Monday, June 04, 2007

Really Dumb

"Rafael Delarosa of Lawrence testified yesterday that he could wind up losing his three-decker house on Stearns Avenue because of some false and misleading advice he got two years ago. ‘She told us the minimum we’d be paying (a month) would be $2,500, including taxes and insurance,’ Delarosa said of his mortgage broker."

"But Delarosa wound up with mortgage payments of $3,700, with the insurance and taxes included. And the 30-year fixed-rate mortgage he expected turned out to be two loans, one for two years and the other for 15 years."

"He and his wife earn a combined $2,400-a-month in Medford. They were counting on rent money from the triple-decker to help pay off the mortgage. But one of the apartments is vacant and new tenants are unlikely after he put a ‘for sale’ sign in his yard three months ago."

Apparently in Massachusetts you can sue your mortgage broker if you don't know the difference between "minimum" and "maximum"...


Taylor Conant said...

Examples such as this are just more fodder for the "educate everyone" and "we need to protect ignorant people from less-ignorant people who will take advantage of them" schools of thought, unfortunately.

You find the best pictures ever for your posts.

Ankakh_Hayastan said...

Is it possible that the reporter wrote 'minimum' instead of 'maximum'?

CaptiousNut said...

Of course, I meant to Marginalize the reporter/editor in the post as well but forgot to.

We'll have to check the court record!

Anonymous said...

You are a seer and a sage. I enjoyed your post, and look forward to many more!

CaptiousNut said...

Sir P,

Flattery will not result in immunity from my Captiousness!!!


When are you going to start your own blog?


Sometimes I spend an inordinate amount of time searching for the right pics. I generally write the posts first and then look for pics at the end. I also save any good picture that I come across into a folder - in two years, I am on my 7th "blogpics" folder. Most of them never even make it onto the blog.