I read in a Washington Post article two weeks ago, that the biggest losers of wealth in the midst of the subprime crisis are Blacks and Hispanics. The two most targeted groups for the exotic mortgage products, that have helped cause a mortgage meltdown. The media has done a good job of reporting the doom and gloom but out of all this there is a silver lining. There has not been a greater buying opportunity available since, well actually I can’t remember. Just as many that lost wealth, in the wake of the unscrupulous loan officer and fat cat Realtor market; there is the opportunity for that many or more to gain wealth in this market. One of the secret of the rich is to by low and sell high; for the last five years most people have operated totally opposite of that paradigm. And many Realtors and lenders laughed themselves right to the bank.
Speaking of banks I have a situation with one of the biggest participators in sub-prime exotic mortgage lending, that now has several foreclosed properties on the market. This credit fallout is not just the homeowners fault, big lenders and banks like Wells Fargo and Countrywide approved these loans without the blink of an eye, only worried about their fiscal bottom-line. And not the potential of what could happen to the homeowners after their ARMS adjusted and literally knocked them out of their homes (the place where hopes and dreams, family memories, and the cornerstone of wealth used to reside). Anyway back to my situation, I have a pre-approved client that has gone through the process of lining up financing before looking for a new home (the right thing to do). Now that she has found this home, the lender/owner of this foreclosed property does not want to accept her offer until she is “pre-qualified” through their lending department and ultimately try to steal the client and place their loan back on the house. It is so interesting to me that had they verified and made sure clients were truly qualified before they would not have to stoop to such a low level to regain business.
Personally I have decided the next time this happens under the banner of giving the clients a choice, that I am not going to participate in the shameless act. Because my clients are not some MARKET SHARE TRYING TO BE REGAINED or BIG COMMISSIONED EARNED AND ON TO THE NEXT LOAN. My valued services are for a lifetime, because homes are the cornerstone of wealth. I will be my client’s lender for life not just for one loan transaction. When the tax issues needs to be addressed, or identity theft has occurred, or a new baby has been welcomed to the family I will be there to service my clients if we did a loan one week ago to one decade ago, because I believe in the American Dream. And my passionate mission is to empower people to purchase homes, start building wealth, and living the new American Dream! If the people on your team don’t share this conviction then get a new team. No more business as usual, house rich but cash poor clients wondering how to keep their American Dream from being deferred.
Mortgage with big bank worth $100 monthly savings…Mortgage with trusted advisor…PRICELESS!
