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Bad luck with mortgages

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whatdoyouwant03

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We bought a house in 2001. We added a garage, shed, concrete driveway, deck, hot tub, new door, triple pane windows, and upgraded the electric. We refinanced once to do the garage and again to get a better rate. We now owe over $20,000 more than the house is worth less than a year after our refinance. We got "hosed" by the mortgage company with more than $10,000 in fees. We have now learned our lesson which was a huge slap in the face. We don't feel like we can trust any lender now. We are moving and are going to rent because we are nervous about another mortgage. Eventually we would like to buy again. Any suggestions? Some have said to stay with reputable companies. We've also heard to deal directly with banks and credit unions. Obviously third party brokers are crooked so they are out. Suggestions are greatly appreciated.
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September 07 2007 - US
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Sara Miller, "FundingPros"

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I disagree that "third party brokers" are out. I don't know what your prior circumstances were, but there are many REPUTABLE broker's in the industry. Third party brokers not only have access to programs that credit unions don't, they also can offer better rates and lower fees then retail banks. Depending on what you need to accomplish, it?s a good idea to look into all your options.

I'm sorry you were deceived by your last broker (and that the market cooled off), but I think you are missing the bigger lesson. Every home owner should become more knowledgeable about their own mortgage.

By law-- all fees broker's are estimating charging the borrower have to be disclosed. These fees are again disclosed while you are signing your documents. Review them early on, and then make sure the match relatively closely (minor fees may change). Ask questions. Don't sign anything you aren't clear on. If you don't feel comfortable, and your loan officer is isn't clarifying terms, fees and conditions to your satisfaction, WALK AWAY.

Also try a little independent research. The internet is full of sites to better educate consumers. As harsh as this sounds: deceitful brokers are only able to do what they do (aside from blatant fraud) because consumers don't take the time to fully comprehend what they are getting into! Which taints the entire industry for the GREAT brokers that are out there.

I'll give you the advice I would give my Grandmother, get a referral from someone you trust who has had a good experience. Keep asking questions, because it?s OK to be skeptical.
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September 08 2007
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turtledove1

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I'm surprised you refinanced so often in such a short period of time. There are calculators out there that will tell you how long you have to stay in a place for a refinance to be worth it. If you were planning to leave a year later then it was extremely unwise to refinance.

For finding a broker I would agree with the poster before me.
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September 09 2007
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Chip Streater, "TarheelChip"

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I really think you are a victim of poor advice & poor professionals assisting you. Most appraisers I work with will only give you 50% of your improvements for value. If the home had the value & you weren't so over charged in mortgage fees you would be okay!!

Advice for the future: 1)Find a home that has already been improved to your living satisfaction. 2) Shop around & get 3 quotes on your next mortgage.
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September 18 2007
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Nic Netherton, "ColoradoLender"

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I love it these days when a consumer makes bad decision and wastes money on improvements that dont increase the intrinsic value of the home..Realizes he made a mistake then turns around and blames other people...Anybody remember what personal responsibility was like? He blames the broker for doing the loan that HE asked for and now its the brokers fault........typical
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September 18 2007
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Nic Netherton, "ColoradoLender"

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I love it these days when a consumer makes bad decision and wastes money on improvements that dont increase the intrinsic value of the home..Realizes he made a mistake then turns around and blames other people...Anybody remember what personal responsibility was like? He blames the broker for doing the loan that HE asked for and now its the brokers fault........typical
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September 18 2007
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kirkwilliamsgroup

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"added a garage, shed, concrete driveway, deck, hot tub, new door, triple pane windows, upgraded the electric."
"got "hosed" by the mortgage company with more than $10,000 in fees."

Frustrating when you have pride of ownership and make improvements and the market turns against you. That's what happend isn't it?

Certain things you can get back in a certain percentage when your home comes to market and certain things you can't get back not to mention you do not want to over build and have a superior home in an inferior neighborhood.

Whoever sold you triple pane windows should be the one you should focus some anger at. In MA it is cold up there but not the artic! That is an example where you may have made a mistake and forked out more money than you should have.

The market will look at those windows and say "oh triple pane" that's nice but that will not make them wip out the check book and pay more because in the end the consumer looks at that as just a window. The hot tub is another "ho-hum" item.

My point is you spent more than you should have and the market turned against you. One you are accountable for and the other you could not control just back luck in timing.

Talk to the realtor that sold you the home. They are the experts. Ask what type of "smart" improvements you can make and of course you can add some "frills" or features that push your buttons but remember you may not get it back dollar for dollar or at all in some cases.

"10,000" in "fees". There are costs and there are impounds (or pre-paid expenses) for taxes and insurance. Are you lumping both in and calling them fees?

Without a HUD-1 it is uncertain if you paid too much or do not understand what you are looking at and that would be the fault of the lender for not explaining to you the difference. Why are you moving? Why don't you wait the market out? Refinancing then selling makes no sense financially!

Bad decisions often time are driven by emotion.
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September 18 2007
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kirkwilliamsgroup

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One last thing about your next mortgage. Next time, SHOP THE PROFESSIONAL INSTEAD OF SHOPPING RATE! An estimate is only as good as the professional giving it to you.

You certainly have friends and people you trust in your sphere of influence that work with good broker. Yes and I said broker. Statistically more people obtain loans through brokers. Why? Because they get the right program, they are dealing with licensed professionals that know their stuff and shop the maket (as your advocate) to find a competitive price.

I wish you and your family well.
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September 18 2007
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Bobb

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I've found a good source to compare mortgage lenders and help you shop around with the major lender/banks.
Search the various opportunities found on www.Mortgagz.com
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September 19 2007
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frank1003

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I can't tell you how many people accused me of overcharging because of impounds. I've had clients tell me that my TIL said the bank fees were $1,000, so why does the bottom line of the HUD say $10,000. Well, if you'd have paid the real estate taxes ($9,000) maybe the HUD would look different. Mortgage lenders (honest ones, anyway) take alot of heat at closings that have nothing to do with them.
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September 19 2007
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Jim Collins, "Co3M"

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Hi,

I'm the CEO and founder of Co3M, one of the nation's first mortgage remediation agencies.

Check out my profile for the definitions of:

1. Mortgage Remediation
2. Mortgage Origination (Truth-in-Lending COMPLIANT lending)
3. Mortgage Mitigation

Don't lose faith. There are solutions to predatory mortgage lending.
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September 22 2007
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RyanMenagh

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Well said frank1003 and Sara and KirkWilliams. I also wanted to add that the fees alone can't judge a loan. What's the rate with those fees? The entire loan package has to be looked at to compare one loan to another.
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September 23 2007
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Martin H. Young Jr., "Finance USA"

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The bottom line here is that Real Estate is a time investment. If you sell out now and hold off buying again until the market returns you will regret selling too soon and buying to late.
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September 26 2007
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tonie3

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Whatdoyouwant03
I commend you for seeking help. If it is your primary with an ARM mortgage you can visit this website and gets some answers

http://www.fha.gov/about/fhasindqa.cfm
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September 26 2007
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Tom Davie, "tom368612"

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How does one 'get hosed' in closing costs? You mean 'hosed' because in hindsight the market crashed and you owe more than its worth?

Did the title agent FORGET to go over the closing costs with you before you signed ?

I for one cant even imagine charging a client 10 grand in simple closing costs to do a loan, unless its including the escrow and is a 400k house.

You are in the same boat as about ONE JILLION other homeowners who bought /refinanced their house at the peak of appraised values, who regret the decision now.

I really hope you arent one of these homeowners who is crying FOUL as any angle possible to get saved from their own decision to get this far into debt.

Its not going to fly.
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September 26 2007
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Tom Davie, "tom368612"

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Hi Jim Collins.

Welcome to ..............'hang the brokers out to dry show' .

Dont forget to charge your clients UPFRONT FEES to get those evil brokers, so that u still make money when you get laughed out of court.

Turns out, most borrowers willfully signed for the loan in plain writing at closing, whether they PLEAD THEY CANT READ english or not.

Guys like you starting mass 'class action suits' and picking apart every technical loophole with the TIL or RESPA to pin blame on brokers are going to be in for a rude awakening when judges see right thru your paper thin scam.

Stick to 'stated income loans' , where the borrower can CLAIM the broker told em to lie about their income which is true

but also put a GUN TO THEIR HEAD to go along with it. Regardless of 'stated income, their payment was right on the dotted line, and they agreed to pay it.
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September 26 2007
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Nic Netherton, "ColoradoLender"

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Good post Jim, gotta love these guys trying to take advantage of the situation by blaming the people in the business for charging to many fees.....Then they turn around and want more fees to chase them down....bit hypocritical no?
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September 27 2007
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Dave Mason, "DebtFreeDave"

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I think you may want to look at taking some responsibility. I don't know all the circumstances but life is a two way street.
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October 02 2007
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Vincent Towne, "Countrywide2008"

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whatdoyouwant03, I'm sorry, you need some Dr. Phil advise here. When you where getting your 20k to remodel, I don't see you complaining about getting the money. Now the housing market has dropped, which is our of your control and out of the control of the lender, you seem to be crying wolf. And to add insult to injury, you added on items to your home that really didn't add value to your home. A better use to your money would have been to add an additional room, a full outside deck in the front or the rear, a pool, you know something not everyone has already in their home. You made alot of bad decisions here, don't blame you lender or future transactions based on this experience, you need to look yourself in the mirror on this one.
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October 07 2007
 

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