Quote:
Originally Posted by kane
There was a story from a little while back of a guy who came from Canada to the US as a college student. He was going his last 2 years of school at a US university. So he needs a bank account. He goes to Washington Mutual with about $2,000 to his name and opens up a checking and savings account. He is told while doing this that he qualifies for a 360K mortgage. He says, "How can that be? I don't even have a job." He is told that having a job or verifiable income wasn't one of the qualifications for the loan. He says they even told him he could buy a house, they would set it up so he had no payments for 6 months and during that time he could fix the place up and let it appreciate a little the sell it before he ever had a payment due.
He passed on the offer, but with loan practices like that it is no wonder so many homes are being foreclosed on.
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And this is typical. A friend of mine named Ricky got the same. He had a job, and his wife had a job, and though they both had jobs they really couldn't afford their house. They had no payments for the first six months, and had some introductory interest rate that kept their payment low for the first two years. Second year kicked in and bam, they were fucked. They walked away from their house.