Page 4 of 4 FirstFirst 1234
Results 46 to 49 of 49
  1. #46

    • I'm baaaaccckkk!
    • Offline

    Join Date
    Jun 2006
    Location
    Wonderland
    Posts
    1,436
    Blog Entries
    5

    Re: My Company Closed Today

    Well, I work at a credit union processing loans--mainly auto loans, and you'd be surprised. I give them their promissary notes and go over everything with them, but they don't really care about what I have to say-- they are just happy to have the loan... I always thoroughly explain everything but they never have questions and just want to sign and leave...
    I know in my community there are a lot of foreclosures going on because there were so many houses developed around here in the past couple of years and people got adjustable rate mortgages so they can't afford the payments anymore...
    <3 Chloe

  2. #47

    • no flash photography...
    • Offline

    Join Date
    Jan 2005
    Location
    In my own little world..
    Posts
    13,287

    Re: My Company Closed Today

    Quote Originally Posted by QuietViolet View Post
    Well, I work at a credit union processing loans--mainly auto loans, and you'd be surprised. I give them their promissary notes and go over everything with them, but they don't really care about what I have to say-- they are just happy to have the loan... I always thoroughly explain everything but they never have questions and just want to sign and leave...
    I know in my community there are a lot of foreclosures going on because there were so many houses developed around here in the past couple of years and people got adjustable rate mortgages so they can't afford the payments anymore...
    I don't see how that is the mortgage company's fault. Some of the blame does belong to the homeowners.

    I do understand what you are saying. I always get people stating they never agreed to something and I look at their loan docs where they did initial and sign them agreeing to the terms. They also don't understand that loan documents are binding. I think there should be some kind of class before anyone buys a home.

  3. #48

    • I'm baaaaccckkk!
    • Offline

    Join Date
    Jun 2006
    Location
    Wonderland
    Posts
    1,436
    Blog Entries
    5

    Re: My Company Closed Today

    I couldn't agree with you more, SCUBAbe... people can be so careless sometimes.. instant gratification is nice, but it almost always comes at a cost.
    <3 Chloe

  4. #49

    • Waiting for my E-Ticket
    • Offline

    Join Date
    May 2005
    Location
    Hanging out at The Attic with Johnny Dakota
    Posts
    19,729

    Re: My Company Closed Today

    Quote Originally Posted by SCUBAbe View Post
    How do they get lured into bad loans?

    I have read through many loan documents and the terms of the loan are always clearly disclosed. Do people really sign legal documents without reading or understanding them?
    You'd be really surprised. I worked at a mortgage company for a few years and the number of letters we got from borrowers stating they lost their loan documents (?!), claimed they never received a copy of their loan documents at closing or that they never signed up for an adjustable rate or daily simple interest loan was mind-boggling. I went through so many highlighters from marking copies of these people's loan Notes that specifically told how the interest was calculated it was crazy.

    I agree people need to pass some sort of test to get any kind of loan.


    As for getting lured into a bad loan, you'd be amazed at how low some loan officers/mortgage brokers will stoop to make their deals go through. Some are even in it just to scam people out of their money/homes.

Page 4 of 4 FirstFirst 1234

Similar Threads

  1. [News] KBF supposedly closed today (Dec. 15)
    By perlster in forum Other Destinations
    Replies: 26
    Last Post: 12-21-2008, 06:58 PM
  2. I-5 closed today in both directions at 14 Fwy
    By CaliforniaAdventurer in forum MiceChat Main Lounge
    Replies: 44
    Last Post: 10-16-2007, 09:21 AM
  3. USH closed yesterday/today?
    By FantasyWatersDude in forum Other Destinations
    Replies: 1
    Last Post: 04-03-2006, 07:12 AM
  4. Space Mountain Closed today??
    By mkm1998 in forum Disneyland Resort
    Replies: 2
    Last Post: 07-10-2005, 06:05 AM
  5. Disneyland closed today - OC Register 05/04/05
    By BigPigletFan in forum MiceChat News Archive
    Replies: 0
    Last Post: 05-04-2005, 08:43 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •