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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Non-performing second / Predatory Lending Posted by Pahomes on March 25, 2004 at 7:30 AM We have bought a second. FMV 125-140K 1st: 71K 2nd: 50K (12K is late interest) HO's payments are: $800+ to the first, and $532 on our second. HO lost his origianl job, is now re-employed, but making less money than before. He wants to do a loan modifcation with us. He currently has a 15 year mortgage with us. We don't believe he has the financial capabilities to stay above water for long. $700 in bank account. If we were to modify his loan, are we exposing ourselves to a predatory lending lawsuit? on the basis that we weren't sure of his qualifications to meet the new payment. His monthly gross is $2500/mo. Thanks in advance. Follow Ups: Re: Non-performing second / Predatory Lending Rick Harmon 7:46 AM, 03/25/04 (4) Re: Non-performing second / Predatory Lending Pahomes 8:30 AM, 03/25/04 (3) Re: Non-performing second / Predatory Lending Rick Harmon 8:53 AM, 03/25/04 (2) Re: Non-performing second / Predatory Lending Pahomes 10:41 AM, 03/25/04 (1) Re: Non-performing second / Predatory Lending garyr 4:32 PM, 03/26/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : We have bought a second. : FMV 125-140K : 1st: 71K : 2nd: 50K (12K is late interest) : HO's payments are: : $800+ to the first, and $532 on our second. : HO lost his origianl job, is now re-employed, but making less money than before. He wants to do a loan modifcation with us. He currently has a 15 year mortgage with us. We don't believe he has the financial capabilities to stay above water for long. $700 in bank account. : If we were to modify his loan, are we exposing ourselves to a predatory lending lawsuit? on the basis that we weren't sure of his qualifications to meet the new payment. : His monthly gross is $2500/mo. : Thanks in advance. 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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