Folk desperately want to own a home of their own. They will do whatever they can, in order to obtain one. This is how the mortgage and finance houses are able to dupe folk and put them in a 'fix.' People are in a mental state that they have achieved and don't look at the big picture. Sadly, when the very favorable payment amount escalates, there are no 'rescue' boats. This is the way the system works. It is pretty dirty. Peace!Why are people stupid enough to have ARM mortgages? Why do they expect responsible people to bail them out?
Wow, pretty hard on stupid people huh? ARM are also for investors that know they can flip a house within a year or two saving them (and don't we all want to save money) quite a bit in interest. In normal situations where stupid people aren't involved, responsible people that didn't ';flip'; the house are usually given an option to either get in line with the stupid people or convert to fixed mortgage. BUT, my judgmental little friend, I agree with you that these mortgages are not for all.
I would say alot of people just need a place to live so they use a arm while yes not smart but more affordable. If you personally know someone in trouble please send or give them a link to this web site www.freeyourselfofdebt.com to make it simple as possible its a interest cancellation program that saves people alot of time and alot of money
No idea... even buying just to live there 2-5 years is silly. Should rent for that period, not only would renting be cheaper, but it would save people from these exact issues.
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