Is it legal for a mortgage company to do this?
by Mortgage Rates on Tuesday, November 9th, 2010 | 2 Comments
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Hey next time dont buy what you cannot afford, how about that idea. Its losers like you who got us in this mess in the first place.
“Legal”? There is no legal standpoint.
The mortgage company has no supervision or obligation to adhere to any regulations except a new one in October that felons are not allowed to get a modification. But even that’s just a form filled out by the mortgage holder.
P.S. Ignore the comments about buying what you can’t afford.
People who think that are not familiar with the traditional mortgage process. They are especially not familiar with how consumers are told what purchase price and loan amounts to shop for ( and we believed them!). Those approval amounts were/are determined by professionals in the real estate and mortgage industry.
Where the consumer went wrong is believing and trusting those professionals. Where those professionals went wrong is trusting their employers. They bought those same mortgages.
For decades the mortgage market have been manipulated. Consumers don’t have enough power or organization to be responsible for the economic mess going on now.
Only the truly misinformed blame the consumer for the current economy..