"I guess I wanted the loan so badly I didn't care"

Over two years ago Holly Henkelmann had so much credit card debt that she had to refinance her Escondido townhouse to pay it off. She claims she was not asked for written proof of income, but still got the loan and failed to do the math. The mortgage alone was nearly equal to her income.

"I should have had alarm bells going off in my head," she said while thumbing through the loan papers.

A forclosure notice came in August. As reality set in, Holly decided it was probably a good time to read her loan documents. She found that her reported income was more than twice what she told the loan officer. Yeah, ok Holly. This loan guy lied so you could get money you knew you couldn't afford.

She told 10 News, "I guess I wanted the loan so badly I didn't care."

If this is predetory lending, then some fault should go to the loan officer. Only some because most falls on Holly's incompetence and her need for instant gratification.

My interpretation of the meeting discussing the loan:

Holly - "I have too much debt, so I need to incur more debt."
Loaner - "Well, we can refinaince your home and give you some extra cash."
Holly - "Ok, I'll take it. Where do I sign?"
Loaner - "There are some details we should go over."
Holly - "I want this loan so badly I don't care about those silly details"

Hey Holly, did you buy that shiny new car in your driveway before or after you got the loan?

http://www.10news.com/video/18056434/index.html