Tuesday, October 21

Brainless People

Soccer Dad and I were watching this "Get It Sold!" (or something like it) on HGTV.  It's taken an interesting turn with the foreclosures and such happening.

On the show we watched, they featured a family where the wife/mother had taken out the home loan in her name alone.  Her husband was working at the time, but wound up being "between jobs" not long after.  She had enough money in the bank to pay for one year of the mortgage, but she put NOTHING down and was not working at the time.  She was a full-time student.  And she got a loan for the home at 8.25% for the first year, then 13% after.  For ... drumroll, please ... 

$350,000!!!!


Are you FREAKIN' kidding me???!!!???

And she was shocked that she couldn't pay.  And then the bank did not want to work with her any more, and she had to go to a company that specializes in helping you get accepted to short sell so she and her family could move out of this house and into an apartment, where they'll rent.  I didn't catch if she was actually working now, but her husband was not according to the show.

I have a quick question here.

Was I supposed to feel SORRY for her?  What kind of idiot does that kind of thing?  Seriously - $350,000 with no money down and no income?

And what kind of bank MAKES that kind of loan??!!??

Holy cow.  And we wonder what happened.




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