tag:blogger.com,1999:blog-10249940.post374463663357536793..comments2024-03-26T20:24:43.919-05:00Comments on Papamoka Straight Talk: Mortgage Broker Bail Out!Papamokahttp://www.blogger.com/profile/14611162290397820224noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-10249940.post-18606107879900931372008-01-07T21:15:00.000-06:002008-01-07T21:15:00.000-06:00I take full responsibility for my stupidity Anonym...I take full responsibility for my stupidity Anonymous. I don't take full blame when the brokers pointed out appraisers that would value our home at higher rates to get the funds we needed to get out of the crisis that just buried us deeper.<BR/><BR/>I do not think for a minute that all mortgage brokers are used car salesman but the industry is rampant with the same mentality.<BR/><BR/>We lost our house, we lost our credit and we eventually were forced to file bankruptcy and still lost our home. What happened to the broker that wrote the loan? Nothing.Papamokahttps://www.blogger.com/profile/14611162290397820224noreply@blogger.comtag:blogger.com,1999:blog-10249940.post-16505171678228782032008-01-07T20:56:00.000-06:002008-01-07T20:56:00.000-06:00Bummer you lost you're home. I've done mortgages ...Bummer you lost you're home. I've done mortgages for a long time. There are so many disclosures that have to be signed. I explained, re-explained,etc.. People know what they are getting into. ARMS are actually good vehicles for some. If people are using them to just magically afford a home in the hopes that in a few years they'll all the sudden be in a better financial position when rates start to climb as are almost always warned documented and agreed to, then shame on them.<BR/>People make all kinds of shit up when applying for a home, some times we catch it sometimes we don't but the lies will eventually catch up to you. When they do, which for many is about the time their ARM expires all the sudden they want to blame the same person that was their best friend three years earlier that got them in the house.<BR/>Just like the stock market and the tech crunch several years ago. Everyone couldn't get enough of tech stocks no matter how much their brokers warned of diversifying. Then when the bottom fell out all the sudden all the stock brokers were scum and it was their fault, so the government bailed people out.<BR/>People should really take responsibility for their own ignorance, I guess sometimes it just helps you sleep better at night to blame someone else.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-10249940.post-55936005022993411892007-09-20T12:11:00.000-05:002007-09-20T12:11:00.000-05:00Foreclosure is very rampant today and as far as I...Foreclosure is very rampant today and as far as I have known these corrupt people has to pay for their evil works. Sorry to hear about your story regarding your financial problems. Well, now you should be careful with your decisions. I'll share with you an article, "<A HREF="http://www.loanhunt.com/Stop-Foreclosure-Know-What-To-Do" REL="nofollow">Stop Foreclosure! Know What To Do</A>", maybe it could somehow help you or others that might read this. Anyway, thanks for sharing this story. Great post!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-10249940.post-17072038494219046512007-09-19T19:22:00.000-05:002007-09-19T19:22:00.000-05:00Thanks Tom. Extenuating circumstances had to do w...Thanks Tom. Extenuating circumstances had to do with a child in the hospital for ten months. Life happens. We move on.Papamokahttps://www.blogger.com/profile/14611162290397820224noreply@blogger.comtag:blogger.com,1999:blog-10249940.post-12031508556544843672007-09-19T06:16:00.000-05:002007-09-19T06:16:00.000-05:00Sorry to hear about your financial problems. All ...Sorry to hear about your financial problems. All too many people are in the same situation.<BR/><BR/>I think I heard recently that the average American has a savings rate of -0.5%. While that may be bad financial planning, I wonder how much poor economic conditions and the lending industry contributes to this.<BR/><BR/>I remember in college you could get a candy bar if you signed up for a credit card. Granted, lots of people filled out the forms with fake info just to get the candy, but how many actually went ahead and got the card? And this was 15 years ago! I can't imagine it's any better now.<BR/><BR/>And now we hear about a potential recession brewing. Kind of makes me glad I'm a full-time student right now...Anonymousnoreply@blogger.com