The main reason why the housing market has declined so much in the past 2 years is because of these shady lending practices. You know. . . the adjustable rates and the sub-prime loans, and mortgage companies simply refusing to work with so many homeowners that homeowners are forced to either sell or foreclose.
But with this market, comes a great deal of investors, and now, first-time homebuyers because of new incentives that are being put in to place. But Buyers BEWARE of lenders or "loan officers" who have absolutely no experience nor education on many of today's financing issues.
My latest "run-in" with these shady lending practices is with a company whom I won't call out. .. but their name starts with AMERI and ends with NET. This is an "institution" (if you could actually call it that) that does not even have a logo?!?
All loan officers work from their homes, and have a long list of underwriters to choose from.
First of all, don't EVER talk finances with someone who doesn't have someone else to answer to (Most loan officers have to deal with a branch manager or senior loan officer)... I know I know... anyone you find who works for Amerinet, calls themself either one or both.... ask them who their manager is before you let them run your credit. Get their manager or supervisor's information JUST IN CASE things go sour. TRUST ME.... with most of the "loan officers" carrying the Amerinet name, THEY WILL!
Lastly, I want to leave you with a little bit of "evidence" that shows how shady this company is:
After google-ing this phone number, I came up with SEVERAL companies who all carry this phone number.
The moral of this story is: If you're shopping for a lender, first ask family, then VERY close friends, then your Real Estate Agent. If you want to know who NOT to use, Google the number I gave you. That will give you a list of companies NOT to use!
lh, a.a.
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