These people that fall for these scams and sign anything in front of them fall into a number of categories:
1) Stupid, through no fault of their own, and were actually lied to and scammed out of their money/house/whatever. In this case, the law should protect them, or laws should be made to protect them.
2) Fools, through willful ignorance. Average people who wanted to get rick quick, saw the housing train and got on board. They didn’t care about the loan, the rate. That stuff doesn’t matter as you “have to live somewhere”, and you’ll “make tons of money” and, hell, you “save money with the tax deduction”. They saw the big fancy house, they wanted it, they bought it, they signed up.
We’re seeing far too many articles from the (1) category when it is my belief that these people are in the minority and that the fools in the (2) category are the vast majority that will lose their homes.
Someone please tell me why average Joes spend days or weeks researching their next car, but can’t figure out interest rates and money? It takes some effort, but it can be done. It’s only the BIGGEST FINANCIAL DECISION YOU’LL EVER MAKE IN YOUR LIFE, after all. I mean, why on earth would you bother to learn about what you’re signing?
