I KNEW it was coming!!
What?!?!? ...you ask.
Maybe some of you have heard them already, but I just heard my first commercial on the radio that goes something like this (not exact by any means…waiting for it to come on again):
“Do you have one of those ‘hard to understand’ mortgages that gives you several options to pay at the end of each month? Are your payments increasing and you were not aware of it. These ‘option ARM’ mortgages are very complex and things might not have been explained to you properly. If you have one of these mortgages you could be eligible for compensation! If this sounds like you, then give us a call for a free consultation. We might be able to help you get all your money back! So call Uraviktom & Playaviktom…attorneys at law.”
I don’t guess I should hold my breath for ONE of the ‘get-rich-quick-in-a-no-money-down-real-estate-late-night-infomercial’ students to take personal responsibility for their ’sure-thing’ real estate transaction going south. Why do that when there are lawyers just waiting to paint you as a victim…and financially illiterate judges and juries just waiting to hand you ‘free money’.
Don’t get me wrong, there are some people that did get screwed, but many more knew EXACTLY what they were doing. And if they had made those ‘easy riches’ they sure as heck wouldn’t be getting a lawyer to make sure they ‘paid back’ the person who they ‘got rich off of’.
The unfolding of this real estate bubble is going to be nasty…and this is ONLY the beginning. Just don’t expect to hear that from any ‘professional organization’ in the industry.
Stay tuned…
SoCalMtgGuy
posted by SoCalMtgGuy at 10:41 PM
3 Comments:
I heard one of these commercials the other day...crazy! Damn trial lawyers will do anything!
You knew this was coming...of course the borrower is the victim. Forget that they signed 50 pages of loan documentation. Forget that they called and asked for the "pay option loan" by name. And definitely forget about them choosing to make the damn minimum payment for the last 24 months so they could afford to put rims on their new escalade.
Hey, Where are you?
No comment on the New Century crash? Now GM maybe in trouble.This could really get nasty, as things unwind.
Too many people out there that think they are "losing money" (opportunity cost) if they don't pay the minimum.
These people trap themselves. Loan officers and Realtors do a good job of convincing clients that they "can afford it," and there is nothing to worry about. One agent told my sister that essentially they will do whatever it takes "to get you in the door." Implying that they would claim rent earned from extra bedrooms in the house as income, etc.
They will tout a 2 year fixed ARM loan as "the same" as a 30 year fixed because "after 2 years, you simply refinance." OMG
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