What we can do from here

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Mortgage and Lending with Advanced Mortgage Lending Services, Inc.

I am sitting and fielding mortgage phone calls from individuals that just a year or so ago had programs to handle their requests.  Believe you me they do not like to hear there is nothing I can do for them.....No Equity, Credit scores way too low....and the high payments left after a low teaser rate over comes them.

I know why it happened....I have been in the business over 20 years now.  Anyone with a brain could see it coming 5 years ago....how people were given opportunities they never should have had.....or been given the option to have.

It is a combination of a lack of will power from the buyer/refi'er......and  lender's looking to keep up and not monitoring closely enough loans that should not be made.

I hope that we all have learned a lesson....while everyone deserves a second chance and a chance for a better life....we have to be wise in how we educate these individuals so that they do not lose everything.  We have a responsibility to be sure when our client makes their decision, they have ALL the information possible so that it is a knowledgeable one!

 

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Rainer
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Glenn Freezman
Family Abstract, Inc. - Horsham, PA

It was too easy, all they had to do was pull on their chimney and another 80% of their equity came out the front door.

Feb 22, 2013 03:54 AM #1
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Rainer
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B. A. Moore

Pennsylvania Mortgage Broker
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