Unfortunately we are all aware of the mortgage industry scandal and the sub-prime loan issues. I get a little upset when they try to hang the blame on independent mortgage brokers. Personally, I think it is the banking industry’s attempt to put the independent broker out of business. The broker surely didn’t write the lender’s guidelines. So, … who’s fault is it?
A single parent of 4 kids, working in the medical profession, refinanced their loving home. The financing was an adjustable rate mortgage and her payments, to start, were around $1700 per month. Later, as stated in the contract, the rate adjusted up and her new payments were about $300 more per month. There was no real problem at this point other than just a tightening of the budget. Unfortunately, a few months later she was laid off from work. Now she is about to lose her home. She claims she did not know she was in an adjustable rate mortgage and she claims she did not know how adjustable rate mortgages actually worked.
This woman is in the medical field and obviously doesn’t mop floors if she qualified for a $1700 mortgage payment. She knew she was in an ARM. There...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
