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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Get a good lawyer Posted by Troy on March 25, 2008 at 7:53 AM In Reply to: Re: Misuse of BK posted by Mike on March 25, 2008 at 7:45 AM Matt, that's great to hear. At this point I'd get yourself a good lawyer and explore your options. ======= Troy : : I'm confused by your rambling, but I think I understand the dinstinction you're trying to make. I disagree with the distinction and the philosophy of a borrower taking BK with the sole purpose of obtaining a stay and then ask to withdraw the filing. One should only file a bankruptcy if they are going through with the whole process. Sure you sometimes see cases withdrawn but the red flag is attached to your credit record and the damage has already been done and I think unprofessional for anybody to suggest such. All the borrower has established is that he'll run to BK the first time finances get tight. I can't think of a scenario where I would lend to such a borrower until his credit score was outstanding for several years and they have proven that they can handle credit in a mature fashion. Bankruptcies are a very serious matter and the ramifications and costs of which the borrower will have to live with for years, so they should not be taken lightly for any borrower considering same. : Hey, Fellas, I'm not going BK on this, or anything else, and that should be viewed as a plus on my credit report - but I doubt if it will. I've got the money to bring up current, in fact I can cover the whole loan for a short time - till I get refi w 1st. Now maybe all you highly ethacal and moral investers can tell me what you think I should do about the preditory practices of this "loan shark", keeping in mind that I'm sure he didn't think I could come up w/cash and had planned on stealing my home - and childrens home.There's all kinds of red flags on this "stinker".They call it a line of credit ,but almost all of the money was dispensed right away.Over 12% went to the broker and fees. I'm pretty sure they're skirting some loan requirements by calling it a "line of credit" loan.Some of the remedies they list and interest rates are criminal. Mike Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Matt, that's great to hear. At this point I'd get yourself a good lawyer and explore your options. : ======= Troy : : : I'm confused by your rambling, but I think I understand the dinstinction you're trying to make. I disagree with the distinction and the philosophy of a borrower taking BK with the sole purpose of obtaining a stay and then ask to withdraw the filing. One should only file a bankruptcy if they are going through with the whole process. Sure you sometimes see cases withdrawn but the red flag is attached to your credit record and the damage has already been done and I think unprofessional for anybody to suggest such. All the borrower has established is that he'll run to BK the first time finances get tight. I can't think of a scenario where I would lend to such a borrower until his credit score was outstanding for several years and they have proven that they can handle credit in a mature fashion. Bankruptcies are a very serious matter and the ramifications and costs of which the borrower will have to live with for years, so they should not be taken lightly for any borrower considering same. : : Hey, Fellas, I'm not going BK on this, or anything else, and that should be viewed as a plus on my credit report - but I doubt if it will. I've got the money to bring up current, in fact I can cover the whole loan for a short time - till I get refi w 1st. Now maybe all you highly ethacal and moral investers can tell me what you think I should do about the preditory practices of this "loan shark", keeping in mind that I'm sure he didn't think I could come up w/cash and had planned on stealing my home - and childrens home.There's all kinds of red flags on this "stinker".They call it a line of credit ,but almost all of the money was dispensed right away.Over 12% went to the broker and fees. I'm pretty sure they're skirting some loan requirements by calling it a "line of credit" loan.Some of the remedies they list and interest rates are criminal. Mike [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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