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'Bent's Mortgage "Victim" of the Day...

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March 28, 2007 – Comments (1)

From this NY Times tearjerker...

But after two lenders told him he did not qualify for such a loan, he settled for something less: a $325,000 subprime mortgage from Wall Street Financial. It was actually two loans, with an 8.5 percent interest rate on the larger one and a 12.2 percent rate on the smaller one. His monthly payments are now more than $2,600.Earning about $2,000 a month on his salary, he quickly fell behind. At first, he had assumed that he could find a tenant to help offset the cost of the mortgage, but soon discovered his neighborhood had a glut of vacant apartments...

Emphasis is mine.

So, you sign up for a loan that's a full 30% more than your entire monthly salary, and THEN you look into the realities of renting out part of your space?

I don't have the words to express how idiotic that is.

Sj 

1 Comments – Post Your Own

#1) On March 30, 2007 at 10:37 PM, Allstar13913 (99.79) wrote:

Amen!

But remember, its the  lender's fault for taking advantage of him.

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