June 29, 2010
When it comes to financial hardship, people are willing to do just about anything to get out of it. I’ve heard of female university students donating eggs, but cosigning a loan for a fee is a new one.
Angela Isaacs is definitely a case of being in the wrong place at the wrong time. It began in 2004 at a Tim Hortons when a stranger approached her after overhearing her conversation about financial problems.
He said that if she simply cosigned a mortgage for a man with a poor credit rating, she could earn $4,000. She was reticent at first, but agreed when he upped the ante to $6,000. I mean, what could go wrong with cosigning a mortgage for only 6 months? And on top of it, she would be helping out a fellow that otherwise couldn’t purchase a home. A win, win situation, right? WRONG!
According to the Toronto Star:
An agreement of purchase and sale had been flipped to Forrest and “Angelita” Issacs by women calling themselves Sharina Wynn and Diana Williams, who had days earlier agreed to pay $285,000 for a house in poor repair worth only $220,000.
Problem is, she hadn’t read the papers she was signing. When she received a request in the mail for the first payment on the mortgage of $1,838, she began paying the mortgage and attempted to sell the home. But when the bank refused a sale price of $210,000 to relieve Isaacs of any further obligation to pay the loan, she proceeded to sue the bank.
But…COME ON! She didn’t read the papers she was signing, and that’s just dumb. That’s a very basic part of participating in our contract-driven society.
Lesson learned, just a hair too late.