Private Lender Gets Bad Press
June 26, 2009 
2 Comments
I am getting really sick of reading articles about private lenders that help borrowers facing foreclosure out of their mess and then end up getting dumped on.
There’s yet another article today, this time in the Tucson Weekly, about a woman who borrowed money to save her house (under excellent terms if you ask me), who then can’t make the payments (because she won’t get a job) and is now blaming the private lender and the broker.
Here’s an excerpt…
The loan didn’t require Fair to make any payments for a year, and it provided her with almost $30,000 in cash to live on.
When she received her first statement (AFTER A YEAR), she was stunned to learn that the Miracle Mortgage monthly payment was $1,625. Her Washington Mutual payment had been $625 a month.
“At the time, I really didn’t know,” Fair says. “I didn’t really understand.”
Give me a break.
This lady saves her house, gets $30,000 IN CASH, doesn’t have to make a payment for a YEAR and now she’s bitching?!
Stories like this really make me mad. You can read the full story at Tucson Weekly if you want to get disgusted, too.
The press tries to justify her NOT getting a job by saying that she had to care for her son who was recovering from an illness but he was in a rehabilitation center with professional care. There was no reason for her not to get a job.
I think it’s time somebody proposed some legislation to protect honest business people from manipulative, dishonest, lazy borrowers.
See now this is one of the reasons why a lot of us are unable to get loans.This story is crazy.I wish that I could get a loan even close to this to help other and start the investing process for myself.
That IS interesting. Had professional care and she probably got in the way anyway. I’m sure there was a HUD1 and some TIL in there somewhere. Yea Susan, this one is a boiler!
Regards,
Scott