Khane
Got something right about marriage
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yep. ITT: poor people be stupid!
in reality: you pay 800/mo rent for a shitty apartment, apply for a bank loan for a pretty nice home and are approved. monthly payment: $750. somewhere down the line, you have a car emergency, health issue, major home repair that needs to be done, or lose your job which wipes out your bank account and sends you into the "payday loan just to pay bills until i get paid" spiral.
Well, no. It was take on a loan with a $1000/mo payment for a "dream" house way bigger than their shitty $800/mo apartment. Live happily ever after... for 3-5 years until their first ARM rate adjustment. Suddenly their payment is $1400/mo and woops I can't afford $1400/mo!!!!
As to the posters who blanket mock people who were taken for a ride...
Should they have known better? Yes. But like most things in life there SHOULD be some expectation that the industry "experts" (shady mortgage brokers in this case) who know better than you what the inner workings of a deal like this are, have some modicum of decency and integrity. It's easy for many people to get taken in situations like this. No different than everyone that SHOULD know better when they take their car in for a fix if their mechanic is a lying sack of shit doing unnecessary work and upcharging them. Yet...
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