Comments on: The Mortgage Foreclosure Crisis and your P2P Lending Strategy http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/ Lending Club and Prosper.com Experience Sat, 20 Feb 2010 21:03:27 -0600 http://wordpress.org/?v=2.9.1 hourly 1 By: don morrison http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-1512 don morrison Sun, 26 Apr 2009 14:13:48 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-1512 Very useful information . Thanks for sharing. many folks are in need of a <a href="http://www.ocrealestatelawyer.net/loan-modification.html">loan modification lawyer</a> or a real estate agent show specializes in short sales. Very useful information . Thanks for sharing. many folks are in need of a loan modification lawyer or a real estate agent show specializes in short sales.

]]> By: Personal Loan Portfolio http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-1440 Personal Loan Portfolio Wed, 25 Feb 2009 05:04:50 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-1440 William, that is a rough and unfair sounding situation. I am sorry that your home mortgage did not work out for you in that way. It sounds like you might have been dealing with some unethical people. The story you present about rushed paper work to push you into a loan that you did not expect is one that I have heard before both with home and car loans. However, there should have have been a "truth in lending" sheet that was simple and easy to understand. Did the mortgage broker personally buy back the house? If so, you might be able to prove a predatory pattern by checking county records for other homes he purchased that way. Contact the people that he bought the homes from and see what happened to them. He may have been ripping off both home owners and his employer. By the way, I removed the man's last name that you listed since I have no way to verify the story. William, that is a rough and unfair sounding situation. I am sorry that your home mortgage did not work out for you in that way. It sounds like you might have been dealing with some unethical people. The story you present about rushed paper work to push you into a loan that you did not expect is one that I have heard before both with home and car loans. However, there should have have been a “truth in lending” sheet that was simple and easy to understand.

Did the mortgage broker personally buy back the house? If so, you might be able to prove a predatory pattern by checking county records for other homes he purchased that way. Contact the people that he bought the homes from and see what happened to them. He may have been ripping off both home owners and his employer.

By the way, I removed the man’s last name that you listed since I have no way to verify the story.

]]> By: william Gipson http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-1438 william Gipson Tue, 24 Feb 2009 14:03:28 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-1438 I have not enough room on comment sheet to explain my loss.On a 80/20 loan the banks work against the borrower and they are keen and sharp to take advantage over the buyer. The banks Wellsfargo had employed people working to switch mortgage papers over to attract other banks to buy or trade off prospective current loans that were for trade to other lending institutions. The bank crafted away for a loan to look attractive to another bank as the mortgage customer never got to see the current papers as they simply high lighted in magic marker where to sign in yellow color markings and the borrower would follow instruction from the lender and sign what was marked off in order to distract and speed up the processing time,the lender would say we have another closing so we have done it this way to get the paper work completed faster. And then you have the keys and your in your home never to read anything for how ever long it takes and then it is to late. I have not enough room on comment sheet to explain my loss.On a 80/20 loan the banks work against the borrower and they are keen and sharp to take advantage over the buyer. The banks Wellsfargo had employed people working to switch mortgage papers over to attract other banks to buy or trade off prospective current loans that were for trade to other lending institutions. The bank crafted away for a loan to look attractive to another bank as the mortgage customer never got to see the current papers as they simply high lighted in magic marker where to sign in yellow color markings and the borrower would follow instruction from the lender and sign what was marked off in order to distract and speed up the processing time,the lender would say we have another closing so we have done it this way to get the paper work completed faster. And then you have the keys and your in your home never to read anything for how ever long it takes and then it is to late.

]]> By: william Gipson http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-1437 william Gipson Tue, 24 Feb 2009 13:53:19 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-1437 I got a loan I never knew much about a 80/20 loan the lender and this person who worked for WELLSFARGO bank this MR.Thomas <em>[[removed]]</em> of Malden Mass who was employed by WellsFargo Bank assured me of a solid 30 year loan and he assured me that I would get a first time mortgage to where I had two loans. Then one mortgage was for 150.000 dollars and a junior mortgage for 50.000 dollars. He said I would be locked into a 30 year fix loan. They gave me a two year ARM on the prime note at 7.6-250 % and a 150.000 dollar loan was the key. Instead the bank or writers changed the loan by baiting me to believe i was getting not a bad deal at the current rates, and of course the junior loan was high but I could refinance and change over to a lower percent which would drop points and money.Never happened I got screwed and I requested a change over or re-modification they did nothing so I didn`t pay. Then they short sale and rebought the home back... I got a loan I never knew much about a 80/20 loan the lender and this person who worked for WELLSFARGO bank this MR.Thomas [[removed]] of Malden Mass who was employed by WellsFargo Bank assured me of a solid 30 year loan and he assured me that I would get a first time mortgage to where I had two loans. Then one mortgage was for 150.000 dollars and a junior mortgage for 50.000 dollars. He said I would be locked into a 30 year fix loan. They gave me a two year ARM on the prime note at 7.6-250 % and a 150.000 dollar loan was the key. Instead the bank or writers changed the loan by baiting me to believe i was getting not a bad deal at the current rates, and of course the junior loan was high but I could refinance and change over to a lower percent which would drop points and money.Never happened I got screwed and I requested a change over or re-modification they did nothing so I didn`t pay. Then they short sale and rebought the home back…

]]> By: Homeowners Resorting to Arson due to Foreclosure | Personal Loan Portfolio http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-154 Homeowners Resorting to Arson due to Foreclosure | Personal Loan Portfolio Fri, 11 Jan 2008 03:44:11 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-154 [...] sub prime mortgage crisis has similar roots. I recently posted that you should watch out for homeowners in your P2P loans due [...] [...] sub prime mortgage crisis has similar roots. I recently posted that you should watch out for homeowners in your P2P loans due [...]

]]> By: Risky Business: Using Payday Loans to Pay the Subprime Mortgage | Personal Loan Portfolio http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-119 Risky Business: Using Payday Loans to Pay the Subprime Mortgage | Personal Loan Portfolio Wed, 19 Dec 2007 03:48:49 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-119 [...] RSS feed or take a look at the site map. Thank you for visiting!I mentioned previously that the subprime mortgage crisis should impact your personal loan strategy because of the number of desperate people needing just a little quick cash to prolong a slow fall [...] [...] RSS feed or take a look at the site map. Thank you for visiting!I mentioned previously that the subprime mortgage crisis should impact your personal loan strategy because of the number of desperate people needing just a little quick cash to prolong a slow fall [...]

]]> By: Borrowing-to-Lend: Earn money on good credit? | Personal Loan Portfolio http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-10 Borrowing-to-Lend: Earn money on good credit? | Personal Loan Portfolio Sat, 17 Nov 2007 22:38:17 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-10 [...] Take the possibility that some of those borrowers will have an adjustable rate mortgage where the interest rate will reset causing foreclosure. By the time year three ends, the lender will not have a 14% return. Even Prosper’s own [...] [...] Take the possibility that some of those borrowers will have an adjustable rate mortgage where the interest rate will reset causing foreclosure. By the time year three ends, the lender will not have a 14% return. Even Prosper’s own [...]

]]> By: Stanley Bing: Who is to Blame for the Subprime Credit Crisis? | Personal Loan Portfolio http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-6 Stanley Bing: Who is to Blame for the Subprime Credit Crisis? | Personal Loan Portfolio Sat, 17 Nov 2007 02:21:00 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-6 [...] Bing at CNN Money blogged about the subprime lending crisis and the falling dollar in his article “Who’s to blame for the credit crisis, the [...] [...] Bing at CNN Money blogged about the subprime lending crisis and the falling dollar in his article “Who’s to blame for the credit crisis, the [...]

]]> By: Financial Risks in P2P Lending | Personal Loan Portfolio http://www.personalloanportfolio.com/7/mortgage-forclosure-crisis-and-your-prosper-lending-strategy/comment-page-1/#comment-4 Financial Risks in P2P Lending | Personal Loan Portfolio Fri, 16 Nov 2007 03:51:03 +0000 http://www.personalloanportfolio.com/7/the-mortgage-forclosure-crisis-and-your-prosper-lending-strategy/#comment-4 [...] That is, will the borrower pay back the loan? I am glad to hear that Lending Club does not support sub-prime loans like the mortgage industry which has created a national housing and lending issue. Most surprisingly, Club Lending does not [...] [...] That is, will the borrower pay back the loan? I am glad to hear that Lending Club does not support sub-prime loans like the mortgage industry which has created a national housing and lending issue. Most surprisingly, Club Lending does not [...]

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