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Criminal charges are being brought against the mortgage companies but that does not change the fact that these first tie buyers are STILL LOSING THEIR HOMES RIGHT NOW.
great, so let's just let smart people prey on the not so smart people and let the not so smart people rot in hell and tell then its all their fault.
please, give it a break.
Most of these brokers "assured" their clients that homes values would go up and that they could refinance into affordable rates when they needed to. I'm happy the mortgage qualification process has tightened. its about time.
I'm done debating blaming not so smart home buyers who didnt know much about economics for listening to licensed professionals they hired and getting screwed in the end. Those are the homeonwers i feel sorry for.
The flippers and speculators and those whoe KNEW BETTER don't garner any pity from me. THey should be foreclosed on and purged from the market. Good riddence.
If you don't have a basic understanding of how real estate markets work, you have no business buying a home. If your knowledge is based solely on what brokers and agents tell you, you have no business buying a home or any real estate.
At some point you have to blame the stupid people if they don't educate themselves and they continue to do stupid things. I know that sounds harsh, but stupidity (in this context) is a state of being uniformed, uneducated about the topic. If you are uninformed and uneducated you should not be making large financial commitments to something you don't even understand!!
If you don't have a basic understanding of how real estate markets work, you have no business buying a home. If your knowledge is based solely on what brokers and agents tell you, you have no business buying a home or any real estate.
At some point you have to blame the stupid people if they don't educate themselves and they continue to do stupid things. I know that sounds harsh, but stupidity (in this context) is a state of being uniformed, uneducated about the topic. If you are uninformed and uneducated you should not be making large financial commitments to something you don't even understand!!
YOu must live in la la land...Do you really think the majority o FIRST TIME home buyers have the knowledge to understand the mountain of papers they are signing? Plus the fact that morrgage compainies LIED TO THEM about their rates being fixed?
Criminal charges are being brought against the mortgage companies but that does not change the fact that these first tie buyers are STILL LOSING THEIR HOMES RIGHT NOW.
Yes, I've read the articles in the Charlotte Observer earlier this year regarding the Beazer subdivisions in our area. I don't recall any allegations of selling people fixed rates that were actually ARMS (which would be evident at closing). Most of the allegations involve falsifying income claims to get people qualified for loans...which is illegal. However, the actual loan information was available to buyers at closing. No reports have indicated otherwise. NC is a state in which a closing attorney is required to be present at closing. I dont' see how a buyer didn't know what was going on regarding what their payments would be.
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Buyers and sellers contract with the attorney of their choice. We usually recommend that home buyers and sellers use different attorneys so that each party has unbiased representation if problems develop that require negotiation.
Criminal charges are being brought against the mortgage companies but that does not change the fact that these first tie buyers are STILL LOSING THEIR HOMES RIGHT NOW.
I didnt read the article, but whats the harm in "losing a home" that you likely put a VERY small (if any at all) deposit on, and paid a few months mortgage payments? Nobody is kicking people to the street to live in cardboard boxes, there are plenty of apartments for rent in this country.
YOu must live in la la land...Do you really think the majority o FIRST TIME home buyers have the knowledge to understand the mountain of papers they are signing? Plus the fact that morrgage compainies LIED TO THEM about their rates being fixed?
No one should sign papers they don't understand-if they do they have no one to blame but themselves. If someone does not understand they need to hire an independent attorney who is looking out for them. They need to research and ask questions. They need to have some personal responsibility. Regardless of whether or not another party was in the wrong, people need to be responsible for themselves.
We became first time homebuyers in October. We read everything numerous times and asked numerous questions. There is no way I would ever sign anything without understanding it-ever. Especially something as big as buying a home and singing my $$ away for the next 30 years.
I didnt read the article, but whats the harm in "losing a home" that you likely put a VERY small (if any at all) deposit on, and paid a few months mortgage payments? Nobody is kicking people to the street to live in cardboard boxes, there are plenty of apartments for rent in this country.
You need to read it because the mortgage company LIED to the buyers. Telling them rates would be perm. fixed. And when the rates changes so did their house payments...Hence they suddenly could not afford to live there anymore.
No one should sign papers they don't understand-if they do they have no one to blame but themselves. If someone does not understand they need to hire an independent attorney who is looking out for them. They need to research and ask questions. They need to have some personal responsibility. Regardless of whether or not another party was in the wrong, people need to be responsible for themselves.
We became first time homebuyers in October. We read everything numerous times and asked numerous questions. There is no way I would ever sign anything without understanding it-ever. Especially something as big as buying a home and singing my $$ away for the next 30 years.
You need to read it because the mortgage company LIED to the buyers. Telling them rates would be perm. fixed. And when the rates changes so did their house payments...Hence they suddenly could not afford to live there anymore.
Ok, and that IS a different story, so its not those people that I am talking about. I just get tired of these people who are being "kicked out of houses" that they hardly have any investment in, and that can go back to living in an apartment like they did only a few months ago.
Those who were lied to blatantly, totally different story.
Well you see I have everything in writing, had everything reviewed by an attorney and I understood everything. I took no one by their word. Perhaps people should do the same before buying a home.
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