[quote=equalizer][quote=CA renter][quote=AK]Who were the fools who signed without reading? I bet it’s more likely the uneducated folks.
The entire closing process is designed to keep you from reading the papers or having a chance to get them reviewed.
Your loan docs arrive with just enough time to skim, sign, and FedEx off just in time to meet the closing deadline — this is no accident.
I know highly educated and financially astute people who got screwed by people they trusted. (I also believe that trusting “your own people,” whomever those people might be, leaves you wide-open to affinity fraud … but that’s a subject for another thread.)[/quote]
Absolutely true, AK.[/quote]
Its even worse, the courier brings paper to have you sign on spot without reading, just like Congress when they pass a bill.[/quote]
I don’t want to get off the topic on hand but this sub thread makes me share a story I heard. I met a grad student from South Korea and as we were talking about the financial debacle and etc, he told me how surprised he was to hear that US has home mortgage brokers.
He told me that in South Korea if you acted as a mortgage broker, that is helping someone get a home mortgage and get paid for it, you will go to JAIL. It’s illegal to work as a MORTGAGE broker in South Korea. If you want to buy a house with a mortgage, you better know how to research and decide on what mortgage to get yourself.
I think that’s not a bad idea… Of course it will never happen here..
Lastly, he told me no one in South Korea even mentioned laying off teachers during the IMF crisis. He told me the budget crunch US govt agencies (state, county, city) are experiencing now is nothing compared to what South Korean govt experienced during the IMF crisis.
Unfortunately here, the first public employees to be laid off are teachers. He couldn’t understand that…
