Saturday, March 22, 2008
It Was All an Illusion
Of course, Ortiz' dream ended up in foreclosure; and there is enough ground for blame to go around the Beltway and back. The folks involved in the house deal should've never done it, especially with looming red flags flapping up and down in front of their noses.
[Glenda Ortiz] looked at only one house and paid too much for it: $430,000 for a run-down, one-story duplex in Alexandria, triple what the house had sold for the year before, and $5,000 more than the asking price, according to real estate records.
She agreed to a high-interest loan that would cost her more than $3,000 a month, more than 70 percent of the $4,200 that she and her husband brought home monthly.
But who can blame the Latina lassie for trying to live the American Dream? Too bad for Ortiz that her happy dream turned out to be an ugly American nightmare.