Wednesday, August 20, 2008

Real Estate Bubble

How did we get into the real estate mortgage mess we’re in?

The scripture that comes to mind is: 1 Timothy 6:10 For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows.

My opinion is that many folks were involved in this market bubble. The lenders expanded their underwriting guidelines so more and more folks could qualify with no real ability to repay the loan. The joke we heard was, if you could breath, you could qualify for a loan. The loan originators, realtors, appraisers, builders, developers, title companies all saw a way to make more money.. The consumer also has some responsibility. We saw many who saw this an opportunity to buy more house than they could truly afford. Keeping up with the Jones’.

Michele "MAC" A. Cole


Ken & Michele Cole said...

“Michele Cole at Insight Mortgage is a wonderful, non-judgmental, beautiful individual. I would recommend her company to anyone who is looking to buy or refinance a house. I have refinanced my house twice in the past three years and the experience was not as pleasant as the experience I had with Michele. My credit was not in the best of shape three years ago and I believe that finance companies take advantage of these types of situations. Michele was so different than the others. She knew I was very reserved and she didn’t pressure me into doing anything I didn’t want to do. She gave me different scenarios and explained to me in detail how each option would work best for my situation. With those options I was able to choose the best one to fit my needs and I felt very satisfied with the option I chose. Michele’s expertise of the business and her spiritual beliefs help guide me in making the right decision for my family. I am very thankful knowing I have someone to call if I ever need to refinance or buy a house in the future. DDalton

Ken & Michele Cole said...

"In-sight: the ability to see and understand clearly the inner nature of things", there is no statement that better represents and describes Michele Cole and her mortgage company. A few months ago my husband and I faced the unthinkable, losing our home. I am sure at one point many people face uncertain and rough times financially because of circumstances they may or may not have created. Sometimes we as individuals are blinded and cannot see past the currant situation, and fail to realize that our circumstance may have started out like a paper cut, but because we fail to address the real problem we don't know what else to do except place a bandaid on a out of control wound. What I can testify is the fact that Michelle, after many tearful phone calls of desperation, took a clear and unbias look at our situation and clearly explained our options, sure we could refinance or try to move and solve the short term problem. We would have been stuck with a crazy interest rate and a larger monthly payment, and have lost some equity in our home, but in my eyes we would have skipped a house payment, stopped our late pays and late credit reporting, and avoided foreclosure. Michele also gave me some hard words to hear in terms of dealing with our financial situation, it would not be in our best interest, and the amazing part is she put our best interest first in turning our eyes upon the true inner nature of our situation. I know she could have made money off of our unfortunate situation, but she didn't. She gave us some wonderful contacts and advice to dig in and work with our mortgage company to resolve the issue, save our home, and face the bad habits that put us in that situation to begin with. Looking back I am so UNBELIEVABLY thankful we never refinanced and put that bandaid on a quite larger wound. We worked with our mortgage company, had our loan modified, became current with our mortgage, and we learned some hard but awesome life lessons along the way. Michele is definitely not in the business to make money, she is turning peoples lives around by helping us learn how to better handle our financial situation. She will always have our business. And because we learned(and still learning) how to manage and handle our finances, that in turn enables us to move in the near future not to avoid foreclosure or some other unfortunate circumstance, but because our family is growing and we need more space!!! That is what Michelle Cole is all about.