Thursday, December 13, 2007Can you spot the predator?
This is just a Public Service Announcement for Predatory Lending - but I have seen and heard first hand many, many unethical and unscrupulous people (much more than you have) and I can tell you, this isn't so far from the truth.
They don't have to be slimy greaseballs.
They look just like you and me.
Foreclosure Rescue and Reverse Mortgages are the New Predatory Arena.
HINT: That means to always work with a professional that you can trust.
Other Hint: That means NOT someone who sends you a flyer, knocks on your door, or calls you at home at dinner time. Just in case you didn't already know that.
Labels: Ethical lending Practices, Reverse Mortgage Pitfalls
2 Comments:
Hi Mike.
You gave the following "hint" at the conclusion of your post, That means NOT someone who sends you a flyer, knocks on your door, or calls you at home at dinner time.
Now I'm not one who is really into mailing flyers or going door-to-door. I have been known to reach out by phone, though. Anyway, your hint is rather absolute, saying that those who do direct mailings and/or make phone calls are unscrupulous. Like you, I've seen those who don't truly have the senior's best interests at heart. I've learned, like you, that they're wolves in very professional sheep's clothing. However, I've also learned that there are no absolutes in identifying them simply by their methods in reaching out. There are perfectly reputable and honest people out there doing their very best to educate the masses about the virtues of reverse mortgage.
I have found that in life, you can tell a lot about the character of people by the company they keep. When you're introduced to a reverse mortgage professional, see if they are open or secretive about their associations. Do they have professional accountability? If so, are they open about offering me the chance to look into it?
Not all that glitters is gold, and by the same token, it's not all fake, either.
Corey-
You make an excellent point. It isn't as absolute as my hint would lead you to believe. You are right. I think I was a little more tongue in cheek in saying that.
Really, isn't that just an extension of the video in reverse? In that you can't judge the two "predators" by how their dressed and their mannerisms the same way everyone who calls you isn't a bad guy?
You also make the point to check out their references. Absolutely!
Thanks for different view.
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