Subprime Predatory Lending Crisis that's hitting alot of hardworking people buying their first home and then the lenders accelerate your income without your knowledge and in six or seven months you need to refinance because you have an AMR mortgage. Has anyone experenced this? If so, my family has been included in a documentary that was done in NOrth Carolina by the Center for Responsible Lending and the North Carolina Realtors Commsion and also the Banking Commisoner. Tell me your story? Let me also know where we can go live after bankruptcy.
2007-11-08 07:02:22 · 6 answers · asked by blueeyes 1 in Business & Finance ➔ Renting & Real Estate
Yes, and your realtor's husband didn't do the inspection and this was our first home after nearly twenty-five years of marriage and, maybe it was my fault since I had did all of our business after working for our local police dept for nineteen years I was just diagnoised with MS and I already had Lupus with siezures and mini-strokes. So, I do take responsibility for this and believe me I had no idea that our realtor would do what she did. I guess we were taken but you have a child that was misdiagnoised at the age of two and had forty-two brain surgeries before she was fourteen. But, God is great and she's in nursing school now we will be okay. We have done a documentary for the Center for Responsible Lending and the Attorney General of NC. It will be on u-tube in another week or two!!! So you can keep you jugments to yourselves because God deals with everybody in the end! Doesn't he!!! God Bless and I hope your holidays are great!!!
2007-11-08 12:00:18 · update #1
Your lender accelerated your income and you are complaining?
2007-11-08 07:55:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
On this one, I have to agree with the earlier posters. The lending was not predatory. The name of the loan was enough to clue anyone as to what was going on....ADJUSTABLE RATE MORTGAGE. Did you have some naive notion that the rate on the mortgage would be adjusted but NOT the payment ?
The foreclosure mess we are in right now falls onto two groups of folks. Those who offered the mortgages, and those who accepted and signed for them.
2007-11-08 08:17:34 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Shakey credit incredibly plenty immediately qualifies you as subprime, except you have have been given stable fairness (20%). additionally, "extra suitable than 30 days overdue" shows you have made 30 day overdue will pay, it is a significant pink flag and shows you acquire into only a sprint of worry right here and there. pass communicate with a private loan broking provider. they're going to enable you realize what you may get in the previous you sell, so which you realize if its worth it.
2017-01-06 07:59:04 · answer #3 · answered by ? 4 · 0⤊ 0⤋
This is BS!!!!!!!
This whole thing about predatory lending really is BS.
People purchased a home with an ARM. The risks were explained and yet you did it.
The question should be why you did this when you knew the risks.
2007-11-08 07:21:26 · answer #4 · answered by Anonymous · 2⤊ 0⤋
I have to agree, you had to sign all the paperwork with all the documentation and numbers on it. I am not saying some people were not taken advantage of BUT people need to take the time to read everything before they sign it and question anything that is incorrect.
2007-11-08 07:46:28 · answer #5 · answered by Mark M 2 · 0⤊ 0⤋
stop playing the blame game. Are you telling me you had no idea what you were getting into? or are you using it as an excuse to be a "victim"? Be a man, not a child and take responsibility... NO ONE made you sign those papers.
2007-11-08 07:55:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋