More Mortgage Mess

[Pete]

Thanks Pete, but it was a retorical question in answer to the ones who think the loanee's are solely to blame.

The party that should be throwing the fiduciary responsibility flag are the loan companies who grant loans based on bogus info provided by their own agents.....IF they can prove their own agents did it purposefully. I would speculate that 99% of the problems are caused by prospective homeowners not using their melons and not fraud.

The "I don't give a shiat I WANT IT NOW, I will figure out how to pay for it later" mentality is epidemic in America. When I was doing my loan legwork I pre-qualified for a $300K house according to the loan company. This was ridiculous because I did my budget and at the interest rates at the time I could only comfortably afford a $190K house. No one is going to look out for you better than you.

 

[vraiblonde]

When I was doing my loan legwork I pre-qualified for a $300K house according to the loan company. This was ridiculous because I did my budget and at the interest rates at the time I could only comfortably afford a $190K house.

Yikes! These days there's no such thing as a $190K house.

 

[Pete]

Yikes! These days there's no such thing as a $190K house.

I know, I was lucky I looked when I did. Nothing like having $100K in equity in 4 years.

 

[vraiblonde]

I know, I was lucky I looked when I did. Nothing like having $100K in equity in 4 years.

Yeah, no kidding. It's going to take me forever to gain equity.

 

[Pete]

Yeah, no kidding. It's going to take me forever to gain equity.

The people who sold me the house made a bunch. they had it on the market for 10 months and then when I saw him a year later he was kicking himself he didn't wait longer. :greedy:

 

[refi-rep]

...you give it a rest and watch some ####ing football and drink a beer?

Finally someone has the right frame of mind, between this person and Patch Tuesday I can always rely on coming on here and seeing some "wonderful" thread about the mortgage industry is this and that. It ll straighten itself out and the ones that were doing solid practices will survive. From what I ve seen this week rates are going down and the more "reliable" finance companies are opening back some plans for people to refi.

 

[Dymphna]

As a settlement agent it is ridiculous what I see, so many people have NO IDEA what they are signing and just sign and pass, sign and pass....I try to explain the docs and usually, about 80%, of the time they end up telling me their life's stories while just signing docs.....scary.....

Very true, but then you have people like me that read every word and the title company people sit there taping a pen on the table and trying to hurry me up.... "oh, that's just standard stuff."

 

[refi-rep]

That is the same thing that I am supposed to do as a settlement agent. My point was that people don't care, they act like they don't WANT me to explain them, they would rather tell me about suzies brothers baby mama.

I agree with you on your previous point as well, so many people really didnt have any clue what they were signing because they were told one thing exh your payment is a fixed 7.75, but werent told it was a fixed interest only and was hidden in the paperwork. I also agree that people want what they want and dont care how they get it which is sad. People are getting wiser which is great.

 

[Larry Gude]

Ok...

With the huge stack of forms, it can be hard to make sense of what you're reading after a while. It's not like you get a week to review them.

That's why I've always used a lawyer. It's worth the $$$ to have somebody who works for you and knows what they are doing look at the paperwork.

He would point out certain areas on the forms and ensure that I understood what I was signing.

...and how many pieces of paper did he advise you to not sign?

 

[refi-rep]

Very true, but then you have people like me that read every word and the title company people sit there taping a pen on the table and trying to hurry me up.... "oh, that's just standard stuff."

I do the same when I buy a car and their like "oh thats fancy talk for the financing" Im like yeah thats why Im reading it to make sure NOTHING is hidden in that fancy talk

 

[Larry Gude]

No it won't...

Yeah, no kidding. It's going to take me forever to gain equity.

...I'll bet you a beer that the house is worth $50k more four years from today.

 

[refi-rep]

...I'll bet you a beer that the house is worth $50k more four years from today.

I ll beat a soda in 2yrs that you ll have 25-30k in equity

 

[Larry Gude]

Not so sure...

I ll beat a soda in 2yrs that you ll have 25-30k in equity

...about that. I can see a couple of years of low or no appreciation and even some deprecation as the housing excess sorts itself out along with illegals (who rent and own, btw). In the DC area, maybe you'll be right. Nationwide places like Denver and Miami and Vegas has got real messes on their hands.

 

[refi-rep]

...about that. I can see a couple of years of low or no appreciation and even some deprecation as the housing excess sorts itself out along with illegals (who rent and own, btw). In the DC area, maybe you'll be right. Nationwide places like Denver and Miami and Vegas has got real messes on their hands.

Yeah around here you ll see some pick up in the next yr. However there are specific counties that will be faster then others and unfortunately one of the major factors on how much your home will be worth is where your home is and the comparables in the surrounding neighborhoods. I feel sorry for the bigger markets because it ll take them alot longer to get fixed out of the rut.

 

[refi-rep]

Really now. And, what exactly do base this prediction on?

I base this on experience and the fact that I dont post every negative thing I read about. Plus I base this on working in this everyday and seeing the rates going down and more programs opening up. Its just like the stock market, you have your bad days and you have your good, you have to make adjustments as the economy has done over the years in order to thrive. Its called checks and balances and things will get better with those of us that did things the right thing from the beginning and we will overcome a bump in the road. A bit of advice would be, if your not in the industry your opinion is just that an opinion and not a fact. What you may read could very well be whats happening to some of the companies that did some very questionable things that should of never taken place, however for you to come and pretty much include every person thats made a clean living doing mortgages for years in your tirade is absolutely ridiculous and furthermore theres a few of us that find these rooms a place to chat and have good positive conversation without some MPD trying to speak for the majority when in fact that particular MPD has nothing better to do then try to post their two cents that arent worth a half of a penny so please see a counselor and find something positive to focus on in your life so there will be one less "know it all" in the forum. Thanks and hope things work out for you.

 

[refi-rep]

So, now you're smarter than the NAR economists huh? Did you sleep in a Holiday Inn Express last night?

"(CNNMoney.com) -- Home values and housing sales will take an even bigger hit than previously forecast and will not recover to their earlier levels throughout all of 2008, at least, according to the latest economic outlook from the National Association of Realtors released Tuesday."

"The group has continually been revising price estimates lower as problems in the mortgage markets made it more difficult for potential buyers to find financing and helped feed the glut of homes for sale on the market. As recently as the March economic forecast, it had still been looking for an annual gain of 1.2 percent in existing home prices."

http://money.cnn.com/2007/09/11/new...sion=2007091110

Once again enjoy your reading. You know I have to agree with one of my karma givers and it becomes very clear to me(the karma giver read you better then I) why your so bitter with the mortgage industry:

A. You either were in the industry and did some shady things and were one of the first to be let go.
B. You have an ARM and cant get out, even though thats the rate you wanted from the beginning and now your really sorry your got it and blamming it on any one in the industry
C. You just like causing problems in the chatroom because you have no life
D. You just want someone to like you.
E. All of the above plus ones unspoke

 

[Tina2001aniT]

Once again enjoy your reading. You know I have to agree with one of my karma givers and it becomes very clear to me(the karma giver read you better then I) while your so bitter with the mortgage industry:

A. You either were in the industry and did some shady things and were one of the first to be let go.
B. You have an ARM and cant get out, even though thats the rate you wanted from the beginning and now your really sorry your got it and blamming it on any one in the industry
C. You just like causing problems in the chatroom because you have no life
D. You just want someone to like you.
E. All of the above plus ones unspoke

I'm going with E....

I wouldn't waste my breath anymore if I were you, you can't fix stupid.....

 

[refi-rep]

Man, I can only imagine what you say about your customer's after they've left your office. When can we look forward to you being on the implodometer?

http://ml-implode.com/

I say they made the right choice because their given different scenario's(all with fixed rates) and they choose the one that they feel comfortable with. I appreciate my customers, for thats how I put food on the table for my kids. I just find it funny how you seem to know everything but in reality know nothing. I thank you for your posts and hope you find someones elses occupation to try to pick at its inperfections, for every occupation has its bad and good sides it doesnt mean all the individuals in that occupation did the same the one did thats getting the negative feedback. Seriously its been fun but this is getting old so have fun with your next tirade on hmmm I dont know the who person refills your coffee(and forgets your spoon)when you eat out.

 

[somdrenter]

I base this on experience and the fact that I dont post every negative thing I read about.

Excellent side step on the question. Good thing you didn’t mention market indicators such as ARM re-sets, foreclosures, negative savings rate, growing inventory, declining sales, flat prices, salary increases not keeping pace with home prices, tightening lending standards, lenders folding, the number of toxic mortgages issued, or talks of government bail outs. Keep it up and you might never have to actually answer a question.

 

[wkndbeacher]

Excellent side step on the question. Good thing you didn’t mention market indicators such as ARM re-sets, foreclosures, negative savings rate, growing inventory, declining sales, flat prices, salary increases not keeping pace with home prices, tightening lending standards, lenders folding, the number of toxic mortgages issued, or talks of government bail outs. Keep it up and you might never have to actually answer a question.

Im willing to bet that you and patch are the same person, its seems like everytime he posts your not far behind backing him up LOL...