Quote:
Originally Posted by mozadek
Good riddance, personally, I blame all the idiots who signed contracts they did not understand.
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Totally agree.
I mean what was it that they missed?
The part that reads...
"Pay XXX for the first year, then pay the new rate at XXXXXX! You may qualify for a new loan after the first year."
Qualifying for a loan after the first year is the killer because most the people that bought the house do not have the credit line to get a reasonable mortgage!
The long short... People were buying homes that the Banks knew would never qualify without a minimum of a 5 year good credit line! Good Qualifyers is havign a 10 year line of credit that is good. The buyers themselves should have never considered buying in the first place.
Ironic thing is the vast majority of home buyers now own home's worth less than what they bought it for and stuck 15 to 30 years paying for it! I say get the fucking torches and light up them houses.