Comments on: California is now a Red State http://journey2retirement.com/blog/2007/08/29/california-is-now-a-red-state/ Tue, 07 Sep 2010 06:11:04 +0000 http://wordpress.org/?v=2.6.1 By: Barbara http://journey2retirement.com/blog/2007/08/29/california-is-now-a-red-state/#comment-114 Barbara Thu, 30 Aug 2007 21:33:44 +0000 http://journey2retirement.com/blog/2007/08/29/california-is-now-a-red-state/#comment-114 This is sad. Home ownership has always been an American dream. But when unscrupulous realtors and loan officers see dollar signs, they often "get" people into homes that are way over their budgets. Buyers have even been able to "throw" their appliances into their mortgages, and who knows what else. Top that off with an appraiser that over appraises the home, an adjustable rate mortgage or an i/o (interest only loan), and it's a train wreck waiting to happen. So, if banks, and mortgages companies get burnt, are we suppose to have sympathy? I don't think so. Unfortunately, it's the home owner who's gong to suffer in the long run. But hopefully they will have learned from their mistake---trusting others to help(?) them make a decision, when all along, they should have been their own best advocate, by being more educated on the one of the biggest purchases they will ever make in their life. This is sad. Home ownership has always been an American dream. But when unscrupulous realtors and loan officers see dollar signs, they often “get” people into homes that are way over their budgets. Buyers have even been able to “throw” their appliances into their mortgages, and who knows what else. Top that off with an appraiser that over appraises the home, an adjustable rate mortgage or an i/o (interest only loan), and it’s a train wreck waiting to happen.

So, if banks, and mortgages companies get burnt, are we suppose to have sympathy? I don’t think so.

Unfortunately, it’s the home owner who’s gong to suffer in the long run. But hopefully they will have learned from their mistake—trusting others to help(?) them make a decision, when all along, they should have been their own best advocate, by being more educated on the one of the biggest purchases they will ever make in their life.

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