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LENDERS AND REALTORS ARE BEING SUED

I am beginning to read more and more articles about homeowners that are facing foreclosure or who have already lost their home, suing their lenders and real estate agents for giving them bad advice and purchasing their homes with ARMs. During the time that subprime loans were the craze, many agents referred homebuyers to lenders that could get them approved when other said "No". Maybe they were saying "No" for a reason. I fear for those lenders that didn't offer government loans and specialized in Subprime. Their day is coming.

Posted by Tanya Redic on 02/01/2008 10:32 PM

Comments (4)

subprime

4 Comments on LENDERS AND REALTORS ARE BEING SUED

You're right Tanya, lenders should have said no. We wouldn't be in this mess now. However, Buyers also have to take responsibility for their decisions.

02/01/2008 10:35 PM

by Maria Couto,ABR,CRS-Berkeley Heights & Long Hill Real Estate Homes for Sale (RE/MAX Classic Group-Berkeley Heights Realtor For Sale/Sold)

It is a two way street. Still I wonder how many agents were truly fufilling their duty to their clients. In the end, people need to do their due dilligence and take some responsibility for their actions.

02/01/2008 10:37 PM

by Epcon Communities NE Columbia, SC Condo Community (Earth Road Ranch Condos, An Epcon Community)

Tanya, this nation is getting way too far from the principles of independence and individual responsibility that the country was founded on. There shouldn't be a lawsuit every time someone makes a bad decision.

02/01/2008 10:38 PM

by Brian Schulman - Your Lancaster County, PA Real Estate Professional (Coldwell Banker Select Professionals)

I agree. There area alot of people waiting for their opportunity to sue someone.

02/01/2008 11:04 PM

by Tanya Redic (Harold Carter, REALTORS)

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