I will not use the word “arrogant”, but will instead say that your comment seems to be a familiar one, and is one that usually proceeds from the mouths of those that have not had the experience of predatory lending practice perpetrated upon them either (a) because they never had a loan or (b) they are more intelligent and well-versed than most in lending practices.

In either case, it is no fair to expect the average homeowner to understand the mounds of paperwork and complicated figures they are inundated with in the average loan process. Mortgage lenders, however, are VERY well versed (for the most part) in their fields, and know how to manipulate figures to leave most buyers more baffled than ever when they ask a simple question. Its like putting a calf in the middle of a ring of hungry wolves. The calf doesn’t stand a chance.

I do no speak lightly of the default rate in this country, but believe it was, in most part, created by predatory lending practices, by professionals who knew full well what they were doing.

I am a Realtor with 22 years experience in the field, and have also completed mortgage school. I do know whereof I speak. I have also attended literally hundreds of closings, and have watched buyers sit there, nodding their heads as a escrow officer rushes through a bewildering array of paperwork. Most buyers have absolutely NO clue what they are signing, and just nod dumbly when figures are whirled around their heads faster than speeding bullets, only these bullets will impact buyers for the rest of their lives. They know this, but do not want to appear “dumb”. It would take a course in mortgages to prepare the average person for the paperwork they are to sign at closing, but no one does this. All they know is they have to sign, sign, sign …..

I think you should change your intolerant attitude to one of tolerance and have some sympathy for the mislead and the misinformed. They have, after all, been led down the garden path by some pretty well-versed and intelligent mortgage brokers, and they have no idea about the ‘man behind the curtain’ that is going to leap out and get them when the rates rise and rise and rise ….

If homeowners are interested in seeing if their loans violate these powerful mortgage laws, I recommend “23 Legal Defenses to Foreclosure: How to Beat the Bank” available at:

http://www.foreclosure-fight.com

The book is specifically written so homeowners and attorneys can determine whether their loan documents violate federal law. For example, four chapters are dedicated to TILA. The first chapter includes easy to understand checklists and a worksheet to determine whether the finance charge stated on the Truth in Lending statement is accurate. As many of you know, in a refinance, a misdisclosure of $35 or more in foreclosure can enable the homeowner to rescind the mortgage transaction up to 3 years after closing.

Yeah, every loan officer sat and explained what the client was going to be over charged for and what the payment will be when their exploding ARM adjusts and how much cash they were getting on the back of the loan by charging a hire rate at the COST of the borrower??? I THINK NOT!

Not everyone deserves to have their home saved and those people will most likely lose their home. But for the homeowner who was defrauded, swindled, bait and switched, well it’s lawyer time and those who committed these acts will pay for their fraudulent past deeds.

Are you just a one of the Homeowner Haterz that thrive on the misery of others ????

Simply Amazing. So know, all the homeowners who can’t afford their payment are victims. I think not. Before a person signs the loan, the lender informs them that their payment can readjust to a higher value. These buyers took that chance with an ARM, buying a big, expensive house they didn’t need. Now, that these rate are indeed readjusting, the buyer thinks they have been screwed by the lender. What a joke.