Charles NoonanPresident, Landbank University · Real Estate Developer & Instructor

BEWARE ALL NEW HOME BUYERS 😳 #realestate #realestateinvesting #entrepreneur #realtor #ytshorts

1 Nov 2024 · 1 min

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A short YouTube clip by Charles Noonan warning new home buyers about predatory lending. The speaker recounts his father’s experience: inflated valuation and unaffordable loans, discovery of a legal help card, a lawsuit against Brooklyn parties, and a settlement offering either a $150,000 check or ownership of a three-family property free of mortgage — the father chose the $150,000. The clip warns viewers that real estate can be life-changing for better or worse when predatory practices occur.

Chapters

You know, real estate could be the best thing in your life, but it could be the worst thing in your life. My dad, he was in real estate. He was a victim of predatory lending. Basically, the appraiser, the mortgage officer, the realtor, everybody's all connected. Selling you a property that you really can't afford, they inflate the value, knowing that it's really not that, because everybody getting paid. And then you get stuck one day paying for a profit you can't afford, and now they foreclose on you. My dad, right, he's taking out the trash one day, and he's seen a card that says, if you have been a victim of predatory lending, call this number. He didn't know what predatory lending is. It was just really, God is saying, yo, here goes something. He called the numbers, told the attorney situation. The attorney knew all the people because they've been doing it across Brooklyn. They end up putting in a lawsuit. They settled out because they didn't even want to go to court. But they gave him two options. Option number one, I give you $150,000 check right now. Let's walk away. Option number two, you can take this three family property, free and clear. You won't have no mortgage on it. It's yours. What you think he did, he took the house? No, took the money. He took the buck 50. Took the buck 50.