Mortgage Madness – Homebuyers Beware

Posted on May 19, 2007
Filed Under Mortgage Smarts, Personal Finances | Leave a Comment

The headline below is from a popular website that is a perfect example of how some players in the mortgage industry have lost all perspective, left the real world of sound business, and moved on to “fantasyland”.

Along the way they’re leaving a trail of folks forced into foreclosure, and/or bankruptcy, not to mention trashed credit. The problem has already become large enough that the feds are talking bailout.

Unfortunately, it continues to draw people in unaware, even though the pitch screams out “BAD IDEA” on so many levels it’s hard to pick a place to start describing the pitfalls.

$580,000 Mortgage for Under
$1698/Month!*
Mortgage Rates Near 39 Year Lows!

It plays on the old tried and true ploy of enticing folks to forget that “there’s no such thing as a free lunch”, and it’s amazingly successful. Why? Because people want the free lunch so bad, they start believing the rules of the game don’t apply to them…. continue reading….

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