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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Predatory lending law reference Posted by The Zebra on January 26, 2004 at 7:14 AM In Reply to: Predatory lending law reference posted by Ward-CA- on January 25, 2004 at 8:45 AM Ward; Do other states have Predatory Lending Laws? Specifically Michigan? I ran across a deal which just makes me sick to my stomach what the lender did to this man. He has lived in the house for 25+ years. Had a nice 55K loan on a house worth 120k. He only makes 35K a year. Don't ask me why, but, he took out a 2nd loan for 55K (he says for home improvements). The 2nd mortgage charged him $9000 for insurance products which were rolled into the loan. The interest rate is 10.5%. AND I don't know how they thought he could ever repay them, given his low salary. He immediately couldn't make the payments, and started charging his credit cards to make the payments. Now he has two foreclosures, and a Chapter 7 to contend with. All because some damn lender took him to the cleaners. He has no idea what happened to the money. I don't think he is the sharpest tool in the shed BUT that doesn't give them the right to have raped him, and made him lose his home!! He had no idea that they charged him so much for insurance. The lender is Citifinancial Follow Ups: Re: Predatory lending law reference Bob 4:10 PM, 01/26/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward; : Do other states have Predatory Lending Laws? Specifically Michigan? : I ran across a deal which just makes me sick to my stomach what the lender did to this man. : He has lived in the house for 25+ years. Had a nice 55K loan on a house worth 120k. : He only makes 35K a year. Don't ask me why, but, he took out a 2nd loan for 55K (he says : for home improvements). The 2nd mortgage charged him $9000 for insurance products : which were rolled into the loan. The interest rate is 10.5%. AND I don't know : how they thought he could ever repay them, given his low salary. : He immediately couldn't make the payments, and started charging his credit cards : to make the payments. Now he has two foreclosures, and a Chapter 7 to contend with. : All because some damn lender took him to the cleaners. : He has no idea what happened to the money. I don't think he is the sharpest tool in the shed : BUT that doesn't give them the right to have raped him, and made him lose his home!! : He had no idea that they charged him so much for insurance. : The lender is Citifinancial Optional Link URL: Link Title: Optional Image URL: [ 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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