Here’s another mortgage that should have never been made: A single mother earning $34,000 a year buys a ranch house for $385,000 by taking out two mortgages. Her then boyfriend was helping with payments, but then there wasn’t more more construction work. Blogger JLP figures she was probably putting 86% of her income towards the mortgage.
So who do you blame, her, or the layers of finance guys who gave the thumbs up? Is it a confederacy of dunces, or of the greedy? Either way, they got their commission payments, and she, well expecting a foreclosure any day, has put all her belongings in a crate in the yard and the only thing left inside is the mattress she and her children sleep on.
How the Heck Did This Woman Get a Mortgage? [All Financial Matters]