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Originally posted by Crakeur
yes and no. when rates are down around 4% for your loan, you have no clue how fast those rates will rise. you can't tell. a good lawyer will read the loan docs and alert you to the lack of a ceiling on the rate adjustments or any other trickery that might result in a payment that is going to be beyond the realm of affordable but even if the loan is 100% approved by an attorney, rapid rises in interest rates can (and will) result in loans that are no longer affordable.
Mortgage brokers are in the business of booking loans. They will do what they have to to get the loans closed. They aren't to be trusted (no offense hikix). That's why you hire an attorney.
Also, when banks and brokers are offering up 110% financing, allowing someone who normally couldn't afford a home the chance to be a homeowner, they will take it. they have nothing to lose. if the property is foreclosed on, they will walk away with nothing but a mark on their credit rating. they will still be a sub-prime borrower so there's no big change for them other than they are back to renting.
Originally posted by smarteye
There isn't enough resources or man power to round up the millions of people who are here illegally.
our country couldn't handle the loss of that workforce.
Originally posted by theebdk
reply to post by hikix
I am a bit confused as to how an illegal can get a loan. I thought you needed a social security number in order for the mortgage company to run a credit report. And to have a credit report you need a social security number. What am I missing
Originally posted by MrMicrophone
At some point this is going to be addresses in the media...probably after our economy crashes.