Mohacsy's Safe Portfolio Member Forum

[santafe2]

During the follow-on to the 2009 GFC, some home owners quit paying their 2nd mortgage or line of credit because the mortgage companies had gone out of business or quit sending notices. Private investors bought up many of these loans and are now coming out of the woodwork to collect. One example:

Warren A. Brown was flummoxed when he got a notice last fall telling him that the Randallstown, Md., home he lives in was subject to foreclosure. The reason, he learned: failure to make payments on a home equity line of credit taken out in 2006.

The GFC, the gift that keeps on giving.

While I'm not religious there's a lot of good advice in the bible; Proverbs 22:7
The rich rules over the poor,
And the borrower becomes the lender’s slave.

Or just a more modern colloquialism; If it seems to good to be true, it probably is.