http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp125% homes value, loan to value, debt to income ratio, negative amortization, interest only loans, loan steering, hard money lendersenCommunityServer 2008 SP2 (Build: 31106.96)http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7352Thu, 29 Nov 2007 13:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7352emelyA year ago I refinaced my home and got a negative amortization loan without knowing the type of loan I was getting myself into, now I am just waiting for the day that I wont be able to afford my house and foreclosed. My question is there anyway I can do something to broker or to the bank that did not explain the loan. Do I have means for predatory lending? And if I do where can I go.<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7352" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7350Tue, 16 Oct 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7350JessicaI am sitting here reading these and chills are running down my spine. My husband and I got our first home on a loan that had a high interest rate and an arm. The broker promised that after a short period of time we could refinance to a better rate. &quot;Less than a year&quot;, he said. So, 10 mos. later we did refinance. Got a lower interest rate but the catch is that the first 5 years are interest only. Our first two years just ran out and now interest 10.54 percent. Foreclosure in our future...<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7350" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7384Thu, 13 Sep 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7384AnonymousI am one of those who got a subprime IO loan 22 months ago. With a 510 fico, 40k unsecured debt, and pending adjustment to the 6.0 rate in 2 mos, is my home refinanceable? Value is at 400k plus, first &amp; second loan total 385. Really only want to refi the first (308k) but is that even possible?<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7384" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7382Sun, 03 Jun 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7382RonI&#39;ve got a new one for you. My business partner embezzled $1.4 million from me forcing me into foreclosure. I had a new expensive loan in process when I was got a call from a local mortgage broker promising me a cheaper equity line and 48-hour funding. I went for it. The broker sent his money source (&quot;investor&quot;) to appraise my home. I received a loan &quot;approval letter&quot;. The broker evaded me for weeks. That &quot;investor&quot; purchased my home at the foreclosure auction. I lost over $1million.<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7382" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7358Wed, 30 May 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7358AnonymousDoes anyone think that it is possible to get a conventional mortgage with a competitive interest rate with terrible credit? Provided that ones income is stable and worthy of handling the impending mortgage payments?<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7358" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7379Mon, 19 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7379Angel I learned a very valuable lesson at age 21. ALWAYS get a LAWYER to look over any loan or real estate contracts. You need to get all the terms in writing. Then find at least 1 or 2 real estate lawyers. Then when you go to closing, bring the real estate lawyer with you. Make sure you understand everything. Ever since I was 21, I knew I needed a Real Estate Lawyer whenever I was going to purchase reality. <div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7379" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7378Mon, 19 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7378AngelGet a real estate lawyer to look over anything before you sign! When I was 21 I had a hard time getting a home loan. I did get approved, but the day of closing the bank changed their minds. Then the people who were holding our deposit said since the bank at first said yes, then changed their minds, the bank is at fault, we are not giving you your deposit bank and we should sue the bank. Somehow my grandmother consulted a lawyer and wrote them a letter. We got our down payment back. <div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7378" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7376Tue, 13 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7376AnonymousIt&#39;s nothing personal - it&#39;s not about you, because they don&#39;t care about you. Once the transaction is done and they get paid, you&#39;re out of the picture, until your next purchase, refinance, or you&#39;re foreclosed upon, and by then, they will have sold the mortgage to some other sucker (lender) who&#39;s going to wind up losing big, so it&#39;s no loss to them personally. They are going to make sure their families have food to eat and a place to sleep, whether you are foreclosure upon or not. <div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7376" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7373Tue, 13 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7373AnonymousIn Closing, a word of caution: Just be careful and do your homework. There won&#39;t always be a &quot;me, or someone like me&quot; to risk their jobs to help you through the process. Not all lenders and brokers are above board with all their cards out on the table. Some Financial Institutions are in business for one reason and one reason alone: &quot;To make money at all cost!&quot; Anonymous<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7373" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7372Tue, 13 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7372AnonymousAfter all, you are the one who has to make that payment and if you don&#39;t, it&#39;s your credit that will be destroyed. Today, you can obtain a mortgage, 1-day out of bankruptcy, but with a foreclosure, with a lot of lenders, they base the completion of the bankruptcy on the date that the foreclosed property is liquidated by the lender who had to foreclose on it. Imagine if that lender doesn&#39;t sell that property for the next five years? That&#39;s something to think about isn&#39;t it?<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7372" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7371Tue, 13 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7371AnonymousNot only that, the borrowers (so naive and so unsuspecting) would come in to the broker, relaxed, as if they&#39;re sitting at home with their twenty year long best friend. These people are not your friends - people, this is business! You are only as respected as you conduct yourselves in that office. I was reprimanded several times for instructing the borrowers to ask questions when they don&#39;t understand something. Don&#39;t just sign something with blind faith and the word of a stranger.<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7371" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7370Tue, 13 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7370AnonymousSo be mortgage savvy and shop around, ask questions about the documents you are asked to sign and the fees you are being charged and have enough backbone to say, &quot;I&#39;m not paying this!&quot; I recently worked for a broker and wondered how it the world are these people going to eat, once they finish paying all these fees and they feel the God-awful sting of the first mortgage payment and they are going to have to pay. The Interest Rates were astronomical and it really made me sick to the stomach.<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7370" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7369Tue, 13 Mar 2007 11:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7369AnonymousIn this economy, people really need to step back, take a deep breath and do their homework before entering into an agreement with anyone to obtain a mortgage. The Real Estate/Mortgage field is really suffering right now, and it has been for quite a while, and where it doesn&#39;t speak for all lenders and brokers, to the average one you are &quot;fair game&quot; and they are your worst nightmare! It&#39;s nothing personal, it&#39;s all about business for some people and those same people are out for themselves. <div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7369" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7355Sun, 04 Feb 2007 13:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7355PaulaI&#39;m very aggravated when I read some of the comments here about it&#39;s our own fault if we fall prey to predatory lenders. I was TALKED INTO an option arm. The broker sang the praises and eloquently explained the benefits. Good Faith estimate on 3-13; completely changed on 4-3-06. Prepayment penalty, higher rate, term of 40 Years and cash out - All changed. 1 % rate for 1 month, then prime plus 3.55% margin rate negative amoritized will bankrupt me. I owe $30,000 more then I did just nine months ago. Outrageous.<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7355" width="1" height="1">http://www.mortgagenewsdaily.com/10182004_Mortgage_Fraud3.asp#7375Tue, 02 Jan 2007 13:00:00 GMT2bb7a989-b681-446d-a7f2-bd5f0562f228:7375Jim D.My wife and I have been duped by IndyMac Bank. We thought we were getting an interest only loan but it was actually a negative ammortization loan. Do we have any means of legal action?<div style="clear:both;"></div><img src="http://www.mortgagenewsdaily.com/aggbug.aspx?PostID=7375" width="1" height="1">