Recently I have noticed several heart-wrenching news stories that moved me to compassion regarding homeowners that stated that they were tricked into mortgage programs that they did not agree with and did not know that they were getting into and as a result lost their home.
At first glance I was angry at the mortgage companies, the get no credit check instant approval payday loans online tonight officer's, the closing attorney, the banking commission and anyone else who was involved in the mortgage process, but then I had call to reason.
As a mortgage professional I have done many loans and have attended twice as many closings and there are some undeniable facts about the mortgage application process and the closing.
First, you are sent a copy of the application, proposed loan program and terms of the loan program within several days of completing the application by the lender. Secondly you are required to sign a good faith estimate and a truth-in-lending form which once again discloses the loan terms. These first two steps are done prior to a closing taking place.
Once you are at the actual mortgage closing there are another set of checks and balances that take place. In Connecticut closings and title work are done by attorneys and therefore as a result tend to be better structured and cover the important parts of the closing paperwork.
For example, attorney's always seem to go over the monthly payment, closing costs, interest rate and type of get instant approval payday loans online no credit check tonight program if nothing else. Additionally the lenders are required by law to provide you with an Adjustable Rate Mortgage Rider which discloses the risk of the loan, which the attorneys usually want to get right as they can lose their license to practice law if they get this wrong. All in all there are some very specific points and times at a closing that the details of the loan are reviewed.
But let's assume that the borrower did not receive the loan disclosures from the lender as required by law, did not receive a copy of the good faith estimate and truth in lending prior to closing as required by law and went to sleep during the closing and the attorney forged their signature sixty-three times and then notarized them.
How do you account for not understanding the closing documents after having three days to review the documents with an independent attorney that you could hire for $150 or for free within the initial consultation before the documents are legally binding?
Something just doesn't add up to me.
Now don't get me wrong I realize that there are some terrible lenders, predatory find no credit check payday loans online instant approval with hummingbird loans officers and downright unscrupulous attorney's that will lie, steal and cheat to get you to sign the papers. However, don't tell me that you didn't realize that the five thousand dollars you make a month before taxes is enough to afford a thirty-six hundred a month mortgage payment. What did you think would happen?
I think we all need a dose of financial education, personal responsibility and personal accountability when it comes to making the biggest financial decision of our lives.
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