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    VWVortex


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    Thread: 40k upside down. Talk to me about forclosure....

    1. Member GeoffD's Avatar
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      08-16-2012 05:14 PM #106
      Quote Originally Posted by NZTIGUAN View Post
      Predatory lending ???? "You take this money or we'll beat you up and maybe eat you"

      DUH
      There's a sucker born every minute.” ― P.T. Barnum

      People are confusing what a mortgage broker does with what a bank or S&L historically used to do. A mortgage broker is a middleman who feeds your paperwork over to Fannie Mae or Freddie Mac as soon as you sign on the dotted line. They make a commission on the deal and never see you again. Back in the dark ages, banks and S&Ls used to use the savings from depositors to fund their mortgage business. Years ago, they stopped doing this and got into the mortgage broker business. Somehow, John Q Public never caught on to the fact that the bank immediately sold their mortgage. As long as Fannie May and Freddie Mac will take the paper, a mortgage broker will write you a mortgage. When the Federal Government screwed with mortgage lending criteria, it became much easier to write a mortgage for someone who was highly unlikely to be able to make the payments. As long as the mortgage broker isn't lying, they're just executing federal government lending policy. There is nothing unethical about it.

    2. Member nobbyv's Avatar
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      08-21-2012 08:14 AM #107
      Quote Originally Posted by mr sarcastic View Post
      I understand that banks are for profit, and I guess I'm thinking back to when it was profitable for banks to put people into loans that they could afford to pay to completion. Something changed along the way and predatory lending became more profitable.
      I admit I skipped pages 2-3, but: your issue has nothing to do with the bank. You are making the payments fine, you said so yourself. YOUR bank did nothjing like "predatory lending", so stop beating the drum of "oh, poor downtrodden me, I'm the victim here, I was taken advantage of".

      The issue is you bought a POS house you can't afford to repair. Have you contacted the home inspector that you used when you bought the home? You DID get a home inspection, right? Have you reviewed the report to see what issues the inspector pointed out in the report, and what he may have missed? Roofs do not begin leaking overnight. It is usually pretty obvious when they need to be replaced, and would be pointed out by any competent home inspector.

      How is it in anyway the bank's fault you bought a house that is falling apart?

    3. Senior Member Hostile's Avatar
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      08-21-2012 08:54 AM #108
      Quote Originally Posted by nobbyv View Post
      I admit I skipped pages 2-3, but: your issue has nothing to do with the bank. You are making the payments fine, you said so yourself. YOUR bank did nothjing like "predatory lending", so stop beating the drum of "oh, poor downtrodden me, I'm the victim here, I was taken advantage of".

      The issue is you bought a POS house you can't afford to repair. Have you contacted the home inspector that you used when you bought the home? You DID get a home inspection, right? Have you reviewed the report to see what issues the inspector pointed out in the report, and what he may have missed? Roofs do not begin leaking overnight. It is usually pretty obvious when they need to be replaced, and would be pointed out by any competent home inspector.

      How is it in anyway the bank's fault you bought a house that is falling apart?
      THIS!

      OP - The bank didn't sell you the house. They sold you a mortgage that you are paying on time and can apparently afford.

      YOU chose this house.
      YOU bought this house
      YOU can't afford to repair it.

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