Lie Now and Pay Later
69A lie is a lie is a lie!
He sat in our living room and told us that our financial troubles were over. He told us that we could consolidate our debt and keep on living the American dream! He seemed like such a nice guy. I wonder now....was he thinking...."I got these suckers hooked!"
All the things he said made sense. We would be saving hundreds of dollars a month and the ARM wouldn't set in until two years later. He promised that our payment would go up at the most around 15 to 20 dollars within a year.
We signed the papers and within a few days...our house was appraised at what I thought was extremely high. It took the appraiser about five minutes to determine that our 100 year old frame house was worth 40 thousand dollars more than what we bought it for....3 years prior.
The loan broker claimed that house values were sky rocketing and the appraisal was correct. He wanted us to borrow the maximum but we just wanted to pay the other debts down. Two months after we signed the papers....a woman showed up with other forms. Well...these forms didn't have the original agreement on them. Just a couple of our credit cards were paid.
We had already skipped 2 house payments because the broker told us we didn't need to make the payments. I called the broker and he came up with bullshit about late pay's and credit scores. We had a great credit score and were never, ever late. He had us and he knew it. As I read down the contracts...I saw that his part was almost $4,000.00 for doing nothing but lying to us.
I felt stupid and frustrated. We had been scammed and had signed a contract with what I called,"Shit Hole Finance." It was legal to scam homeowners through predatory lending in Ohio at the time.
Two years later...the good old ARM kicked in and in just a few months....our payment shot up by $300.00.....not the 15 to 20 dollars that he had promised. I scanned back over the final loan papers and was surprised to find he had given both of us a college education...3 cars that we didn't own and a net worth of 150 grand.
He lied to us and he lied to the mortgage company. The appraiser lied about the worth of the house. We lied to ourselves by being naive and believing that these people had our best interests at heart.
As the Ohio Legislature looked the other way and packed their pockets with perks...thousands of Ohioans were being robbed with paper guns.
You could say that we should have read everything and not signed for the loan. Yes we should have. We had always borrowed money from banks and repaid the loans with no problems. We trusted the bankers...they gave us the money...We paid it back. I thought this loan was no different...this guy was trying to help us out?
Then...Murphy's Law came into play....the company I worked for closed because of foreign competition and the economy began to suck. We were barely keeping up with bills before I lost my job and now it was time to lose the house....our home.
Here's what I think happened. The government lied for perks and campaign contributions. The Mortgage Companies lied to inflate and sell off accounts. The mortgage brokers lied to the home owners. The home owners lied to themselves.
To sum it all up:
The Politicians still have their jobs and are still selling the people out.
The Mortgage companies got bailed out and are still enjoying ridiculous paychecks.
The mortgage brokers are in, or just waiting for the next new scam to open up.
The homeowners are renting now and will soon be paying higher taxes because everybody above them was "Too Big To Fail."
So...to all you politicians, executives and brokers who lied to make or keep a buck....enjoy that steak while you can...as you take a bite...think of the children who will eat less quality food because of what you have done. Think of the families who have felt so lost while looking back at their homes because of your greed. Think of something for once, other than yourselves.
It's funny....We drove by and old VFW club today....I saw the flag waving in the wind as the clouds rolled behind it........I smiled.
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Comments
I you ask me, Tom, I would've stabbed the guy in the face for doing what he did (but remember, I am a Buddhist, so don't try this at the temple). This is the first "angry" hub from you in a while Tom and I of course enjoyed it.
I know many here that went through the same thing. Our eldest came close to losing his. Shirley and I are fortunate to fall for them and we have good legal reps who are in the know as good friends as well as Real Estate people too. We still aren't well off but we'll be OK. Yes, Old Glory can still have that effect on one. I went to my first Tea Party Sat. and it was great, they too are saying to give the Pink Slip to all incumbents from dog catcher to the White House across the board. I agree for they let us all done so greedily. We need a complete turnover in politics. I do hope you get all fixed. CC
Tom is right on on this! We live in California and it is happening here! We have been in a costly court battle for this very reason. Substantial evidence as well as a Forensic Loan audit report validating our case and... I know I have two sets of bogus loan documents that were switched and we did not sign with escalating interest and... Tom, all I can say that it is quite disheartening when a Mortgage company has knowingly taken advantage of you by predatory lending and you are no dummy. They might think they have you over a barrel. But I have FAITH and know and believe that God is in charge and at some point He will work their deception out for our good! Thank you for sharing! Blessings!!
Same here, my son's mortgage went from $875 two years ago to $1435. I'm sorry about your situation, hope things work out. Rawlus, those pink slips I wrote about should go dirrectly to Obama as well.
Thanks everyone....Our house is long gone but our home is America. We are staying....we are fighting...we WILL be voting.
Tom I am so sorry to read about your troubles as I consider you one of the Champs here at HP ! I share your anger , and I too am sick of being lied too ! We need another good ole revolution !
I"m sorry, I guess it's really hard now days to trust anyone.Thank you for sharing Tom. creativeone59
That's awful :( It's so sad that these kinds of stories are spreading across our country now. I guess you can't trust anyone anymore. I hope things get better for you Tom!
I don't think that those politicians or brokers will hear your cry Tom bcz they are too busy eating the stake and too full to feel the hungry kids... It's a play where we are the audience, the gullible audience....
Tom,
I'm sorry for you plight. Loan sharks used to hang out on corners. Now they call themselves mortgage brokers. I don't understand how any human can treat people like that and look themselves in the mirror in the morning.
I know I get a lot of internet scammer spam almost every day in my e mail. If all of this shit was true I would have aroung $50,000,000 by now.
You have a lot of God given talent. I hope your situation turns around. The entire country is heading for the crapper unless we elect true representives of the people. Professional politicians must become a thing of the past.
I am sorry that you and your family are in trouble. The very situation you have described is happening all over again. The FHA is guaranteeing loans to unqualified buyers.I wrote about this very thing today, in fact. I hope your situation turns around, I really do.
It is a real shame but you can believe a word that anyone says to you especially if they are going to make a buck on it. I'm sorry to hear that you have had so much trouble. I don't what happened to people that allows them to do this to their fellow Americans and still sleep at night.
Yeah, I've heard of a scam here in Ok that was a lot like what you endured, but I guess it goes to show you; some people are just out for themselves and they're own needs and to hell with anybody else.
Before you sign anybody you should always check them out throughly, both the person and the company and the deal. Sorry to hear about your hard times and about ur house and ur whole ordeal in genera.
Franki
Tom, you know, this is another reason I live my life as a recluse. Just too many dishonest people, always out to get good heart--good nature people like you and Tammy. It is such a freaking shame. Nothing good will ever come of those thieves--and predators Tom. I do believe in what goes around--comes around.
Tom, I had a similar experience. Got through it alright, but it was quite a struggle. It has made me very wary of anyone trying to get money out of me.
Thanks for sharing all this Tom, it's a very moving story and unfortunately not uncommon. And lets not forget that now those too big to fail banks that were bailed out by us want to go back to business as usual and multi million dollar bonuses for the big boys. We need some regulation here--pronto.
Tom this sort of thing is happening all over the world and it is us poor suckers at the bottom of the feeding chain who are the ones that get ripped off each time. Our house is on the market at the moment for nearly €40,000 less than we paid for it five years ago but still isn’t selling. Banks in England are already talking about paying out enormous bonuses to themselves and complaining about any restraints being put on them and these are people who already get ridiculously high salaries. They are quick to want bonuses but they accepted no responsibility or liability for the losses and the recession that they caused through their greed and mismanagement.
Here in Spain some of my friends have worked only to be told at the end of the month that the boss has no money to pay them with, some have gone without pay for two months, unfortunately all the bills still need paying and food still costs money in the shops, life is very hard for so many.
However, I believe that what you sow you reap, and you have got a lot of good stuff in the ground and your harvest time will come and soon. Though poor in material things at this time with the house gone, you and Tammy are still one of the richest couples I know, your house maybe gone but you still have a home, and you still have a store of memories that no thief can touch. Your love for each other and your children is beyond price your talents (your whole family has many writing being the one that I have been blessed the most by) are awesome and your generosity and kindness to many people has earned you many friends and avid readers who enjoy not just your writing but that of the other talented Cornets. We may be naïve and gullible and trust too easily, but I would rather be those things than a cheat and a liar, I would rather earn my money honestly than swindle someone out of theirs and I would rather have friends that are like that than any fat cats that are parasites living off other peoples work and hard earned money.
Tom, it's sickening that there are people who smile to your face while stabbing you in the back. I'm just hoping that there will be some sort of karma that will be happening out of all this.
Oh my gosh Tom! If your friends make you rich.. then you are a multi-millionair! You, again, hit a nerve with this story, and bravo to you and Tammy for being honest about it. Dang we do want so desperately to trust people, don't we!? You truly are in great company.. and if I could send you a check, you know I'd do it in a heart beat!
Love you both so very much!
Sorry to hear about your problems and I wish there is something I could say to make it better. Just be strong and with all our prayers I am sure things will work out. God Bless.
Thanks to everyone for the kind and thoughtful comments. I wrote this hub to try to explain a small part of what has happened here in our country. Predatory lending has cost us all so much. Our state governments are largely responsible by doing nothing as usual.
Whether by gun or paper....a thief is a thief.
Thanks again!
OGM Tom! I am so sorry to hear what happened. I hope you are able to get over this one! It makes me angry to see how many vultures are out there just waiting to move in for the kill.
But Candie said it well, you are a millionaire if you count yourself rich in Friendships!
Oh, Tom, I'm so sorry you got burnt so bad. I know a whole lot of people did. My cousin just signed a re-finance deal and the family said, "No, don't do it"...Those sales pitches are nearly irresistable, and THEY LIE! I'm glad you wrote this hub and shared this info. Maybe someone else will read it and be warned away!
Pachuca213 says:
5 weeks ago
I don't know the laws within your state but in Cali you can't determine a house based on what the appraiser says- its by how much houses similar to yours are selling for. So I am sure they really screwed you there. I am so very sorry this happened to you. I hope you find a way to straighten things out.