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.
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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.”"
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