Feedback Needed - Is it OK to Let "Ethical" Mortgage Professionals Join Loan Safe?

[Irish Gal]

Hi Happy Home !

Thanks for the nice comments! Hang in there as you have shared you are going through a lot lately i.e. trying to figure out what is best for your situation. My personal philosophy is that each day "more will be revealed" i.e. answers will come, when we are ready to stop and listen, gather facts, take whatever action is within our control or financial means, and not try to force outcomes. Sometimes we later realize our Plan B's or C's turn out much better for us in the long run than any Plan A would have !

Again, thanks for the kind replies ! Good luck !

Irish Gal

[Irish Gal]

Hi Persistence !

I've been reading about your "journey" re loan audit, loan mod attempt, etc. Thanks for sharing it. Sounds like it is coming together for you. I'm sure it is a lot less stressful for you now that an attorney is handling the situation for you. My sense is you will get a great (mod) offer, probably much better than you would receive w/out an audit and an atty to negotiate your mod for you. The majority of lenders still seem entrenched in their stance to continue to financially bleed desperate homeowners with their (in my opinion, over-rated) band-aid loan mod offers and in denial re the reality of the current market values of their junk mortgages (by not offering principal reductions also). But, hopefully you will get a great deal.

What specifically peaked my interest tonight was your comments re "buyer beware" re real estate brokers/agents and their continuing lack of ethical thinking/behaviors re contracts or RE business in general. After everything I've learned throughout this process, unfortunately, I am not surprised. Kudos to you for trying to help educate and warn naive or first time buyers by your suggestions to them to get an atty to review and a possible loan audit. That was great! Any oppty I get, I do the same. They like to say: location-location-location. I like to say now: educate-educate-educate. Because, I think once this cycle of economic pain fades for everyone, including the mortgage and real estate industry, and this awful period is a thing of the past, these vultures will be back at it again wreaking their financial havoc on a whole new (young) population of naive or first time buyers who will have no clue. Unfortunately, history may repeat itself - not to this extent - but there will always be naive consumers who will have no clue. These same vultures are already out there now posing as "helpful" loan modifiers because they put themselves out of their old (very lucrative) jobs! But, I believe they will return, in full force, once the opportunity exists again.

Also, I've consulted with a few attys throughout this process. The best one I consulted with is a (CA) real estate atty AND real estate broker. He informed that any real estate contract/purchase agreement is legally written to protect the agent/broker and their RE business - NOT the buyer. So, a buyer is wise to have an independent atty review any docs they might sign throughout a real estate transaction (vs. taking any agents/brokers word for anything - or any atty those agents/brokers say has reviewed anything on your behalf as that atty protects their interests, not the buyer's). As you might know, I am going the short sale route. If that fails, I will foreclose. I am prepared for that. I have completely let go of all the stress, this process and trying to force any outcomes, etc. I finally realized that these mortgage, investor and real estate folks are just coo-coo and I'm not the type to "push sand" with coo-coo's for too long! This is not my dream home which I WILL have, down the road. For much cheaper. I will do it right, next time. I just couldn't keep hitting my head against a brick wall dealing w/ these lender/investor fools day in and day out. Got REAL old. FAST. As you also might know, I was offered two bogus loan mods (CW and HSBC) which were no real, long-term solution, for me. The ONLY way I would waive my legal recourse (mortgage loan) rights (by accepting a mod offer) is if I were truly offered (2) A+++ loan mods that absolutely made it worth it (long-term) to waive those rights. So, if CW and HSBC are both willing to lose more $$$ than they already have by playing their non-sensical, financial games by offering crumbs, that is their right. And my right is to sell or give it back to them.

So, hang in there and good luck with your process!

Peace out

Irish Gal

[mustangpg]

The contracts used by Realtors in Florida are written by attorneys and in the contract both parties are advised of their right to have an attorney look over their contract.

[debrahnava]

I'm sorry! I don't agree with having any Mortgage broker have their say here. Don't trust-not one of them-Not even a little! This is 'our' safe haven from their unscrupulous business practices. They've all profited way too much and we're left having to pay the consequences. And if one more person tries to tell me that I should've hired an attorney or knew more about what we were signing-I'm going to scream! If we knew now-do you think we would've done it? Geez. Whoever said hindsight was 20-20 was a genius.

[HappyHome]

Hello debrahnava..~ Are you reading my mind? by that I mean to say KUDOS to You in yr Post here!! Awesome Indeed.. The thought of ((We should have this or should have done that beforehand of all This disgusting Mortgage mess, Snake-Oil dealing Brokers, Appraisars all of them Makes me wanna just Spit Up! Ya Know how dare they ( they Uppity People who don't understand a thing about what We've gone thru dare say such Un-Kind things!!) and Like yo u said and I agree 110% why in the HE** would we have done all this to begin with (Knowing it?? HA!) to end up The suckers ! as All the Major Big Banks are Being bailed out and we are left holding on (just barely!) disgraceful~ I am
"Walking from My House" and I Can Not wait No Love Lost here..I have lived thru Pure Hell these past 3 years affecting not just my Financial life but also My health a great deal from constant stress/worrying over what? No One will budge to Re-fi or ANYTHING just a little Mundane Modification to a Slow death..!
I came to my awakening on or about end August 1st Sept. when I said I shall Live (or Not Live beter describes it..) I SHALL NOT LIVE LIKE THIS ANYMORE..
with that Powerful affirrmation , have been planning my getaway ever since,
hired a bankruptcy Attoney.. found a place to live.. ( waiting to hear back from this awesome Apt/townhome community.. had Yard sales.. called some movers got a great quote! and am riding it out fo r the right time asap i hope/pray/need/want! so badly I could just cry! The awesome Aptsytled townhome I am looking at and waiting to hear back from about my application I just dropped off TODAY is ONLY 100 sq feet Less in footage than my House!
and my New rent will be half of My Mortgage payment ( maybe more)! They are giving me a 3% Preferred Employer Discount! I do Not have to cut gr**** and On and on ! Althoug I do not KNOW you Personally I can say I do understand how you feel and we can Pray for each Others Happy New Life as well as this site to communicate all of our feeling expressions without being dragged down by what we've gotten so used to and how they treat us(Mtg. Company's all those CROOKS!) I about fell off my seat at the Leasing Office at The Apt. place when she said oh by the way we can Give you this 3% discoun t because you are On our List ! humna nature for me at that brief moment was to hardly believe it after 3 years of being treated like dog SH*t .. and How wonderful it felt to be treated fairly thats all I have for tonite I am pretty fired Up Best of everything to you and Yr Family blessings to you. happyHome soon-to-be Happy TownHome!!! ((Big SMILE!~**))

[JoJoJodyJo]

In the interest of full disclosure, I'm a mortgage broker, however I signed up here as a homeowner in foreclosure. Although I still do the occasional loan, I'm not "working" as a loan officer and am not here to generate any sort of business. I'm here as a fellow human being in the same situation as every other member. I have over twenty years experience in the mortgage industry and have a full and in-depth understanding of the programs being offered to supposedly bail us all out. I will gladly offer my professional opinion on them with the understanding that it is for educational purposes only and not to try to generate business.

So far I haven't seen one bailout program yet to get excited about, but I've always been a bit of a rebel and have a hard time jumping on a bandwagon just because it’s coming through town. I am one of the few mortgage brokers who refused to put people in the option arm loans when they were the hot ticket because I saw this implosion coming years ago (By the way, the banks were the number one seller of the option arm loans). I tried to warn people but they wouldn't listen, and my refusal to offer those loans to borrowers who wanted to use them to buy way more house than they could afford directly led to the demise of my business and my current foreclosure situation.

However, I sleep well at night knowing that I ALWAYS did what was right for my clients and I REFUSED to defraud anyone I represented or any lender I brokered to. Ever. I also explained the details of every loan to every borrower so they understood exactly what type of loan they were taking and how it affected them. I provided every borrower with a copy of every page of their loan documents and their appraisal, and I signed every borrower myself so I could explain each and every page to them before they signed. I can’t tell you how many people didn’t want to hear the details, telling me that they trusted me. My standard response was “this is your home and your future, don’t trust anyone”. I even said this to repeat clients who I been dealing with for years.

I am not a loss mitigation specialist, nor do I know the first thing about loss mitigation, so there is no worry about me trolling for clients. I’m just here because I am in the same boat as all of you and doing the right thing matters to me. So in the long run I may end up in a cardboard box on the street corner, but I will have peaceful slumber while I'm there.