mortgages

[Boston Matt]

Here is Y we are having this problem....
Yesterday I was talking to a banker about my mortgage here in MN, and seeing what I could do about an offer on the one in SC....I about fell out of my chair when he said
" I'll get u into the house in SC and if you don't like what the Relocation company offers u for the House in MN, try renting or just let the house in MN foreclose" I looked at him and said I have worked my ass off and have outstanding credit, pay ALL my bills, and 2 ex's and there fricking lawyers, and he says Just let it foreclose.....Needless to say I'm not using his bank......OMFG I was pissed

A huge part of the problem (IMO) is that the mortgage brokers could care less about the actual loan performance. They are basically salesmen and are being paid commission on new loans. The subsequent, actual performance of the loan typically has no impact on their financial compensation. They are wholly motivated to sell as many mortgages as they can, regardless of what will eventually happen to them.

Utter. Lack. Of. Accountability...

...and there fricking lawyers...

Now that's just not very Christmasy... :grin:

 

[Cigary43]

Yahtzee!! Unfortunately, this is too true. The very same guys who sell you your first mortgage and screw you over are there again to help you out of getting out of the first screw up and quite possibly into another one. Do your homework first before meeting up with the next broker,,,screw me once shame on you,,screw me twice I deserve it,,educate yourself.

A huge part of the problem (IMO) is that the mortgage brokers could care less about the actual loan performance. They are basically salesmen and are being paid commission on new loans. The subsequent, actual performance of the loan typically has no impact on their financial compensation. They are wholly motivated to sell as many mortgages as they can, regardless of what will eventually happen to them.

Utter. Lack. Of. Accountability...



Now that's just not very Christmasy... :grin:

 

[CWS]

Yahtzee!! Unfortunately, this is too true. The very same guys who sell you your first mortgage and screw you over are there again to help you out of getting out of the first screw up and quite possibly into another one. Do your homework first before meeting up with the next broker,,,screw me once shame on you,,screw me twice I deserve it,,educate yourself.

I am sorry but I still have problem with this. "The mortgage broker screwed me". Did you not get a the house you wanted? Did you not read all the paperwork? Did you not do the analysis on whether you could pay this back? Or are we saying that all people that signed up for these mortgages are stupid and need protection by the government. That people cannot really make their own decisions, use common sense and we need regulation. That businesses should not be allowed to deal with people because the government has more sense then they do. Kinda like the government regulatign whether you can buy a CIGAR?

Food for thought.

BTW I have a family member going through this and they are going to lose their house. Husband and wife have college educations, can add, subtract, and budget. But when it came down to owning a house, they just had to go for it, damn the consequences. I hate this. Times will be rough for them. But how can I point the finger at their mortgage broker? He didnt sign on the bottom line. They did.

End rant. Sorry