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Old 07-26-2008, 11:45 PM
 
93 posts, read 369,475 times
Reputation: 31

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Hi,

Wanting to move to Florida, I keep hearing the following,"Use a local bank or mortgage company, for your home loan". Since not being familiar with the names of some of your banks, how can I find out if the are honest and reliable? Is there a way?

Well I have heard of Countrywide, because of all the advertisement, but I do not know of any of your main bank branches.
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Old 07-27-2008, 11:58 AM
 
64 posts, read 77,188 times
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Countrywide ?? lol

the State of FL is suing them along with about 4 other states...stay away from these crooks, even though they are owned now by Bank of America--another set of crooks..


Try some locally owned banks or community banks--- Orion, Commerce Bank, and a few credit unions like Suncoast, or even GTE CU

The typical thieves are in FL like everywhere else- banks like SunTrust, Regions (not bad folks at all really), Bank of America (they suck bigtime)...Fifth Third is easy to work with and knowledgeable.......National City just bought Harbor Federal Savings so they may be aggressive sooner or later

Use a 'portfolio lender' NOT a mortgage broker who simply sells your loan elsewhere

Ask whether the bank is actually a portfolio lender, it can make a difference....'can'
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Old 07-29-2008, 03:09 PM
 
93 posts, read 369,475 times
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Thank you MemphisMonkeyMane,

I will save this information. We will move once our home has sold. Appreciate the info.
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Old 07-30-2008, 08:45 AM
 
Location: Sarasota, Florida
807 posts, read 2,997,554 times
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(imo) all of those statements are pretty accurate...due to their poor self management and huge profit taking of the past, now with the bad real estate market those same lenders are a complete pain to work with.
I'd suggest getting pre-approved before selling then you can shop (since the selection is great) and even make an offer contingent on the sale of your home. It is a buyers market so the beating you take on your home, you will pass on to the seller of your next home and so on.
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Old 07-30-2008, 09:59 AM
 
64 posts, read 77,188 times
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Quote:
Originally Posted by On-da-Beach View Post
(imo) all of those statements are pretty accurate...due to their poor self management and huge profit taking of the past, now with the bad real estate market those same lenders are a complete pain to work with.
I'd suggest getting pre-approved before selling then you can shop (since the selection is great) and even make an offer contingent on the sale of your home. It is a buyers market so the beating you take on your home, you will pass on to the seller of your next home and so on.



I firmly agree...

Do get "pre-approval", but ask for a commitment letter, which of course 'should have' clear terms and an expiration date..

Also try to get a "lock" on a rate....

If you have a good credit profile, then play hardball.....they are not doing you a favor...your loan is a performing asset for them....

Beat them up, don't act like you care that much, or that you're beholding to them....you're NOT !
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Old 07-30-2008, 10:16 AM
 
95 posts, read 403,583 times
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I must take exception to mshoward48 statements with regards to Bank of America. I got my first mortgage with them in 1999, paid it off in 2003, got another mortgage in 2006 and paid it off in 2007 and just bought another property in 2008. These were my permanent residence. I am not an investor, having said that. I found the bank to be stellar in their business dealings with me. I understood the terms of the loan (all of them). Bottom line if the customer has good credit, pays as per agreement there is no problem. The only thing that Bank of America has done here recently is purchased CountryWide. I cannot understand for the life of me why they would purchased such a debt ridden company. Also, the staff @ Bank Of America were wonderful. My experience with them has been great.
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Old 07-30-2008, 10:35 AM
 
64 posts, read 77,188 times
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Quote:
Originally Posted by vpdianne View Post
I must take exception to mshoward48 statements with regards to Bank of America. I got my first mortgage with them in 1999, paid it off in 2003, got another mortgage in 2006 and paid it off in 2007 and just bought another property in 2008. These were my permanent residence. I am not an investor, having said that. I found the bank to be stellar in their business dealings with me. I understood the terms of the loan (all of them). Bottom line if the customer has good credit, pays as per agreement there is no problem. The only thing that Bank of America has done here recently is purchased CountryWide. I cannot understand for the life of me why they would purchased such a debt ridden company. Also, the staff @ Bank Of America were wonderful. My experience with them has been great.




hmm easy...they bought Countrywide 'on the cheap'....first through

a 'cash or equity' infusion .......then when the stock fell....they made the offer

they were morons, and greedy ones at that....if they actually performed

due diligence, they would have known....but they are greedy....these are the

same clowns who raked off the top (when they were NCNB/Nations Bank)

during the thrift crisis (S&Ls) in Texas, and made a windfall on the cheap

with I believe Republic National and another Thrift....allowing them to

immediatelyhave a 'footprint' ( large one), west of the Mississippi......they

thought the same thing by buying Countrywide, which would allow them

a HUGE presence in an already developed MORTGAGE market and a

vertical market STRAIGHT from 'origination' to SECURITIZATION and then

bond issuance/worlwide distribution of highly stratified mortgage-backed

securities where they could play other 'games' with 'cash flows', forwards,

dollar rolls, 'stripping', IO's/PO's, and a mulitiple number of other techniques

to make money, duck and hide, and rip off institutional investors globally,

WITHOUT the reliance on any other Wall Street participant in the

structured finance arena..........in other words, ALMOST a market

anomaly of non-comeptitive dominance in a highly lucrative segment of

the mortgage-backed securities market...............


They don't have your best interest at heart....

Most are a bunch of crooks of the worst sort......



Stay tuned, they are going to be hurt BIGTIME, and it couldn't happen

to a nicer bunch of 'bankers'.....


Crooks in pinstripes.....I've done a zillion deals with them..in Charlotte

on the desk in NY



Bank of America is one of the WORST banks ranked for quality service...

ESPECIALLY here in Florida....How did they get that reputation...............well

by the "old way"....."THEY EARNED IT"
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Old 07-30-2008, 12:51 PM
 
Location: Sarasota, Florida
807 posts, read 2,997,554 times
Reputation: 705
agreed...imo, B of A can dry up and blow away
poor customer service here as well
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