| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 4674.1 | that's terrible....... | PARITY::DENISE | And may the traffic be with you | Thu May 23 1991 17:44 | 2 |
| My gosh! Hopefully theyve talked to a lawyer...where they are a
non_profit group, there should be something they can do, I hope...
|
| 4674.2 | | SSVAX::DALEY | | Fri May 24 1991 12:04 | 4 |
| How can the bank legally do that? Or am I just being naive?
Pat
|
| 4674.3 | | JJLIET::JUDY | Oooh! A gladiator! | Fri May 24 1991 12:49 | 4 |
|
Well I must be naive too because I was quite shocked when
I read the note......it's not fair!
|
| 4674.5 | | XCUSME::JENNISON | More Than Words | Fri May 24 1991 13:23 | 5 |
| Sandy-Did you mean to write in this note? 8^)
Make that 3 for nieve !
|
| 4674.6 | exit | WILLEE::MERRITT | | Fri May 24 1991 13:29 | 4 |
| Make that 1 for stupidy!!! No...and Jo is going to move it
for me!! It's been a rough week....
Sandy
|
| 4674.7 | | TENAYA::KOLLING | Karen/Sweetie/Holly/Little Bit Ca. | Fri May 24 1991 13:33 | 5 |
| Some loans have a legal provision in them that say the bank can
demand repayment at any time. The shelter might want to have an
attorney look at their loan papers; hopefully there's a lawyer
among their members who would do this for free?
|
| 4674.8 | sadly legal | TYGON::WILDE | why am I not yet a dragon? | Fri May 24 1991 14:50 | 22 |
| in the banking world, it is not uncommon to have a loan "sold" to another
lender by the original lender. This problem is happening all over the USA
right now due to the Savings and Loan crisis. Many Savings and Loans have
purchased loans from banks, and then have been discovered to be critically
low of funds by Government Auditors. The solution to keep the S&L alive is
to call in those loans which do not have a specific rider preventing the
call in. As many of these loans were made when loans were easy to come
by, some lenders were setting up loans with "balloon" payments at certain
points in the payback schedule. A few years into the loan, a borrower
might be required to make a huge payment in order to get a low monthly
payment for the interim, the assumption being that the borrower could use
the collateral built up on the property during this interim as basis for
getting a second loan to pay off the "balloon" payment.
People have lost farms, homes, businesses, etc. in the last few years because
of these practices. No, it isn't fair, however, it is legal -- and the
government is probably behind it more than a specific bank or S&L. A long
term solution for this situation might be legislation preventing a lender
from selling loans to raise capital -- and perhaps legislation preventing
an early call up on loans. I also, personally, think loans with "balloon"
payments hanging out there a few years into the future should be illegal.
|
| 4674.9 | | CRUISE::NDC | Putiput Scottish Folds DTN:297-2313 | Wed May 29 1991 08:59 | 7 |
| Is there any chance of them negociating another mortgage with a
different bank and using that money to pay off this mortgage?
What a sad state of affairs!!!!!!!!!!
Nancy DC
|
| 4674.10 | | CRUISE::NDC | Putiput Scottish Folds DTN:297-2313 | Wed May 29 1991 08:59 | 2 |
| BTW - My Isis came from Hopkinton Humane.
|
| 4674.11 | The BIG world of business.. | SOLVIT::IVES | | Wed May 29 1991 11:34 | 6 |
| When we went to the last show at the Boxboro Sheraton these
people from Baypath has some of their kitties there. Very
nice people to talk to and they had beautiful cats. Sad this
should happen to them.
Barbara
|