There seems to be a misconception that
predatory lending only touches the lower income and minority communities of America. I’m here to tell you that it touches everyone and anyone can become a victim. It doesn’t matter if you have a $50,000
mortgage or a $3 million dollar mortgage. You can become a victim and there are many victims everywhere.
I received another phone call today. It was a gentleman form Connecticut. Real nice guy. I didn’t catch his name because I was driving and I didn’t write it down.
He told me his story of
predatory lending. How a mortgage broker misrepresented him from day one. But he put his trust in this guy. It was clear from his story that this broker wasn’t at all interested in helping him. The loan benefited the mortgage broker. A $2.6 million dollar loan. Does anyone know what kind of money can be made on these deals. I have seen $50,000 – $75,000 checks on ONE LOAN! I wouldn’t doubt if this broker made tens of thousands of dollars and put this poor guy into a worse loan then he was in before. He’s definitely in a worse situation.
He explained how he was dealing with Countrywide and wasn’t getting anywhere. I asked him how much equity was in his home. He told me approximately 1 million. I said there not going to help you when there is that much equity. They stand to gain by foreclosing on you. They stand to gain a lot. If you had no equity then they would work with you. There job isn’t about being nice. It’s about money and until they start doing things different then I will always say that. Pocket books drive your fate, not a heart or compassion.
I advised him to hire a lawyer and go after that broker for predatory lending. Unfortunately Countrywide is the cat left holding the bag and they will also be involved if it goes into litigation. I don’t like court. I don’t want everyone suing everyone because that just makes lawyers rich and their rich enough. I’m about mediating and finding solutions.
But when that fails, I’m about taking out the big guns and protecting the fort!!!!!!
Let’s get one thing straight. I’m not here to point fingers and talk bad about lenders and mortgage brokers. There are enough blogs, website and news reporters to fill that job of bashing the industry.
I created this website to help people and find solutions to the foreclosure crisis. However, I’m not going to stick my head in the sand or throw a blind eye when I see BS. The more I blog and write, my message reaches across the internet into households everywhere. The more people I talk to, the more I realize that this isn’t just about helping people, it’s about touching people.
I hope the gentleman from Connecticut keeps in touch. He thanked me for my time and asked if there was anything he can for me. I told him I just want to help and that if he can keep in touch then that would be great. I just hope it all works out for him and his family.
Another day on the front lines of the foreclosure mess.
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