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We have a family friend with one of these odd mortgages, and he has a four-figure payment. I fear he will be foreclosed on, because he also has spending issues.
What's really scary is that some of these loans don't allow you to build equity. I thought that was the whole point of homeownership -- equity creation.
For me, it's not here or there. I will eventually be a homeowner through inheriting a share of MamaTrap's place, which is nearly paid off. I just have to make sure I can afford the taxes.
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