April 2, 2008
by creditmamma - foreclosures
What do you all think about the banks and mortgage companies approving all of these no doc loans? It is absolutely amazing how so many financial institutions are allowing people with a good credit score to take over mortgages to help individuals get out of debt.
The problem…most of us lose our homes anyway. If you are so far in debt that you cannot make your house payments than how in the world are you going to get your finances in check and later pay back all of the money to the investor?
In my opinion this is just a way for the financial “saviors” to make money. You need to be careful when this type of situation hits your front door. If something sounds too good to be true, it usually is.
The mortgage fraud in this state is at the highest peak. Title companies, appraisal companies, loan companies, banks, etc. are just out to make money….off you! There is no due diligence. These investors get these investment properties in their names without even being at a closing or putting any money up front.
People are losing jobs daily. If you don’t have credit then you’re at risk for losing everything you have. Most of us cannot even get approval to down grade from a home to an apartment due to our credit haunting us.
What I am trying to say here is simple. If your about to lose your home to foreclosure be aware of whom you deal with for financial help.There are good faithful companies just make sure your dealing with one. Let me know if you’re involved in a situation such as this. I would love to discuss this situation further because it has become to the attention of many of us who has been in the middle of the havoc.
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