Posted by Art_MD on 6/6/05 9:29am
Msg #42597

keeping your mouth shut

It gets so difficult at times.
You know that something isn't quite right but can't say anything.

Signing last week. Factory worker -
Income stated
$4500/mo from employer.
$10,000/mo from lottery winnings.

Home worth $450K with $300K mortgage. Taking a heloc for $120K. Origination fee $9,000. Rate = prime plus 6.5%. Paying off $20K in credit cards !!!


Art

Reply by Becca/FL on 6/6/05 9:46am
Msg #42601

OUCH!!!!!

Sometimes it is hard to do our job. I just keep telling myself, It's none of my business and move forward.

Reply by HDW_TN on 6/6/05 10:51am
Msg #42625

Had one where the closing cost were $15,000 on a refi. Home value $120K. Husband had just passed away the month before and they were taking the widow to the bank on this one. She had no idea what she was doing and she said so. Income for her $1600 per month. It did hurt, but what can you say. Pitiful.

Reply by Judith_VA on 6/6/05 11:07am
Msg #42629

It is so sad how many people are getting ripped off. I believe in the universal law that "what goes around comes around". And sometimes we get to watch those people get their's.

Reply by janCA on 6/6/05 12:26pm
Msg #42662

Had a refi a couple of weeks ago. It was a Laotian family. The loan was for $108,000, the settlement charges were over $15,000. It made me sick.

Reply by IL-not on 6/6/05 1:09pm
Msg #42671

That is the only part about this job that can be depressing sometimes. When you go into a closing and you see their new worth is way into the negative. They've maxed out their cc to the value of their homes, sometimes very nice homes.

Reply by Eatha/PA on 6/6/05 3:32pm
Msg #42705

Just wondering, if the customer tells you she has no idea what she's doing, are Tennessee notaries obligated to complete the notarization anyway? Because in PA, it is recommended by SOS that we not notarize in those circumstances.

Reply by HDW_TN on 6/6/05 4:26pm
Msg #42720

Her reply was not so much in reference to the process, but to the fact that she is suddenly alone in the world since her spouse passed away unexpectantly the month before while they were beginning the loan. Her husband had handled just about everything in their lives and now she is lost.