Do You Read What You Sign?
A local radio station has a show called 'Money Talk'. I am sure that my community can't be the only one to have such a unique (sarcasm) name such as that... But, I am wondering if it has a unique problem.
I was listening to it the other day, and a lady had called in about her mortgage. This was her situation:
She had a ARM.
It was set to adjust next month.
It's "adjustable" piece was based on LIBOR.
...
and that was all she knew!
The guy on the call obviously couldn't comment on it for one obvious reason, LIBOR + what? Not to mention, her blaringly obvious showing that she did not read any of her mortgage terms.
Has anyone else out there decided to spend (I think it was...) $300,000 without checking every detail?
The more I hear about the 'mortgage crisis', the more I think... Those getting foreclosed on need to be, or else they are just going to do this again.
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