CA,,
Anyone who was “misinformed” about their loan either dealt with a predator OR just didn’t understand what they were doing. Nobody wants to admit that they just didn’t understand!!
With a 30 year fixed loan the payment NEVER changes. Make your payment by the 15th of each month and you will NEVER have a late charge or a problem. How hard is that to grasp ?
When somebody wants to get an ARM or an interest only loan because they think that they are going to beat the system, they are gambling.
That’s where the problems start. Greed kicks in.
Anyone is absolutely entitled to read every word on every page if they choose to. I’d like to know what you learned by doing so.
I cannot imagine putting docs in front of someone for anything other than what they agreed to.
This is what people get (and deserve) when they shop by rate or blindly go to a relative, friend or neighbor to get their loan.
The most foolish question that can be asked when “shopping” for a loan is “What’s your rate” yet that’s how most ppl do it, and they end up with the biggest liar.
It’s about as smart as “shopping” for a doctor, lawyer or mechanic solely by price. You’ll probably end up with a butcher or a hack.
There were plenty of idiotic mortgage advisors that made tens of thousands of dollars by giving greedy ppl bad advice.
If people were given an option to pay $100 to get honest advice they wouldn’t pay it. Advice from predators was free.
People were foolish to take ARM’s at a time of historically low rates. Most people could have chosen a 10 YR ARM or a 30 YR fixed, but the rate was higher and they were greedy. They shopped by rate and trusted a predator. It continues today.
People need to take responsibility for their decisions. People who fell for free/no cost loans will end up paying thousands of dollars in the long run if they stay in the loan. They don’t have a clue how screwed they are. There are know it alls on this site as well that think they understand loan options but actually don’t.
People don’t want to admit that they don’t know what they don’t know.
Bad mortgage advice and “no cost loan” are 2 of the most expensive things on this planet… HLS
