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Buying a house back in ‘04 when they were throwing mortgages at anyone and everyone. We were young, naive, and had no idea what we were doing, and the mortgage company, as well as our real estate agent, took full advantage of that fact, lol. We put no money down on an older home and we did not have a fixed rate, so our mortgage shot up to an astronomical amount and we struggled to keep up with the payments. We did several “loan modifications,” as refinancing wasn’t an option. But if our payment even ended up being lowered, it was by $30 at the most, which wasn’t much help. On top of that, we had to replace the air conditioner and the water heater within the first year (despite the appraiser saying they were in good condition), and then two years in we had a slab leak that led to us having to replace all of the piping throughout the house. Over the years it just became impossible to keep the house up — we needed a new roof, windows (the original early ‘80s ones did nothing for the climate control in the house), and had a lot of outer wood that needed to be replaced, among many other things. We spent so many sleepless nights stressing about payments and the house falling down around us that eventually we realized we just had to get out or we would drown in this forever. Also, we didn’t want this house to cost us our relationship since we were having unnecessary fights just because we were under so much stress. We tried a short sale (selling it outright wasn’t an option due to all the repairs needed), but it didn’t happen, and we were denied deed in lieu of foreclosure by Wells Fargo. So we were forced just to let it go to foreclosure and move. It ruined our credit in a huge way, but we couldn’t be happier to be out of that nightmare.
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Source : https://www.buzzfeed.com/venessawong/36-terrifying-financial-horror-stories