But Stone’s dream turned bitter the day of the closing, when she was told the $2,500-a-month payment she and her partner were promised, turned out instead to be close to $4,000.
“It’s kind of like feeling you have lost everything,” Stone said.
That must have been one heck of a seminar. Seriously - this sums of what is wrong with America and the housing industry in a nutshell...
And - Will she be able to get her Section 8 housing back? I feel so sorry for her...
You got to be kidding section 8 buying a $480K house....if that doesn't have Mortgage FRAUD in big red letters written all over it. Jennifer was looking for MORE FREE MONEY,section 8 wasn't enough, so i wonder if she bought new clothes or has a new car, Plasma tv, Computer, or was she really that clueless when she signed the papers? Will anyone investigate this?
while I don’t think every homeowner who falls into forclosure should be called a moron, but what made them think they could afford $2500/mo, much less $4000?
how do you go from rent subdidized, to buying a half a million dollar house, and for that matter, why is a “couple” making 66k getting susidies anyway? why should the govt pay for these lesbians to raise three kids? (did she switch to women after getting knocked up the 3rd time?
Here’s a good one for you: According to a recent survey by Bankrate.com, 34-percent of respondents DID NOT KNOW what kind of a mortgage they had.
No joke.
How is this possible? Stupidity? Chicanery?
Stupid is as stupid does.
And like what, she lost the down payment? Not.
And what with her new Mommy Mommy partner, can not one of them get a second job? That would be another $20K/yr plus, plus they have a rental unit, so there is another 15K for a total gross sum of $100K/yr....and you want to pick up her tab?
Uh...I think if I sat down to sign a contract for a $2,500/month payment and, at the closing, the payment was almost $4,000, I'd probably not sign. This isn't even the level of the people who got adjustable-rate mortgages and somehow didn't think about the fact they could adjust. This sounds like they knew when they signed the papers that it would be impossible for them to make the payments, and they signed them anyway. Of course...
On one of her two loan applications for a smaller, second loan, her income, and that of her partner, Sarina, is listed at well over $100,000.
Yet the two women’s income, combined, comes out to just over $66,000 a year, not nearly enough to support such a mortgage, experts say.
...Considering that they committed fraud just to get the mortgage, it's not surprising that they were willing to sign a contract they knew they couldn't uphold. I also like how the article uses the passive: "is listed at well over $100,000." As though the forms filled themselves out with false information.
This current shake up in the mortgage industry will be good for everyone in the long run. And right now, assuming you have good credit and can actually afford to buy a house which should have been required all along, is a buyer's market.
If the buyer doesn’t have the full amount to purchase a house then they have to apply for a mortgage loan to be able to buy the house. What credible lending institution is going to give an unwed mother of 3, who probably cleans restrooms at a hospital a MORTGAGE FOR $480,000 ???
These people never owned a home...the bank owned a home.