I urge you not to become Another F*cked Borrower. SoCalMtgGuy is doing a terrific job warning potential and current buyers of how NOT to become another f*cked borrower. The writer is a mortgage broker in southern California. The blog / website Another F*cked Borrower is absolutely fantastic. He works in the field as a professional. This guy knows his stuff.
The toxic mortgages that have been pushed in recent years has reached obscene levels. Some of the f*cked borrowers are now are welcomed into the mortgage office with a red carpet would have been laughed out of there a mere 5 years ago. Something is wrong when lenders lend 400K to someone earning 50K who has put zero down and has a credit score in the mid 500s. Just because one can get a loan, does not mean they should.
Enough is Enough.
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Addendum:
ReplyDeleteSoCalMtgGuy has gone indie:
http://www.housingbubblecasualty.com/
This also makes it easier to get past office blockers that forbid the "f" word.