Lemme ask you something. (Real life karma/ money)

[jafo]

Carefull their FIESTY. This could be considered PREDATORY LENDING. A good lawyer could eat him up if things got ugly. They could claim anything, like he waited to long and they ran out of options. Not likely but thing get nasty when there's this kind of money involved.

bw1 we should talk ....pm om the way

 

[bran987]

Carefull their FIESTY. This could be considered PREDATORY LENDING. A good lawyer could eat him up if things got ugly. They could claim anything, like he waited to long and they ran out of options. Not likely but thing get nasty when there's this kind of money involved.

lol I think the laws for predatory lending is pretty much confined to preying on uneducated consumers who don't understand what sub-prime lending is etc. man don't you? I don't think you are going to be at risk for predatory lending on a family that owns a $2 million home I'm cracking up thinking about that. If that's even a possibility our country has gone insane.

 

[jnevin]

lol I think the laws for predatory lending is pretty much confined to preying on uneducated consumers who don't understand what sub-prime lending is etc. man don't you? I don't think you are going to be at risk for predatory lending on a family that owns a $2 million home I'm cracking up thinking about that. If that's even a possibility our country has gone insane.

It would be tough on a private loan like this. Anymore predatory lending is stating more than people make or other types of fraud that put people in bad situations. It's so funny how people will tell you anything and will do anything to get a loan. They sign with a reputable title company, on refi's go through the recission period, and then when they've spent themselves into financial ruin and their house is being taken, they say their loan officer lied about something. It's ridiculous.

 

[.Wonder_Bread.]

Wait I am confused are you an LO? Because I know alot of hard money lenders that won't charge you that much. I am a LO and I specialize in Sub Prime and Hard money.

 

[bw1]

Yes, I agree. What I'm saying is people get nasty when thier in a jam. If for example he told them months ago he could get them a loan, because of the equity and then nothing happened this could get nasty. Not that it happened like this but you'd be suprised. I've seen things get ugly quick.

lol I think the laws for predatory lending is pretty much confined to preying on uneducated consumers who don't understand what sub-prime lending is etc. man don't you? I don't think you are going to be at risk for predatory lending on a family that owns a $2 million home I'm cracking up thinking about that. If that's even a possibility our country has gone insane.

 

[jnevin]

Wait I am confused are you an LO? Because I know alot of hard money lenders that won't charge you that much. I am a LO and I specialize in Sub Prime and Hard money.

You know lenders that will do a stated million dollar plus deal with no assets when the loan is in default? I found one that would do it for less, but they had to pay for 6 months or it would cost another $75K.

 

[bw1]

Just another thought. Predatory Lenders look for foreclosure properties. Especially ones with equity in them.

 

[.Wonder_Bread.]

You know lenders that will do a stated million dollar plus deal with no assets when the loan is in default? I found one that would do it for less, but they had to pay for 6 months or it would cost another $75K.

Absolutely. Are you an LO?

 

[jnevin]

Absolutely. Are you an LO?

yes

 

[biteme]

Say you knew someone that was going to lose their home and could possibly help them. You went through every option, bank, etc, that you could think of and no one could help you or them because of their status, income type, etc. You found a way to help them and keep their house, but it will cost them 10% of their outstanding loan amount and a payment rate of 13% without a prepayment penalty. Would you feel good doing this?

BTW, it is a $1.1M loan and they stand to lose $750K in equity if the bank takes the house.

Funny you mention it. I'm in a similar situation. Someone close to me could lose their home because they have squandered there money and have a gambling problem, if I don't loan them money that I don't even have, they could lose their home.