Comments on: In 1968, Congress passed Proxmire’s Truth in Lending Act, a major piece of legislation that for the first time required lenders to make the interest rate and total cost of a loan absolutely clear. http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/ Loan Modification & Home Loan News Sat, 20 Mar 2010 11:41:39 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Moe http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-4801 Moe Tue, 25 Mar 2008 16:36:34 +0000 http://loanworkout.org/2008/03/17/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-4801 You are one of the few, thet Litton has been helpful to. Luck? Seems like this may be the case. You are one of the few, thet Litton has been helpful to. Luck? Seems like this may be the case.

]]> By: Counselor http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-4802 Counselor Tue, 25 Mar 2008 06:59:46 +0000 http://loanworkout.org/2008/03/17/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-4802 If anything, I've done conference calls with Litton and they've been nothing but helpful. In fact, they're based in Texas and I've heard one of their Loss Mit reps even say a prayer for a homeowner. Now if only every lender had reps as understanding. If anything, I’ve done conference calls with Litton and they’ve been nothing but helpful. In fact, they’re based in Texas and I’ve heard one of their Loss Mit reps even say a prayer for a homeowner. Now if only every lender had reps as understanding.

]]> By: Sharp http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-4803 Sharp Tue, 25 Mar 2008 01:59:09 +0000 http://loanworkout.org/2008/03/17/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-4803 Yeah Hillary Clinton, Can you become president tomorrow? Finally someone who sees what Americans are struggling with: Companies like Litton Loan Servicing who is taking homes from Americans. Please be President tomorrow. We need someone who cares about America and their people, not Iraq. Thank you Yeah Hillary Clinton,

Can you become president tomorrow? Finally someone who sees what Americans are struggling with: Companies like Litton Loan Servicing who is taking homes from Americans. Please be President tomorrow. We need someone who cares about America and their people, not Iraq.

Thank you

]]> By: Virginia http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10528 Virginia Wed, 19 Mar 2008 07:50:21 +0000 http://loanworkout.org/2008/03/17/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10528 Tom: I would never go to my CPA for mortgage advise and I think Gordon was talking about having someone look at the loan documents at closing to make sure they were the same as what was quoted initially. I understand there are haters and distrust for people in the mortgage industry but there still are loan officers who will give people excellent advise based on their education and solid years of experience and will walk away from a potential loan if the borrower doesn't qualify and/or if the loan doesn't make sense. Good luck to you..... Tom:

I would never go to my CPA for mortgage advise and I think Gordon was talking about having someone look at the loan documents at closing to make sure they were the same as what was quoted initially. I understand there are haters and distrust for people in the mortgage industry but there still are loan officers who will give people excellent advise based on their education and solid years of experience and will walk away from a potential loan if the borrower doesn’t qualify and/or if the loan doesn’t make sense. Good luck to you…..

]]> By: Tom http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10527 Tom Wed, 19 Mar 2008 02:31:00 +0000 http://loanworkout.org/2008/03/17/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10527 Unfortunately, neither could have probably predicted this market failure. I went and saw a CPA the other day about my 'problem' and it was an intersting conversation. I had a notary only, can tell you - ZERO help there - other than, "Sign here please." Background, bought in Aug 04, moving Jun 08 - like to sell house. Owe $560k - currently home has been on market for 30 days - current asking price $389k - number of calls/inquiries -ZERO! He (Accountant) never even looked at my documents but in his liberal, west coat fashion (no pun intended I love the West Coast and the folks here) he proceeded to tell me everything was okay and just hang on and keep drowning. "Soon there will be a Democrat in office and they will rescue you." Like I'm going to wait for that, or even assume that to be true. He asked how much I owed on my home - never did ask how much I made per month/year. It was less than a million so he proceeded to tell me that anyone making at least 60 Grand a year can afford a half a million dollar home - no problem. If it were a million or so, then he'd be worried and maybe recommend something else, but he was sure if I told the mortgage company how much I could afford they would ammend my note to reflect that. Perhaps/maybe, but the investors - probably not. This is simple math, (I make a tad bit more than that and I have never been late on mortgage) but I can add - and 60 grand a year is 5 grand a month (before taxes). A monthly note on a cool half a million with PT&I is in the $4500/month neighborhood - give or take. I think I should be a CPA - really. I don't know what sort of CPA magic he knows that he didn't relay to me - but this was a professional who I paid his time for some advice. Understandably, I sought his advice after the fact - maybe beforehand he would have actually given me more due consideration. My dilemna, moving puts me in a serious negative cash flow at the current cost of renting. You are allowed to deduct losses on a rental, up to $25k. I pay that in taxes an insurances, so the 'loss' is just that - just a loss to the tune of appx. $2500/month until the market ratchets back up to say 30% or so, let's say it keeps pace with inflation @ 3% - that's 10 years. $2500 per month x 12 = 30 grand loss a year for 10 years = $350,000 to get back where I started. Happy, happy, joy - suck it up - donate hundreds of thousands of dollars to a losing battle and Wall Street cronies getting Federal Bailouts so they don't lose their bonuses; but this ain't right. Make sense to you, sure has me scratching my head. End of story. Unfortunately, neither could have probably predicted this market failure. I went and saw a CPA the other day about my ‘problem’ and it was an intersting conversation. I had a notary only, can tell you – ZERO help there – other than, “Sign here please.”

Background, bought in Aug 04, moving Jun 08 – like to sell house. Owe $560k – currently home has been on market for 30 days – current asking price $389k – number of calls/inquiries -ZERO!

He (Accountant) never even looked at my documents but in his liberal, west coat fashion (no pun intended I love the West Coast and the folks here) he proceeded to tell me everything was okay and just hang on and keep drowning. “Soon there will be a Democrat in office and they will rescue you.” Like I’m going to wait for that, or even assume that to be true. He asked how much I owed on my home – never did ask how much I made per month/year. It was less than a million so he proceeded to tell me that anyone making at least 60 Grand a year can afford a half a million dollar home – no problem. If it were a million or so, then he’d be worried and maybe recommend something else, but he was sure if I told the mortgage company how much I could afford they would ammend my note to reflect that. Perhaps/maybe, but the investors – probably not.

This is simple math, (I make a tad bit more than that and I have never been late on mortgage) but I can add – and 60 grand a year is 5 grand a month (before taxes). A monthly note on a cool half a million with PT&I is in the $4500/month neighborhood – give or take. I think I should be a CPA – really. I don’t know what sort of CPA magic he knows that he didn’t relay to me – but this was a professional who I paid his time for some advice. Understandably, I sought his advice after the fact – maybe beforehand he would have actually given me more due consideration.

My dilemna, moving puts me in a serious negative cash flow at the current cost of renting. You are allowed to deduct losses on a rental, up to $25k. I pay that in taxes an insurances, so the ‘loss’ is just that – just a loss to the tune of appx. $2500/month until the market ratchets back up to say 30% or so, let’s say it keeps pace with inflation @ 3% – that’s 10 years. $2500 per month x 12 = 30 grand loss a year for 10 years = $350,000 to get back where I started. Happy, happy, joy – suck it up – donate hundreds of thousands of dollars to a losing battle and Wall Street cronies getting Federal Bailouts so they don’t lose their bonuses; but this ain’t right.

Make sense to you, sure has me scratching my head.

End of story.

]]> By: Virginia http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10529 Virginia Tue, 18 Mar 2008 07:40:09 +0000 http://loanworkout.org/2008/03/17/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10529 An independent real estate attorney would be the person I would hire if I was a consumer who wanted to be sure everything was in order. Notaries are only there to confirm the indentity of the person signing the documents. I am sure there are some who are capable of explaining some of the loan documents but I do not know one who is capable of or willing to explain an APR. An independent real estate attorney would be the person I would hire if I was a consumer who wanted to be sure everything was in order. Notaries are only there to confirm the indentity of the person signing the documents. I am sure there are some who are capable of explaining some of the loan documents but I do not know one who is capable of or willing to explain an APR.

]]> By: Gordon Brenner http://loanworkout.org/2008/03/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10530 Gordon Brenner Tue, 18 Mar 2008 00:37:41 +0000 http://loanworkout.org/2008/03/17/in-1968-congress-passed-proxmires-truth-in-lending-act-a-major-piece-of-legislation-that-for-the-first-time-required-lenders-to-make-the-interest-rate-and-total-cost-of-a-loan-absolutely-clear/#comment-10530 The problem with the mortgage industry is not information or the lack of it for consumers. I know the kind of people in this business. I have been doing lead development for mortgage companies for about nine years. The consumer who is purchasing or refinancing should hire a notary to go over paper work at closing to make sure everything is as they thought it would be and to make sure they understand what they are getting. If not they should be prepared to walk away from the table. The problem with the mortgage industry is not information or the lack of it for consumers. I know the kind of people in this business. I have been doing lead development for mortgage companies for about nine years.
The consumer who is purchasing or refinancing should hire a notary to go over paper work at closing to make sure everything is as they thought it would be and to make sure they understand what they are getting. If not they should be prepared to walk away from the table.

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