+ Reply to Thread
Results 1 to 5 of 5

  1. #1
    Join Date
    Aug 2007
    Posts
    2

    Subprime Home Loans

    --------------------------------------------------------------------------------

    Has anyone ever heard of Worldwide Mortgage Co out of Dallas? We are searching for the right lender so that we can buy a new home...but we have awful credit, we actually have a foreclosure on our credit. They seem to think they can pull it off, but I want to be very cautious before I give them any personal information. Can anyone help me determine whether or not they are legitimate?

    Also, I googled the company and the mortgage broker and didn't find anything incriminating and I also checked them out with the Better Business Bureau and found nothing. Any other suggestions?

  2. #2
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Subprime Home Loans

    I did not see any obvious red flags either.

    Do they require advanced fees? If they do, avoid them. It was popular a while ago with scammy mortgage brokers to attract borrowers with promises of easy loan and after collecting advanced fee($500-$10K) dumping them.

  3. #3
    Join Date
    Jul 2007
    Posts
    558

    Re: Subprime Home Loans

    Quote Originally Posted by mrsswen
    --------------------------------------------------------------------------------

    Has anyone ever heard of Worldwide Mortgage Co out of Dallas? We are searching for the right lender so that we can buy a new home...but we have awful credit, we actually have a foreclosure on our credit. They seem to think they can pull it off, but I want to be very cautious before I give them any personal information. Can anyone help me determine whether or not they are legitimate?

    Also, I googled the company and the mortgage broker and didn't find anything incriminating and I also checked them out with the Better Business Bureau and found nothing. Any other suggestions?
    Why don't you straighten up your finances before taking the idiotic step of getting a subprime loan which will increase your borrowing costs by at least 30%?

    You are just dooming yourself to another foreclosure.

  4. #4

    Re: Subprime Home Loans

    It sounds like you have a good start. Do your research and ask questions. Do they finance directly or are they a broker who will go out and find you a loan at another financial institution? Are you paying a fee for this service? Many financial instituions have created broker policies because of the subprime market. How long have they been in business? When you do go for the loan make sure you read all, and I mean all, the fine print. Understand it and ask questions on things you do not understand completely. Make sure no fraudulent information was placed on the loan papers. Typically lenders will try to enhance your salary or an appraiser will inflate the homes value to get the loan pushed through the system. Make sure you understand the financing terms. Are you going to be able to afford this property in 5 years? Some financing terms are balloons and come due in a few years. Make sure you meet with the lenders and again ask questions. During any part of the process if you start thinking something is not right, listen to that little voice and investigate it.

  5. #5
    Join Date
    Jun 2005
    Location
    Chicagoland
    Posts
    25

    Re: Subprime Home Loans

    Quote Originally Posted by mrsswen
    --------------------------------------------------------------------------------

    Has anyone ever heard of Worldwide Mortgage Co out of Dallas? We are searching for the right lender so that we can buy a new home...but we have awful credit, we actually have a foreclosure on our credit. They seem to think they can pull it off, but I want to be very cautious before I give them any personal information. Can anyone help me determine whether or not they are legitimate?

    Also, I googled the company and the mortgage broker and didn't find anything incriminating and I also checked them out with the Better Business Bureau and found nothing. Any other suggestions?
    That is a red flag. The mortgage industry has been hit very hard. Programs that were available before have disappeared over night. If your credit is bad take the time to repair it and establish good credit before looking for a mortgage.

    In the curent market I would not trust anyone who says they can get a foreclosure off of your credit.

Similar Threads

  1. Has anyone heard of ascent home loans
    By jen4c in forum Corporate Scams
    Replies: 24
    Last Post: 10-19-2011, 12:08 PM
  2. Need Good Advice - YSP and Subprime Mortgage
    By thegoat in forum Corporate Scams
    Replies: 0
    Last Post: 05-20-2009, 08:08 AM
  3. The Subprime Mess
    By Travelman18 in forum Political Scams
    Replies: 0
    Last Post: 10-11-2008, 06:07 PM
  4. Biggest Bank Failure (Affirmative Action subprime)
    By Rev0lver6 in forum Political Scams
    Replies: 3
    Last Post: 10-02-2008, 12:23 AM
  5. Countrywide Home Loans
    By mgaliana in forum Corporate Scams
    Replies: 0
    Last Post: 03-08-2007, 06:22 PM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may post new threads
  • You may post replies
  • You may not post attachments
  • You may edit your posts
  •