Loan papers lost in translation

Contra Costa Times ^ | 8/24/7 | Barbara E. Hernandez

[ding_dong_daddy_from_dumas]

>>Noah Webster himself would have trouble with the fine print in most consumer contracts today.<<

Also, some real estate agents do lie about the terms of the loan. For example, they get paid by the lender to get the buyer to sign a contract with an ARM and pre-payment penalty, and they lie about the pre-payment penalty. The buyer moves out of his current residence, and then finds out at the signing that there is a very high pre-payment penalty. The buyer can either sign the papers or spend thousands in moving and storage costs, plus deposits on a temporary residence or rents a hotel room, so the buyer signs and hopes for the best. After 3 years, surprise surprise, home interest rates have gone up, and the buyer could not refinance earlier because of the prepayment penalty.

Ironically, some lenders who thought they would get rich after the rates went up on the ARMs, are going bankrupt because of the defaults. I wonder if this is going to cost taxpayers like the Savings & Loan disaster.

In this article, the buyer is suing the real estate agent for misrepresentation, but I don’t see how they will prove that the agent misrepresented the facts unless there are documents to that effect. More likely, if the agent did misrepresent, he did so verbally and there will be no proof.

[pacelvi]

I been through three closings in my life and had a lawyer for every one of them. What moron buys a house without one (like you said)

[Haddit]

In California we don’t use lawyers for real estate transactions. We supposedly have enough laws in place to protect us.

[pacelvi]

So if you wanted a lawyer , you couldn’t use one?

[I_Love_My_Husband]

Illegals need to GO BACK HOME!

[Centurion2000]

Faced with not signing and possibly losing the $450,000 house in Antioch, she and her husband, Juan, signed the papers.

Your problem then estupidos.

Now, two years later, the Murillos and others are suing their real estate agent, his assistant and mortgage broker, alleging breach of fiduciary duties, fraud and misrepresentation, negligence and other violations.

What a load of horsecrap ... I hope the judge throws this out.

They are also suing Wells Fargo, holder of their home-equity line of credit, which acts as their second mortgage, and JP Morgan Chase & Co., which now services their New Century Mortgage Corp. loan, accusing them of negligence and other violations of state and federal laws.

WTF?? Using equity as a piggy bank and raiding it inside of two years?

If there had been a law requiring a translated loan summary with the loan terms, percentage rate and fees, the Murillos said they probably would not be struggling to make their mortgage payment

Bullshit, you live in this country and do business in this country for big mortgages ... LEARN ENGLISH!!.

[I_Love_My_Husband]

borders, language, culture....

It’s important.

[Centurion2000]

We, the customers, gets this:

If you don't understand it, DON'T sign it. It's that easy. If you cannot read it, DON'T sign it.

You are putting at least two years of your salary into that contract. Do NOT sign anything unless you fully understand it.

I infuriated my RE agent and the title companies representative at my closing because I READ every page and asked questions if necessary.

F#$% em ... I got my house and everything I wanted from the deal.

[<1/1,000,000th%]

There are already nearly 100 forms that you have to sign to get a mortgage that do nothing but certify that the lender has made you aware of the terms of your mortgage.

Will this be required for any language?

Who’s paying for the translators? (One guess.)

I’d love to be on the jury for this case.

[Gandalf_The_Gray]

I been through three closings in my life and had a lawyer for every one of them. What moron buys a house without one (like you said)

Well me for one! I've bought (and sold) a condo, bought my current house. Later purchased an adjoining lot. Combined the two parcels into one property (I needed the extra land for a mound, septic system). And ,oh yeah, I handled my divorce about thirty five years ago (strict 50%/50% split).

I did all that without hiring a lawyer. The county land office told me they had never seen paperwork as well prepared as mine when I combined the lots. The nice people at the county offices will tell you what you have to file and what needs notarizing so it was pretty much a piece of cake.

Regards,
GtG

PS I'm currently in the process of incorporating a nonprofit to hold some assets for me. Since a corporation is legally an individual it can purchase class III without all the BATF hassle!

[pacelvi]

I dont think you qualify as a moron.

[Haddit]

You can hire a lawyer, but I have bought and sold many homes and never had a problem. Besides not being able to understand the English language, the biggest problem is people buying at the end of the market high with an adjustable loan. You can’t refinance with a 30 year fixed loan if your house has gone down in value. This is why so many people are whinning. Homes are kind of like the stock market with about a 12 year cycle.