Here are a lot of comments made on this site placing blame or trying to place blame everywhere but where it should be. Whatever happened to accountability? Is it not our responsibility as consumers to read what we sign? Is it not our responsibility to educate ourselves before we commit to a transaction, no matter what the transaction may be? Yes, there are a lot of Colorado real estate Mortgage Lenders out there that are unscrupulous. I find that fact not only distasteful but disturbing as well. On the other hand there are a lot of real estate Mortgage Lenders out there that are not unscrupulous. I believe in education, the problem is that you are not taught in high school or college what a summit county real estate www.luckymountainhome.com/summit_county_real_estate/ mortgage loan is, how the interest rates work or what is the best avenue for you to take when you complete a mortgage transaction. For example: A person has a daughter in College so the parents want to purchase a house close to the University for the daughter to live in. The daughter will be attending the college for 4 years. After 4 years the parents plan to sell the house. Does it make more sense for the parents to take out a 30 year fixed rate mortgage? Or could it make more sense for them to take out a 5 year ARM? It would all depend right? You would need to weigh the facts. What is the rate? What are the costs involved? After 5 years will they be ready to sell? Of course, you have to consider everything. But, what you DIDN'T know, was what will happen to this family within the next 5 years. Ideally, everything breckenridge foreclosures www.luckymountainhome.com/service/for_buyers/foreclosures/ that happens is great. Dad gets a great promotion and his income increases. Mom won the lottery and now has an extra $100,000.00 to put in the bank for retirement. But the reality of it is that sometimes bad things happen. Dad lost his job and Mom was diagnosed with . All of a sudden it really doesn't matter what kind of a summit county real estate mortgage loan they have.....they simply can not pay it. I think it's high time Americans hold themselves accountable for what they do. Stop blaming everyone but yourself. Instead, educate yourself. Learn how the interest rates work, learn about the different types of mortgages available and do the math! It's basic simple math! We've been told by Financial Planners for years that a 30 year fixed rate is the "smartest" loan you can get, therefore that's the loan you should get. But is that entirely true? Perhaps it is true for some individuals, but not for others. It all depends on your individual situation.
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