Predatory lending with a smiley face

[Peikko 1,575]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

I can sound however I want to sound, this is the interwebz.

[one...two...tree 2,762]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

I can sound however I want to sound, this is the interwebz.

You've been AJ-atized. It happens.

[one...two...tree 2,762]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

There is a piece of paper that comes with every loan. It tells you what your payments are, how many payments you will make for how long, what the total of all those payments are, and how much you are paying in interest. It does not get any simplier than that. If you get an adjustable loan, they also tell you how much your payments could increase, and explains about negative amortization. It is in big type, and simple English.

Oh really? Those bad bad buyers who can't even read. Bless the lenders...they were only doing their job.

Looks pretty obvious to me! However, here are a couple of links that identify the problem, and discuss solutions, instead of whining about the problem:

http://www.gao.gov/new.items/d061112t.pdf

http://www.ourbroker.com/?p=2069

Bill, do you even understand what predatory lending means?

[The_Dude 1,142]

I have to agree with MadameCleo...... Why would you sign your name, entering yourself into a long-term contract without understanding the details of it. The banks are a FOR PROFIT enterprise. Was some of it predatory lending practice? Probably. But that is for the justice department to decide, not the peanut gallery. That being said, all I can say is, I never sign my name on a piece of paper without fully reading and understanding what it is i'm binding myself to. Common sense.

[Peikko 1,575]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

I can sound however I want to sound, this is the interwebz.

You've been AJ-atized. It happens.

Does that mean I am stalking him, or just have a little interwebzy crush? Inquiring minds need to know.

[HAL 9000 96]

FP, everyone is responsible for themselves. They should get an independent adviser to read the legaleeze if they are not competent to do it themselves. Seriously, all these ###### idiots taking out these mortgages that they can't afford should quit their whining and move into a trailer. Idiots!

I agree. Bloodsuckers as they are... a real estate attorney hired independently can do wonders for a mortgage.

[I AM NOT THAT GUY 5,715]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

There is a piece of paper that comes with every loan. It tells you what your payments are, how many payments you will make for how long, what the total of all those payments are, and how much you are paying in interest. It does not get any simplier than that. If you get an adjustable loan, they also tell you how much your payments could increase, and explains about negative amortization. It is in big type, and simple English.

Oh really? Those bad bad buyers who can't even read. Bless the lenders...they were only doing their job.

Looks pretty obvious to me! However, here are a couple of links that identify the problem, and discuss solutions, instead of whining about the problem:

http://www.gao.gov/new.items/d061112t.pdf

http://www.ourbroker.com/?p=2069

Bill, do you even understand what predatory lending means?

It is an excuse.

[HAL 9000 96]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

Yes I also agree to this. There really should be no speed requirements to getting mortgage paperwork signed in a jiffy. If I were signing today, I'd take my time to read page by page, line by line, each point in the contract. No matter how much that would tick off the agent.

Because we all know that the fine print can mislead those nice, big summary thingamajigs.

[tom&tata 2]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

Yes I also agree to this. There really should be no speed requirements to getting mortgage paperwork signed in a jiffy. If I were signing today, I'd take my time to read page by page, line by line, each point in the contract. No matter how much that would tick off the agent.

You can always insist of getting those loan document in advance. We got our loan document at least 1 week in advance, including how much is monthly payment. The different number is how much money needed to bring to table - but we were quoted the worst possible scenario (usually involve escrow amount if your mortgage involves escrow). But all the fees at closing table does not change from the last estimate we received 1 week before closing.

Common sense goes a long way.

[HAL 9000 96]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

Yes I also agree to this. There really should be no speed requirements to getting mortgage paperwork signed in a jiffy. If I were signing today, I'd take my time to read page by page, line by line, each point in the contract. No matter how much that would tick off the agent.

You can always insist of getting those loan document in advance. We got our loan document at least 1 week in advance, including how much is monthly payment. The different number is how much money needed to bring to table - but we were quoted the worst possible scenario (usually involve escrow amount if your mortgage involves escrow). But all the fees at closing table does not change from the last estimate we received 1 week before closing.

Common sense goes a long way.

Oh but isn't it more fun to irritate a real estate mortgage agent by showing them you are carefully reading the paperwork dutifully?

Yes I know... its likely better to get the paperwork in advance and highlight, study, etc... those areas that seem odd and/or critical.

[I AM NOT THAT GUY 5,715]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

Yes I also agree to this. There really should be no speed requirements to getting mortgage paperwork signed in a jiffy. If I were signing today, I'd take my time to read page by page, line by line, each point in the contract. No matter how much that would tick off the agent.

You can always insist of getting those loan document in advance. We got our loan document at least 1 week in advance, including how much is monthly payment. The different number is how much money needed to bring to table - but we were quoted the worst possible scenario (usually involve escrow amount if your mortgage involves escrow). But all the fees at closing table does not change from the last estimate we received 1 week before closing.

Common sense goes a long way.

Oh but isn't it more fun to irritate a real estate mortgage agent by showing them you are carefully reading the paperwork dutifully?

Yes I know... its likely better to get the paperwork in advance and highlight, study, etc... those areas that seem odd and/or critical.

When I first bought my house, the loan company tried to reneg on the original terms of the loan, and after threatening them with a three way lawsuit, they finally funded the loan at the last minute. The last trick they tried was to cut the check using my nickname, instead of my legal name, and use that name on the final loan papers. So, rather than wait for a new check to be cut, and the rate lock to expire, and new documents to be produced, the title company changed all the rest of the documents to conform with the loan papers. My title has my nickname, followed by my legal middle name and last name on it, but it was all legal. It sure makes it easy to pick out the juck mail, when it shows up with my name like that!

By the way, the title company is your friend, and will answer questions about any document you are not sure of. They are paid to be a non-interested third party.

[joelunchbox 0]

Thanks for the update on how business was done during the bushy years.

The problem is that the majority of loan mods are lousy deals for homeowners. Federal banking regulators recently determined that more than half of all mortgages that were modified by lenders in early 2008 ended up heading into foreclosure again in less than six months. Most loan modifications, in fact, dig borrowers deeper into debt.--well, if you don't change anything and just refinance, well, DUH!! Under the old rules, some refinances actually resulted in higher payments.

There will always be some bottom feeders out there making a buck on someone. Shame on them.

[tom&tata 2]

Why wouldn't you hire a lawyer to read the documents for you? Seriously, how dumb are these people?

You sound like an elitist now.

IMO, the loan details need to be clear and in easy to understand terms for the purchaser.

Yes I also agree to this. There really should be no speed requirements to getting mortgage paperwork signed in a jiffy. If I were signing today, I'd take my time to read page by page, line by line, each point in the contract. No matter how much that would tick off the agent.

You can always insist of getting those loan document in advance. We got our loan document at least 1 week in advance, including how much is monthly payment. The different number is how much money needed to bring to table - but we were quoted the worst possible scenario (usually involve escrow amount if your mortgage involves escrow). But all the fees at closing table does not change from the last estimate we received 1 week before closing.

Common sense goes a long way.

Oh but isn't it more fun to irritate a real estate mortgage agent by showing them you are carefully reading the paperwork dutifully?

True dat. Next time we buy a house, we will do that

[KirraN 0]

Even though I truly believe that payday loans should not be the main concern as I see the real problem in people. In people who misuse this service. See I am not complaining about any sorts of money loans in 1 hour only because I am not 100% sure I can repay borrowed amount, therefore I don’t care if they exist or they don’t, while others borrow irresponsibly. Just try to understand that if not payday online loans, there will be many other tools with high interest rates just with a different name. Have you checked the history? Payday loans have been existed for over a century already…so you really think we can get rid of them today?!

[GandD 5,966]

4 Year bump. Nice job