Who's Responsible
Capitola,#2Consumer Suggestion
Fri, February 20, 2009
Part of the solution to this type of unfortunate experience is for people to take some self responsibility as educated adults. How, specifically now, does one take a new mortgage loan without reading (at least) their note (it's only a two page standard sized document) ??? It spells out clearly what the payments will be, for how long and at what rate and if principle is paid as well. Also, the note and deed of trust include a paragraph regarding pre-payment and any penalties that may apply. Come on people, you are the reason there are still dishonest loan officers out there- They still have a market to which to cater!!! For important transactions don't go for what sounds best- if it sounds too good to be true it probably isn't. Everyone is dipping from the same well these days- a mortgage rate or program with a ridiculously low payment just isn't real or the fees are exhorbinant. Ask trusted friends or professionals who they use and do your homework....don't just call around until someones tells you what you want to hear. Learn the terminology and how the math is done. It will save much heartache and expense in the future.