I got some justice!

[eyechartg]

After I realized my mortgage broker had submitted fraudulent documents and I was a victim of predatory lending, I filed a complaint with the DRE. Boy, he did not like that. I hired an attorney to sue him for damages and in the end he did give me $5000,(which would do nothing to save my home), but only on the condition that I withdraw my complaint to the DRE.
Well. I told the DRE I was withdrawing because that was the deal and they informed me that was fine...but they were still going to pursue the case! I think filing a complaint with the DRE is a very powerful consumer tool when faced with unethical brokers or agents. I hope that they pull his license and no one else will have to suffer over this sleaze bag.

[Wathera Cuamatzi]

Congrats to you on stepping up!

[elpjohnson]

I think what you did was what most people in your situation don't do and they definitely should do it....congratulations on your success! Hopefully, this story will encourage others to do the same!

[amendoza]

Good job on your courage to fight for some justice with these predatory lending practices.

[eyechartg]

Thanks all. Think about it...this guy knew I had no job, just a settlement from my recent divorce. He told me I'd have a better chance of holding on to my kids if I owned a home. He said I couldn't possibly cap out in less than five years. And he told me I was stupid to consider renting. This Broker attached a 3 1/2 % margin to my rate and never told me or showed me on the documents I signed. He walked away with $22,000 in his pocket....These people are crooks taking advantage of people by preying on their fears and vulnerability. They should lose their licenses.

[HappyHome]

Oh Good For You! What an Inspiration you are for me.. I so Want to Get my SLEAZY Broker.. she petted & vetted me seductivley into Many areas of which you speak of , My situation ((very Similiar..!!)) Even When I wanted to buy the Lower TownHome @ 130K ..She talked me into The $169K SF Home and I am SINGLE..( yeah..*8Kinda*8 dummy-me..BUT she was VERY Convincing!! Very..) and Just Playing on My emotions etc.. Thats Only the Tip of The Ice-Berg SHE KNEW WHAT SHE WAS DOING! Not just to me but to 2 of my Best Friends as well.. Sorry for my ignorance but whats does DRE stand for? and How Can I go about this and does My QWR ( I Have it already) come into PLay with DRE or anything else you care to share/advise/Suggest would be GREATLY Appreicated! I am having to Liquidate EVERYTHING I OWN, Lose my Home.. & Walk AWAY No Savings No 401K Notta NOTHING Left.. (like many Americans, each with Our Own Story.. but all from Pred. Lending Practices and Schemes~.. Thanks ahead of time for sharing your story and reading my rants~ happyHome

Originally Posted by eyechartg

Thanks all. Think about it...this guy knew I had no job, just a settlement from my recent divorce. He told me I'd have a better chance of holding on to my kids if I owned a home. He said I couldn't possibly cap out in less than five years. And he told me I was stupid to consider renting. This Broker attached a 3 1/2 % margin to my rate and never told me or showed me on the documents I signed. He walked away with $22,000 in his pocket....These people are crooks taking advantage of people by preying on their fears and vulnerability. They should lose their licenses.

[ocalalady]

I have the same question that HappyHome had asked back in November...what does DRE stand for? I can only guess Department of.....?
In reading posts I've noticed many initials and such and wished that I knew what they were referring to. It leaves people like me that are just getting in the "game" a bit confused. Thank you.

[Moe Bedard]

DRE is Division of Real Estate

[ocalalady]

***,
Thank you very much for that info! I've just located the website for our's in Florida and am sending a written complaint as directed. Thanks again! I'm sending letters to anyone I can think of.