Found this clip from GMA on the website Blown Mortgage:
Blown Mortgage comments: Now, to me this just seems like a way to increase the costs of banks which in the end make home lending more expensive. And the woman who refinanced her home from $39,000 to almost $150,000 isn’t the shining example of responsibility; but when you’re desperate you’re desperate. Regardless if you’re behind on your payments or not you’re entitled to certain rights. One of those rights is the right to a copy of the note your signed.
But do these people realize that making $40k a year doesn't entitle them to a home they can't pay for? Who refinances their home 3 times? They are entitled to their rights but I think more regulation is need to keep people who don't know any better from making deals with the people that do.
ReplyDeleteCommon sense goes a long way in personal finance and is the opposite of greed...