Don't Be Prey

Amen! There is still a lot of prey out there.  This explains why my old broker still employs unlicensed people to bring in leads and negotiate interest rates.  He's playing the numbers game and knows that everyone he hires will bring in at least one deal.  That brokerage has now shifted their practice to loan modifications and they are approaching their old pipeline because they know that those people were put into negative amortization loans w/ a piggy back 2nd that took the ltv to 100% at the time of purchase.  I know for a fact that these consumers were never warned about what could happen if the market were to start declining. Consumers in our industry use people that they have built a relationship with and this is why they allow themselves to become prey.  Thank goodness it is still a small percentage compared to the overall market.

That is absolutly correct and I can't understand why people won't do the math.