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Non-Cattle Specific Topics
Every Thing Else Board
Our Homes in jeopardy, Any lawyers out there?
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<blockquote data-quote="TheBullLady" data-source="post: 476567" data-attributes="member: 173"><p>What a mess is right! I won't touch the liability issue with the contractors and sub contractors on having your mobile home set up, because I've never sold a mobile home, but I do have an opinion on the loan!</p><p></p><p>The reason the housing market is in such a quandry right now is because of similar issues with lenders and buyers. Buyers get excited, and like you mentioned, don't read enough of their contracts OR ask enough questions. I've seen it happen often enough, and I have begged clients to walk away from a deal, but they never listen. They get in a bind, or just can't say no to their "dream home" and they don't realize what they are getting into. Lenders who don't fully explain the loan documents should be working at Wal Mart, not lenders! If you understood your loan was fixed, and you were asked to sign papers that showed an ARM, you should have immediately found another lender. The fact that you had a difficult time getting a lender would have been a red flag to me. When people shop for a "zero down" loan, they are going to get a high interest ARM, or a short term with a balloon. When a buyer can afford to actually put something down (ie: 10-20%) you are in a position to get a decent fixed loan fairly easily.</p></blockquote><p></p>
[QUOTE="TheBullLady, post: 476567, member: 173"] What a mess is right! I won't touch the liability issue with the contractors and sub contractors on having your mobile home set up, because I've never sold a mobile home, but I do have an opinion on the loan! The reason the housing market is in such a quandry right now is because of similar issues with lenders and buyers. Buyers get excited, and like you mentioned, don't read enough of their contracts OR ask enough questions. I've seen it happen often enough, and I have begged clients to walk away from a deal, but they never listen. They get in a bind, or just can't say no to their "dream home" and they don't realize what they are getting into. Lenders who don't fully explain the loan documents should be working at Wal Mart, not lenders! If you understood your loan was fixed, and you were asked to sign papers that showed an ARM, you should have immediately found another lender. The fact that you had a difficult time getting a lender would have been a red flag to me. When people shop for a "zero down" loan, they are going to get a high interest ARM, or a short term with a balloon. When a buyer can afford to actually put something down (ie: 10-20%) you are in a position to get a decent fixed loan fairly easily. [/QUOTE]
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Our Homes in jeopardy, Any lawyers out there?
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