Stevie Do asked:
When the refinance companys add an ARM clause to the contract after a family agrees to a fixed rate, and the consumer doesn’t catch it. What can be done and who can they turn to?If an enormess amount of people are losing there homes these practices? Why does California and the Governor allow them to have licenses.Can they be debarred or similar punishment as a lawyer who does the comparable.
Marion
When the refinance companys add an ARM clause to the contract after a family agrees to a fixed rate, and the consumer doesn’t catch it. What can be done and who can they turn to?If an enormess amount of people are losing there homes these practices? Why does California and the Governor allow them to have licenses.Can they be debarred or similar punishment as a lawyer who does the comparable.
Marion
Kelly
good question!!!
i recently went throught the time consuming and paperwastng
process of refinancin my home.
every time they told me it was 30 year fixed, i demanded that becase my sister just recently lost her home becase of the arm.!!
but everytime they faxed me the paperwork to sign and send back it would say 2 year fixed and the rest arm!
i kept tellin them i would not sign until it was fixed!
they told me ” oh, it will be fixed they just put it down wrong, well straighten that out after you sign it and send it in!!!
i told them nodeal put it in writin now!!!
it took about 6 different companies and mountains of paperwork but i finall got the fixed 30 year and a lower interest rate, so hey american peaple, cover your A**, pay attention to detail and gt what you are lookin for!!
dont let them scam you!!!
i hope the government can do somethin about this practice,
but who know real estate is big bussiness!!!
Christine
There’s is a funding bill to help people refinance . . . outside of the cases were fraud was present (as mentioned) there’s not much they can do retroactively. It seems like the banks have tightened lending standards and have eliminated controversial lending practices on their own accord . . . so Congressional intervention might not be necessary. In the fraudulent cases, I believe they would be handled by the attorney general office (but am not sure).