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!
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.
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