Are we chained to our spending habits?

The scoop: The latest story in LA this week is that a woman in Mira Mesa County chained herself to her house when officials came to reposes it. In an outrage she told news cameras “It’s our castle, it's every American's dream and that dream has been shattered by the banks." Is this foreclosure another victim of bad banking policies? I think not. News 9, who reported on the story, spoke with Mrs. Robert’s bank and found out that she had refinanced the home three years ago in order to take out $300,000 in cash value from her home. Mrs. Roberts said she put the money towards her failing business, which ironically is a mortgage and finance consulting business.
The Verdict: After I wiped the tears from my eyes and holding my side till the laughing subsided, I wondered if there was any validity in what Mrs. Roberts was saying. According to some other bloggers the family had refinanced multiple times to get more money out of their home. And in watching the 9 News video Mrs. Roberts said they had no idea the loan they signed was an adjustable rate mortgage. Yet, isn’t the golden rule here never to sign anything without reading it through? Shouldn’t a financial consultant know these things? No wonder her business was having problems. I would be interested in seeing her household spending over the last couple of years, but I think this is a story of women unwilling to answer life’s knock on the door. Perhaps this is life’s way of saying “time to move one”….”this isn’t working.”