Why in the world would anyone in their right mind think they can afford a $425,000 loan with a $35,000 salary? He was not taken advantage of; he had a carrot dangled in front of his face and took a bite knowing damn well where it would get him. If you know you can’t afford it, DON’T agree to it! Now people want help getting out of the mess they created for themselves. I too want a nice big house from Better Homes and Gardens, but also realize where I am at in life and went with what I can afford. The banks were wrong dangling the carrot, but ultimately the decision is in your hands.
Believe me, I’m a fiscal conservative and believe in being responsible for your own actions but if a professional banker and professional real estate agent are telling a person that may have no business education or know very little about loans that they can afford it and qualify for it…there is some responsibility on the part of banks. Just sayin…
Why in the world would anyone in their right mind think they can afford a $425,000 loan with a $35,000 salary? He was not taken advantage of; he had a carrot dangled in front of his face and took a bite knowing damn well where it would get him. If you know you can’t afford it, DON’T agree to it! Now people want help getting out of the mess they created for themselves. I too want a nice big house from Better Homes and Gardens, but also realize where I am at in life and went with what I can afford. The banks were wrong dangling the carrot, but ultimately the decision is in your hands.
Believe me, I’m a fiscal conservative and believe in being responsible for your own actions but if a professional banker and professional real estate agent are telling a person that may have no business education or know very little about loans that they can afford it and qualify for it…there is some responsibility on the part of banks. Just sayin…