Down To The Business Of Living

With the new regulations on mortgage loans a lot of people are finding it more difficult to get loans now. I guess that's a good thing really. A friend of mine and her husband recently lost their home (after a two year court battle) that they'd had for over twelve years. The original mortgage wasn't the culprit, it was a re-fi they did about five years ago that did them in. Too bad in a lot of ways. They'd had dreams of turning their huge old Victorian styled home into a Bed & Breakfast. It takes a lot of money to do that, though, and the loan they got when they refinanced didn't even begin to cover it. So maybe it's for the best, sad to say. I did try and warn them when they were going to sign off on the loan that it was a dangerous piece of paper, and that with their history they'd never be able to keep up the escalating payments. People never listen. It seems their dreams are at least a little more down to earth now. They've managed to pick up a small eight acre lot (for us out here, that's small), and have laid a cement pad and are having a nice, normal sized modular home brought in. It's used, but in really good shape, and they can get down to the business of just living in their home rather than trying to find a way to get rich quick off of it.