I was 17 when my parents bought our first home. It was a beautiful split-entry with 4 bedrooms, 2 baths with almost 5 acres of land. This was was our "forever" home.
Unknown to my parents, they were given an adjustable-rate mortgage (ARM). In 3 years, the monthly mortgage payment went from $1,400 to $4,700.
Not knowing what to do or what options were available to us, my parents foreclosed on our home.
We were devastated and we lost everything. It took my parents over 15 years to have the confidence to buy another home.
If I knew what I know now, I would have saved our home and helped my parents avoid foreclosure.
