Comments on: Feds Nab 400 Nationwide In Mortgage-Scam Sting

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By: d. smith

d. smith — Wed, 25 Jun 2008 19:22:11 +0000

I can relate to all of these situations. Before ending up in a possible foreclosure I made an attempt to make up my pyment I was behind in and the mortgage company returned my check telling me I needed to send them all of the back payment which was almost impossible. They immediatelly started foreclosure proceedings, and I almost lost my home of 14 years. Right after I made my first new payment, they sold my loan to another company. What is wrong with this picture?
Do these companies ever pay for the injustice they are causing? I wonder how many more companies are causing people to lose their prized possessions. People are killing themselves because of these situations that these mortgage companies put them into. Where is the justice.
I have managed to keep my home, but how many more are out there trying to maintain that American dream we talk about.

By: Nikki D.

Nikki D. — Mon, 23 Jun 2008 16:25:29 +0000

For those many questions that were asked on these comments, is there any “Mortage Brokers/Lenders” out there that can shed some light on these questions or direct us, were to tune-into on line?

By: Angela

Angela — Mon, 23 Jun 2008 15:40:49 +0000

I was a mortgage broker for four years and I only put one couple into a loan that I did not think was the best, fixed rate, option. Why did I do it? The customer wanted the lower payment! I explained the way an ARM works, I explained that there is no guarantee that in two years their credit would have recovered, I explained that their value may not have increased enough to refinance out of the loan, etc. Yes, there are some terribly greedly loan officers out there but not all of the people “caught up” in this mortgage crisis were duped. Some of them made the decision to “take the risk” of an adjustable rate mortgage. I also refused to do “risky” loans for people over and over again but they would go to someone else and do the loan any way. In almost all of the cases, the customers would call me back within months to ask me to try to get them out of the bad loans they ended up with. By then the equity would be gone or their scores would have dropped. People, we need to learn to be patient. If someone you trust tells you that it is best to wait and work on your credit or save a little more money or find a lower priced house, then listen. Listen. Work. Wait.

By: Nathaniel

Nathaniel — Sun, 22 Jun 2008 08:51:50 +0000

I don’t think I read what exactly they did. I assume that they charged more morgage than they were supposed to, which caused many people, mainly African Americans, lose their homes. And to think that this thing happened on March 1st, my b-day.

By: ken

ken — Sat, 21 Jun 2008 19:30:27 +0000

I am going through a similar thing myself with LEND AMERICA.I han a ARM loan with Countrywide Home Loan and it was set to adjust November 2008.I call Lend America about a FHA refi-loan.I went thruogh hoops to get the fixed rate loan.My problem is that at closing my property taxes for 2007 were to be paid at closing by Lend America which didn,t happen.Lend America is bases out of NEW YORK and I live in Milwaukee.I recently recieved a l;etter from the city tax office about my unpaid taxes.Needless to say …this was a bad deal all aruond.I would not recommend this company to anyone.A nd to sum it all up ,my loan was sold to Wellsfargo Bank.There is moer to this story that I can tell you,like I started the refi in March and did not close until the last week in May.I,m happy to have a fixed rate loan but I will never do business with Lend America.

By: Dakara

Dakara — Sat, 21 Jun 2008 18:08:44 +0000

I’m sorry any of you are devastated, and too bad for the folks caught up in making a living off the need others.

If you credit has not been hit, and you know you can’t afford the mortgage, get out now before your credit takes a dive. Talk to your folks and get an apartment to recover and regroup.

All People should take the time to read all the print on agreements and contracts, as the criminal usually states what the plan is plain view.

By: prncezz

prncezz — Sat, 21 Jun 2008 14:51:39 +0000

IAM GOING THROUGH THE SAME THING NOW. I FEEL THERE’S NO HELP OUT THERE FOR ME. MY HOME IS WHERE I RUN MY BUSINESS SO IM LOSING ALL AROUND. EVERY WHERE I HAVE TURNED HAS BEEN A CLOSED DOOR. I HAVE RECIEVED RUDE ATTITUDES FROM THE MORTGAGE COMPANY AND EVERY DAY I LOOK MY KIDS NOT KNOWING HOW WILL I RECOVER AND TAKE CARE OF THEM. I STRUGGLED SO LONG AND HARD TO BECOME THE FIRST IN MY FAMIY TO OWN A HOME ALL FOR NOTHING.IM DEVASTED AND IN SHOCK, I THINK THE FBI NEEDS TO INVESTIGATE THIS WAY, MODESTO,CA.

By: Nikki

Nikki — Sat, 21 Jun 2008 01:58:10 +0000

I know I was part of a scam. I bought my first rental property a couple of years ago and after I purchased it, I began to find out things that were done were fraudlent. I was so eager to be able to get a house to re-build my credit, that I must have had “sucker” written on my face! I even called the mortgage company and told them that I thought my deal was fraudulent after about 2-3 months after I got the house and they had this attitude like “prove it” I am now stuck with an interest rate that is going to balloon in 2 months and I don’t know what to do. I paid to much fpr the house and it’s not worth crap.