The premise is false.
A growing number of families like the Philbrooks are paying a high price to ditch unscrupulous financing and hold on to their homes. Others are walking away with nothing as the real-estate market slides locally.
Of course, it's the fault of "unscrupulous financing," not "punchdrunk borrowers" or "careless fools."
;-)
The missus and I took out a 30 year mortage and, by declaring it our enemy, paid it off in full in 15 years. We're debt-free because we don't treat credit as free money. Think we'll get written up in the Times?
Anyone that get an interest-only adjustable-rate loan with today's low fixed rates is a blooming idiot.
>>The premise is false.<<
Point eloquently made. It's really hard to fault your logic.
No kidding. Ahhh, the poor Philbrooks.
...And the Philbrooks, who had about $900 saved up for their daughter’s future, a few hundred more for emergencies and nothing in reserve beyond that, realized their entire dream now stood ready to fall.
But why is that?
Ahhh...here it is...
...Having not understood the small print of their contract, the Philbrooks were unaware that the loan’s rate would never be lower than its starting rate--meaning all the risk attached to the variable rate fell on them.
If they didn't understand the documents, why did they sign them? No sympathy.