Sung A asked:
Hi this is a story for my friend. My friend bought a property about two years ago. Now her monthly mortgage payment is almost double than first payment, also principal balance has increased (about$30,000) She asked loan expert to review her doc. Expert said that my friend is in MTA program which is really bad loan program.We didn’t know what that means.So my friend asked me to call a mortgage agent and title company(my friend used these people when she purchased property) to ask about MTA program. I was acting like a ordinary customer and asked about MTA. They both said”Oh my god,that is a horrible loan program. I bet you that if someone is in MTA program they should be in serious trouble.” My friend was shocked. OK Here is a situation .My friend was a first home buyer. She chose morgage agent to apply for a loan. Mortgage agent said”I will try to give you a better loan. Just sit back and relax” Also said” I know really good title company. Why don’t we use them” So my friend allowed.
At the settlement table nobody explained about the loan program. Title agent pushed and rushed to sign a settlement document. Even though there were a mortgage agent and my friend’s realtor(he was a rookie). It took about 15 minute to finish.Now I know that mortgage agent and title agent are close friend., also I found out that mortgage agent recieved a lot of commission from a lender because he put my friend in MTA program.
I don’t think this right. But I don’t know what to do. I really want to help my friend. Please help.
PS . My friend’s realtor and I could be a witness, because we were ther at the settlement.
*Someone will say that my friend was stupid because she didn’t ask any question about a loan…
She was a first time home buyer and we trusted that name AGENT&DUTY
Orlando Florida Real Estate
Hi this is a story for my friend. My friend bought a property about two years ago. Now her monthly mortgage payment is almost double than first payment, also principal balance has increased (about$30,000) She asked loan expert to review her doc. Expert said that my friend is in MTA program which is really bad loan program.We didn’t know what that means.So my friend asked me to call a mortgage agent and title company(my friend used these people when she purchased property) to ask about MTA program. I was acting like a ordinary customer and asked about MTA. They both said”Oh my god,that is a horrible loan program. I bet you that if someone is in MTA program they should be in serious trouble.” My friend was shocked. OK Here is a situation .My friend was a first home buyer. She chose morgage agent to apply for a loan. Mortgage agent said”I will try to give you a better loan. Just sit back and relax” Also said” I know really good title company. Why don’t we use them” So my friend allowed.
At the settlement table nobody explained about the loan program. Title agent pushed and rushed to sign a settlement document. Even though there were a mortgage agent and my friend’s realtor(he was a rookie). It took about 15 minute to finish.Now I know that mortgage agent and title agent are close friend., also I found out that mortgage agent recieved a lot of commission from a lender because he put my friend in MTA program.
I don’t think this right. But I don’t know what to do. I really want to help my friend. Please help.
PS . My friend’s realtor and I could be a witness, because we were ther at the settlement.
*Someone will say that my friend was stupid because she didn’t ask any question about a loan…
She was a first time home buyer and we trusted that name AGENT&DUTY
Orlando Florida Real Estate
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