gave me an ajustable rate knowing i was on disability
Mary
toledo, Ohio U.S.A.
5 Updates & Rebuttals
Bart
Springfield, Missouri, U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Bart
Springfield, Missouri, U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Bart
Springfield, Missouri, U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Bart
Springfield, Missouri, U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Nikki
Coconut Creek, Florida, U.S.A.
Of course they did
#6Consumer Comment
Mon, October 29, 2007
Mortgage companies were giving out loans to anyone in the past few years. Didn't you wonder how you were going to pay your loan when the interest rate reset? I understand that many people were lied to, but those people have some responsibility too (i.e. reading your mortgage papers). Today's situation was not completely the fault of the mortgage companies.
I read my mortgage papers. I knew what my payment would be, I knew what my payment would be 2 years later and I knew what my payment would be 5 years later. I learned all this from reading my mortgage papers and my own calculations. I knew the exact month my mortgage would reset, and knew that date for 2 years and planned accordingly. By the way, I'm just a secretary. However with the wonderful world of the internet, I am able to research the things that effect me and don't have to rely solely on what I'm told by someone trying to sell me something.
Let me also say this. About 7 years ago I wanted to get a mortgage. I was told that due to my credit, my interest rate would be around 13-14% and I needed to put down 15%. I chose not to do it. About 3 years ago when I bought my home, I knew my interest rate would start at 6.99%, jump to 9.99% within 2 years, then jump again every 6 months to max out at 13.99% (yes, from reading my papers), but also never raise more than 5 points over Libor. I was ecstatic that I was able to buy a home and not have to pay 14% for the entire term.
People with bad credit should have looked on these loans as a gift or a chance of redemption, instead of screwing everything up for everyone else and the economy.
5 Updates & Rebuttals
Bart
Springfield,Missouri,
U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Bart
Springfield,Missouri,
U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Bart
Springfield,Missouri,
U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Bart
Springfield,Missouri,
U.S.A.
Gotta ask.....
#6Consumer Comment
Mon, October 29, 2007
why were you applying for a mortgage knowing that disability was your only source of income?
Why did you agree to the terms knowing that disability was your only source of income?
As much as I don't agree with the crap these companies pull, I really have to wonder. They don't just hand out mortgages without an inquiry and paperwork fill out.
Nikki
Coconut Creek,Florida,
U.S.A.
Of course they did
#6Consumer Comment
Mon, October 29, 2007
Mortgage companies were giving out loans to anyone in the past few years. Didn't you wonder how you were going to pay your loan when the interest rate reset? I understand that many people were lied to, but those people have some responsibility too (i.e. reading your mortgage papers). Today's situation was not completely the fault of the mortgage companies.
I read my mortgage papers. I knew what my payment would be, I knew what my payment would be 2 years later and I knew what my payment would be 5 years later. I learned all this from reading my mortgage papers and my own calculations. I knew the exact month my mortgage would reset, and knew that date for 2 years and planned accordingly. By the way, I'm just a secretary. However with the wonderful world of the internet, I am able to research the things that effect me and don't have to rely solely on what I'm told by someone trying to sell me something.
Let me also say this. About 7 years ago I wanted to get a mortgage. I was told that due to my credit, my interest rate would be around 13-14% and I needed to put down 15%. I chose not to do it. About 3 years ago when I bought my home, I knew my interest rate would start at 6.99%, jump to 9.99% within 2 years, then jump again every 6 months to max out at 13.99% (yes, from reading my papers), but also never raise more than 5 points over Libor. I was ecstatic that I was able to buy a home and not have to pay 14% for the entire term.
People with bad credit should have looked on these loans as a gift or a chance of redemption, instead of screwing everything up for everyone else and the economy.