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.