Homeowners Fight Back and WIN!

Posted on Feb 5, 2008 by Cari McGee in Mortgages, Real Estate Industry

Note: Whenever I use the term ‘fight back’, I think of David Horowitz and his TV show which aired in the 70′s. That was good TV, I tell you.  Great, now I have the theme song running through my head.

Anyway, some Staten Island Homeowners were pressured into a high-cost subprime loan, when they would have qualified for a regular loan without inflated associated costs.  Later, when they were facing foreclosure, they took the mortgage company to court and the court found in the buyers’ favor!  Excellent!

Read the whole story here.

Last year I sold a house to a lovely young woman with a poor credit score.  She was already set up with a lender that I came to despise.  Over and over I encouraged her to talk with someone else, as I felt what her lender was doing wasn’t right.  Well, the sale closed, she moved in, and within a year she had been foreclosed upon.  And guess why?  The subprime loan she was in was far too expensive for her to maintain.  Would the lender I wanted her to talk to have gotten her into a better situation?  I don’t know, but I would have preferred to know that she had explored all of options.