Mortgage Fraud and Predatory Lending Practices

RE:Mortgage Fraud and Predatory Lending Practices

billy — Thu, 14 Aug 2008 11:00:00 GMT

Greed and greed alone are at the heart of this morgage loan mess. I am no financial expert but could someone explain to me why adjustable rate morgages were being pushed off on people who were not financially limited? For these idiots who run around saying rediculous things like people were given loans that should not have been given loans as the cause of this mess you are short sighted and uninformed. Firstly if many of these same people had been paying rent for on time for years with rate increases that were both controlled and minimal then why can these same measures be put in place for morgage lending. Why because of greed and to systematically keep home ownership out of the hands of those that the status quo deems as people with poor credit or credit risks. Yet these individuals maintain utilites and such in rental situations for years while earning nothing for themselves or their children. All this double talk sliding of hands will come back on all invovled and their children. These inquities God is watching and these debts and sins will be revisited. Every man is my brother regardless of color ect. and every man must live this way knowing the same of me. Everyone deserves the opportunity by right of the God given birth and secondly as an American citizen. Look the shear number of defaults, do you really believe that this many individuals could not afford or would pay their morgages? Or were they lalled to sleep with their hope of home ownership into an adjustable rate morgage that allowed these greedy dogs to set them up for failure. For this the industry will suffer and all those involved. New leaders must emerge to ensure equity and fairness and this my encourgement and excitement about the future........

RE:Mortgage Fraud and Predatory Lending Practices

anonymous — Thu, 03 Apr 2008 11:00:00 GMT

What happens if you refi with a company that had good references and then months later your note is sold to another company that starts seemingly bilking you out of extra fees? Such as: "we have found there is an escrow shortage". This should have been found out in the original refi agreement, yes? Then there is, "we need your tax/insurance information in order to pay them in a timely manner", when you never had to provide these items prior to other companies that serviced your loan. Then you go look online and see an endless list of fraud related complaints against this company, including prior and blatant criminal fraud indictments against the company owner, petitions/hearings for the company to be listed as an unfair business within their state etc? I looked up the refi company references prior to using them and so no implications of them dealing with predatory loan service companies. It may be that I am totally uneducated to the process, but I would never have refi'd if I had known there was to be dealings with such a company. Fortunately, I saved all that I borrowed, my home is not an investment. I just worry that after reading some of the seemingly illegal things that this company is doing to others, that they may try to steal my property through some technical loophole of sorts or falsely penalize me somehow. Should I get an attorney to compare the original refi documents to what this company is claiming that I owe after the fact or just to make sure I am not getting taken?

RE:Mortgage Fraud and Predatory Lending Practices

Elizabeth Kreutzer — Mon, 24 Mar 2008 11:00:00 GMT

If a married couple uses martial funds to purchase a home in pa- then only puts one spouses name on the title of the house- can the person on title add another person with out the consent of the spouse, who is off title? Is pa a dowry state and if so what does that mean pertaining to this situation? If you can please help me answer this question I would be very grateful! My married husband listed himself as single on the title of our home. Now he has put it in another person's name. WE are going through a divorce. I want to know if he committed Fraud or not. We were married when we purchases the home and are still married today. Thanks Elizabeth Kreutzer

RE:Mortgage Fraud and Predatory Lending Practices

Dan — Fri, 01 Feb 2008 13:00:00 GMT

Macy: Travelling notary? Sounds fishy. The mortgage broker will have a notary, or any credit union. Sure, you will have to notarize papers, but don't let anyone call you and tell you what to sign. Call the mortgage people, and if you are concerned about their honesty, go to a local credit union and talk to their mortgage folks about the situation.

RE:Mortgage Fraud and Predatory Lending Practices

macy — Thu, 31 Jan 2008 13:00:00 GMT

We are looking in to refinance our home thru a mortgage company. The mortgage guy said he could get us a good deal we told him to get all the paper together send it to us so we can look it over. The next day we get a phone call from a traveling notary. He informed us we need to sign prlim. papers that night asap. Has anyone heard of this before. we decided we are not going to do this because we believe in reading everything first before signing. Especially when someone is in our house looking over us waiting for a paper to be signed.

RE:Mortgage Fraud and Predatory Lending Practices

Anonymous — Tue, 22 Jan 2008 13:00:00 GMT

In response to George, Anonymus and Kim: I hope that if you have any knowledge or have suspicions of fraud that you have made a complaint with a law enforcement agency as I have. I am in the real estate profession and have found that there APPEARS to be more unscrupulous behavior amongst mortgage - so-called professionals than real estate sales licensees, however all are responsible if they are not going to be part of the solution. Kim you should make it clear to the state and the public the name of the company for investigation. It's the public including all of us they want to bail out the lenders when infact all monies collected by mortgage professionals should be reclaimed by the defrauded lender as well as jail time for such greedy behavior. THe FBI should be notified ASAP! These criminals should not be allowed to be in our business. One that I know of being reported has Ballard in their name as well I unfortunately suspect we will see more fraud in sales and mortgage amid our condominium market in Houston, Tx , but I hope not. This will only continue to hurt the consumer as well as good and honest professionals such as ourselves.

RE:Mortgage Fraud and Predatory Lending Practices

angel — Tue, 08 Jan 2008 13:00:00 GMT

My broker claimed to "be my friend" to not worry, she had everything covered. Moving from California to Texas, I trusted her. She manipulated our credit scores, claimed we were denied through her co, claimed there was no employ. verification, (which there was, I have the proof) says husbands income was all wrote off, (false) then gave us 2 liens, w/ a prepmnt penalty, at not the best rates that we were deserved having excellent credit scores. I reported her to tx dept mortg lending and was refunded over $4,000 back to me that was money she planned on putting in her back pocket, the company is now being watched and monitored closely, and I plan to pursue further legal action against the co. I cannot believe the person I trusted, who I thought was my friend, could stab me in the back like that. It's absolutely digusting. SO I am pursuing my real estate license to treat people how they should be treated in this industry. Also my real estate agent was very much a part of this whole scam, she was paid good at the end. I want a loan that we so greatly deserve. I have a hard time trusting people in real estate to this day and this all happened a year ago this month. Very disturbing!!

RE:Mortgage Fraud and Predatory Lending Practices

Kristina — Tue, 11 Dec 2007 13:00:00 GMT

The Educated Borrower- Your Mortgage Bible is a book that was written by a mortgage industry insider. It divulges exactly how the layman can protect themselves from the hidden secrets and money traps that the mortgage industry would not want the author to reveal. It is a total no holds bar, knowledge filled book that will arm the mortgage borrower. Can be found on the internet at any major book store.com. Highly recommended.

RE:Mortgage Fraud and Predatory Lending Practices

cjh — Fri, 27 Jul 2007 11:00:00 GMT

In answer to "homeloans" you may have a point about people being gullible,however, when people who have real hard copy reciepts go before the local county court and the judge denies their right to even be seen as evidence because he doesn't want to go against what the big corporation wants, it makes one wonder if we still live in the United States. Who changed the rules to: corpration100/John Q.Public 0? How is it that a corporation is allowed to steal a family's paid for home?

RE:Mortgage Fraud and Predatory Lending Practices

Anonymous — Mon, 23 Jul 2007 11:00:00 GMT

I do not have the greatest credit score and went to Country Wide. I did everything they asked, I cleaned up my credit, I had adequate income. I educated myself and started asking my mortgage officer questions, he did not want to answer, The very last time I spoke to him he told me the underwriter denied my loan because of recent late payments, (I have not had a late payment on anything in 6 years!). I found out later that he never submitted my paperwork to the underwriter.

RE:Mortgage Fraud and Predatory Lending Practices

homeloans — Sun, 08 Jul 2007 11:00:00 GMT

Rule 4: Educate yourself and Know your rights. There are loan officers and mortgage people out there who should not be in business. They don't know their products. There are literally hundreds of loan products, many variations off the same ones, which makes learning about them most important. The Option ARM or PickAPay loan is one such example. These 1% to 2% loans are great for the right client, but they can be dangerous in the wrong hands, these loans are not meant for everyone.

There are many more rules I could write, however I believe you understand the basic premise is that we all have a choice in the matter. 1) As consumers, we have rights. We have the right to review our documents and say NO if we have been cheated. 2) As an industry, we have a choice to serve our clients in the best way possible, being upfront, honest and using diligence.The earliest of comments was posted TWO years ago, we can see the aftermath of these events unfolding before us.

RE:Mortgage Fraud and Predatory Lending Practices

homeloans — Sun, 08 Jul 2007 11:00:00 GMT

Rule 2: Mortgages are Federal and State instruments. They are Federal by their standardized forms. Page 3 of the loan application or 1003 references the US Code for completeness and accuracy of information listed. Appraisals are a Federal document, they cite the same US Code. Mortgage brokers are heavily licensed in most states, they are examined, reviewed, and audited. Various states impose fines of thousands of dollars for incomplete, inappropriate, and inaccurate disclosures.

Rule 3: If it sounds TOO GOOD to be true, then it probably is. Bait n Switch techniques are paramount to this philosophy. As a mortgage professional I deal with the fallout of other loan officers and brokers lying to the customer and trying to lure them in, only to grab them before they can back out. Customers CAN always back out. Sure, it may cost a little bit of money now but it in the long run that small amount paid to back out will save them thousands, their credit and their home.

RE:Mortgage Fraud and Predatory Lending Practices

homeloans — Sun, 08 Jul 2007 11:00:00 GMT

It's truly unfortunate that people only hear what they want, believe it, then they are "shocked" when it wasn't what they thought. Every issued raised on these comments has merit on its own basis, however we need to wake up people. Rule 1: Read ALL documents before you sign agreeing to the terms of the loan. If you don't understand don't sign, walk away. If you need the money, think twice before signing since it may affect you years later. Lending laws are in place to protect you.

RE:Mortgage Fraud and Predatory Lending Practices

CJH — Thu, 28 Jun 2007 11:00:00 GMT

This is in response to George. SHOW ME!!!

RE:Mortgage Fraud and Predatory Lending Practices

George — Fri, 22 Jun 2007 11:00:00 GMT

In response to CJH who stated that ALL brokers are to blame. You're a biased idiot who lays blame flatly on all brokers. Obviously, you're trying to steer borrowers in your direction by making such irresponsible & unproffesional comments. I truly believe the borrowers need to stay away from your self-serving tactics. There are many of us in this industry that always try do do the right thing. I won't stand for ill-conceived comments... you're an idiot!!!