May. 2, 2008 - Homeowners are now going to sue

Should the homeowners sue?

It is now official the law office of Mainor Eglet Cottle trial lawyers are preparing several lawsuits against Realtors®, lenders and appraisers.  To quote Mr. Cottle " a triangle of professionals, every one of whom failed consumers most of the time."  Mr. Cottle said he will prove that agents, lenders, and mortgage brokers failed their fiduciary duty to explain all buying and borrowing options.  He contends that the home buyers should have been given professional  recommendations in their best interest.  Again to quote Mr. Cottle "instead agents and brokers focused on commissions and corporate bounuses and put buyers into adjustable rate mortgages that adjusted upward."

Here is the link for full article Las Vegas Review Journal

States also filing lawsuits include, Arizona, California, Ohio, Maryland and New Mexico.  These states are also claiming professional lapses could cost hundreds of thousands of homeowners to lose their property.

I can not speak for lenders, appraisers , or even other Realtors®.  I can only speak for myself and I work with a lot of buyers.  If asked about a lender I give out several cards of lenders I have worked with before.  The buyers choose their lender all on their own and the only time I get involved is to see how the loan is coming along.  I am not a lender and I would never presume to give advice on a loan.  Are there greedy and predatory lenders out there?  You bet.  Are there greedy and unethical Realtors® out there?  You bet, but for the most part they are just hard working professionals helping the american public realize the american dream of home ownership. 

May. 2, 2008 - RE: Homeowners are now going to sue

I am very aware that many consumers feel taken advantage of in the markets of 2004-2006.  I also understand that before the housing market collapse these same consumers were used to hearing stories of upwards of 32% appreciation per year.  But, I want to take time out to remind these same consumers that that market was not healthy and could not have possible sustained.   The truth is, any investment, be it is stocks or real estate, is risky.  The only sure thing is putting your money under your mattress.  But then you risk being robbed.  Where is the consumer accountability in all this?  Have we been reduced to being a society of whiners?  You, Mr. and Mrs. Consumer made a bad investment.  You were an adult when you made this bad investment.  The only person you need to blame is yourself.  No one forced you to sign the lender paperwork.  If you were taking the risky loans, it was most likely offered to you because you didn't qualify for a conventional loan.  You were a risky investment for the bank and you made a risky investment because of that. 

Now, I do realize that there was predatory lending.  Some people really were duped.  But, if you have managed to do your research on the Internet now  and have come to the conclusion that everyone around you should have told you not to do it, you could have done the research back then.  You would have found the same answers. 

No investment is a guarantee.  If you wait a little while this bad investment could turn into a good investment.  Funny thing about the housing market, it is cyclical!  It will get better. And then, you will be singing the praises of all those Lenders, appraisers, and REALTORS you hate right now. 

I know my comments may not be popular, but I am sick of hearing everyone blame someone else for their bad decisions.  We as a society need to start taking responsibility for our own actions.  It's not always someone else's fault. 

May. 2, 2008 - RE: Homeowners are now going to sue

Hi Chris,

Sounds like there are a lot of greedy attorneys out there as well.  Looking for any opportunity to sue. 

I know that I always, always steered my buyers away from negative amortization loans and encouraged them to work with reputable experienced lenders.

Sometimes, buyers are insistent on getting loans that could eventually get them into trouble. 

It amazes me how these snakes come out to try to make a quick buck preying on other people's misfortunes.

May. 3, 2008 - RE: Homeowners are now going to sue

May. 5, 2008 - RE: Homeowners are now going to sue

A early mentor of mine gave me this gem to ponder, the simplicity  amazing yet a tough doctorine to follow.

When everyone wants to sell, you buy. When everyone wants to buy, you sell. So basic, yet so tought to do.

We live in a free market economy, a lot of rules and regs, but in the end it is buyer beware. Everyone knows what they are signing, and if not, they should. Where is personal responsability?

Every day in the communities I see people asking about a good or service AFTER they have already bought.

Due diligence.

May. 5, 2008 - RE: Homeowners are now going to sue

May. 10, 2008 - RE: Homeowners are now going to sue

It has really worn thin with people not being accountable for their own decisions and actions.  I along with many Realtors try our dead level best to assist home buyers and sellers with their real estate needs.  These sort of lawsuits mostly serve to make others just look for something and somebody to sue.  When there is true neglect, greed and misrepresentation, then I will be the first one to say that those people need to be thrown out of their profession, but too many hard working, dedicated agents are getting caught in this ridiculous trap.

May. 10, 2008 - RE: Homeowners are now going to sue

Jun. 21, 2008 - RE: Homeowners are now going to sue

Jun. 21, 2008 - RE: Homeowners are now going to sue

Jun. 21, 2008 - RE: Homeowners are now going to sue