Zillow Advice: Credit Scores - how can I prove i was a victim of predatory lending.(given a mortgage with NO INCOME) http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ Zillow Advice | Zillow Real Estate predatory loans are NOT a ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ predatory loans are NOT a thing of the past. I am involved in one right now and WITH USDA. And no down payment my hind foot. You have to pay the first full year home insurance, give them a percetage for a cushion like 5% and also $2000 closing cost at closing. so yes you do have to have money for usda. They gave me and my hubs a $130000 loan with only $1100/ a month income. They're suppose to base your payments on your income. they said they put in our income and they know what is affordable by percentages. So we assumed they knew what they were doing. YES it is ignorance on our part but should they really be able to do this to people and cause families to loose their homes just because they can. There has to be some sort of law against this. Anyone in similar situation give me a holler. Let's see what we can do If anything. There's power in numbers.my email address is butterflylady4364@yahoo.com. Good Luck to all. <br/> Mon, 21 Jul 2014 21:33:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2014-07-21T21:33:00Z I'm sorry to hear of your ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ I'm sorry to hear of your situation, but it sounds like a long time has passed.&nbsp;&nbsp; You admit in 2005 you were gullible and ignorant that it takes money to pay back loans. &nbsp; This begs the question,&nbsp; What have you done since the foreclosure in 2008, 5 full years, to get&nbsp; your finances back on track?&nbsp; Or, even more, 8 years since signing to pay back a loan when you had no income?&nbsp;&nbsp;&nbsp; <br/><br/>Look forward.&nbsp; Identify actions you can take now and tomorrow.&nbsp; &nbsp;&nbsp; Unless someone had a gun to your head in 2005, I suspect at this point you have not chosen to take sensible decisions to get back on track.&nbsp;&nbsp; You can do it, if you chose to do it.&nbsp;&nbsp; It isn't always easy, but it can be done.&nbsp;&nbsp; <br/><br/>How are your FICO credit scores today? <br/>What percentage down payment, closing costs and emergency fund have you save up?<br/> Wed, 18 Sep 2013 19:05:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2013-09-18T19:05:00Z First, we are sorry to hear ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ First, we are sorry to hear you are in this situation.&nbsp; You are not alone, that's for sure.&nbsp; It is frustrating to be denied a loan regardless of the situation.<br/><br/>As many have said, 2005 is long gone.&nbsp; The good news is you will be able to get a home loan again - it may just take a little time.&nbsp; Repair your credit, save your money and make wise purchase choices.<br/><br/>Best of Luck! Wed, 18 Sep 2013 18:20:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2013-09-18T18:20:00Z Short story: no one really ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ Short story: no one really cares even if it was a predatory loan. No agency will prosecute, any lawsuit filed would cost more to take to court than you'd win and no one can "fix" or wipe it off your credit.&nbsp;<br/><br/>If you want to buy now, work on your credit score today, get yourself a a minimum FHA 3.5%&nbsp;down payment saved and talk to a lender about what you need to qualify.<br/><br/>2005 is long gone.&nbsp;Focus on what you control and let the past go. You signed the mortgage. If you made a mistake, you made a mistake. You may have been manipulated, but no one held a gun to your head. All you can do now is prepare and be smarter next time you buy. Wed, 18 Sep 2013 03:04:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2013-09-18T03:04:00Z DISCLAIMER: I am not a lawyer, ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ DISCLAIMER: I am not a lawyer, you should probably consult a lawyer. &nbsp;Coercion is going to be very hard to prove, if not impossible.&nbsp; Wed, 18 Sep 2013 02:56:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2013-09-18T02:56:00Z they badgered me night and ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ they badgered me night and day&nbsp; took full advantage of my ignorance&nbsp; and my dream of home ownership Wed, 18 Sep 2013 02:53:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2013-09-18T02:53:00Z That's old news. NINA's (no ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ That's old news. NINA's (no income no asset verification loans)&nbsp; were handed out like candy. Those loans didn't even require a job listed on the loan application let alone what your income was. Those loans have actually made a come back recently, the difference now is you'll need 20-35% down depending on the lender. <br/><br/>As far as what to do now? Simple bury the bones. It's been 5 years since your foreclosure so you should be able to easily qualify for an loan now. USDA requires no down payment, FHA requires as little as 1/2% down depending on what state you live, or worse case 3.5% down.<br/><br/>My suggestion is look into your options. With FHA you can actually get a loan with a horrible score of 560 now,&nbsp; so I am assuming you can at least pull that off. Right?<br/><br/>Best of Luck! Wed, 18 Sep 2013 02:38:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2013-09-18T02:38:00Z No doc loans were common ... http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ No doc loans were common back than. It's bad the mortgage companies gave the loans out but you also signed the closing paperwork. It's not just the mortgage companies to blame. Wed, 18 Sep 2013 01:55:00 GMT http://www.zillow.com/advice-thread/how-can-I-prove-i-was-a-victim-of-predatory-lending-given-a-mortgage-with-NO-INCOME/511799/ 2013-09-18T01:55:00Z