If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The following resources provide information and links to agencies and organizations that may be able to help you.
The California Department of Real Estate recently sent a letter to all licensees advising them to refer any borrower who contacted them regarding a hardship with their mortgage loan to their specific lender for a workout plan.This industry gets filled with vultures under favorable market conditions.Some seek to convince non-suspecting homeowners that they are Trusted Advisors.Well the last time I checked true Trusted Advisors don’t encourage homeowners to accept high risk loans on their primary residence so the can earn a small commission and keep their job while their companies can earn outrageous fees at the expense of the homeowner’s equity.How can there be equity left when it has been stripped away with 3, 4 and sometimes 5 refinances within a 3 to 5 year spam?
When I seriously think about it I not mad, upset but bewildered!There were many homeowners that I consulted and advised that a slight drop in mortgage would not justify the cost and fees, yet they went ahead and did their loan through another originator anyway and no face tough times.I recently heard it said, “The truth would always prevail”.The truth is out now and the proof of the pudding is in the tasting, but this pudding is a little tart.
Ntsike - I hear what you are saying. It is a mess and I don't think anyone is standing up and saying yes we made this mess, but since we have it here now and it has been here for a while -- all we as agents can do is education the public and see else we can do to help out. This too shall pass. Thanks for stopping by.
Lynn - thank you for stopping by and I hope this information is useful and please pass it along. The more we put out on this problem, the better it should get to resolve.
This is really good information. Thank you for sharing it. I always have homeowners asking me questions, this is very helpful for them. I will bookmark this for reference.
Stella - I am glad to know that the information can be used. With all the foreclosures and short sales, etc any good information we can pass on is all good.
Frank ~ you are right it is hard, this is why AR is so valuable to have all this information out here for buyers / sellers and agents to gather and use. I just wish more was finding it!
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