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erik
It is irrelivant that a substantial amount of homeowners know what they are doing. Ive been to closings. The title agents goes thru every single shred of paper to make sure they understand the terms.
The fact is that JUDGES almost always take the side of the homeowner if they consult an attorney who TELLS them what to say. 'I didnt know' boo hoo etc......
How about, we just dont put people in these DUBIOUS loans, so they cant cry foul afterwards, regardless whether they damn well knew the terms or not.
remember the golden rule:
-its great to GET the mortgage, and the cashout , and whatnot.
-its NOT so great to have to PAY the mortgage.
this is what I have found from sub prime and or otherwise borrowers who go for neg am loans.
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