[Porsche-O-Phile]

Didn't mean to sound caustic, but (for one) I get awfully sick and tired of hearing these kinds of sob stories from grown adults that signed about 50 different forms and then try to claim they "didn't know what they were doing" when stuff goes south.

Yes, the RE market is full of scumbags and sharks. It's like shopping for a car. If you're dumb enough to walk in to these kinds of situations without someone on your side (i.e. a lawyer or buyer's agent), frankly you DESERVE to get shafted. Most of these people had no business buying in the first place and I can't say I've got a heck of a lot of sympathy for them now.

Don't want to belabor it - I hope it all works out for your buddy here, but I've said many times before - for one, I could only DREAM of owning my own place, but I'd never allow myself to if it meant doing the kind of crap people have been doing over the last five or six years in order to do it (I/O loans, ARMs, negative amortization, no doc loans, over-extension of credit, etc.)

This kind of nonsense has made real estate toxic and has pretty much ruined the "American dream" for people like myself that want to do it legitimately under CONVENTIONAL lending standards, not "whatever-looks-good-on-paper-that-day" standards. Unfortunately, we now have to compete against these sorts of boneheads that are willing to sign any old thing with a big heapin' helpin' of "devil-may-care attitude" to sweeten it. Then they can just cry "victim" later and at the end of the day, they get to have their own place and the financially responsible people that DO their homework and show restraint get the door slammed in their faces.

Am I bitter? Yea, a little I guess. Not wishing any harm on your friend, but people like this are the CAUSE of the problem. They deserve what they get, insensitive and non-PC thought that may sound. I have nothing against the guy personally, but it'd be nice to see some willingness to accept the consequences of one's actions as an adult in this matter for a change. . .