2010 at 4:25 pm
Well the good old …
Well the good old USofA was founded by bankers, merchants and lawyers who conned the labor class to to the bulk of the dying for independence. With a start like that is it a surprise it still continues.
August 10th, 2010 at 4:25 pm
In Canada we have …
In Canada we have to get a lawyer to explain the mortgage terms and sign the mortgage papers at a lawyer’s office who is obligated to explain the terms to you in plain english. I guess this doesn’t occur in the US? That’s pretty messed up. You should ask your neighbours to the north for some advice on fixing your mortgage industry.
August 10th, 2010 at 4:25 pm
They don’t call it …
They don’t call it predatory lending for nothing. The sad thing is that the people who are about to take her home by jacking up the payments out of sight are the ones getting bailed out (using her tax payer dollars). We’re now in a kleptocracy, people.
August 10th, 2010 at 4:25 pm
“The amortization …
“The amortization schedule that she would have signed on closing CLEARLY outlines what your adjusted payment will be after 5 years”
Not necessarily.
August 10th, 2010 at 4:25 pm
I agree. 5 years …
I agree. 5 years ago I was contacted as a manger with a large managed health care company at a income of 60k. But I just did the simple math of a 500,000 pay off in 30 years even at a low interest rate which my excellent fico would allow. So I stayed another 3-4 years in my small apartment with rental increases yearly. I read the paperwork and agreed to a 30 year fix rate. Meanwhile others moved into huge private homes, bought big cars, big televisions while I was watching every dime.
August 10th, 2010 at 4:25 pm
“so it’s not like …
“so it’s not like they tricked her, she was probably just lied to by her loan officer.”
Lying isn’t tricking? It seems to me that something is horribly wrong when we start blaming the consumer for being lead astray instead of the people doing the leading. We’re so used to paying for garbage in this country that we accept it as the status quo.
August 10th, 2010 at 4:25 pm
While I feel really …
While I feel really bad for Holly, I do have to say that as consumers, we are so used to signing documents without reading them which is a terrible mistake. Holly should have read all the documents before she signed them, and refused to close escrow until she fully understood. The amortization schedule that she would have signed on closing CLEARLY outlines what your adjusted payment will be after 5 years, so it’s not like they tricked her, she was probably just lied to by her loan officer.