1 post tagged “mortgage”
Seems that no one can take responsibility for their actions anymore. People have been cashing out equity in their homes for years here in Colorado (as well as most of the nation) thinking their refinancings were “free money.” Cashing out $250,000 when you make only $30k a year? No problem!
Well, seems like all of these ARMs are now expiring and many people are now unable to make their mortgage payment. Who’s fault is it? What did you do with that $100k you pulled out? Who cares! It’s the mortgage broker’s responsibility for it, not yours.
We Americans continue to slip and run from any responsibility anymore, as this article from the Rocky Mountain News can attest to. Remember kiddies, 1) if it’s too good to be true, it probably is and 2) cashing out equity isn’t “free money” until you sell your house.
