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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: SGJ who wrote (71356)	9/1/2009 8:58:00 PM
From: MJ	Read Replies (1) \| Respond to of 224749

Reg. the lenders----in this area, the lenders change rapidly---a buyer may think they have a permanent lender only to find in a month that another company has taken over the loan. The home equity loans were offered to homeowners simultaneously with the regular mortgages. Went to a neighborhood gathering------the chatter was talking about how their home equity loans had been suddenly reduced without preliminary notice. I was in the midst of a home project when mine was cut by 2/3 rd's------that hurt------as the contractor needed his money and I was the one that had to come up with the $--- whereas I had planned on using the home equity loan to pay the contractor. That's why I say that contracts should go both ways. I don't appreciate being told one thing, as the mortgage brokers did and find that the contract was not worth the ink with which I signed it. (Never a mention in discussion of the possibility of the home equity loan ever being reduced.) That firm is in fact no longer in business----which seems to indicate something was not right in the beginning with them. Your reference to your helping the local people is what bankers did at one time---------my home of birth was mortgaged twice to put me and my brothers through college. And, even though the house was mortgaged--------I was responsible for the repayment-----which I of course repaid after college. But then my mother and the banker had gone to the same high school-----neighbors taking care of neighbors. Does get rather complex often. mj