Upside Down Mortgage

Archive for the ‘Predatory Lending’ Category

What Is Predatory Lending Practices

Question: Questionable mortgage practices?

Should mortgage brokers be held more accountable for the predatory lending practices that have helped increase the number of foreclosed homes?
Specifically, in regards to unlicensed unregistered mortgage brokers (in some states, not all) who only set up the loans, take their cut, and move on.
As complicated as mortgages are, its not surprising that some people don't understand all the details.

Answer: The fault lies with
1)Banks for qualifying the underqualified
2) inexperienced R.E. Agents who don't properly advise their clients
3)Loan Officers who put their potential comission above the needs of the clients
4)borrowers who will beleive everything they hear, because the person behind the desk is a smooth talker...
READ WHAT YOU SIGN!!!!
It's not that hard, why do people try to act like they are speed readers...I hate when my clients sign a document that is 3 pages long, only seconds after I have given it to them...don't trust anyones verbal words, not even mine...READ IT READ IT READ IT...sometimes the agent says the wrong thing...it's human error....AHH I feel better now. =0)

Good Lending Practices (As Compared to Predatory Lending)

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