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When Bad Loans Happen to Good People - A Letter

Today I got a letter unlike any other I've received. It's not uncommon in my business as a mortgage loan expert, to get letters from my clients. I encourage other real estate professionals to collect them. But the letter I got today was from somebody who chose not to refinance their home with me...and I wanted to share the letter.

Dear Joey Aszterbaum,

Two years ago I applied with you to refinance my home in San Jacinto. Your company is my local credit union, so we met in your office to talk about what you could do for me.

At the time, because of my credit problems, I thought that your loan was too expensive. Someone else was promising me the same interest rate with less points and fees. It sounded like a better deal, so I canceled your loan.

It's two years later. Even though I made it very clear to the other loan person that I needed a fixed rate, my rate has gone up over 2% and I'm having trouble making the payments.

Now I know that you were trying to take care of my with a good loan that was better in the long run. I wish I had taken the loan that you had for me instead of being duped by the other company. From now on, all my loans will be with you and Patrion Mortgage.

Sincerely,

I.G.

I remember helping this woman back then. I wanted to sit down and compare the loans side by side...by reviewing the Good Faith Estimate and Truth-in-Lending forms to really compare the two refinance options. Unfortunately, the adjustable rate mortgage loan she decided to get was a time bomb. (Note...I'm all for adjustable rate mortgages when they're used properly)

I'm so glad I.G. sent me this letter, because it's difficult to explain to people sometimes why it's important to work with a trustworthy loan professional; someone you can look in the eye...someone that has a vested interest in taking good care of you when you buy or refinance so that you refer your friends and family to them.

In this case, my client doesn't know where the person who did her last loan is and has no way of holding that person accountable. And my client is too far down a path for a refinance to help her.

If you're buying or refinancing a home in Hemet, California or the surrounding areas (Riverside County), I would love to meet with you and help you find a mortgage loan that works for you long term.

Joey Aszterbaum is the Hemet Home Loan Guy and a member of the Active Rain social network since 12/06.

Posted by Hemet Home Loan Guy, Joey Aszterbaum on 09/14/2007 09:53 PM

Comments (17)

credit and financing, hemet mortgage information, riverside buy or refinance

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17 Comments on When Bad Loans Happen to Good People - A Letter

See this way too often. At least you have a client that values you and has been, shall we say, educated.

09/14/2007 09:56 PM

by Larry Bettag - Cherry Creek Mortgage

Joey, Very nice of her to send a letter! I hate when they go for the gold and find out later its just not what they expected and then its too late to help! At least she can now see the value in your services and hopefully others can learn from this!

09/14/2007 10:00 PM

by Illinois Mortgage Lender | Kim Murphy (1st Advantage Mortgage, LLC)

How sad for the lady that got duped!! I have a lender here in TX that goes to that extra effort to find the right loan for my clients. In the past I have had such horrific experiences I have become almost pushy about who my clients use for their lender and I am really not a pushy person. I can see that you go to that extra effort to find the right loan for your clients there in Hemet CA also!

09/14/2007 10:05 PM

by Marchel Peterson Spring TX Real Estate E-Pro ABR (Results Realty)

Great letter! Had a customer break down and cry that I was the only mortgage person who hadn't tried to rip them off.

09/14/2007 10:06 PM

by Jon Sigler (HomePro Financial, LLC)

Joey,

Terrific letter for both you to get and to share with us and others. We always hate it when good folks get hurt. Thanks again for your comments with us. Glad you like zwibeck. We already know you like to laugh.

Cheers

09/14/2007 10:22 PM

by Gary Bolen (CRS) Lake Tahoe Real Estate Information (Dickson Realty - South Lake Tahoe)

Larry: Thanks for visiting. Yes...we live and learn. I can't help but feel responsible, like I should have had a more ready answer or worked on my persuasion skills. It's a wierd way to thing, but if we don't work on our skills at selling, we leave folks to go off and work with someone who's more persuasive...but might not have our clients' best interests. Please come back soon.

Kim: Fools gold is sooooo shiny, isn't it? Thank you for stopping by!

Marchel: No way around it...I get pushy for people to use my team also. It's just too important and I've seen too many people get burned. Thanks a bunch.

09/14/2007 10:58 PM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

Jon: Can you believe that?!? The ONLY lender that didn't try to rip them off? I though lawyers had a bad reputation.

Gary: Love me the laughter, for sure. You just have such a great way with words. By the way, I really appreciate the letter you wrote me about CRS. I used your words to encourage Realtors in my area to attend the upcoming class. You really helped me there. Thanks!

09/14/2007 11:04 PM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

Joey - I am not surprised that you would get a letter like this. You seem to handle your business very ethically, as do I. It's too bad that she went down the wrong path -

09/15/2007 12:19 AM

by Jason Crouch, Broker - Austin Texas Real Estate (Austin Texas Homes, LLC)

Jason: It amazes me any time someone takes the time to send me a letter. Feedback is a precious commodity, and few people are willing to give it. That's what I love about your commitment to commenting on my blog. Thanks for subscribing!

09/15/2007 12:55 AM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

Joey: Although this may be unusual...YOU know that there were MANY out there that want to write that letter. You are a true professional, I hope you know that, and those folks that touted their loan product as being so much better than yours?.....well, lets just leave it at that.

Hang in there!

09/16/2007 10:14 AM

by Christopher Walker Hemet CA Real Estate (Mission Grove Realty - Homes, land and investment property.)

Chris: You're politicking HARD for that five on your 'longest post' entry! ;) Seriously, I just helped Erin move this morning and she and I had a fantastic conversation about how awesome you did at selling her home. Thank you so much for helping a dear friend in great need...you're a kick butt Realtor.

09/16/2007 03:38 PM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

WTG Joe!!

A prime example of what it means to be a Christian in the real estate field.

Upfront, professional...trustworthy and honest......

AWESOME!!

You will be rewarded by the Lord for this....

Look for it!

=-)

09/18/2007 08:35 PM

by Central Florida real estate - Alexander Harb PSEM®, E-Agent® (Beach and Luxury Realty Inc.)

Alexander: You are being way too nice. Your new real estate designation is "PJU". It stands for Puff Joey Up.

09/19/2007 02:28 PM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

Joey: Thanks for the shout. She has been an excellent client....and friend. I wish I could have been there to help (Watch)...sad to say but, my moving days are over. The last one left me out of commission for nearly 6 weeks! Glad to hear that you were there to help.

Thank you for your help with Mike and Beth as well. We have an accepted offer! Time to get moving on this one young man!

09/21/2007 11:56 AM

by Christopher Walker Hemet CA Real Estate (Mission Grove Realty - Homes, land and investment property.)

Chris: No Doc, neg am, 107% financing with no appraisal, right? I'm on it. ;)

09/21/2007 01:27 PM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

Unfortunate, but you can only do so much!

10/06/2007 03:15 AM

by Creative Group R.E. Inc.

Nathan: My brother-in-law is a detective, and he deals with sexual crimes. I wonder sometimes how he can leave the bad stuff at work. In comparison, real estate is a cakewalk...but with stuff like this it still hits me hard. Maybe I'm a softy. Thanks for coming around!

10/06/2007 04:41 PM

by Hemet Home Loan Guy, Joey Aszterbaum (Patrion Mortgage)

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