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Originally Posted by Detector  What about laws such as the Lemon Law?
We know there are crooked car dealers who take advantage of people who don't know what they are getting themselves into. Sure the advice is to take the car to a mechanic to have it checked, but not everyone can afford this. These are the people the Lemon Law is meant to protect.
I just think the same should be true for home loans as well. Some kind of protection for those who don't know the ins and outs/goods and bads of home loans. It's easy to say you should watch out for yourself, but there are, apparently, lots of people who don't know what to watch out for. |
The only difference is, you are signing a document that outlines the terms of the deal. Lemon laws are to protect a buyer from a car dealer that turns back a speedometer or puts oatmeal in the crankcase- something that's virtually impossible to detect and is done to purposely deceive.
When buying a home, if you do not understand the wording in the documents, you turn to your agent to answer any questions about the deal, and you have the right to take the documents and have a lawyer or trusty friend look them over prior to signing.
So many people sign without reading, fueled by their deep desire to "do the deal" without understanding what they are doing.
I think many pepole fall into this trap, thinking it's the best deal they can get. Their past financial history limits their options. Then, they want to cry "foul" when a lender takes advantage of that.
We have to take responsibility for our actions, present and past.