Predatory lending? - Loan Modification Forum

lr554 · 10-16-2008, 02:58 PM

First I would like to thank all for this GREAT site!! Im sorry if this is not where Iam suppose to post this but, I need help!!

Back in 05 I moved to Florida and because I did not know may people my realtor set me up with everyone I would need to buy a home. (first mistake)!! Well, to really make a really long story short the mortgage broker said because we could show no income in Florida he could only get us a ARM's even though we had $200,000 down from the sale of our other home.

Now here we are 3 years later struggling!! Never mind the fact that since we said we would rather move then do a refi. 1 1/2 years on the market and no bites lot and lots of showing but, no bite!! I did a little investgating and I think that they did the comps on my house to the comps in the better part of my community!! My comps compared to the "excutive home and custom built", instead of the home down the block that sold for $287,000 3 mths before I was appraised for $395,000!! I even paid more than some of those excutive homes on bigger plots with lots of extras!!

I don't understand why he told me that that was the only loan I can have and I do not understand why they would have appraised my home for soo much more!! I didn't to borrow more that I need I just do not understand!! And our credit was not bad at all!! I really feel ripped by him, my realtor and the appraiser!! NO one looked out for my best interest. Now Iam stuck in a home that will not sell while everyone around me sells!! And I am paying for a home I can no longer stand to be in!! Is there anything I can do!!??

Dan Bailey · 10-16-2008, 03:35 PM

lr554,
Hi! To be honest, "normal" people like you and I really cant tell about if there is predatory lending or not in our paperwork...If we missed it during the signing...theres probably more...and it pretty much takes a lawyer trained in real estate law to see the violations. Have you ordered a QWR yet (info on this is on the home page) and then have a lawyer take a look at the papers?

Laura · 10-17-2008, 11:24 AM

Contact your State's Attorney's Office. Go online and e-mail them, call them until someone helps you. I for one I am sick of this housing crap!

Contact your mortgage company and see if they will do a loan modification for you. Don't give up...fight...fight

HappyHome · 11-07-2008, 08:53 PM

Yeah Me too.. Pretty sick of all the Crap ! I feel mine is outta Whack ( QWR) I have it an d WILL Pursue it also.. so whats the Scoop all The Non-Profit's Still so Busy?? and I Know(understand) I can Call State Oofice of Atty.. and Probably Will But You'd think there would be //SHOULD BE Much More available ways at this point in this GAME of Theirs!! For Cryin' Out Loud LQQK at all The Bail-Outs done in No-Time eh?? But all of US TaxPaying Ethical True & Real Hard-Working People got Screwed and still are getting Screwed Big Time ..Just me 2 Cents! Yup..

10-16-2008, 02:58 PM	#1 (permalink)
lr554 Junior Member Join Date: Oct 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Predatory lending? First I would like to thank all for this GREAT site!! Im sorry if this is not where Iam suppose to post this but, I need help!! Back in 05 I moved to Florida and because I did not know may people my realtor set me up with everyone I would need to buy a home. (first mistake)!! Well, to really make a really long story short the mortgage broker said because we could show no income in Florida he could only get us a ARM's even though we had $200,000 down from the sale of our other home. Now here we are 3 years later struggling!! Never mind the fact that since we said we would rather move then do a refi. 1 1/2 years on the market and no bites lot and lots of showing but, no bite!! I did a little investgating and I think that they did the comps on my house to the comps in the better part of my community!! My comps compared to the "excutive home and custom built", instead of the home down the block that sold for $287,000 3 mths before I was appraised for $395,000!! I even paid more than some of those excutive homes on bigger plots with lots of extras!! I don't understand why he told me that that was the only loan I can have and I do not understand why they would have appraised my home for soo much more!! I didn't to borrow more that I need I just do not understand!! And our credit was not bad at all!! I really feel ripped by him, my realtor and the appraiser!! NO one looked out for my best interest. Now Iam stuck in a home that will not sell while everyone around me sells!! And I am paying for a home I can no longer stand to be in!! Is there anything I can do!!??

10-16-2008, 03:35 PM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Predatory lending? lr554, Hi! To be honest, "normal" people like you and I really cant tell about if there is predatory lending or not in our paperwork...If we missed it during the signing...theres probably more...and it pretty much takes a lawyer trained in real estate law to see the violations. Have you ordered a QWR yet (info on this is on the home page) and then have a lawyer take a look at the papers? __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

10-17-2008, 11:24 AM	#3 (permalink)
Laura Member Join Date: May 2008 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Predatory lending? Contact your State's Attorney's Office. Go online and e-mail them, call them until someone helps you. I for one I am sick of this housing crap! Contact your mortgage company and see if they will do a loan modification for you. Don't give up...fight...fight

11-07-2008, 08:53 PM	#4 (permalink)
HappyHome Senior Member Join Date: Apr 2008 Location: Richmond, VA Posts: 118 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Predatory lending? Yeah Me too.. Pretty sick of all the Crap ! I feel mine is outta Whack ( QWR) I have it an d WILL Pursue it also.. so whats the Scoop all The Non-Profit's Still so Busy?? and I Know(understand) I can Call State Oofice of Atty.. and Probably Will But You'd think there would be //SHOULD BE Much More available ways at this point in this GAME of Theirs!! For Cryin' Out Loud LQQK at all The Bail-Outs done in No-Time eh?? But all of US TaxPaying Ethical True & Real Hard-Working People got Screwed and still are getting Screwed Big Time ..Just me 2 Cents! Yup..

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