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Replies (13)
- Clay Branch, "Georgia Loans"
- Contributions:7835
Good point MW, it gives churning a new meaning. This example seems misplaced by the lender. He is sending one of these rescue offers to someone who has a score between 640-679, is paying 7% now, and a normal debt ratio. Nothing in his notes indicates he is behind in MTG payments ( score does not reflect either ) or that he needs a " Hardship Reduction ". It looks like a typical rate and term. The problem I have is that he is quoting $1000 for his services, instead of closing costs which are much higher, even though he probably wont qualify for any hardship reduction. This is no different than lowballing the quote to 5% on a 30 year fixed. It will make the phone ring, client will be told he does not qualify for hardship terms, and the switch to a rate and term is offered. The $1000 will turn into $4000 closing costs.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Clay,
I will give credit to those who "think" during these times, but being opaque in times like this.... not for me.. Nothing personally against that FL LO/MITIGATOR/ORIGINATOR...,but bring honest real information and let the market and the dogpund take care of the rest..
- Martin Wareing, "Martin Wareing"
- Contributions:3772
dogpound
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
It just makes me sad... Can't these 'mortgage guys' go sell cars or something, instead of playing around with people's lives and homes???
- Martin Wareing, "Martin Wareing"
- Contributions:3772
They just keep going and going.. The only way to stop it is to find out who they are and what they did prior... Then simply do not patronize them with your business regardless of the "deal" or promises made.
- FatNoah
- Contributions:253
There is a thread in the Buyers forum about a website that is organized to help home owners modify their loans. What is not stated directly on the site is that the site's domain is registered to a company specializing in originating mortgages for manufactured homes and that the site appears to be nothing more than a means for the owner to cash in on referrals to a law firm.
- Kat Whitman, "Whitman Met"
- Contributions:663
Don't forget the lender police!
- Kevin Hancock, "khancockloans"
- Contributions:24
I saw a post on another thread from a consumer who had been charged a significant upfront fee by one of these foreclosure "specialists", only to be told there was nothing they could do. It sounds like these "services" are dubious at best.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
All correct assumptions as to identifying "wolves in sheep's clothing". Same people... different nameplates.
- squirrelly65
- Contributions:4
I think you are talking about me, khancockloans. Yes, i paid one mortgage payment (~$3,000)for a company called HomeAssure to help me negotiate with my bank, tell me how this whole "Housing bill" & "Bailout" could actually help out the individual. Their answer to me? Your bank won't talk to us, says "no one is doing anything about the new housing bill, that will take months if not years to implement & by then all the homeowners who are in trouble will have already lost their homes. So if you want to stay in your home, talk to your lender & continue to pay your mortgage on time..." Well, duh!!
Angela
Fresno, CA
- Kevin Hancock, "khancockloans"
- Contributions:24
Yes, it may have been you I was thinking of squirelly. I hate to hear stories like that. Is there any recourse?
"Are you in trouble with your mortgage? I know the way out..... Because"
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- 5.0/5.0
- (2 reviews)
Contributions:3772CHANCES ARE THEY KNEW THE WAY IN BECAUSE MOST OF THEM HAD A BIG HAND GETTING YOU INTO IT! Unfortunately with every disaster, natural or man-made, we have new "mini-industries" almost dirtier than the problem itself. Plywood and Battery sales prior and Ice, gas and generator sales after a hurricane. Many times the items are sold at very high premiums due to the spike in demand. 3-4 years ago, many mortgage professionals in FL (loose term "professional) wrote tons of loosely inspected loans in a high-demand market.. As credit began to slip... the "CREDIT REPAIR" and CREDIT MONITORING business started to blossom. After all, we Americans want to "see our scores go down" like mercury in a thermometer hanging from Sarah Palin's back porch at night. Today, the credit is destroyed and so with no hope of repairing it with invisible documentation, why monitor it? That leads us to our latest spawning industry of rock-solid mortgage professionals: THE FORECLOSURE RESCUE CONSULTANTS. Most of these fine, upstanding Floridian mortgage professionals have the experience to rescue stressed homeowners because most of them were the "guides" that helped get you lost and all for a nominal fee of: About the same as an origination fee on a mortgage... "Mortgage Guy Lives" at least here in Florida and could be coming to a state near you. I'm just sorry that I do not possess these great rescue skills and am missing out on such a noble industry. Just take a good look at the credit repair guy, the credit watch guy and the mortgage rescue guy... They are many times... Mortgage Guy reincarnated. Keep rockin'.
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