Quote:
Originally Posted by marketsmart
many people that got tricked into ARM's, could have qualified for regular mortgages..
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I have had a couple ARM mortgages in my lifetime, think I still have one actually. I have never had one that did not give me four different payment options, ranging from interest only to principle and interest that would pay the loan in 15 years instead of 30.
Someone would have to be a total idiot to not realize that if you are making the minimum payment possible that it is going to catch up to you. There is no trickery involved. All they have to do is read or pay someone to read for them.
I understand that most foreclosed loans were for primary residences, but that doesn't change the fact that these people [for the most part] bit off more than they could chew.