Originally Posted by merrylander
The story these people were handed I have experienced first hand. We were told that we should re-morgage our home and then we would have all the money to do whatever we wanted. So how were we going to re-pay, oh not to worry, the way the housing market is going our home would double its value in three years and we could simply keep on re-financing it. There are ladies reading these threads so I won't tell you what I told him.
I was still pretty new to the country when they started offering me loans. Used to the Canadian system, I just couldn't make sense of it. So I just ended up not taking a mortgage. Something about it just didn't feel right. But I gotta say it was persuasive as hell. Everywhere you went, someone was offering you credit. The pitch was incredible, and it being America, the richest country in the world, why couldn't it work the way they said?