Comments on: Bring on the lawsuits http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Chris H http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-8797 Chris H Thu, 10 Jan 2008 03:33:34 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-8797 Ok here is my problem. I bought a house in August of 2006 for $125,000 Es-crowing my tax's & home insurance. After everything with PMI ( $110 a month ) I paid $998 a month. In April of 2007 I was called by a broker for Countrywide and asked if they could look at my loan to see if they could lower it. I said what does it cost? He told me nothing. I said sure why not. He had my home reappraised and now I am told it is worth $150,000. He came to my house and showed me he proposal. It was a lower PMI ( $61 a month ) I would go from a 6.75% to a 6% fixed 30 year note. I would get any money I had paid in my escrow back and get out of 1 months payment ( total around $2,500 ). After all is said and done I would pay $907 a month that's including my escrow of home insurance and tax's and PMI. I was told if I would continue paying the same payment as before ( $998 ) it would be like a extra payment a year and would knock off 7 years on my loan making it a 23 year note and soon my PMI would be gone making the total payment after wards around $840 a month. Ok here we go I do the deal. What did I have to loose but the 9 months I had paid and I had to borrow a extra $6,000 to cover closing cost. Making my total loan $130,000. Ok ever thing went great until now. JANUARY. Tax's are due, Home insurance is due. When he showed me hes proposal it didn't have the correct amounts in. But I didn't know that because when I bought the house in 2006 the previous owner paid the tax's. Making the loan payment now $1106 a month. $200 more than what I agreed on and $100 more than what I was paying. So I lost all the payments I had made on the first loan, $6,000 more on the house and a extra $100 a month for 30 years. So tell me about fair!!! SNAKE CHARMER Ok here is my problem. I bought a house in August of 2006 for $125,000
Es-crowing my tax’s & home insurance. After everything with PMI ( $110 a month )
I paid $998 a month. In April of 2007 I was called by a broker for Countrywide
and asked if they could look at my loan to see if they could lower it. I said what
does it cost? He told me nothing. I said sure why not.
He had my home reappraised and now I am told it is worth $150,000. He came to my house and showed me he proposal.
It was a lower PMI ( $61 a month ) I would go from a 6.75% to a 6% fixed 30 year
note. I would get any money I had paid in my escrow back and get out of 1 months
payment ( total around $2,500 ). After all is said and done I would pay $907 a
month that’s including my escrow of home insurance and tax’s and PMI. I was told
if I would continue paying the same payment as before ( $998 ) it would be like a
extra payment a year and would knock off 7 years on my loan making it a 23 year
note and soon my PMI would be gone making the total payment after wards around
$840 a month. Ok here we go I do the deal. What did I have to loose but the 9
months I had paid and I had to borrow a extra $6,000 to cover closing cost. Making
my total loan $130,000.
Ok ever thing went great until now. JANUARY. Tax’s are due, Home insurance is
due.
When he showed me hes proposal it didn’t have the correct amounts in. But I didn’t
know that because when I bought the house in 2006 the previous owner paid the
tax’s. Making the loan payment now $1106 a month. $200 more than what I agreed
on and $100 more than what I was paying. So I lost all the payments I had made
on the first loan, $6,000 more on the house and a extra $100 a month for 30
years. So tell me about fair!!! SNAKE CHARMER

]]> By: Curious Cat http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-3257 Curious Cat Tue, 28 Aug 2007 19:22:22 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-3257 I have a neighbor who is loosing his house. He is trying to sue the Mtg. Broker, and the Loan Officer. This was his seventh (7th) Refinance since 1998. (I Know Pretty Scarry) but as a borrower, does he have any merit in his law suit? He asked me to read his docs, and I did, Everything matches, and the rate jumps with estimated payments were in there. IMO he made some bad financial decisions, but I can't justify him suing anybody. Any thoughts? Thanks! BG I have a neighbor who is loosing his house. He is trying to sue the Mtg. Broker, and the Loan Officer. This was his seventh (7th) Refinance since 1998. (I Know Pretty Scarry) but as a borrower, does he have any merit in his law suit? He asked me to read his docs, and I did, Everything matches, and the rate jumps with estimated payments were in there.

IMO he made some bad financial decisions, but I can’t justify him suing anybody. Any thoughts?

Thanks!

BG

]]> By: Maria at Fat Cat Real Estate http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2897 Maria at Fat Cat Real Estate Thu, 23 Aug 2007 15:24:54 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2897 Great Article! My company was ruined by a finger pointing lawsuit by First Magnus earlier this year where they named 60+ defendents - yet they had the worst underwriting guidelines - evey my dog could have got a loan with them! We have also just filed a $1M lawsuit 'pro se' as attorney fees get to skyward and most don't know how to deal with real estate schemes cooked up by the developer/seller, title company and its attorney, licensed real estate agents and the appraisor.....we probably won't see any cash from the lawsuit - but wanted to bring the story to the record of the public courst system and out via my webstite and blog! Cheers, Maria www.FatCatRealEState.com Great Article! My company was ruined by a finger pointing lawsuit by First Magnus earlier this year where they named 60+ defendents – yet they had the worst underwriting guidelines – evey my dog could have got a loan with them!

We have also just filed a $1M lawsuit ‘pro se’ as attorney fees get to skyward and most don’t know how to deal with real estate schemes cooked up by the developer/seller, title company and its attorney, licensed real estate agents and the appraisor…..we probably won’t see any cash from the lawsuit – but wanted to bring the story to the record of the public courst system and out via my webstite and blog!

Cheers, Maria
http://www.FatCatRealEState.com

]]> By: Kevin http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2889 Kevin Thu, 23 Aug 2007 08:30:30 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2889 Morgan I understand. No sour grapes. Please see RSR comment above: "Oh, by the way? For those of you that claim ALL loan officers made great rebates on the back-end on every loan, Yeah! Sure! Try competing by quoting a lower rate with the proliferation and marketing power of the internet from the last 10 years (Lending-Tree, Ditek, etc.) and see if what you quoted leaves you with an YSP." It DIDNT matter back then what you told the clients/custumers they all believed they should have a loan that the bank pays them for owning a home, know what I mean? As much as the lenders/brokers profited, normal consumers couldnt stop talking about how much my house appreciated, blah , blah, blah , as if they had some miracle power causing there home to apprecate in value, then all of a sudden everyone had balls the size of bowling balls and lost appreciaion/respect for the major lenders/brokers. They didnt care they were being charged a couple points for a loan where they knew they would get that back in appreciation in one month, because they thought they were doing something SMART, and when the shit hit the fan, excuse my language, they obviously arent going to blame themselves, so lets go hire an attorney and sue the shit of the guy that gave us this loan(LO/broker) that by the way were bringing fruitcakes and pies to because we got them the deal in the first place. 75% of the population in the U.S. are morons which they will not admit to, and the rest of the public are trying to be so politically correct to state that fact. Its a joke, people are frauds and criminals just ask any bankuptcy lawyers how busy they were right before the new law that was being enacted regarding CH. 7 bankruptcy about a year and a half ago making people still responsible for their debts. You cant feel sorry for anyone. Morgan I understand. No sour grapes. Please see RSR comment above: “Oh, by the way? For those of you that claim ALL loan officers made great rebates on the back-end on every loan, Yeah! Sure! Try competing by quoting a lower rate with the proliferation and marketing power of the internet from the last 10 years (Lending-Tree, Ditek, etc.) and see if what you quoted leaves you with an YSP.”

It DIDNT matter back then what you told the clients/custumers they all believed they should have a loan that the bank pays them for owning a home, know what I mean? As much as the lenders/brokers profited, normal consumers couldnt stop talking about how much my house appreciated, blah , blah, blah , as if they had some miracle power causing there home to apprecate in value, then all of a sudden everyone had balls the size of bowling balls and lost appreciaion/respect for the major lenders/brokers. They didnt care they were being charged a couple points for a loan where they knew they would get that back in appreciation in one month, because they thought they were doing something SMART, and when the shit hit the fan, excuse my language, they obviously arent going to blame themselves, so lets go hire an attorney and sue the shit of the guy that gave us this loan(LO/broker) that by the way were bringing fruitcakes and pies to because we got them the deal in the first place. 75% of the population in the U.S. are morons which they will not admit to, and the rest of the public are trying to be so politically correct to state that fact. Its a joke, people are frauds and criminals just ask any bankuptcy lawyers how busy they were right before the new law that was being enacted regarding CH. 7 bankruptcy about a year and a half ago making people still responsible for their debts. You cant feel sorry for anyone.

]]> By: Morgan Brown http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2881 Morgan Brown Thu, 23 Aug 2007 03:14:41 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2881 Kevin - are you serious? What are consumers supposed to do? Just take your word for it and eat 2 on the front and 2 on the back? Or maybe a nice pay-option arm with a fat 3.5 on the back? When you look for a new car do you shop it? How about a TV? Well I hope you comparison shop for a home loan, or you're throwing away thousands of dollars. Do people shoot themselves in the foot by chasing impossible rates and programs only to be bait-and-switched at the last minute? Of course. Do they deserve to get ripped off because they don't know how to find the best deal? No way. Consumers have a role in this - no doubt; but just because they are confused about what to believe when everyone is lying to them doesn't mean they deserve the crap loans they ended up with. It sounds like sour grapes to me. If you had bad leads or crappy loan programs and uncompetitive rates because your company built in their own YSP to the rates before handing them out to you doesn't make it the consumer's fault for shopping an unattractive offer. Kevin – are you serious? What are consumers supposed to do? Just take your word for it and eat 2 on the front and 2 on the back? Or maybe a nice pay-option arm with a fat 3.5 on the back?

When you look for a new car do you shop it? How about a TV? Well I hope you comparison shop for a home loan, or you’re throwing away thousands of dollars.

Do people shoot themselves in the foot by chasing impossible rates and programs only to be bait-and-switched at the last minute? Of course. Do they deserve to get ripped off because they don’t know how to find the best deal? No way.

Consumers have a role in this – no doubt; but just because they are confused about what to believe when everyone is lying to them doesn’t mean they deserve the crap loans they ended up with.

It sounds like sour grapes to me. If you had bad leads or crappy loan programs and uncompetitive rates because your company built in their own YSP to the rates before handing them out to you doesn’t make it the consumer’s fault for shopping an unattractive offer.

]]> By: RSR http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2875 RSR Thu, 23 Aug 2007 00:59:29 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2875 Well said Kevin and I personally know this is so true! I only wish I had $1.00 for every one of those borrowers that came across my desk; I could probably make my mortgage payment this month with the money! Oh, by the way... For those of you that claim ALL loan officers made great rebates on the back-end on every loan, Yeah! Sure! Try competing by quoting a lower rate with the proliferation and marketing power of the internet from the last 10 years (Lending-Tree, Ditek, etc.) and see if what you quoted leaves you with an YSP. There are a bunch of idiots with opinions that obviously didn't work in the industry for a living. It reminds me, "Open Mouth, Insert Foot"! Well said Kevin and I personally know this is so true! I only wish I had $1.00 for every one of those borrowers that came across my desk; I could probably make my mortgage payment this month with the money!

Oh, by the way… For those of you that claim ALL loan officers made great rebates on the back-end on every loan, Yeah! Sure! Try competing by quoting a lower rate with the proliferation and marketing power of the internet from the last 10 years (Lending-Tree, Ditek, etc.) and see if what you quoted leaves you with an YSP. There are a bunch of idiots with opinions that obviously didn’t work in the industry for a living. It reminds me, “Open Mouth, Insert Foot”!

]]> By: Kevin http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2872 Kevin Thu, 23 Aug 2007 00:39:30 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2872 You know what screw em all. These were all the same borrowers treating the LO's like bit***s, shopping around the whole city, no loyalty, lies ie. sure its going to be a owner occu property, complaining about fees especially not wanting to pay for their damn freakin appraisal. Theses were the same people that thought they were freakin geniouses buying all theses properties, (Oh ill just rent it out wait about a few years and sell it for a profit that would take me 4 years of work to make. Suddenly everybody thought they were Real estate gurus. They werent even excited anymore when you called them back letting them know that they had just been approved, all they cared about was whats my payment and rate. These were people with normal jobs making $35k to $60K/year, and all of sudden everyone wanted to be like Donald Trump. Ahhh poor babies now that the house prices are going down and your whole life savings is gone cause you had to cover expences, that 2nd equity line you took out to pay for your 1st mortgage payment is capped out, awww poor baby it just didnt go your way did it. Hey but your neighbor was investing in real estate why shouldnt you, right????? Get the helll outa here!!!! Now you come and beg me to to sell you a house or refi. Thats right know your roles and go to your 9-5 job and maybe in about 7-10 years your life might get back to normal. Suckers...... You know what screw em all. These were all the same borrowers treating the LO’s like bit***s, shopping around the whole city, no loyalty, lies ie. sure its going to be a owner occu property, complaining about fees especially not wanting to pay for their damn freakin appraisal. Theses were the same people that thought they were freakin geniouses buying all theses properties, (Oh ill just rent it out wait about a few years and sell it for a profit that would take me 4 years of work to make. Suddenly everybody thought they were Real estate gurus. They werent even excited anymore when you called them back letting them know that they had just been approved, all they cared about was whats my payment and rate. These were people with normal jobs making $35k to $60K/year, and all of sudden everyone wanted to be like Donald Trump. Ahhh poor babies now that the house prices are going down and your whole life savings is gone cause you had to cover expences, that 2nd equity line you took out to pay for your 1st mortgage payment is capped out, awww poor baby it just didnt go your way did it. Hey but your neighbor was investing in real estate why shouldnt you, right????? Get the helll outa here!!!! Now you come and beg me to to sell you a house or refi. Thats right know your roles and go to your 9-5 job and maybe in about 7-10 years your life might get back to normal. Suckers……

]]> By: joemama http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2869 joemama Wed, 22 Aug 2007 22:00:34 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2869 Its over kids...10-15 years of full doc loans...until the next wall street wiz re-invents the wheel. Its over kids…10-15 years of full doc loans…until the next wall street wiz re-invents the wheel.

]]> By: JP http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2856 JP Wed, 22 Aug 2007 17:22:57 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2856 where do I start, with Armando,Ferris or Ray a good one .YES Ray, Ive been in the bisiness for almost 2 decades,and Ive only missed 1 (one) closing.Ive NEVER had a foreclosure!!! trust me,the Lender would have told me.RECOURSE PAPER ya know.I do only purchases,(for sale by owner)I detest Realtor's as far as jeff's comments I let a realtor know FAST I do not want thier business.In my state, the absoult most fraud commented IS by Realtors.the worst is STERRING and thier deceptiveness . also in my state FSBO is 48% of the market & would'nt ya know realtors protray protray it to be a FSBO but have a side agreement w/seller .As far as all you guys saying your in the business "to help" people....B.S. you sound like you should join Benny Henn next time he's in your area!!! so, do it for free and ask for doinations and see how many bills you can pay !!I am in it for the money as ALL Professionals...PERIOD!remember the old saying "the boy with the gold makes the rules" they give me the guide lines & I run w/ them except I won't do ARM's strictly 30 fixes, and no, I will never leave a penny on the table because Iam pennd to 4.99%.I have also spent 20 years STOPPING FORECLOSURES ( no short sales)Ive been show cased with the meida .NO other broker in my state has my preistine reputation. And my state for the longestest time lead the U.S. in foreclosures, and it was because of the 2-1-0 buy down, who came up with that guaranteed foreclosure program? OH,that's right the Builder's who also owns the Mortgage co. which also owns the title co. that also employees the Appraiser that also employee's the Realtor.Arm's distance transaction?! I can ASSURE you I I would'nt do this for free!And sence when, is the guy that lends the money capped on earnings far lower that the totally overpaid (tour guide)Realtor?!who can sell a house for 10% if they wanted.Don't worry, thier days are numbered also,7% for 2.5 mins to fill out a purchase agreement yea right,and sterring my buyer somewhere else because I won't give them a GFE.Then they find out I have my states 1st FSBO co. which I guarantee a seller to find a buyer within 30 days or less @ Full Market Value.(I average 2.5 weeks) It makes them mad, in fact they (MIBOR) tried to do a Cease&desist on me & failed misabrally.the days of order taking L.O.'s are done.It's JUST this simple,they write the guidelines,you fit the client into a program,charge as much as you can and go to the bank.AND THAT'S THE WAY IT SHOULD BE. where do I start, with Armando,Ferris or Ray a good one .YES Ray, Ive been in the bisiness for almost 2 decades,and Ive only missed 1 (one) closing.Ive NEVER had a foreclosure!!! trust me,the Lender would have told me.RECOURSE PAPER ya know.I do only purchases,(for sale by owner)I detest Realtor’s as far as jeff’s comments I let a realtor know FAST I do not want thier business.In my state, the absoult most fraud commented IS by Realtors.the worst is STERRING and thier deceptiveness . also in my state FSBO is 48% of the market & would’nt ya know realtors protray protray it to be a FSBO but have a side agreement w/seller .As far as all you guys saying your in the business “to help” people….B.S. you sound like you should join Benny Henn next time he’s in your area!!! so, do it for free and ask for doinations and see how many bills you can pay !!I am in it for the money as ALL Professionals…PERIOD!remember the old saying “the boy with the gold makes the rules” they give me the guide lines & I run w/ them except I won’t do ARM’s strictly 30 fixes, and no, I will never leave a penny on the table because Iam pennd to 4.99%.I have also spent 20 years STOPPING FORECLOSURES ( no short sales)Ive been show cased with the meida .NO other broker in my state has my preistine reputation. And my state for the longestest time lead the U.S. in foreclosures, and it was because of the 2-1-0 buy down, who came up with that guaranteed foreclosure program? OH,that’s right the Builder’s who also owns the Mortgage co. which also owns the title co. that also employees the Appraiser that also employee’s the Realtor.Arm’s distance transaction?! I can ASSURE you I I would’nt do this for free!And sence when, is the guy that lends the money capped on earnings far lower that the totally overpaid (tour guide)Realtor?!who can sell a house for 10% if they wanted.Don’t worry, thier days are numbered also,7% for 2.5 mins to fill out a purchase agreement yea right,and sterring my buyer somewhere else because I won’t give them a GFE.Then they find out I have my states 1st FSBO co. which I guarantee a seller to find a buyer within 30 days or less @ Full Market Value.(I average 2.5 weeks) It makes them mad, in fact they (MIBOR) tried to do a Cease&desist on me & failed misabrally.the days of order taking L.O.’s are done.It’s JUST this simple,they write the guidelines,you fit the client into a program,charge as much as you can and go to the bank.AND THAT’S THE WAY IT SHOULD BE.

]]> By: Bob Villa http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/comment-page-2/#comment-2849 Bob Villa Wed, 22 Aug 2007 15:42:08 +0000 http://blownmortgage.com/2007/08/20/bring-on-the-lawsuits/#comment-2849 When Alt A (mostly stated 620's+ credit scores) hits the fan, good luck. I have seen so much fraud from X Ameriquest employees to belive that it's going to be very tough for anyone to trust a lender. We might as well put loan officers with car salesmen now. Anyone can buy a car with NO proof of income. As long as your a 620+ with no bad credit. Face the facts, 95% of the people that are reading this have an auto loan or HAD an auto loan. 85% of you never had to bring in a pay stub. 40% of you purchased a vehicle over 30,000. The average Toyota dealership sells 300 cars a month. Some of you got the loan from your "credit union" with no proof of income, some of you got the loan from your MORTGAGE COMPANY. Lenders like World Savings with option arms (the company that started it all) did it right, based on mostly 70% of the value of your home in only good markets. Speaking of ARMS, lets talk about what lenders used, like the MTA instead of the COSI. Stated loans to people with good credit will hurt more people than you can imagine, what changed was the borrower. Most people that were RENTING became buyers. Big cars and Big houses. 83% of new home owners bought a new car to go with it. Face the facts, New homes dont mean an increase in the rental market, it means more people bought homes and more people stopped renting. They were given a choice, ARM or Fixed. The question is this, what did borrowers want? They wanted the lowest payment, same in a car dealership, (again most of you are in a 60 month to 96 month car note, yes 96 month:google navy federal credit union auto rates) Stop the blame and suck it up. Lets agree on one thing, we have to work to make money. Everyone wants to "own their home" not rent. So if your reading this, Your the problem. Suck it up and move on. Go back to work and suck it up, oh and if your retired or by some small chance you have all the money you need, then get off this blog and do something constructive like give it to the poor and stop the blame game. When Alt A (mostly stated 620’s+ credit scores) hits the fan, good luck. I have seen so much fraud from X Ameriquest employees to belive that it’s going to be very tough for anyone to trust a lender. We might as well put loan officers with car salesmen now. Anyone can buy a car with NO proof of income. As long as your a 620+ with no bad credit. Face the facts, 95% of the people that are reading this have an auto loan or HAD an auto loan. 85% of you never had to bring in a pay stub. 40% of you purchased a vehicle over 30,000. The average Toyota dealership sells 300 cars a month. Some of you got the loan from your “credit union” with no proof of income, some of you got the loan from your MORTGAGE COMPANY. Lenders like World Savings with option arms (the company that started it all) did it right, based on mostly 70% of the value of your home in only good markets. Speaking of ARMS, lets talk about what lenders used, like the MTA instead of the COSI. Stated loans to people with good credit will hurt more people than you can imagine, what changed was the borrower. Most people that were RENTING became buyers. Big cars and Big houses. 83% of new home owners bought a new car to go with it. Face the facts, New homes dont mean an increase in the rental market, it means more people bought homes and more people stopped renting. They were given a choice, ARM or Fixed. The question is this, what did borrowers want? They wanted the lowest payment, same in a car dealership, (again most of you are in a 60 month to 96 month car note, yes 96 month:google navy federal credit union auto rates) Stop the blame and suck it up. Lets agree on one thing, we have to work to make money. Everyone wants to “own their home” not rent. So if your reading this, Your the problem. Suck it up and move on. Go back to work and suck it up, oh and if your retired or by some small chance you have all the money you need, then get off this blog and do something constructive like give it to the poor and stop the blame game.

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