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

To: MJ who wrote (71392)	9/3/2009 6:54:52 PM
From: SGJ	Read Replies (1) \| Respond to of 224749

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. This is very common everywhere. Banks buy and sell CMO's and servicing rights all the time. These loans are part of loan pools, which are securities. The servicing rights can be stripped off of them. the chatter was talking about how their home equity loans had been suddenly reduced without preliminary notice. Were they called? (ie. a demand was made to the borrower to pay the loan principal down) Or, was the unfunded portion (available credit line) just reduced? (Never a mention in discussion of the possibility of the home equity loan ever being reduced.) This definitely sucks, but read the loan you signed. The contract should give the lender the right to reduce the committed amount for practically any reason. Otherwise, you can sue for breach of contract. My guess though is that this right is granted to the lender. This is also very common. neighbors taking care of neighbors There still are banks like that around. You have to look for them. I have one.