Have you ever been hoodwinked, bamboozled, or tricked into purchasing a home you could not afford?
" Few have been hit harder than Latino-Americans and African-Americans. You know what I am talking about. You know the people like the couple I met in Las Vegas who were tricked into buying a house they couldn’t afford and are at risk of facing foreclosure…”
BHO @ 2:45
http://www.youtube.com/watch?v=4jjSVVRncgM
11 Responses
3rd Party 2008?
09 Feb 2010
۞۞۞۞ THEY GI
09 Feb 2010
They tried to get me.
I was a single mother at the time. I was making all of 18 bucks an hour with no child support… Kid still in daycare.. you know the drill.
They tried to get me into a 180.000 that is right… .ONE HUNDRED AND EIGHTY THOUSAND DOLLAR HOUSE….
you know what I did….
I SAID NO….
Do you know why???
BECAUSE I KNEW I COULDN’T AFFORD IT.
Tyler M
09 Feb 2010
Takes a genius to compare your income to the number on the contract
lola55109
09 Feb 2010
ROFL, nope, we’ve always been pretty danged alert at house-buying time!
Jaz
09 Feb 2010
It takes more than one to buy a house, read the contracts, wow what a concept to read a contract! People should know what they can afford, if not they should rent. Take responsibility for your actions and quit the blame game. Why is it always someone elses’ fault?
Nate Wonder
09 Feb 2010
I haven’t but a former friend of mind did. I don’t know how he was able to get out of the house but he did after about 30 days of living in it.
Cherry Pop Tart
09 Feb 2010
Nope. In fact, when I decided to buy a house 3 years ago I was told I qualified for a $500K loan, which is absolutely ridiculous for a recent college grad.
I politely told them no thanks and bought a very nice & affordable home for $125K.
Personal responsibility is becoming a lost art in this country.
tess
09 Feb 2010
It doesn’t take a rocket scientist to figure out that if you make 10.00 an hour, you’re not going to be able to afford a hundred thousand dollar mortgage.
Aymee L
09 Feb 2010
No….and I am in my second after selling the 1st for twice as much as I had bought it..the poor ding a ling took out 2 mortgages to buy it..and it has been vacant now for almost 2 years..and the one I own now..I paid cash so I don’t owe a penny…it’s how smart you are and knowing what the different loans are all about.
As for tricking people..all the loans were legal…the loans to those 2 ethnic groups was from pressure from the gov to loan to unworthy ethnic people to try and make the playing field equal. But because their incomes and credit were not good there was only the creative ways to get them in and to keep the lenders from being ac cussed of racism….and when the time came to refinance because of arms..they didn’t qualify..so they were stuck between a rock and a hard place.
MrPinstripeSuit
09 Feb 2010
Federal law requires that home buyers sign and receive a copy of a truth in lending disclosure form. This form includes the purchase price, any adjustments and the terms associated with the adjustments, the interest rate, the amount and number of payments, if there is any pre-payment penalty and other information related to the purchase of any real estate.
I have little sympathy for anyone who knowingly enters into a purchase agreement for a home or other item which they cannot afford. All the purchase information must be presented to the buyers during the purchase process and at the closing as required by federal law. If someone regardless of ethnicity, enters into a binding agreement to purchase real estate, they should have considered the affordability prior to signing on the dotted line.
who is #1?
09 Feb 2010
Fortunately I lived in California most of my life, where ordinary folks can never buy a house, just too expensive.
No, I actually bought a home I could afford and based only on my income not my wifes! I am paying off the principal each month. Turning a 30 year note into a 6 year loan. Thats called fiscal responsibility. I would not know what the hell he was talking about, because I read my loan papers. I asked questions. I knew the rate before I ever signed the note! The pole he is talking about are part of the financial problem we now face. The irresponsible.