I just met with a client that was called by a mortgage lender based in So. Cal. (that is a bank) they asked if they would like to refinance their 400k loan which was fixed and gointo a higher loan amount with a pay option arm. What is most incredible is that when the wife told them that the husband was not working they said "we can give your husbands income to you since we are going stated and since your bank statements have both names on them and they had alot of assets it wouldn't be suspicious". So now the wife is saddeled with a payment that has esclated to over $8,000.00 per month and the principal balance has grown from 750k to over 900k. These lenders should be forced to work with their borrowers and immediately fix their payments and amend the note at no fee!
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