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  1. #1
    Join Date
    May 2005
    Location
    West of the Pecos
    Posts
    121

    Just in case there wasn't enough to worry about

    The sub-prime lender collapse is creating some interesting situations. Investors are pushing back on some of the bad loans in the pools, meaning some of the predatory originators are finding out that the junk they scammed people with might just be coming back to haunt them in some cases.

    Sub-prime originators are setting up special marketing programs to identify and target some borrowers who have their junk loans. In some cases they'll even make special new loan deals with borrowers to keep from having the investor stick them with the bad original loan.

    It's all about whom you can trust. The lender/broker who stuck you with it may be calling you to get another loan that protects them from being hung out to dry. On the other hand, they may be calling and you may be able to get out of a really bad loan and even save some money in the process.

    If you get a call from your original lender telling you there's an opportunity to save some money, get some professional advice before you jump in. It could turn out to be a good deal and could even keep you out of the foreclosure game or it could just be a way to keep them out of trouble and lawsuits.

    If you don't re-negotiate a new deal, they may sell them off to the real scum-bag servicers to run through the meat-grinder. You may have some leverage at this stage of the game, but you need to know what you're doing.

    The Honorable Judge Roy Bean
    http://www.loansharks.blogspot.com

  2. #2
    Join Date
    Feb 2007
    Posts
    37

    Re: Just in case there wasn't enough to worry about

    Bean, I'm glad you see both sides of the coin so clearly. Many people will hear the words "car dealer" "loan broker" "lawyer" "judge" and instantly have negative thoughts.

    Let's assume one of the dishonest brokers you speak of makes the call to his client and wants to make a little more money; there are lots of exciting loan programs out there for a broker to pitch.

    Would you condone posting that dishonest brokers personal information on scam.com? His home address, phone number, email, etc.? This way, he can be avoided by all who visit scam.com.

  3. #3
    Join Date
    May 2005
    Location
    West of the Pecos
    Posts
    121

    Re: Just in case there wasn't enough to worry about

    As a general rule, the only time I will identify an individual by name is if they have already exposed themselves or been exposed or at least identified in the news media. The name of the company and the city they operate out of should suffice in these kinds of issues.


    The Honorable Judge Roy Bean
    http://www.loansharks.blogspot.com

  4. #4
    Join Date
    Feb 2007
    Posts
    37

    Re: Just in case there wasn't enough to worry about

    That sounds fair.

    Now what if the broker was honest, did nothing wrong, but was himself scammed and is being mentioned on scamdotcom. Would you support posting his personal information still?

    Point being that an honest person can be found in a search engine promoting his honest business, but also be linked to scam.com. This would be a huge red flag for future clients, yes? I wonder if you think that's fair.

    If you have posted the personal information of an honest person, will you retract/delete said post?

    In other words, should I simply cut to the chase and point to the thread where you have muddied someone's name? ;)

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