Quote:
Originally Posted by CyberAge-Dave
5 Years ago Countrywide said...come and get it. Interest free loans with 0 down.
Well...we see what happened. 5 year adjustable everyone got 5 years ago is a different story.
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There was a story from a little while back of a guy who came from Canada to the US as a college student. He was going his last 2 years of school at a US university. So he needs a bank account. He goes to Washington Mutual with about $2,000 to his name and opens up a checking and savings account. He is told while doing this that he qualifies for a 360K mortgage. He says, "How can that be? I don't even have a job." He is told that having a job or verifiable income wasn't one of the qualifications for the loan. He says they even told him he could buy a house, they would set it up so he had no payments for 6 months and during that time he could fix the place up and let it appreciate a little the sell it before he ever had a payment due.
He passed on the offer, but with loan practices like that it is no wonder so many homes are being foreclosed on.