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Up to the point of closing, we are surrounded by people, the real estate agent, the loan officer, the underwriter, the escrow agent and last but not least, the insurance agent. All of these new found friends have a vested interest in us reaching it to the closing. They all MAKE A LARGE AMOUNT OF MONEY off of us. As soon as the sale is over, they just like all fair weather friends, are all gone until they can make more money from us. Now we get to the part that makes no sense whatsoever. The Lender, who has never met you, knows nothing about you, apart from what they were supplied on countless bits of paper by the loan officer (who for the most part is independent and paid to get them loans) gave you all this money based on "Numbers", your credit score, your bank statements and pay stubs. Most of these lenders have customer service centers run from outside the country. Their only contact with you, their client, is a monthly coupon statement sent through the mail. Whatever happened to "Knowing your Clients". For those of us old enough to remember the days when you went to a local bank and talked to someone who knew you, knew your family and also lived locally, their decision was always based on your ability to pay the loan, not some numbers on a credit report. The main street banks like to lend on "Numbers" because it allows them to sell the Home Loans into a secondary market so we need to ask ourselves this, do they really care what happens after they have sold the loan? When the secondary market closed up on them, they ran to the government crying with their hands out begging for tax dollars. They should be ashamed of themselves. Most of the tax dollars they received came from those hardworking Americans they call "Sub Prime" clients. The clients they can't or won't lend to because their credit scores fall below their base line of 640, which is nearly 60% of the total population. I noticed that they have no problem asking the government for the tax dollars of these "Sub Prime" Americans to BAILOUT their so-called "Prime" clients and shareholders. The Banks and Press will have you believe that these "Sub Prime" clients all have bad credit and can't be trusted to pay their bills on time. This in fact is not true. Most Americans that fall into the lower credit scores have "poorly run" credit not bad credit. A lot of this has to be put down to poor financial education. Why is it no one ever teaches us how to run our financial affairs. Using a simple self-help book or program it normally takes less than six months to get your credit score above the 650. There really is no need to pay a company to "repair your credit". Almost everything required to clean up your credit report can be done by sending out letters to your creditors.
Article Source: http://www.bharatbhasha.net Article Url: http://www.bharatbhasha.net/advice.php/158464 Article Added on Monday, August 24, 2009 LD
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