The recent housing bubble burst has had a range of different reactions on a number of different levels. One of those reactions has been the number of people that have argued that they received bad advice and that when they acted on that advice they lost the money that they invested. Mis sold mortgages were caused by people that found that they could take out more and more money through various lenders or simply re-mortgaged more often than they probably should have. Because of this mortgage compensation has become a booming business in and of itself as those that grabbed the mis sold mortgages seek recompense from those that sold them the mortgages.
Simply put, the housing bubble created its own bursting. The bubble ultimately proved to be unsustainable because the same people that were selling the houses were also the ones buying the houses; they were creating a Ponzi scheme of sorts that, like any other such scheme, was bound to come down at some point. The problem is that ultimately the first-home buyers that would have sustained the market were priced out of the housing market. Even those that were afford faced problems because of the way loans had been organized.
There has been a lot of fallout in a lot of industries, and some new industries were born. One of these was for mortgage compensation, where victims of mis sold mortgages seek compensation for the aggressive selling of mortgages. As lending institutions are supposed to treat their customers fairly, and in fact this mandated by both federal and state law, this means that mis sold mortgage claims have increased; in fact there are almost 371,000 people looking at various mis sold mortgage claims. There are enough mortgage compensation issues that it gives some full-time employment.
Whenever there is a problem there will always be those that want to make the problem seem worse. This allows them to pursue an apparent problem, a mortgage broker involved in mortgage mis selling, with an obvious solution, mortgage compensation. The usual targets of this blitz have been those with interest-only mortgages, as well as those with who made a decision for self-certification, or those who wanted a sub-prime loan when a regular loan would have been the better solution, even though the person may be paying on the mortgage well into retirement. In these cases the broker may have up-sold the claims in order to take advantage of the interest payments that would seem to go on forever.
The point here is that while most mis sold mortgage claims are legitimate there are some firms that take advantage of those with legitimate mortgages. There are some obvious signs, such as they use websites that speak to the idea that the mortgage brokers are bad or that anyone with a mortgage was essentially conned by the system, such as missoldinterest.com or dodgybroker.com. Before pursuing a mortgage compensation claim remember to research the firm first, as well as make sure that there are problems with the mortgage. It is easy to assume that the some form of mortgage mis selling occurred, especially in the atmosphere where anyone in a suit is automatically considered sketchy. Never assume; always do your research.
In short, before pursuing a claim, make sure that there is a problem, and do research on any mortgage compensation firm that contacts you first. A little research into the firm should be more than enough to ensure that the firm is trying to pursue mortgage mis selling complaints with your interest at heart. If you have been the victim of a broker that engaged in mortgage mis selling you deserve whatever you mortgage compensation you are due; just make sure that you have the right firm to represent you in the case. This is a major decision that can make your life easier and reduce the mortgage you need to deal with. It may even pay it off much more quickly.
Mis sold mortgages can create a number of problems for you, running from too much outgoing income to creating bad credit. If you can find a way to deal with it, that always works to your credit or, better yet, to your credit rating.