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Health & Lifestyle
Submitted by Tums & Rolaids sandwich (not verified) on Tue, 10/28/2008 - 10:55am.
A few, if not many of these families being foreclosed on are victims of predatory lending practices committed by very deceptive mortgage brokers and closing attorneys. It is no secret that the FBI is looking into a good number of these loans and putting some people in prison. Others being foreclosed on were speculators, much like Senator Boseman that got caught when the market froze and property could not be flipped as it was in the old days. But again, like Sen Boseman these loans were given to people with little to no income (Boseman testified in court her income was $40,000) with interest only loans. These loans weren't meant to be kept for more than a year or two when the ARM adjusted to upwards of 14%. My daughter bought her first house for $175,000 and her payments started out at $1,050/month. Now 4 years later her payments are about $2,000/month at 12% interest. She can't sell her house because no one is buying and if she allows it to go into foreclosure she will lose her equity and all the improvements. She can not refinance because her income is not high enough. They are requring her to have an income of over $50,000 or to find a co-signer. There is more to the foreclosure industry than people who refuse to pay their bills or buyer beware. Some people were sold these mortgages as solutions to problems. Real estate people, mortgage brokers and attorneys all made money off of selling these mortgages.
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