I would like to share my experience with all of you today regarding a predatory lending practice that I almost fell victim to it. I signed a contract on a property in Illinois at a VERRY low purcahse price. The mortgage broker I dealt with assured me that everything will proceed as planed. during the loan process it became ovious from documnet request one after another and his instruction to the appraiser to “hit the numbers” of what i sensed by comparing to the second appraiser later that things are not going well. consequently I swiched mortgage broker and he informed me or better yet he enlight me that what he was trying to do is set me to fail to get the mortgage by 1) me failing to provide nessecary document and 2) appraising it at a poor condtion so the bank would not provide the loan. having done that, than he would go on to the next step of buying himself or his associate.
is this possibe? if so what can we do to be more aware of this practice? or is this just a scetch of an immagination and there are some lega barrier the broker cant overcome
i would like you thought and comments please
please excuse my typing mistakes
having done that, than he would go on to the next step of buying himself or his associate. is this possibe?
I think that you are building to much into this. However, anything is possible. I would like to believe that this is not the case. Unfortunately, there are unscrupulous people in the world.
Honesty and integrity are becoming harder and harder to find. Shop around until you find someone that you feel comfortable with. There are reputable people out there.