Re: Tell Us Why!! - Posted by Sparks
Posted by Sparks on September 08, 2008 at 14:02:37:
Al,
You wrote:
“Not to get into details but the lender knew all my accurate and factual income and expenses.”
Well, the fact is the devil is in the details and you haven’t provided very many (see Jimmy’s post). You haven’t posted the loan terms, the date the loan was signed, the lender, or the state where you are located. Any or all of these may have a direct bearing on whether you were a victim of a predatory lender.
That said, I’m sure it’s obvious to you that opinions are running against you as to whether you are truly a victim – versus your beng a willing participant – allowing this situation to occur thorough your complicity, wishful thinking, willful ignorance, or whatever.
I think this is the reason you aren’t getting any sympathy from the otherwise very experienced, savvy and generally sympathetic guys who post here.
Why? You wrote: “The appraisel came back high and they offered a furniture allotment to come back to us when we closed.”
Oh! OK! So, you agreed to a mortgage that may well have exceeded the value of the house, knowing up front that it was going to be difficult for you at some point! I might be wrong about this but absent the details we don’t know.
But what is clear in the broader sense of the sub-prime meltdown we are now in, is that a lot of loans were willingly accepted by marginally-qualified or unqualified folks who knew going in that the terms being offered were exceedingly generous and might come back to haunt them if anything at all in their personal circumstances changed. Well, things did change.
And, you wrote: …“now we are sitting on a HUGE mortgage with out a way to sell it as planned. The loan itself is reasonable…”.
It looks like you are one of the unfortunate ones that are now upside down on your mortgage, even though, by your own admission, the terms of your mortgage are otherwise OK with you.
I can sympathize with your being upside down on the mortage, but like the others, it’s hard, very hard, to sympathize with someone who just wants to walk away from their obligation.
Al, I’m not flaming you,and I’m not “piling on.” Just looking to provide you with a bit of clarity.
That said, if you don’t wish to provide any further details, here’s a suggestion for you:
Contact whatever organization in your state governs mortgage lenders/brokers. Ask to speak to their staff attorney and see if the details of your loan merit their involvement. Query them about your lender or mortgage broker and whether any action is being taken or has been taken against them. You could also query the office of the attorney general of your state to see if any complaints have been filed against or whether any action is pending or comtemplated against the developer, lender, appraiser.
My 2 cents worth,
Sparks