Thursday, February 22, 2007

Loan Sharks: What they don't tell you may hurt you

Google assembled these pictures

Some banks invited poeple to take out loans that would not cost anything for a time.. some people signed up.

Some banks then decided that due to the fact that they needed the money sooner than alter, the people's balloon payment would be due in short order...

Now many of those people have had to pout theri property up for foreclosure which doe not help the people, the economy or the lenders..

What do you think of these practices? let us know




lifesabench6 said...

Hi Nat!  I missed you!  Anyways, I think this kind of practice is deplorable, and those who do such things ought to spend some hard time in prison.  That said, people need to learn to be more discerning when it comes to money and finances.  Too many have things like credit cards and  then act like it's free money.  These same are the ones to complain how tough things are, that they can't make payments.  Those who lend it ought to be honest, and those who borrow need to learn personal responsibility.  Just my thoughts.  Thanks Nat- have a great rest of the week, and God Bless!  Carolyn :)

sunnyside46 said...

I wonder how they can get away with doing that.
so , how have you been?
hope all is well.
It's good to be back on the porch.
come pull up a chair.

iiimagicxx said...

I say "please, give me a loan to buy my own home" Amen
Don't trust the banquers, just the fact you can repay.

sugar1337 said...

I wonder what banks are doing that and how that can be done for if their is a contract stipulating certain terms, I don't see how something else could be now stipulated unless there was some fine print that the people didn't read.   That is why you have to have a good relationship with your bank so you can minimize this sort of thing.  Plus you should always have someone more experienced than you whether that be a lawyer or someone that has taken out a bunch of loans themselves to read what you are signing before you do to make sure that you know what you are truly signing.