I need help-education

1 Reply


Please help me, if you can.
After lasting 8 months legal case, I was left without any income, present or future , and what I saved is condominium in California, 500,000-600,000 worth, clean and free,
but also this is my only home, where I am living for the last 15 years.

I was talking to 4 different loan agents about my option for the loan .
Local places, chosen random from Yellow Pages.

Knowing my data, all of them gave to me the same loan amount for which I can qualify ($400,000) and more and less similar , very low in my opinion, payments options, basing on 30 years loan.($2200-$2500 range)

However, when I checked with large banks, just filling up the application on line, with the same data , result of payment amount is even twice as much comparing with some of the estimates from places I called.

Please tell me; are these small companies crooks ? Where is the trick, and of what I suppose to be aware ?

I do not have any experience with the subject, what should I do ?
How can I arm myself against cheaters and are these large banks, I checked with BA and CITI, only sure option ?

I am in very bad situation, lawyers sold me short, after consuming close to $50,000 in fees, and I am afraid of any paid consultation like of fire .

Surely I would have many questions, what to do after getting the loan, but this is the subject for another post.
Big, big thanks in advance. I realy need help!


The lenders that you are talking to may be offering a pay option arm which for someone with no income and no liquid assets could be a very risky thing. By the way with no income no legitimate lender will make a loan on real property. To learn how a pay option arm works you can click on the link.