[quote=Merch;159026]...She was a loan processor (70k for a clerk seems a little high to me) who thought an IO that is adjusting up was a good idea. Nice...QUOTE]
Actually that is on the low side for a loan processor. Those "clerks" are the ones that help underwriting do their jobs by making sure conditions get met. If you have a bad loan processor, your loan doesn't get closed on time.
The interest only payment is insane. No one should sign up for those. But I am rather interested in the disappearing husband. Losing two incomes at once is really hard on any house's finances.
Obviously a good argument for a large emergency fund. A 6 month emergency fund would have made a huge difference for this household.
|