I'm not trying to bash anyone who was taken by the whole ARM thing (because of Americans' need to have bigger, better, more, NOW - and to have it at any cost). But this is really ridiculous.
These folks have not paid a dime on their mortgages in up to 5 years, and still have not a penny saved. What the heck??
Lynn, who didn't want her last name used, purchased a two-bedroom on Tampa Bay in 1998 for $135,000.
As the waterfront property's value skyrocketed, eventually reaching $750,000, she refinanced twice (once to expand a business), and took out a second mortgage. She now owes more than $600,000 on the home, which is worth only $235,000.
Ruben Martinez, a Staten Island, N.Y., man trapped in a particularly bad adjustable rate mortgage, stopped paying more than three years ago. His attorney, Robert Brown, has managed to stave off one foreclosure.
Martinez, still struggling to find work, has little in savings despite the missed payments. He's earning some income as a pastor and consulting for a non-profit family counseling organization.
Isn't there an integrity breach here?? Not to mention, the violation of a Biblical principle or two.
http://finance.yahoo.com/news/Foreclosure-limbo-Staying-cnnm-989137852.html?x=0
