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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: KLP who wrote (244417)	4/4/2008 1:25:24 AM
From: John Carragher	Read Replies (1) \| Respond to of 793640

i feel sorry for those people who bought houses believing they were qualified to purchase them. do not lie on application, however the loan companies sold them a bill of goods about low adjustable rate, and then tacked on a home equity loan ballon where they only paid interest and no principle for five years. i know of a few young people who thought they really qualified for buying a home and dumped big time money into fixing them up. i never could figure out how the loan was so low until i had one guy refinance about four years later and he found out he had zip for equity in a house that's value went up substantially. it all went to pay off this home equity loan that woke him up.. he never went back to adjustable rate mortgage. happy with a 30 year fixed. I find most people buying homes have no idea about the financial paper work. Then again most of these same people could care less about most other issues either.