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>>She is an accountant and didn't read the papers? What will a foreclosure record do for her future employability?<<

This is the law of unintended concequences. For people under 40, they have lived in a world that had so many laws protecting people signing contracts, and contracts have become so complicated, that they just "assume" they are protected and everything will be ok. The loan officer is like their mother telling them that, "Don't worry dear. This was drafted with the protection of your interests as it's primary focus and reason."

It was really drafted to make a loan officer a commission and a bank an indentured slave.

Reading contracts is, like, you know... SOOOO much work.

Today, you really need a lawyer just to understand the forms being completed.

Go to a PPO doctor, be prepared to recieve a litany of forms releasing him of all accountability, meanwhile surrendering all financial interpretations to an independnet adjudicator of his choosing. Several steps later, the doctor's hired subprofessional staff have learned the ropes of the health insurance company by double and triple charging all possible claim procedures regardless of required procedures in the visit.

Then the insurance company only pays what was reasonable, but the doctor's office/healthcare professional billing service proceeds to charge the double and triple bill to the individual patient in an attempt to milk as much cash out of the fraud as possible.

Edit the form and watch the faces of the girls handling the forms who get beligerant that you dare to challenge their phrasing of a unilateral contract into a bilateral signed document.

At the other end of the spectrum, we have those who simply enter into agreements by culture, earn less than $30k/annum but live in new houses with new cars and no shortage of expendable income say to about %5k per person.

I fear our society is far less secure than most trust.

I understand not reading some parts of a loan, but the bottom line concerning what it is tied to, term before rate changes etc., are important. I also understand some people are at a serious disadvantage concerning basic math.

I would not expect an accountant to have such problems. Having said that they were screw as soon as the husband was laid off and the wife got sick. Not having an income would sink anyone. 30-40% of the country's working population would be in serious trouble not getting the 2nd check in any given month. Reading, or not reading the documentation is secondary to that main issue.