Quote:
Originally posted by soft&beautiful
To me this article had so many contextual issues that should, after reading it, make us rethink our position in the AA community and society as a whole.
This woman was a 35 year old GRANDMOTHER--a GRANDMOTHER at 35??????
Not only that she had a home loan for 65K @7.4 APR which means her monthly house note was around $450 before escrow. So with her income at $880 AFTER taxes along with her social security (with 2 disabled children) she would not have been able to afford that home anyway;which simply means the underwriter knew she would be a high credit risk regardless of the fact that she had little to no credit history.
If she owned her home since '99, that means she must have tapped into the equity which increased the monthly payment amount to pay for the dilipidated porch among other things.
Something sounds a little fishy about her story......
Also, she should have been informed that there are ways that she could have kept her home, unless, she took out a HELOC.
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I am feeling you!
Not only could she not afford the house, it sounds like it was a money trap anyway!