Wednesday, January 5, 2011

The Housing Bubble Blog » “On The Cusp Of Foreclosure” In California: blog excerpt

The Housing Bubble Blog » “On The Cusp Of Foreclosure” In California

NOTE this article outlines PREDATORY LENDING. There is a reason we have truth in lending laws, TILA, RESPA and fair debt collection laws...... greed makes businesses do strange things to people that could be their neighbors.

click title link to read full article: 
The Housing Bubble Blog » “On The Cusp Of Foreclosure” In California: "“Antonio and Celina Lopez recently began the bankruptcy process. They fell behind on payments just eight months after buying a home in Escondido in San Diego County.”

“Daisy Ramirez and Jose Mendoza, both 21, said they asked an agent to find their extended family a home but stressed that they couldn’t afford a payment of more than $3,200 a month. The agent found them a three-bedroom house for $570,000. After signing a blank loan application, the couple was approved for a piggyback mortgage, two loans requiring monthly payments of $3,200 and $1,200, Ramirez said.”

“She said they told the agent that was too expensive but closed escrow in January 2006 after being advised they could refinance in a year with enough equity to slash their monthly payment and even take a vacation. The house is now in foreclosure.”

“We were told the opposite of what was going to happen,” Ramirez said.”"

Sharing information and tips to increase earnings. Increase your passive, residual income. Guest bloggers welcome.

No comments:

NEWS HEADLINES

Followers