Revolutionist....great point!
Yes we are in America and we have to take responsibly for our actions but that is not the client we will take on.
Your point is valid for the person that *KNEW* what they were signing.
Here is an example of an actual client that we have:
Facts:
-72 years old (Elderly Lady)
-Own her house for 32 years
-Broker comes to her house after her husband died (one year earlier)
-He came to her house & signed her up for a Pick A Payment (more money in his pocket) & told her she can take cash out and have a lower payment each month.
-He overstated her income to $4,500 (she was on a fixed income of $2,000)
-Lower payment sounded great to her...so she take out $50,000 (to pay off credit card from her husband's funeral)
-She pays the minimum payment (it was never disclosed that it was a Neg Am payment) and it just adjusted from $1,500 to $2,900.
-Now she is losing her property!
Not exactly the organized crime story you explained but if that was your grandma, I think you would be a little more sympathetic!
That is my final point!
Thank again for listening!
Cheers,
Shane Barker
sad story.
but yes, she chose to sign up with this guy
of her own free will.
She was in a good position and chose to give it away.
I would be angry at my grandma for not calling me first.
or at least calling another lender for a second opinion.
buying a house is the single largest investment (or expenditure, however you look at it) 98% of folks make. they should take reasonable care in doing so.
And, as for BC's story, it doesn't matter what was verbally said, the contract is the contract, and they should have read it. Or hired a lawyer to read it for them (it doesn't cost that much in the grand scheme of things).
Anything that erodes the sanctity of a contract diminishes free will, personal liberty, and personal responsibility.
Have I been burned in the past? yes. will I in the future? maybe. But when it comes to signing my name, I do it of my own accord, and should be held responsible for it.