MSN is suggesting today that if you got yourself into a bind by signing on for a loan you can’t (never could) afford, you should sue your lender. That’s right. It’s not your fault. They should have known your finances better than you and should have denied your loan. Therefore, the real problem with all of this is the lender. And in true California style, the best way to teach these lenders a lesson is to litigate.
I have to ask what the world’s coming to, when we can’t (refuse to) take responsibility for our own actions. When we have to sue someone else for not forcing us to be more responsible. Paul Harvey used to always say, “Self government won’t work without self-discipline.” Self-discipline involves the willingness to say, “I made a mistake,” and take your lumps. It doesn’t involve shifting the blame and making others responsible for your actions.
If you would like to read how MSN is inciting unwise borrowers to sue, click here.
I really don’t agree with sueing the lenders at all! My fiance and I just bought a house to begin our new lives together and when we went to get approved for the loan they qualified us for $300,000! In utah that will get you a brand new 3000 sqft house in the area we were looking. We are both in our mid-twenties and have not finished college. We make about $54,000 a year
OOps, I submitted before i was done…Anyways…I would love to have a brand new house at my age, but after figuring out our finances we decided that the most we could spend was $150,000; that still gets us a great starter home with plenty of room to grow. Even at half of what we were approved for we feel like we are really going to have to budget to make things work out. My point is that just because someone else tells you that you can afford to pay a certain amount doesn’t mean a thing! Lenders know very little about your financial situation and are just giving you an estimated figure…they are not promising you anything. They use a fomula based on different factors, but formulas don’t equal reality. The reason we were qualified for $300,000 is because we have credit scores over 800;that does not mean that we have more money than someone with a 600 credit score who makes $54,000 a year, it means we paid our bills on time and were smart with our money. If you are buying a house then I think it’s safe to say you are an adult and should act like one! I think it’s bogus to blame anyone for your financial situation but yourself! Don’t blame lenders…take some responsibility! Hope that made sense, I kinda rambled on a bit!
Now, I’ve heard it all. Take the lender’s money, default, and blame the lender.
Well, I guess if you can sue McDonald’s for being fat…