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Need Mortgage? Alternative Finance Often Masks Predators, Who
Want to Steal Your House
So, your bank had just turned you down for a mortgage
application. The same thing also happened, when you went to other
banks in your area. How can those banking people be so blind?
Don't they see that you are a hard working person? That you
intend to repay them every penny?
That blemish on your credit report was a mistake. A greedy
landlord reported you as a no-pay to the credit bureau, when all
you were trying to do was to collect the money for repairs, which
the owner himself should have done in a first place. You should
probably have taken him to a court, but who has time or money for
lawyers?
Anyway, in today's rising real estate market your new home
should pay for itself in a very short time. Especially with the
improvements you intend to do yourself. All you need is someone
to lend you a mortgage, otherwise other buyers will snap this
terrific opportunity.
You will prove to those bankers that they don't understand a
thing about you. If they will not give you the money, there are
always alternative lenders. They advertise themselves as helping
people, who had been turned down by the banks. They don't care
about credit reports. True, they charge higher interest, but they
give you a chance to own property, and chance is everything you
need.
Be careful, most of the alternative lenders are not in a
charity business. The banks usually sell your mortgage on the
secondary market to investment funds. They do it on the strength
of your credit report. That is the reason they are so inflexible
on this subject.
What will those alternative lenders do? Where they get the
money to lend you? Some of them are predators. You might discover
that they are in dire need to turn a quick profit of their own,
since they themselves had borrowed the money. You might discover
it sooner than you had anticipated.
First clue for future surprises might come at the closing.
They suddenly hit you with a lot of additional costs. After all,
they say, you are a bad credit risk, so we have to work harder
for you. So what, you say, the banks can hit you with additional
costs just as well.
Yes, but this time you already had agreed to pay higher
interest rate together with a larger down payment. That already
overstretched your financial resources to the limit, and those
unexpected closing costs may just pull you over the brink. You
have no more money left.
The lenders are unexpectedly nice about this matter. In
exchange for some more contracts for you to sign, they provide
you with an additional bridge loan. What you don't realize at
this moment - you might find yourself in a technical default even
before you start your payments. And the pressure to pay already
starts to build up.
Never mind, you say. The raising value of the house will pay
for everything. All you need is to complete those repairs and put
it back on the market. "Those lenders are not stupid", - you say:
"They should understand that as soon as I sell my house, I will
be able to pay everything back. The market will continue to move
up. The house will increase in price. I will have the
profits."
Has it ever occurred to you that your lenders might have
similar plans about your house, only they see themselves as
entitled to the profits from its sale? Remember those additional
contracts you were forced to sign at the closing? They stated
that if you miss even one payment, the whole balance of the loan
becomes outstanding and due.
What does all that mean? That means that they are demanding
the money that they know you don't have. They also hit you with
additional interest charges and attorney's costs. As the costs
are mounting daily, they offer you to assign your house to them.
They say: "It will be easier for you if we will sell the house
and refund to you your share later".
If you still have a choice at this stage, realize that
accepting this offer will be the worst mistake you can make. If
they sell the house, they can present you with a list of
"selling" expenses, over which you have no control. You might
discover extensive "advertising" payments and "agents"
commissions, which ate all your profits.
Be careful, when you decide to turn to alternative lenders.
The banking industry is heavily regulated by law. Alternative
lenders are not regulated at all. Some of them are decent people.
However, the loan sharks, which are preying on people in need
like you, too often present themselves as "alternative
lenders".
To learn more about how to acquire better things in life and
save money visit Wise-Consumer.net
 MORE RESOURCES updated Thu. February / 09 / 2012
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