Easy to borrow?
After dealing with the neighbor moving out for the past week or so I’ve been thinking about how easy it is to borrow money. I found the paperwork online for my neighbors mortgage and found that she had one interest only loan and one balloon payment loan. I also know that she struggled to pay for her loans starting mere months after moving in.
Other then thinking her choice of mortgages was a bad idea, does her being able to get such loans show just how easy it is to get secured loans or personal loans? She didn’t have a job, either got very little or no child support and … didn’t have a job.
Then again I don’t know what other bills she did have, other then the ones that came with the house like electricity, water, sewer, etc. If she was able to get two home loans, maybe she got a debt consolidation loan and paid off other debt. I thought she owned other property – other homes she lived in previously – so there is little about the situation that makes sense. She was a very open person so I doubt she was lying when talking about her personal issues, but it does make me question the type of person she is.
My advice for getting loans – research all of your options. If you don’t have to get a loan then don’t do so. Make sure you pay off your debt and save to pay for your wants in cash.