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| Sounds like the housing deal a few years ago.
I know a guy who bought a house. No money down, I think he did have to come up with closing costs of a couple hundred. He probably put that on the credit card.
No payments for the first year, Then only interest.
A couple years in, he refinanced and used the money to buy a new car and probably paid some on his credit cards. Another couple years in he quit making the payment. Remember he only paid the interest accrued after the first year, so that first interest, plus the new car, plus the original balance plus the insurance and taxes are all owed.
A year later they finally start to evict him.
Any way I figured it up, and he was actually paid to live in this new house. He is crying about how bad it is and he lost everything. He doesn't understand he actually paid NOTHING towards the house, ,or the car or cash.
A few years later he gets a check from the government as there was a class action suit about those loans. They were government backed and they knew the borrowers couldn't make the payment. | |
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The bubble looks to grow
