Borrowers Who Negotiate Loan Terms with a Mortgage Broker in Spanish, Must Receive Their Loan Documents in Spanish
Hablas Espanol? Su casa es mi casa!
“Just sign right here on this mortgage and real estate contract. I know you cannot speak or read English, but that’s not a problem. Everything I have told you is in writing in this here paperwork.”
“You can trust me. We are from the same country and speak the same language! Just sign here. Would I do you wrong? I sold your sister, brother and son a home and we go to the same church!”
“Buy this house and I’ll get you the mortgage also. Don’t have a social security card? Heck, we make those silly things right here in house. And if we just say you are a citizen on the loan application I can get the loan from banks that I know do not require proof of citizenship. Don’t even worry if you cannot afford the home or the loan. How can the bank come after you if you’re not a citizen?”
How many times do you think this happened over the last few years? The sad answer is A LOT!
It seems as if lenders forgot to follow the law in their hastiness to make as many loans as possible to as many people as possible. I think the main underwriting guideline followed by most lenders was the “breathe on the glass” qualification method. If it fogs, loan approved!
There is a little known law in the state of California that was set in place to protect non-English speaking borrowers against predatory lenders. The funny thing is that it was never, ever followed and I have yet to see one case of a lender or broker following this law.
While this law may not be frequently used as a means of penalizing banks for unscrupulous behavior, I anticipate that with the flood of toxic mortgages we will see more and more cases of lenders modifying terms of their loans or being severely penalized for completely ignoring the letter of the law.
The law in particular that relates to non-English speaking borrowers is California Civil Code 1632.
| f) At the time and place where a contract or agreement described in paragraph (1) or (2) of subdivision (b) is executed, a notice in any of the languages specified in subdivision (b) in which the contract or agreement was negotiated shall be conspicuously displayed to the effect that the person described in subdivision (b) is required to provide a contract or agreement in the language in which the contract or agreement was negotiated, or a translation of the disclosures required by law in the language in which the contract or agreement was negotiated, as the case may be. If a person described in subdivision (b) does business at more than one location or branch, the requirements of this section shall apply only with respect to the location or branch at which the language in which the contract or agreement was negotiated is used. The law is very clear and it states that if a “contract” is negotiated in a foreign language then that contract needs to be written in that foreign language. If the loan is negotiated in Spanish, then the loan documents need to be in Spanish. The reality is that this never happens and many borrowers are going into foreclosure when they have a legitimate defense and can fight back against this form of predatory lending. California Civil Code 1632 |
According to the United States Census of 2000, of the more than 12 million Californians who speak a language other than English in the home, approximately 4.3 million speak an Asian dialect or another language other than Spanish. The top five languages other than English most widely spoken by Californians in their homes are Spanish, Chinese, Tagalog, Vietnamese, and Korean. Together, these languages are spoken by approximately 83 percent of all Californians who speak a language other than English in their homes.
(b) Any person engaged in a trade or business who negotiates primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean, orally or in writing, in the course of entering into any of the following, shall deliver to the other party to the contract or agreement and prior to the execution thereof, a translation of the contract or agreement in the language in which the contract or agreement was negotiated, which includes a translation of every term and condition in that contract or agreement:
(1) A contract or agreement subject to the provisions of Title 2 (commencing with Section 1801) of, and Chapter 2b (commencing with Section 2981) and Chapter 2d (commencing with Section 2985.7) of Title 14 of, Part 4 of Division 3.
(2) A loan or extension of credit secured other than by real property, or unsecured, for use primarily for personal, family or household purposes.
(3) A lease, sublease, rental contract or agreement, or other term of tenancy contract or agreement, for a period of longer than one month, covering a dwelling, an apartment, or mobile home, or other dwelling unit normally occupied as a residence.
The law is very clear and it relates to most all contracts and in particular, contracts that involve real estate and mortgages.
The fact is that many people are severely taken advantage of and many are swindled by unscrupulous brokers and lenders. Unfortunately, many of the unscrupulous brokers that employ the tactic of verbally explaining detailed contracts in a foreign language but demanding their clients to sign contracts written in English are people of the same race that speak the same language in an effort to gain the confidence of the non-English speaking borrower. This is a prime example of a confidence scheme.
This is a serious problem that needs serious attention in today’s foreclosure and predatory lending climate. I assume that there are many other states that have similar laws and these non-English speaking borrowers have an just defense against a foreclosure action or unlawful loan.
There are certain laws that act as umbrellas of protection for the American consumer. These laws are broad in scope. Regulation M and Regulation Z refer to any rule, regulation, or interpretation promulgated by the Board of Governors of the Federal Reserve System and any interpretation or approval issued by an official or employee duly authorized by the board to issue interpretations or approvals dealing with, respectively, consumer leasing or consumer lending, pursuant to the Federal Truth in Lending Act, as amended (15 U.S.C. Sec. 1601 et seq.).
Upon a failure to comply with the provisions of this section, the person aggrieved may rescind the contract or agreement in the manner provided by this chapter. When the contract for a consumer credit sale or consumer lease which has been sold and assigned to a financial institution is rescinded pursuant to this subdivision, the consumer shall make restitution to and have restitution made by the person with whom he or she made the contract, and shall give notice of rescission to the assignee. Notwithstanding that the contract was assigned without recourse, the assignment shall be deemed rescinded and the assignor shall promptly repurchase the contract from the assignee.
So what does this all mean? It means this spells T-R-O-U-B-L-E for banks.
Just think how many loans and real estate deals were made this way. Imagine how much liability is on the line and the potential litigation that can be brought just based on this one law. Contracts should always be in the language of the consumer so as to insure a well informed consumer can make decisions that are in their family’s best interest.
{ 41 comments… read them below or add one }
There’s already case law out there on this, in case anyone is interested:
* Plata v. Long Beach Mortgage Co., 2005 U.S. Dist. LEXIS 38807, *23-26 (N.D. Cal. 2005);
* Munoz v. Int’l Home Capital Corp., 2004 U.S. Dist. LEXIS 26362, *25-28 (N.D. Cal. 2004);
* Gonzalez v. Ameriquest Mortgage Co., 2004 U.S. Dist. LEXIS 22705, *23-26 (N.D. Cal. 2004);
*Ruiz v. Decision One Mortgage Co., also in US Dist. ND Cal.
I work at a place that is involved in foreclosures.. it seems the majority of the “borrowers” are of hispanic nature. (I was an underwriter by the way) It is also possible due to all the skips required, that many of them were utilized as straw borrowers, so none of the addresses match what was on the applications.
Of course now they have to pay the piper for their measily money they earned helping the fraudulent loan officers create loans.. Their credit reports will be ruined for years, and guess what.. they deserve it.. I don’t feel sorry for many of these “borrowers”, they were part of it.
And note.. if they were involved in fraud,they can be persecuted and their little lawsuit would be tossed out. There is no way they would go to an attorney to open up this can of worms. And how many of those stated hispanic loans were “truthful”? They would have to pursue the loan agent as well.
There may be some, but I think the majority are going to just walk away from the properties.
Actually, my company (a non-conforming wholesale lender) did require the brokers to obtain this from the borrower. However, some brokers were better than others about obtaining this, while some would conveniently forget everytime… and have to get borrower to re-sign if they wanted to close. In which case, I may have lost the loan to a competitor who did not require this condition. Amazing, how if you tried to do the right thing (follow the law) you would lose loans to another lender….. this is just one example of how often it would occur. Another example of this phenomenon occuring — A lender requires a ‘tangible benefit’ to a refi, and what do they get? A complaining broker & lost loans to their competitor who only cared that they could make money on the loan when they sold it to wall street.
The sad truth as I see it (28 years in the lending industry) people hear what they want to hear. I had MANY referred non-English speaking borrowers (Hispanic) run their purchase and loan transactions past me. ALL were fraudulent. I told each one not to do the deal that they had the potential to be caught and deported. The only “winner” in the transaction was the dishonest Hispanic realtor. The response through the translator was this was the only way to get ahead in the US. I told them it was a big gamble. It would be silly to think the vast group of borrowers who lost their homes or is close to lose their homes didn’t understand what they were doing is a gamble. This does not excuse anyone who did dishonesty in the transaction. Over the past few months several have sat down with me to tell me the horror of their situation, English speaking of many races. I am not afraid to confront them with their own responsibility in the mess.
With regard to straw buyers. They’ve been around since I started in the business in 1980 as a foreclosure officer. The sad situation back then is the people didn’t understand about credit reports (we didn’t have credit scores back then) and really messed themselves up. The $2000 – $5000 dollars they received for using their name and credit hardly paid off. I view what happened both times as pyramid schemes. Everyone knows it’s a scheme, but only complains when they lose. Now we all lose…for a while.
Yo Moe, this is HUGE isn’t it? I mean come one, how many loan docs went out in Spanish?
I just bet most are scared $hitle$$ because they committed fraud themselves in one way shape or form. This had to be the most fraudulent sector of the mortagge market.
They would trust their own people an dtheir own people cut their throats time and time again and now they are ripping them off when they are in foreclosure.
Please don’t think that it’s always the whites taking advantage of the non-whites. Hispanics do business with hispanics. And in many, many cases, it is their own race that rips them off. I have been in the industry for many years, I know what I’m talking about. So when the article starts out with “sign these here documents” …. again, whites are being stereotyped as red neck hicks. Whites have had it beaten into their heads not to be racist, so now, they pretty much run scared from anything that even hints at possibly being racist… but not so other races, they’re free and on the loose to take advantage, twist arms, and otherwise exploit their own, because no one has yet highlighted this problem. It’s still a well hidden secret.
i am sick of everyone looking who to blame,1st everyone blamed
the subprime when in fact people with a papers and comm loans are
the ones that dont pay mortgages.in my state of nj we have the lowest rates of foreclosuers and to every one surprise huge amounts of subprime loans were originated here in n.j and people are paying their
montly obligaion with little or no problems at all.
lets stop the b.s now and lets stop listen to media crap
nir degani
mortgage guy
Dear Moe,
I have a client who was asked to be the purchaser for a property due to her brother not qualifyng . Her brother failed to tell her that he hasn’t been making the payments. She was misled by the real estate agent that she would only be on the loan for 3 months and then her name would come off title and the loan would go be paid off and go in her brother’s name. None of these things occured of course. She does not speak or read in english. She works long hours and has a handicaped child at home. She is afraid that her primary residence may be in jeaopardy because of this loan mess. Who can I refer her to for legal assistance? The property is in Moreno Valley, Ca. Thanks
Hi Irma you can try calling Marshall Rosenbach at 310-860-4764. He is a good lawyer and good guy.
Susana, you are right about the Hispanic/Hispanic rip-off. I was an underwriter in a Spanish speaking mortgage banking branch. The LOs
literally gouged their borrowers w/premium rates and added discount. I have never been one to complain about overages on a loan but this was ridiculous. Personally, I am sick to death of whitey being the bad guy.
Susanna: “Please don’t think that it’s always the whites taking advantage of the non-whites. Hispanics do business with hispanics. And in many, many cases, it is their own race that rips them off. I have been in the industry for many years, I know what I’m talking about. So when the article starts out with “sign these here documents” …. again, whites are being stereotyped as red neck hicks. Whites have had it beaten into their heads not to be racist, so now, they pretty much run scared from anything that even hints at possibly being racist… but not so other races, they’re free and on the loose to take advantage, twist arms, and otherwise exploit their own, because no one has yet highlighted this problem. It’s still a well hidden secret.”
Susanna!!! I am surprised at you. Do you realize that this post highlights YOUR OWN racism???? Everyone who lives in America has some sort of prejudice because being born here we are exposed to it from very, very young.
Stereotypes and false ideas, some sprinkled with a little truth here and there create ideas in people’s minds of what to expect from another person based solely on how they look — that is the real secret and it is beyond ridiculous.
You may “think” that “Whites” have been so frightened from expressing racism, but the system that is built on racist ideas perpetuates that racism everyday, and we silently go along with it. This article is actually highlighting one manifestation of it.
If Moe had said instead of “sign this here loan” — “you no wanna sign loan?” — would you have found the article more real — would it have fed that part of you that would like to read about hispanics betraying hispanics so as to alleviate any hint of guilt or responsibility in your mind for the people outside of their race who committed this fraud?
Really and truly, what does it matter?
In my mind, this is blame, us vs. them thinking.
I think what MOe is trying to highligh is the rampant fraud in the industry — not focusing on what one race did to another. The point of this article — and Moe, correct me if I’m wrong — is how blatant and fraudulant this industry had gotten that people who could not even read English were ALLOWED to sign legal documents loaning them vast amounts of money and how this was FACILIATATED by the people in the industry, the underwriters, the banks — how incredibly amazing it is that this would occur. At least, that’s why I got from it.
Ohhhh boy. I used to be a mobile notary public who is fluent in Spanish (mother is from Spain) I have seen countless Spanish-speaking borrowers sign loan docs with MASSIVE fees and rebates and most times the loan officers had a Hispanic last name. It made me feel sooooo dirty, but as long as I explained the HUD fees, monthly payment, pre-payment penalty, and ARM adjustments to the borrowers and they were fine with the terms, I had a clear conscience. But man oh man, seeing what these loan officers would charge on the front and back and all the junk fees stacked on top of that made me want to literally puke at these signings. In case you don’t speak Spanish, I drive around town seeing advertisements in Spanish that talk about helping “nuestro gente,” that means “our people.” What a load of tripe that is! I have other stories I could tell you about other Hispanic overpriced scams that they pull on each other aside from the mortgages.
But back to the mortgages… Last year I worked for a LARGE Hispanic mortgage broker because I speak Spanish. Well, let me tell you about how borrower after borrower was screwed in the huge fees they paid the loan officers of this broker. I saw broker checks constantly for 2 points on the front and 3 on the back with application fees, processing fees, and other junk fees dripping off the HUD. I saw title checks all the time for $15,000 – $20,000 going to the broker and it made me sick. I saw borrowers cashing out $10,000 to $20,000 from a fixed interest rate of around 6%, to an ARM at 8.5% or more –and paying THOUSANDS in fees!! Over and over again… And do you know why?? Because the borrowers ‘trusted’ their loan officer. What a stinkin’ joke! So if an Anglo did that to a Hispanic it would be racism, but if a Hispanic does it to a Hispanic, it is just “helping” the community out!?!?!?! Gimme a break!
Guess what! Do you know who I mainly blame in all of this mess? The borrower. That’s right folks. People spend more time researching a refrigerator purchase than the terms of their mortgage. So here is my solution to this mess going forward: Borrowers, you are on your own. If you don’t know what you are doing when you get a mortgage, then seek professional advice.
Look, in Spain where my mother’s side is from, they have what is called a “Gestor.” This is a person who helps you manage your legal and professional affairs. He is trained in law, but not quite an attorney, but close. How did he come to exist? Well, think back that years ago not everybody could read or write, so individuals depended on this “gestor” to guide them through the legal mazes of paperwork when dealing with the government or other legal issues. The system works today, and a gestor is not required, but they can sure save you time and a lot of hassles.
In this country we have attorneys. And guess what! An attorney might charge $150 to $350 to review your TIL, GFE and other loan documents BEFORE you sign on the dotted line. The point is, that people need to take personal responsibility and seek true professional advice if they are not familiar with such an important transaction –and dang it, it is cheap in comparison to all the other fees paid on a loan. (DISCLOSURE: I am not an attorney, I don’t work for an attorney, and I don’t play one on TV.)
Perhaps these folks should have learned English and spoken the language of the land! I was born here and speak English. Why am I always the one who is expected to accomodate some immigrant who doesn’t want to assimilate and speak our language? You think Mexico would enforce a law that says my contracts in that country would have to be in English? FAT CHANCE!
Frankly, I could care less. They got what they deserved.
The racist talk on this thread is disgusting and disappointing.
Greed has no color. A greedy person is a greedy person.
I am a Notary Public, I see every day, hispanic, white, black, oriental people screwed. why? Because they are ignorante in the real estate business and they ” trust” the LIAR of their loan officer, and as a Notary Public I cannot say a word. I don’t know how those LIAR loan officer can sleep in the night, for sure they deserve to burn in ….
Why is the U.S., an English-speaking country (or so you think), catering not only to the Spanish language, but to many others that you don’t even know about? Because the U.S. as a nation has never declared an official language. Many people have tried it with no success. In 1780, John Adams proposed to the Continental Congress that English should be declared the official language of the United States. His proposal was deemed “undemocratic and a threat to individual liberty.” This type of debate has been going on for years, with people on both sides of the fence. And yet, the issue isn’t any closer to a resolution than it was 200 years ago. This doesn’t mean that the individual states have not declared an official language because many already have. Twenty-seven states, to be exact, have officially declared English as their language.
Let’s not forget that since 1776 we have been—and continue to be—a multilingual nation. Back then, it wasn’t uncommon to hear up to 20 different languages spoken in daily life. Today, those numbers are more staggering. According to U.S. English Inc., an advocacy group that supports declaring English as our official language, 322 languages are spoken in the country, with 24 of those spoken in every state and the District of Columbia. California has the most languages, with 207, while Wyoming has the fewest with 56. So why won’t Congress declare an official language? Because we are a nation of immigrants and these numbers prove it. Because declaring an official language would abridge the rights of individuals with limited English proficiency, individuals who are paying taxes and who are entitled to the same rights as those who speak English.
To protect those rights, there is something called Title VI of the Civil Rights Act of 1964. Although twenty seven states have declared English as their official language, in order to receive federal financial assistance those states still have to comply with Title VI, which requires that vital materials be available in the language of everyone receiving benefits subsidized by the Federal Government.
Title VI of the Civil Rights Act of 1964 and the 2000 Executive Order No. 13166 require that public entities receiving federal funds must have all vital documents available in every language that their clients speak; every language, not just Spanish. Why? Because the U.S. has never declared an official language and as such, the Title VI of the Civil Rights Act of 1964 still applies.
Basically, Title VI was best described by President John F. Kennedy in 1963: “Simple justice requires that public funds, to which all taxpayers of all races [colors, and national origins] contribute, not be spent in any fashion which encourages, entrenches, subsidizes or results in racial [color or national origin] discrimination.”
Thanks for the informative post, Virginia, this IS a multi-lingual, nation of immigrants and I hope we NEVER forget that.
If we’re going to declare an official language, than it ought to be a Native American dialect — they are the true Americans.
“The racist talk on this thread is disgusting and disappointing” …?? huh??
So when a group of people have a discussion about different races, all of a sudden its racist? Wow, that’s the problem right there…. we can’t even have a discussion without being labled…
Susana, you don’t get it — that’s the problem. Of course, we have to talk about racism to lift the ignorance and stigmatism that permeates America centuries AFTER the slaughter of the American Indians, after the horrendous instituion of slavery was abolished, after we emerge from the ugliness of segregations, years and years after SO MANY have migrated here.
But in having this discussion if we start to see sterotypes perpetuated, lumping of groups into one category, scapegoating behavior, pointing fingers and creating US vs THEM mentality (yooooouuuu did it tooooooo; seeeee they are BADDDDDDD why does everyone pick on ussssss; how come everyyyyyy body is alwayyyyyyysss calling us racist) then that must be pointed out . . . honest dialogue and REFLECTION must be taken on so that those of us who still carry within us RACIST views CAN CHANGE.
But the participants in the dialogue must be willing to look within themselves honestly and to self-reflect. It’s very easy to point fingers at others.
Caucasian people in America have been under the scrutiny of racism for a long time BECAUSE they were the perpetrators of racism in this country for A VERY LONG TIME . . . because they created a system of racism which continues to discriminate against people of color until this day and because in large part Caucasians BENEFIT from this system up until today.
Until this day, people of color on the whole earn less wages, live in decidely less favorable and economically equal conditions than their Caucasian counter-parts, have less opportunities for education and high paying jobs and are disgustingly referred to as MINORITIES.
When you stated in your original comment: “So when the article starts out with “sign these here documents” …. again, whites are being stereotyped as red neck hicks. Whites have had it beaten into their heads not to be racist, so now, they pretty much run scared from anything that even hints at possibly being racist… but not so other races”
What you are attempting to do is EXCUSE or minimize the racism and discrimination of Caucasian people against people of color by pointing to the exploitation of Hispanics on Hispancis (they do it tooooo) — you also make the irresponsibly false statement that “Whites pretty much run scared from anything that even hints possibly being racist” — this statement FLIES in the face of reality.
Might I remind you of some heinous crimes against people of color which have happened in the last year?
Racism is ALIVE AND WELL in America, and if we are to have honest dialogue about it, we must be able to ACKNOWLEDGE it’s existance, and how it has grossly affected the lives of millions of American people over the course of centuries and not MINIMIZE the effects of this ignorant way of thinking or PRETEND that it doesn’t exist by making false statements.
This topic is just one of many examples or how those who have less education have been taken advantage of by a system which was very tolerant of fraud.
The introduction of the topic of color, nationality in comparison, Well, Whites weren’t the only ones who did it, Hispanics did it tooooooo — as if that makes a difference, makes it better or okay IS A RACIST STATEMENT reflective of racist thinking.
Now the question is: Can you recognize this and are you willing to change your way of thinking OR NOT?
This is what I read as the main message in Moe’s post:
“It seems as if lenders forgot to follow the law in their hastiness to make as many loans as possible to as many people as possible. I think the main underwriting guideline followed by most all lenders was the “breathe on the glass” qualification method. If it fogs, loan approved!
“The law is very clear and it states that if a “contract” is negotiated in a foreign language then that contract needs to be written in that foreign language. If the loan is negotiated in Spanish, then the loan documents need to be in Spanish.
“The reality is that this never happened and many of these borrowers are going into foreclosure when they have a legitimate defense and can fight back against this form of predatory lending.”
Susana, you in your hastiness to point fingers and cast off the blame from “White” people you failed to realize that Moe HAD ALREADY SAID THIS:
“The facts are that many of these people were severely taken advantage of and many were swindled by unscrupulous brokers and lenders. MA(n)Y TIMES IT WAS PEOPLE OF THEIR SAME RACE AND (WHO) SPOKE THE SAME LANGUAGE THAT USED THEIR HERITAGE TO GAIN THE CONFIDENCE OF THE NON-ENGLISH SPEAKING BORROWER to fly under the radar and place them in high costs loans and homes that they never should have bought.”
And Susana, by making your racist statement, you changed the focus of this article and the topic FOR SOME PEOPLE and opened the door to comments like this:
“Susana, you are right about the Hispanic/Hispanic rip-off. Personally, I am sick to death of whitey being the bad guy.” Texas9
“Perhaps THESE FOLKS should have learned English and spoken the language of the land! I was born here and speak English. Why am I always the one who is expected to accomodate SOME IMMIGRANT who doesn’t want to assimilate and speak our language? You think Mexico would enforce a law that says my contracts in that country would have to be in English? FAT CHANCE!. . . Frankly, I could care less. They got what they deserved.” ~ DB
“Last year I worked for a LARGE Hispanic mortgage broker because I speak Spanish. Well, let me tell you about how borrower after borrower was screwed in the huge fees they paid the loan officers of this broker. . . . And do you know why?? Because the borrowers ‘trusted’ their loan officer. WHAT A STINKIN’ JOKE! SO IF AN ANGLO DID THAT TO A HISPANIC IT WOULD BE RACISM, BUT IF A HISPANIC DOES IT TO A HISPANIC, IT IS JUST “HELPING” THE COMMUNITY OUT!?!?!?! Gimme a break!” ~ David
Susana, I am taking the time out to write this for your edification. I hope you can see what I am saying.
You know what, if a Hispanic did this to a Hispanic it is FRAUD.
I believe what Moe’s purpose here in creating this blog is to talk about the fraud being committed against the AMERICAN PEOPLE, not one race against another, but ALL AMERICANS no matter the color, race, nationality, creed or language they speak. And his position on this topic is fully supported by the law.
point taken
… (whew! )
JacMac. Seriously, how old are you? Do us a favor and go away. You seriously have way too much time on your hands.
No.
Oh my goodness….I am tearing up. This is the best post I’ve ever read. I would love to make copies of this and send it to my mortgage company, reps, attorney general, president and everyone else that I’ve been sending info to. Right to the point and wonderfully stated.
Absolutely, perfectly apt and true, Poppy — as always!
Poppy,
This is spot on! Well said!
From your lips to God’s ears. I am currently (with little luck or attention from Countrywide’s “Workout” Department) trying to get a modification on a 2/28 ARM. I hope something happens soon as we are barely keeping our noses above water. I wish I knew then what I know now as I would not be in this mess.
I work for large servicer (over 100 billion serviced). We do our best to work out loans…we can put people in int rates as low as fed funds rate (today was 3.47) and can do deferal on principal balance all the way down to appraised value. So if your home dropped big time we knock the balance down to keep affordable and the rest is kept on back of loan without accuring interest. Also very active with short sales if someone is too far behind or extreme hardship that is not reversible. We really try to do what is best for borrower wihtin guidelines. At this time it is more about borrowers than investors. ALthough we only freeze for a few years, most are very happy with the end result. Also if on fixed income we put loan to fixed if an arm now.
Greg,
What’s your number and can you take over my account? My servicer’s name is also Greg, but I don’t think you’re him.
I’m only kidding by the way. But good on ya!
This is good . . . goes right along with what I was saying. That price tag was too high to begin with. God bless these folks . . .
Excerpt from:
Time to reappraise system that’s all too open to abuse
By Mitchell SchnurmanStar-Telegram Staff Writer
“No place has been immune to inflating the numbers, and bad appraisals lead to bad loans,” said John Brenan, director of research and technical issues for The Appraisal Foundation, an organization authorized by Congress to set standards and qualifications for the industry.
Thanks for your post..it cleared up some things for me. I am in month 3 of an agreement to modify at the end of 6 months…..In the meantime Ive had an offer on my home….I requested payoff figures from my lender and was quite surprised that once they added fees and attorneys costs my $422,000 was now $450,000 —$28,000!!! ridiculous
I WANT TO HIRE YOU TO WORK OUT MY 7 MORTGAGES! I lost my business and was paying on time for over a year! Sigh – unfortunately there’s only one of you and we need thousands.
YOU GO GIRL!
Amazing. I am speechless with how well you articulated this, Poppy. I am printing this out NOW!
You deserve a microphones and news crews!
JMAC,
Thank you for your eloquent articulate and easy to follow post! I appreciate you taking the time and addressing the racist overtone of this blog. I look forward to reading all your post and absorbing more knowledge from you. Tx
I know of an organization that is trying to help all of these people that have been caught up in this mess. Regardless of race or language through a non profit call them at 866-563-1669 if they can’t help I don’t think anyone can.
I am a law student helping an attorney fight for the rights of lenders (our clients) who prepared loans in english to bi-lingual buyers who nogotiated in english. those buyers are now trying to get out of their contracts by claiming that the terms were not in spanish even though they negotiated in english. This bothers me and i work extra hard to not let these people get by with what they are trying to do. incidentally, i am mexican american-my dad is from mexico and my mom is from america (she is very white-german and dad is very dark mexican) anyway i only throw this in because i hope it serves as some evidence that i am not racist towards spanish speaking people. i speak spanish myself and i suppose i could negotiate a contract quite easily with a lender in english and sign all the documents in english and then turn around and claim that i was not given the docs in spanish in violation of c.c.c. 1632.
Here’s the thing. i know lender and loan officers try to push through whatever they can and they do what they can to slip in all kinds of *^*(&&… , and for that they can suck my (*&&&()…, but buyers are to blame also IF, and i stress IF, they are just using the fact that they have a spanish last name to get out of the contract-that’s fraudulent too. these are the people we are going after. they can just walk away and let their credit get screwed because they made a bad deal, but they don’t. they make up this (*^&^% …about how they didn’t know what they were signing. meanwhile people that dont speak another language have less options to get out of the loan and not have their credit screwed.