I am PROUD to be a REALTOR(r), a professional working hard to get people into the home they want and need!

I don't have a popular opinion but none the less I own it.  I say shame on the home owner for not doing due diligence.  I tried to explain these things to homeowners prior to selling them a home.  What was I to do?  They were going to buy the house anyway.  If not from me but another agent.  That may sound blunt and not compassionate but those that know me would know I am very compassionate and very passionate about this industry and the integrity of the professionals. 

Oh my! I probably would have said something I'd be sorry for later LOL! I give them one month in the business and they would have a much better appreciation for what we do. (Well, most of us anyway)

Hi Tony,

Wow, you showed better restraint then I would have. It is simply amazing at how people think. Did you ask him if when he purchased a home if he mentioned his DTI to his Realtor? 

While I do believe that certain Mortgage Lending Institutions did practice predatory lending, I believe that sole responsibility does fall on the buyers and sellers. I mean at what point do we question our buyers on a stated loan and say "Aren't you a cook at Applebee's? Are you sure you make 90,000?" As far as I am concerned our job is to work for our client. Our job is to get the information, and help bring buyers and sellers together. If a buyer or potential buyer has given false information, at what point should we feel responsible when we didn't supply the info.

I am a Realtor, I am proud to be a Realtor...

As far as I am concerned when you get asked these sorts of questions, flat out ask...so how much do you make and what are your debt to income percentages? When they give you that deer in the head lights look, simply say, ya that is what the buyer did too. Do we sometimes know our buyers are getting over their head? Of course we do, but is it our job to tell people they cannot have something if they qualify for it? I do mention it on occassion and make the buyer aware, but after that, the guilt level is low. People are responsible for themselves. The ARM and stated products, well if you give a responsible person a chance to live beyond their means, there will always be the people who will tempt fate.

Are mortgage brokers to blame? Well, I do believe in some cases yes, but on a whole, there certainly are more good then bad in any industry. Those people who could only make a living by hurting some..well I think the market will take care of them with the much stronger guidelines.

Please do not let people like that change or make you want to run out of the store...simply say, well, now I am here to help them. I was not there when they originally got over their head, but I sure am going to try and dig them out. You can also remind them the Real estate Market just like the stock market is cyclical. And that when they are ready to make a move, you would be happy to help them. Sometimes shoving it right back will change their attitude.

Good Luck... And I am happy you are a Realtor!

Laurie Ann 

Dear Tony,

I have heard the same lament time again, many here in the rain.  It is human nature to blame someone else for our troubles, but the bottom line is that a lot of folks made bad decisions during the frenzy because they didn't want to be left out. They saw their buddy down the street driving that fancy new SUV or RV, or running off the the mountains for the weekend to their new cabin.  They had to be a part of that and so they mortgaged themselves to the hilt to keep up with the Jones.  Now both of them are in trouble.  Do I feel sorry for these folks, no way.  They made their own decision and they made bad ones, now they have to live with the consequences.  I am sure there are a few "true victims" out there who were treated badly by a mortgage company.  The majority - NO - they did this to themselves and have no one to blame but themselves.

Hello Vicki,

Thanks for reading my post. I too am very proud of my profession.  Oh the fun I have and the feeling of accomplishment when I have successfully brought a buyer and a seller together is fantastic!.  Again, thanks for your response. 

I can't agree more Nannette.  The buyer is going to buy the house with or without you.  It may be the case that the payment on his ARM is all he can afford but that is situation that he has to consider and make his deceion from there.  I really do believe that we are all responsible for our own actions and there is no one to point the finger at when you get in trouble but yourself.

Thanks for your reply to my post,

Tony Card Big Bear Real Estate

Hi Colleen,,

Trust me, I  wanted to say quite a few things to this guy but chose to bite my tongue and move on.  It was obvious that with his attitude, there was no chance of changing his opinion.  So, I let it go.

Thanks for your response to my post

Tony Card Big Bear Real Estate

Hi Laurie Ann,

You made some great pints in your response to my post and I want to thank you for your contibution.

I am sure that there were and may still be some lenders who practice predatory lending.  I want to believe that there aren't that many.  I still feel that so many of these people got into this mess because of their own self greed or they simply didn't read the paperwork that they were signing.  That really isn't a real excuse but it does happen. 

Thanks again for your great comments.

Tony Card Big Bear Real Estate

Thanks for your comments Sandra.  It's a lot easier to blame someone else for your problem than to look in the mirror and admit that you have made some major mistakes.  I have a client who is losing his home because he didn't read the loan agreement when he signed it.  he thought he was getting a 30 yr fixed rate when he was really getting a ARM.  He blamed the bank and expected them to fix their mistake.  I asked him why he didn't read the loan papers before signing them.  Surely he would have found out that he was not getting the loan that he was expecting.  Now egos are in the way, he won't make the payments because he feels he has the wrong loan and guess what.  He's going to lose the place over it.

Go Figure!

Tony Card Big Bear Real Estate

Tony,

I have a "former" client in the same boat.  They didn't understand what they were signing and now have house payments in excess of $3500 per month.  They are mad at the bank for it.  Well, I'm sorry but you did this to yourselves.  You spent every penny of that second mortgage on your "big Kid toys" and now you are going to lose your beautiful home over it.  I hope you enjoy living in that RV because that is all you are going to have ----ever, if you let your house go back to the bank.  They didn't think I was doing my job because I couldn't sell their house for 80K over what it was really worth.  They have been trying to sell it themselves now with no better luck, it is only 30K over where it should be.  Do I feel sorry for these people, no I don't.  I have encouraged them to go to the HUD website and see if they can't figure out a way to restructure their loan - whether they have done it or not I don't know.  They just keep cursing the bank and getting mad over it.  They have the mistaken idea that the bank CARES!  They don't, I know, I've been there with a mortgage problem many years ago and they simply don't care.  They want their money and they will get it one way or another.   

Hi Sandra,

You are correct when you say that the bank doesn't care!  With these people I refered too, I tried to speak to the bank and they took the attitude that the client either pay up or they will simnply take the house.  I tried to get the ok to do a short sale on it, knowing that while the bank would lose some money, it would still be better and cheaper than the forclosure route.  They weren't even interested in that. It was like each side was mad at the other and they had all taken it personal.  All I was tryingt to do was help my client out of a mess. 

Tony Card Big Bear Real Estate