Loans came easily, then fell apart:
While earning a salary of $21,000 a year, Leesa Robinson landed on top of the real estate world in 2006, overseeing nearly $1 million in property.
The 45-year-old single mom started buying houses after watching late-night infomercials and their tales of fast wealth.
Lenders from across the country wrote more than $800,000 in home loans in 2005 and 2006 so Robinson could buy eight north side rental properties, half of which she purchased with no money down. All but one of the loans came with high-interest, adjustable rates.
Today, her credit is shot. She lost all eight houses. She went bankrupt.
Robinson’s story is far from unique.
Far from unique? What does that mean? Common? A lot of people making $11 an hour buying a million dollars in property?
And whose fault is it? None, apparently, on the person who believed too much in infomercials, reached for the American Dream, and failed. Failure is no longer an option; it’s something that The Man or Big Mortgage does to you.
