2013년 12월 2일 월요일

About 'bad debt mortgage lenders'|Debt Rattle, August 28 2008: Tinkerbell







About 'bad debt mortgage lenders'|Debt Rattle, August 28 2008: Tinkerbell








Disreputable               and               unscrupulous               lenders               are               constantly               trying               to               trick               unwary               new               and               present               homeowners               into               bad               home               loans.

They               promise               one               thing               and               hide               the               rest               in               small               print.

There               are               some               warning               signs               of               bad               home               loans               that               consumers               can               look               for,               to               keep               themselves               from               making               expensive               mistakes.

Encouraging               False               Information               a               Warning               Sign
               One               huge               warning               sign               of               a               bad               home               loan               is               if               the               lender               encourages               you               to               falsify               information               on               the               loan               application.

This               includes               income,               employment,               credit               and               home               value.

You               don't               want               to               deal               with               a               lender               that               falsifies               documents               in               your               favor.

Chances               are               they               will               engage               in               other               shady               business               practices               that               may               negatively               affect               you.
               Falsifying               information               on               a               home               loan               is               fraudulent               and               illegal.

This               could               cause               you               to               be               brought               up               on               charges               and               effect               any               future               loans               you               may               need.
               Encouragement               to               Borrow               Extra               Money               Could               be               a               Warning               Sign               of               a               Bad               Loan
               Any               lender               who               encourages               you               to               borrow               extra               money               in               your               home               loan               that               you               don't               need               is               essentially               engaging               in               bad               business               practices.

There               is               no               benefit               to               the               consumer               to               carry               more               debt               than               necessary.

It               is               one               thing               for               a               lender               to               include               money               to               replace               an               uninsurable               roof,               as               carrying               home-owner's               insurance               is               often               a               loan               stipulation.

It's               quite               another               (and               a               glaring               warning               sign)               for               a               loan               officer               to               encourage               you               to               take               money               just               because               it's               available.

This               type               of               loan               isn't               in               your               best               interests               and               could               prevent               you               from               obtaining               needed               home               loans               in               the               future.
               Agrees               to               Unaffordable               Home               Loan               Payments
               Loud               warning               bells               should               go               off               if               any               lender               tries               to               encourage               you               to               accept               home               loan               payment               terms               you               can't               meet.

This               type               of               bad               loan               may               get               you               what               you               want               in               the               short               term,               but               chances               are               you               will               lose               your               home               by               not               being               able               to               meet               payment               obligations.
               They               may               tell               you               just               to               cut               expenses               and               you'll               be               fine,               but               this               often               is               not               a               realistic               option.

These               types               of               bad               loan               lenders               know               this.

Don't               believe               them               if               they               say               they               will               work               with               you.

Believe               what               is               in               the               contract.

They               will               take               your               money               when               you               manage               to               scrape               payments               together,               then               take               your               home               as               soon               as               you               are               unable               to               pay.

Then               a               judgment               will               be               made               against               you,               where               you               will               be               liable               for               any               unrecouped               amount               of               the               loan.

That               will               negatively               change               your               credit               score,               making               it               harder,               if               not               impossible,               to               get               a               home               loan               in               the               future.
               Be               Wary               of               Extremely               Low               Rates
               Consumers               are               often               bombarded               with               television,               print               and               mail               ads               for               unbelievable               interest               and               payment               rates.

Be               sure               to               read               the               fine               print               on               any               of               these               loans               before               signing.

Often               the               low               rates               or               fixed               interest               is               only               for               an               introductory               period.

Payments               and               interest               could               go               up               astronomically               after               the               introduction               time               is               over               or               an               unexpected               balloon               payment               could               be               due.

This               type               of               bad               loan               tries               to               draw               you               in               with               promises,               hoping               you               don't               notice               the               larger               payments               looming               in               the               future.
               Make               sure               you               have               hammered               out               and               in               writing               all               the               details               of               your               loan,               for               every               month               that               you               will               be               carrying               the               debt.

Unexpected               bigger               payments               can               be               unaffordable               and               cause               you               to               lose               your               home.
               A               Home               Loan               Where               You               Don't               See               Paperwork               is               a               Bad               One
               If               you               don't               see               all               the               paperwork               to               your               home               loan               then               walk               away.

This               includes               all               the               loan               terms,               as               well               as               disclosures.

Any               lender               who               doesn't               let               you               see               these               and               give               you               copies               is               not               to               be               trusted.
               Never               sign               a               blank               document               and               put               your               trust               in               the               lender               to               fill               it               in               later.

Not               only               does               it               a               warning               of               dishonesty,               but               they               may               also               make               mistakes.
               Actions               to               Take               Against               a               Bad               Loan
               Report               any               loan               company               or               financial               institution               that               encourages               you               to               falsify               documents               or               engaged               in               other               fraudulent               business               practices               to               the               servicer               of               the               loan               and               an               consumer               advocacy               group,               such               as               Housing               and               Urban               Development               (HUD)               or               the               Federal               Trade               Commission.

Gather               all               loan               documents               and               make               a               list               of               everyone               who               helped               you               get               the               loan.
               If               you               have               already               signed               the               loan               papers,               be               aware               that               you               may               be               held               accountable.

Speak               to               an               attorney               with               experience               in               loan               fraud               and               be               honest.
               Sources:
               Federal               Trade               Commission,               "Deceptive               Mortgage               Ads:               What               they               say;               What               they               leave               out"               FTC.gov
               Jay               MacDonald,               "Watch               Out               for               Bad-Loan               Signals"               Bankrate.com






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    댓글 1개:

    1. I have had trouble dealing with my finances and I am currently looking for some help. I'm looking to get a second mortgage to consolidate my debt. However, I know there are multiple options and I am looking for someone to help me out.

      Max Enger | http://www.ralainvestments.com/

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