Predatory Lending

Predatory lending is against the law, and here are some things to look out for and protect you from becoming a victim. Appraising a home or property for more than the fair market value is more common than you may realize. In order to help protect the consumer, many lenders are utilizing an appraisal review process where the underwriters are actually checking the values against the most recent sales of similar properties in the same area. This guards against the appraiser ‘blowing out’ the value in order to just make the deal. An appraiser who engages in this type of illegal activity does so at great risk. First of all they lose their license and certification, but that’s not the worst of it, they also face stiff fines and jail time.

Loan officers for lenders and mortgage brokers may try to get you to provide false information such as exaggerating income, assets, or expenses in order to get a loan. They may knowingly try to get you to borrow more money than you can afford to repay, or charge fees for unnecessary and nonexistent products or services, or charge higher interest rates base on race or national origin and not on their credit history.

These same ‘professionals’ may try to pressure homeowners to accept higher risk loans such as balloon loans, interest only payments, and large prepayment penalties. They may target vulnerable borrowers to cash out the equity in their home because the borrowers are in need of cash, due to excessive debt, medical problems, or unemployment. Repaying will be extremely difficult for them. One more thing that falls under the category of predatory lending is the use of high pressure sales tactics to sell home improvements and then finance them at high interest rates.

Here are some tactics that predatory lender use so be on the lookout for these.

1. A lender or mortgage broker tells you that they are your only chance of getting a loan or owning a home. Here’s the tip off, if you know you have good credit, you should be able to qualify for more than one mortgage program. Now if you have an honest loan officer who is looking out for your best interest, that loan officer should do the shopping for you and locate the best value for your money.

2. If your credit has some issues then naturally the number of programs you may qualify for would be limited, then it may be true that it could be your only chance.

3. Some other tactics are the house you are buying costs more than other houses in the neighborhood, but isn’t any bigger or better.

4. You are asked to sign a sales contract that is blank or contains information that is not true.

5. You are told that the Federal Housing Administration insurance protects you against loan fraud or property defects, which of course it does not.

6. Another thing to look out for is the cost or loan terms at closing are not what you agreed to initially.

So with this information and of course doing a little research on your own, especially on with whom you do business, you should feel reasonably confident in getting the best mortgage deal that’s right for your situation. And when you do, congratulations, hopefully you will feel good about the decisions you made.

To be in compliance with United States Federal Trade Commission Regulations, I must tell you that I, or my publishing company, may receive a commission from the sale of these products or programs. It takes a great deal of time to research, investigate, assemble, and publish, and to be honest, the few dollars  in commissions I, or my company, make in bringing you the best of the best in programs are what keeps my company going.  Allow me to take this time to thank you for reading this article and reviewing the following offers.

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DIRTY MORTGAGE FINANCING SECRETS

If you are in the market for a mortgage, you need to know how to avoid schemes and tricks brokers use, how to look for costly mistakes, and build financial security. You need to make sure you don’t get taken advantage of by being gouged for extra fees and points. Most people don’t know how to shop for a mortgage and a big reason is because most people worry about the house they are buying instead of the loan. They don’t realize it’s the loan that cost you month after month, not the house.

Mortgage lenders make big money based on how much you borrow and all the points and fees that go with it. It’s true that the mortgage business is regulated and still there is a lot of fraud. The United States Justice Department, not long ago, reported that some mortgage companies were fined over eight million dollars in just one year for overcharging thousands of unsuspecting borrows, and those are the ones that got caught, think about the ones that didn’t get caught. Oh yeah, there out there.

When I was in the business I personally knew a senior loan officer who charged ten points on a two hundred thousand dollar mortgage. That’s ten percent on two hundred thousand dollars, that’s twenty grand in fees. I asked him, “what do your customers say when they see that?” He said, “oh I don’t show them that until they get to the closing table.” I said, “don’t your customers just get up and walk out?” He said, “Yeah, sometimes, but usually by then it’s been a long wait, and I’ve dragged them through the mill, they just go ahead and sign off on it.” I said, “man, how do you sleep at night.”

This is absolutely ridiculous, to say the very most criminal, to say the very least unethical, don’t let this happen to you by being aware of all the details and read everything before you sign. (You would be surprised by how many people don’t and just sign on the dotted line.) This is excellent information for first time buyers, and for those who are buying their second or third home, or refinancing.

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