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Sub-Prime Mortgage Company / Ripping people off

1 United States Review updated:

First off, i would like to state that i work for a Sub prime mortgage company in the Loss Prevention department. Just to let everyone on this board know, I don't get collections calls everyday or receive threats about foreclosure. Why? Well for starters, I PAY MY BILLS ON-TIME!!! If you have a problem with the Phone fees, then why don't you send your payment on the 1st or before , so it arrives on time. Listen to yourselves. Complaining about a phone fee of 15 dollars!! If 15 dollars is to steep i would suggest sending your payment before due. Then you wont have to call in and argue with a rep about paying $15. Everyone on this board can avoid all these problems if you would just pay on-time. I'm a 24 yr old college grad with 4 credit cards, 07 car, and house payment. All of which are not delq, nor have I ever been called. Yah it's great!! How do i do it?? Well when the bill says due on the 1st, my payment is there on the 1st. Not so hard is it?? Also, everyone complaining about being threatened by their Mortgage company is not telling the full story. They are behind 3 to 4 payments!! Sorry folks... Even in America you have to pay for things you want. Let me ask you this... If you loaned someone 400K to buy a house and they haven't paid you, what would you be doing?? Yup, you would be trying to call or sue someone. If you cant afford it don’t get it... Nobody forced anyone to sign the loan docs... I suggest you read what you are signing next time you refi. Look at every complaint on this board. It's with a company that loans to people with poor credit. Maybe it’s not the companies, but the borrower that are ripping people off... Just to let everyone on this board know, WE DON'T WANT YOUR HOUSE THROUGH FORECLOSURE... Mortgage companies loose between 30-40% of the house value through FC. ALL WE WANT IS FOR EVERYONE TO PAY FOT THEIR HOUSE!! let me add... On-time preferably.

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Comments

  • Am
      24th of Jun, 2007
    0 Votes

    Amazing how someone can be so arrogant so young in life. You idiot, don't you realize that things happen in life that can't be avoided? I can promise that if one of my children requires hospitalization, I'm going to do that before I pay the mortgage.

    You're a college grad... yay... and you have all this credit. I just hope that God takes mercy on you and doesn't ever decide to humble you by taking all your 'things' away and showing you just how life works.

    Wonder just how much the mortgage company pays you to sit in your little cubicle and answer all the complaints online with inanities such as you posted here.

  • Jo
      25th of Jun, 2007
    0 Votes

    Everyone,

    I take everything back i said in my earlier post. Maybe i was just looking through the Mortgage Companies eyes. Hell i hate my job anyways. Thanks to Amy's post i decided to change my views. Anyways, If anyone has specific questions about their situation shoot me an e-mail. I will see if i can help out with some answers. Well good-luck to all.

    Tip of the Day

    Just tell your Mortgage company to stop calling you at work because you can be fired for calls. Check out FDCPA online.

  • Ch
      27th of Jun, 2007
    0 Votes

    We re-mortgaged with Novastar about a year ago. They said we would have a very low interest rate. When the year went on, I noticed that they raised our payment by $500 a month, okay fine, my husband makes plenty of money right? Well, then his company closed down without any notice. Imagine making 4800 every 2 weeks and now we are unemployed and forget about any assistance, we are too rich? What a joke... It's only been a few weeks now but no job has called him yet... Which brings me to ask you this. Novastar sent us our July payment of 12,600.00 and said that since we paid such low payments throughout the year, now, we owe all the back pay for the principal and taxes, escrow. They didn't take enough out... THAT'S HOW THEY GAVE US THE LOW PAYMENT! we are so screwed. We probably have no choice now to just let the house foreclose. Novastar is getting one more call from me today and I wonder if you are right when you say that the banks don't want to foreclose. They don't seem to eager to help us at all and we have a credit score over 700 right now... So we do pay our bills but everything is crashing down all at once right now and I now know why people go nuts! Any advice?

  • Jo
      27th of Jun, 2007
    0 Votes

    Cheryl,

    If you have a 700 credit score you are probably with a prime lender, unless you have a no income verification loan. I know that Prime lenders don't really work with their customers once they get behind. It sounds as if you have a escrow shortage and they are trying to collect the shortage. Call the Escrow dept and see if they can spread the shortage. I know my company can spread the shortage over 60 months which will lower the payment. Make sure you speak to someone in Escrow and i would advise you just speak to MGRs. Reps will try to squeeze $ out of you and wont listen to the problem. Also, read over the loan docs you signed. Something doesn't sound right about what happened. Did you sign up for an Escrow?? If not they may have forced placed it once it came due. Your Loan Officer may have not put you on escrow to lower the payment and get the loan approved... i have seen some shady stuff with Loan Officers. All they see is $ at close and forget about potential loss and ethics. Let me know what happens. Good luck!!!

  • La
      27th of Jun, 2007
    0 Votes

    I am a mortgage underwriter and just read Cheryl's post. It sounds like on top of not escrowing,the low interest rate was offered based on an introductory period and it just recently became fully indexed. Call Novastar (they are not a prime lender) and work out whatever you can with them. Once, your husband is back to work, refinance out of that mortgage as quick as you can. Your scores are good, you shouldn't be with a sub-prime lender to start with.

  • Ch
      21st of Feb, 2008
    0 Votes

    Ahhhh, yes, she shouldnt be with a subprime to start with. But they arent picky, and will take anyone down.

    A subprime lender that tries to take your house is not doing it John Doe, because people are generally lazy, I know some are, but some do everything right and the lenders will lie, steal and cheat to inflate their mortgage portfolios on the stock exchange.
    I would pay WAY MORE in points than to ever deal with subprime, and I never deal with a bank that sells loans.

    I have always had a credit score of no less than 750+, and I always payed my bills on time and never lived beyond my means. When Household Finance Corp tried to take my house by fraud, I fought back and I advise anyone to never sign a loan in front of the lender at closing. GET THE DOCS BEFORE CLOSING mailed to your place and look them over. Sign them and get copies. Leave no blanks anywhere!Then return to your lender and at closing, youll get second copies with all signatures. They cannot screw you unless you trust them to begin with.

    I trusted and got screwed, but saved my house. Now, with my new house, it was smooth and on my terms.

    If they say they cant do it this way, they were going to screw you. In truth, there is no rush.

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