Groups Call For Forbearance For Troubled Mortgages

RE:Groups Call For Forbearance For Troubled Mortgages

Rondel — Thu, 21 Jun 2007 11:00:00 GMT

Greed always start at the TOP, The Banks and Investors found a way to make quick money. They are the ones with the guidelines for us to follow, they made it easy for every one of us. The Realtor, broker, seller and buyer just played the games by thier rules.... The banks closed their eyes and ears and open their hands. If the door is wide open, the DOGS will can it....

RE:Groups Call For Forbearance For Troubled Mortgages

Steven — Fri, 20 Apr 2007 11:00:00 GMT

Regardless of who is or is not at fault, there is an issue that needs to be solved. Let's all take accountability for or actions and do something to fix the problem. In this case GREED was the prime mover. Financial disaster is going to hit individuals, the market and several revenue generating industries. It is what it is. We have to set standards and processes that will prove benefical to all. My firm has several alternatives that are being used very sucessfully.

RE:Groups Call For Forbearance For Troubled Mortgages

Joseph P Dorodo — Thu, 19 Apr 2007 11:00:00 GMT

I'm a Realtor who sells 100+ homes a year. Sub-prime applicants were counseled by the LO, then given a step-by-step credit repair program that, if followed, would lower their debt, fix their credit scores, and help them afford a home. My preferred lender requires former-sub-prime credit-repaired borrowers to establish an automatic savings deduction from their paycheck to a savings or investment account as a condition to be met prior to closing.

RE:Groups Call For Forbearance For Troubled Mortgages

cjh — Thu, 19 Apr 2007 11:00:00 GMT

Why are so many willing to fix the blame instead of fixing the problem? My opinion is that all sides are at fault to some extent. However I feel that the ones truly victimized are ultimatly the families and the homeowners. The realtor may suffer some, the mortgage co. may be out some money, the loan officer may be out a job,but families are out the place it takes to keep them together, and with ruined credit, who's gonna rent to them? Shelters don't keep families together!

RE:Groups Call For Forbearance For Troubled Mortgages

DW — Wed, 18 Apr 2007 11:00:00 GMT

No, lenders shouldn't be bailing out the borrowers who cant pay their mortgages on time. I have seen a lot of credit in my years and one thing that I have learned is that borrowers are more likely to make their car payment before they make their house payment. I say let the defaulted debtors live in thier cars!

RE:Groups Call For Forbearance For Troubled Mortgages

foreclose — Wed, 18 Apr 2007 11:00:00 GMT

Any Home owner that has cashed out equity over the past few years does not deserve a break. Keeping up with the Jones' and then walking away scott free has become the National Sport. Use the Bankruptcy laws as a guide. There is no excuse not to be educated in this day and age. The lenders need to pay a price for sloppy underwriting and the borrower needs to live up to the terms of their loan or pay the penalty!

RE:Groups Call For Forbearance For Troubled Mortgages

Will Jones — Wed, 18 Apr 2007 11:00:00 GMT

The problem with that is the education factor that most mortgage agent do not explain in depth how much the rate and payment will increase when the term is over, will they be expecting a pay increase and how much in two years to afford the increase because a refinance is not promised, what happens if they fall on rocky ground and lose thier job or get sick>? that is why an ARM loan is not always preferred for every client that is trying to build credit or save money. Wait for a fixed rate

RE:Groups Call For Forbearance For Troubled Mortgages

Mtg Broker — Tue, 17 Apr 2007 11:00:00 GMT

Credit worthiness has nothing to do with RACE but rather ignorance and the lack of resources to become educated. Let it start with us. Our industry is based on 'referrals'. by placing your borrowers in an ARM to help repair their credit, you must stay connected with them and manage their credit then refinance them into a better loan situation and you will have a client who truly appreciates you therefore a strong foundation for future referrals and a responsible homeowner.

RE:Groups Call For Forbearance For Troubled Mortgages

Mtg Broker — Tue, 17 Apr 2007 11:00:00 GMT

An Educated Borrower is the BEST Borrower! WE in the industry must educate the borrowers so that they can make an informed decision for their family. If WE give the homeowner all the tools to make this decision and they choose to be irresponsible, then we can blame the homeowners. In most cases our industry has failed the homeowners because of greed.

RE:Groups Call For Forbearance For Troubled Mortgages

cjh — Tue, 17 Apr 2007 11:00:00 GMT

My husband and I worked in the mortgage industry several years ago. He was a loan officer, I was a marketer. You'd think that two people who were aware of the possible pitfalls would not be able to be taken advantage of. However you couple that with a loan that was traded to a known adversarial lender, combined with fairly well spoken of company who turned adversarial ,you have an idea of what we've run up against. Legislation, if done right, can curb this.

RE:Groups Call For Forbearance For Troubled Mortgages

Watchdog — Mon, 16 Apr 2007 11:00:00 GMT

Actually, the majority of subprime borrowers could qualify for a prime loan with a little more work on the loan officer's AND borrowers part. Everyone in the game goes for the quick buck and an LO who told someone to wait on buying a home would lose that buyer to someone who wouldn't stop to think whether that person was a good candidate for homeownership. As an industry, we need to be more creative in responses and solutions than blaming borrowers.

RE:Groups Call For Forbearance For Troubled Mortgages

Anonymous — Mon, 16 Apr 2007 11:00:00 GMT

People living WELL beyond their means. Lenders and realtors seeing big dollar signs. Little regulation to stop the two from getting together. Sounds like a recipe for disaster to me. When people come to me wanting to borrow for a house and the payment is 50% of their monthly income, I tell them no. People need to live within their means. "If you can barely afford it, don't buy it" is my philosophy.

RE:Groups Call For Forbearance For Troubled Mortgages

Dee — Mon, 16 Apr 2007 11:00:00 GMT

All..what happened to the American Dream?? Its not about paying your bills, its about affordable homes for all Americans, both white and black, average or high income. Both lenders and buyers are all responsible here..in my situation, the blame is on the mortgage broker.."I can get you a good deal with a good credit" turns out he is getting a chunk of the comission from the lender, and the worst loan of all, for a first time buyer?? and I blame myself..I should have done my homework...

RE:Groups Call For Forbearance For Troubled Mortgages

Pat — Mon, 16 Apr 2007 11:00:00 GMT

One of the industries biggest problems is the Lenders jump to fast to put a homeowner in Forclosure. If 1 payment is missed many lenders will not accept a partial payment when the next month rolls around. If the lenders would work with the Homeowner to understand why their payments were late instead of turning a deff ear, they would be far less forclosures. They create the forclosure problem by piling on thousands of $ in legal fees. Work with the homeowner, don't just right them off.

RE:Groups Call For Forbearance For Troubled Mortgages

Sandra — Mon, 16 Apr 2007 11:00:00 GMT

All of the activist groups that place so much blame on the industry need to take a look at why that particular homeowner is in the situation they are in. In most cases it will not be because of the LO or the lender, but because of their own irresponsibility. Someone needs to do a study on credit scores. Compare the average credit score of each minority group and then we will see why "whites" tend to get better financing. Maybe they manage their debt better and pay their bills on time.