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Borrowers sue lenders

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Julio E. Sune Jr. (FL)

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Florida
http://www.miamiherald.com/business/story/567004.html

QUOTE:

"The suits filed by Ingrassia claim the borrowers submitted W-2s and pay stubs as proof of their incomes, yet their incomes were inflated to qualify them for loans. The borrowers didn't learn that until after they ended up in default, Ingrassia said.

The suits also allege that the loan terms were changed, with the borrowers not finding out until closing that the interest rate was adjustable rather than fixed. The interest rates also were higher than what they had been promised, while some loans had prepayment penalties, Ingrassia said.

The borrowers didn't receive the settlement paperwork detailing the loan terms and costs until the closing rather than 24 hours or more in advance, as required by law, the suits allege."

And now......we appraisers are supposed to get a "bond" to cover all those aforementioned actions????

No way!!!!!........Fight back!!!!!
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
So many more of these stories ro be coming out very soon. We have a RE Lawyer set up camp here in this very little town of AZ City. HHHHHHMMMMMM
 

rescom

Senior Member
Joined
Jul 30, 2007
Professional Status
Certified General Appraiser
State
Missouri
http://www.miamiherald.com/business/story/567004.html

QUOTE:

"The suits filed by Ingrassia claim the borrowers submitted W-2s and pay stubs as proof of their incomes, yet their incomes were inflated to qualify them for loans. The borrowers didn't learn that until after they ended up in default, Ingrassia said.

The suits also allege that the loan terms were changed, with the borrowers not finding out until closing that the interest rate was adjustable rather than fixed. The interest rates also were higher than what they had been promised, while some loans had prepayment penalties, Ingrassia said.

The borrowers didn't receive the settlement paperwork detailing the loan terms and costs until the closing rather than 24 hours or more in advance, as required by law, the suits allege."

And now......we appraisers are supposed to get a "bond" to cover all those aforementioned actions????

No way!!!!!........Fight back!!!!!

The day I'm required to get a bond is the day that I say bye bye and good ridence to this profession.
 

jonhig

Sophomore Member
Joined
Nov 1, 2007
Professional Status
Certified Residential Appraiser
State
Colorado
It's scary to think how many borrowers don't even know they've been taken.
 

Mile High Trout

Elite Member
Joined
Feb 13, 2008
Professional Status
Certified Residential Appraiser
State
Colorado
Mortgage officers sold us out!

It's the final contract for the homeowner that needs additional third party review, more than the appraisal I think.

Appraisers view contracts & appraisals differently. One is the mortgage officers responsibility, the other is the appraisers. Can you guess which one is which? Common sense indicates that mortgage officers contracts should have more surety & third party checks and balances if that type of activity is happening. The appraiser has 0% control of what is in the contract, or if the deal is worked after the fact of the appraisal.

As an appraiser, I'm still fighting for full fee disclosure, so the homeowner can see what I ACTUALLY got paid, and view MY final report. Lending institutions have double dealt appraisers, the same way they have done homeowners. The difference is that a lot of homeowners got schwindled, while a few appraisers got rich. It's the appraisers that willingly worked with over agressive mortgage persons that should be held accountable, not the entire group.

:new_2gunsfiring_v1:

Rich get richer, poor get poorer, what's new?
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
It's scary to think how many borrowers don't even know they've been taken.
Oh they know it, but it is part of Human nature not to show your financial weakness..................So many are not prepared to deal with living below their means. Blame it on the Hype.
 
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