 
Viziondetroit
Member
Username: Viziondetroit
Post Number: 1317
Registered: 11-2003
| | Posted on Monday, December 17, 2007 - 9:57 pm: |    |
I used to work for Rock and it's not the company that is causing folk to loose their homes. People don't pay attention to what they are signing... when we worked with clients we worked out a plan. Some were short term to get out of a rut and put them in a better position and some were long term plans. People were getting into short term mortgage solutions and not changing their life styles or following the plan... now THAT is how people lost their homes in regards to Rock.
Interest only loans work great when you have a lot of debt and need to free up cash flow to pay down the debt and increase your credit score and qualify for a lower rate. They aren't designed for the homeowner to look at it as if they had extra money to blow while the debt kept increasing. Pay down the debt, refi and you are in a better situation. Sorry I had to rant, people make snap comments on things they don't know anything about.
:-D |
Detroitnerd
Member
Username: Detroitnerd
Post Number: 1690
Registered: 07-2004
| | Posted on Monday, December 17, 2007 - 10:16 pm: | |
Right, it's all the individuals' fault. Those people running high-pressure sales operations, trying to make the maximum profit each quarter, they were altruistic and gentle, always honest. That's why the big financial institutions, who made money hand over fist during an orgy of mortgage-writing, need our money, now, to bail them out. Whereas the individual people, they all did stupid stuff like get an ARM so they could buy groceries, pay heating bills and shit, they just have to suck it up now. What is this, a country of handouts? Sheee... |
Pffft
Member
Username: Pffft
Post Number: 1430
Registered: 12-2003
| | Posted on Tuesday, December 18, 2007 - 12:00 am: | |
Why does no one understand, it's LOSE not LOOSE.
LOOSE change in your pocket. LOSE your mind.
My mortgage guy told me his company hated hiring folks from Rock, the "account executives" were glorified phone operators with a scripted patter.
I called once, just wanting to be quoted some interest rates, and before she would do that the "operator" demanded my Social Security number so she could look me up. I said no thanks and hung up. |
Eboyer
Member
Username: Eboyer
Post Number: 53
Registered: 01-2007
| | Posted on Tuesday, December 18, 2007 - 1:08 am: | |
Those saying that Rock has a ton of foreclosures do not know what they are talking about. At all. Period. Don't mouth off if you have no hard evidence.
Detroit is lucky to have a company like this committed to its growth. |
Viziondetroit
Member
Username: Viziondetroit
Post Number: 1319
Registered: 11-2003
| | Posted on Tuesday, December 18, 2007 - 2:46 am: | |
"My mortgage guy told me his company hated hiring folks from Rock, the "account executives" were glorified phone operators with a scripted patter."
^^^^ sounds like he wanted to make sure he kept you from calling Rock lol. |
Hpgrmln
Member
Username: Hpgrmln
Post Number: 320
Registered: 06-2007
| | Posted on Tuesday, December 18, 2007 - 7:40 am: | |
What company was David J. Blatt from? His silly grin on tv while excitedly saying "We make it possible". |
Pffft
Member
Username: Pffft
Post Number: 1431
Registered: 12-2003
| | Posted on Tuesday, December 18, 2007 - 9:25 am: | |
^^^^ sounds like he wanted to make sure he kept you from calling Rock lol.
You're kidding, right? Did you read the part where I described one time earlier when I DID call, and the robot on the other end of the line wouldn't tell me a thing until she had my SS #?
Real slick. |
Eboyer
Member
Username: Eboyer
Post Number: 54
Registered: 01-2007
| | Posted on Tuesday, December 18, 2007 - 9:39 am: | |
Sorry Pffft, but there are no "account executives" or "operators" at Rock financial demanding anything.
They are some of the best trained and most professional people in the business. Check the client satisfaction scores. |
Kenp
Member
Username: Kenp
Post Number: 926
Registered: 03-2006
| | Posted on Tuesday, December 18, 2007 - 10:52 am: | |
I get a kick out of the recent Rock commercials. David Hall explaining if you have a ARM you better get in here and have us help.
I wonder if when they were telling you it was, "time to live" a couple years ago, about what would happen when these ARMs adjusted. |
Ro_resident
Member
Username: Ro_resident
Post Number: 283
Registered: 11-2003
| | Posted on Tuesday, December 18, 2007 - 11:19 am: | |
Looking into my crystal ball:
In six months, we will again start hearing multimedia maven David Hall promoting loans for Chalk(?) or maybe Jayhawk(?) Loans. Sorry, the audio and video are blurry. But there is a Gregorian chant vibe to the spots.
He'll be on the radio every weekend on a show called the "Home and Commercial Property Man in the Know Not Affiliated with a Certain Other Company but Whose Voice is Vaguely Familiar." That's the only title he could come up with that would not trigger a lawsuit.
Then there's Mr. Hall continuously repeating the this phrase under his breath 'Please don't confuse me with Andy Jacob.'
The weather severely affects the reception of the crystal ball. Your mileage may vary. Terms of a NCC may affect the timing of the prognostications. |
Spacemonkey
Member
Username: Spacemonkey
Post Number: 283
Registered: 03-2006
| | Posted on Tuesday, December 18, 2007 - 1:15 pm: | |
The dude is easily now retired. He made a mint off Rock. |
Tiorted
Member
Username: Tiorted
Post Number: 107
Registered: 02-2006
| | Posted on Tuesday, December 18, 2007 - 1:23 pm: | |
his Sunday morning radio show on WJR "The Real Estate Insiders" is history too
http://www.wjr.com/programming .asp |
Cambrian
Member
Username: Cambrian
Post Number: 1796
Registered: 08-2006
| | Posted on Tuesday, December 18, 2007 - 1:25 pm: | |
I wonder, I know some one that was a Vice President of whatever for a smaller outfit. He is now on Jenny's no worker left behind program drawing MARVIN checks. |
Frumoasa
Member
Username: Frumoasa
Post Number: 96
Registered: 03-2007
| | Posted on Tuesday, December 18, 2007 - 1:34 pm: | |
Loan Giant also sold prime loans that were quite good. The vice president was a great guy actually and he helped me get a great loan on my first home that we paid off very quickly and built up our credit with. Educated consumers know that good deals can be found in many places, even though no t all of their products may be the best and I was really satisfied with LG. |
Lefty2
Member
Username: Lefty2
Post Number: 786
Registered: 07-2007
| | Posted on Tuesday, December 18, 2007 - 9:31 pm: | |
1. I don't think he'll retire, it's more fun working
2. If people don't understand what they are signing probably should not buy a house and rent instead.
3. Most anyone of us could put our face on tv and hype a company, it's not too hard. |
Viziondetroit
Member
Username: Viziondetroit
Post Number: 1321
Registered: 11-2003
| | Posted on Tuesday, December 18, 2007 - 10:10 pm: | |
"are you kidding? i am not in the mortgage industry, but i understand that the "interest only" or "5-year arm" loans are considered subprime. i've also been told the "second mortgages" to get 20% down and avoid "PMI". "
I think you don't know what SUB-prime loans are sir. "subprime" mortgage loans, are made to higher-risk borrowers with lower income or lesser credit history than "prime" borrowers. After working in the mortgage game for a while, people that qualify for SUBPRIME loans can't get interest only or ARM loans for the most part. They usually can get 15- 30 year loans. Do your homework playa. |
Kjwick
Member
Username: Kjwick
Post Number: 72
Registered: 11-2003
| | Posted on Tuesday, December 18, 2007 - 11:21 pm: | |
viziondetroit,
i suggest you write in and correct the wikipedia...
http://en.wikipedia.org/wiki/S ubprime_loan
thank you for your demeaning correction. |
Raptor56
Member
Username: Raptor56
Post Number: 221
Registered: 05-2007
| | Posted on Wednesday, December 19, 2007 - 7:39 am: | |
IT'S TIME TO LIIIIVVVVVVVE YeaH....
you have no idea how happy I have been, the past couple months, not hearing that F'tarded song every morning on the radio!•• |
Kenp
Member
Username: Kenp
Post Number: 929
Registered: 03-2006
| | Posted on Wednesday, December 19, 2007 - 8:31 am: | |
Kjwick,
What you have to understand at Rock and other Mortgage companies, they make up their own definitions. Its not their fault at all trying to meet a quota or conning people into making their lives better and starting to, "Live". Once they get the sale, its basically screw em. At that point you hear the line, "Its the buyers fault for signing".
What an industry |
Spacemonkey
Member
Username: Spacemonkey
Post Number: 285
Registered: 03-2006
| | Posted on Wednesday, December 19, 2007 - 10:27 am: | |
Lefty2 is David Hall.
Evidence:
"It's more fun working"
Who else would write that?
I doubt anyone really feels that working is more fun. |
Lefty2
Member
Username: Lefty2
Post Number: 790
Registered: 07-2007
| | Posted on Wednesday, December 19, 2007 - 10:59 am: | |
OK, you got me, I am David Hall. |
Ferntruth
Member
Username: Ferntruth
Post Number: 266
Registered: 11-2006
| | Posted on Wednesday, December 19, 2007 - 1:06 pm: | |
"Kjwick,
What you have to understand at Rock and other Mortgage companies, they make up their own definitions. Its not their fault at all trying to meet a quota or conning people into making their lives better and starting to, "Live". Once they get the sale, its basically screw em. At that point you hear the line, "Its the buyers fault for signing".
What an industry"
So are you saying that the buyers are completely without blame? Surely that have some responsibility for their actions don't they?
Granted, the loan companies are not innocent in this, but in the end it was the buyers signature that moved everything forward.
Maybe some people need to actually read(and understand)what they are signing before they sign it instead of going for the "quick money"? |
Johnlodge
Member
Username: Johnlodge
Post Number: 4260
Registered: 10-2003
| | Posted on Wednesday, December 19, 2007 - 1:16 pm: | |
^ Agreed. Don't make the biggest financial decision of your life to date without knowing what the hell you're doing. People trying to seperate fools from their money is nothing new. One must always be on guard. |
Detroitbill
Member
Username: Detroitbill
Post Number: 405
Registered: 09-2006
| | Posted on Wednesday, December 19, 2007 - 1:58 pm: | |
Its a typical business decision gone bad scenario. Each side blames each other, ofcourse the company is aggressive in pushing mortgages, its their business, anyone not knowing this is way to nieve. As for the consumer, you need to do your homework. It still escapes me why you see people earning 40,00 a year buying 300,000. homes like its their right to. It doesnt take a rocket scientist to see they are way over their heads. If people lived within their means many of these repos would never have happened. One must take some responsibility for their own actions When someone loses their job, thats another scenario. We were always taught to save for a rainy day or keep a plan b always available. It seems many people have no concept of that. |
Kenp
Member
Username: Kenp
Post Number: 930
Registered: 03-2006
| | Posted on Wednesday, December 19, 2007 - 2:03 pm: | |
Not saying that at all Ferntruth. It goes both ways. Buyer beware. I think the last couple of years have educated a lot of people to mortgage loans. |
Johnlodge
Member
Username: Johnlodge
Post Number: 4269
Registered: 10-2003
| | Posted on Wednesday, December 19, 2007 - 2:54 pm: | |
quote:It still escapes me why you see people earning 40,00 a year buying 300,000. homes like its their right to.
Especially amazing in our area, where you can get so much more house for your dollar than many other places. |
Professorscott
Member
Username: Professorscott
Post Number: 969
Registered: 12-2006
| | Posted on Wednesday, December 19, 2007 - 3:06 pm: | |
People are not and never have been savvy enough to avoid a good scam. As Barnum famously said, nobody ever went broke underestimating the intelligence of the American public.
When you heard David Hall say "use the equity in your home to take a vacation" (which he said), your mind should have translated that to, "trade what little of my house I own for a week of partying in Aruba". If that still sounds like a good deal to you, enjoy the week.
The reason we want the government to regulate any industry at all is the cost to society of excess. Remember all the doctors in the 50s telling you which cigarette was good for you? We banned those ads because they work. |
Gingellgirl
Member
Username: Gingellgirl
Post Number: 101
Registered: 04-2007
| | Posted on Wednesday, December 19, 2007 - 3:10 pm: | |
Have you seen this man . . . lately? |
Renfirst
Member
Username: Renfirst
Post Number: 149
Registered: 12-2006
| | Posted on Thursday, December 20, 2007 - 12:16 am: | |
Was talking with some contacts at Quicken yesterday and got the down low on what happened...
Quicken's decided to stop using the name Rock Financial once their partnership with the Detroit Pistons is up... Hall wasn't too happy about it and started recruiting people within Rock to open up his own shop. Quicken got word and on Friday afternoon, security confiscated Hall's computer, blackberry, etc. and escorted him out of the building. Hall was said to have left the building steaming and was quite vocal.
I've heard from more than one person that David Hall's grown quite an ego over the years... It will be interesting to see what happens as I personally believe that his recognition will hurt more than help him in his future endeavors... |
Kenp
Member
Username: Kenp
Post Number: 933
Registered: 03-2006
| | Posted on Thursday, December 20, 2007 - 8:45 am: | |
Though I dont care for what he has been pitching, Hall is very good at what he does. He should be in politics. |
Cambrian
Member
Username: Cambrian
Post Number: 1799
Registered: 08-2006
| | Posted on Thursday, December 20, 2007 - 10:20 am: | |
"Quicken's decided to stop using the name Rock Financial once their partnership with the Detroit Pistons is up... "
So Rock Financial Show place in Novi will be changing names soon? |
Raptor56
Member
Username: Raptor56
Post Number: 223
Registered: 05-2007
| | Posted on Thursday, December 20, 2007 - 2:47 pm: | |
out of curiosity, when does their partnership with the Pistons expire? |
Lefty2
Member
Username: Lefty2
Post Number: 805
Registered: 07-2007
| | Posted on Thursday, December 20, 2007 - 8:16 pm: | |
I don't see how this could help Quicken.
They spent a ton of dough on that name.
I am guessing at the end of this season, 5 years. They probably paid 1 Mil a year for that privilege. Since they are coming downtown they may want to refocus their marketing to Comerica or Ford Field?
David Hall: Taco Bell is hiring smiling faces.
(Message edited by lefty2 on December 20, 2007) |
New threads cannot be started on this page. The threads above are previous posts made to this thread.