Have you heard about the sub-prime issue in the US recently? Based on Wikipedia, subprime lending is the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history. Simply put, based on your track record, if you are not a great $ borrower, they'll give you a "lousier" loan with higher interest. Since most of the people need it, or think they need it, they fall for sub-prime loans and most of them are stuck with it now to the extent they can't afford to pay for their house and need to force sell it and even forced some mortgage companies to shut down. That's such a pity.
Though there are lots of pointing fingers being done at the moment. The home owners are blaming the mortgage lenders, and vice versa, to my opinion there are only yourself to blame. The lack of information and greed have driven them to their own misery and terrible loss.
Hence I stumbled into this site where people are free to post their tips in order to prevent or save people from losing their home or other properties. It's something like wikipedia where the information is from the people and to the people. Hope it'll be beneficial to someone you know or when you are making the decision for yourself in the future.
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