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The banks are still encouraging people to borrow money they can't afford to pay back. [View All]

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notadmblnd Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-12-09 07:50 AM
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The banks are still encouraging people to borrow money they can't afford to pay back.
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My mortgage company called me last week and asked if I would be interested in refinancing. I told them yes since I'm about to lose approx 1/2 of my income in April and will have trouble making the payments since I have been unable to find employment.

To make a long story short, apparently they won't re finance me because I'm upside down in my mortgage, however, they will give me a 20,000 personal loan to pay off my less than 5,000 of debt. I asked them how this was going to help me since I won't be able to make my mortgage come April. I told the girl I'd call her back, but I'm thinking isn't this the kind of behavior by the banks that got us into this mess to begin with?

In all honesty, I'm half tempted to take the money, buy a repossessed double wide, pay cash, put it in a relatives name and walk away from it all? I was told that they can't rework my mortgage or file for hardship until I have fallen behind and ruined my credit. What should I do?
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