Simple Solution: Change Lendersext_137738June 16 2009, 22:58:10 UTC
Banks are not allowed to break a contract any more than any one else. If you did not have a written contract, then your agreement with them isn't worth the paper it was written on. (To abuse a cliche.)
It sucks that they changed the terms on you. If you have a contract that says that they only require 5% down and now they are demanding 10%, then they are in breach of contract and you can either try to hold them to it, take them to court and force them to stick by it, or cancel the contract based on their breech and use a different lender. If you didn't have a contract, use a different lender. Remember that, not too long ago, it was standard procedure to require a 20% down payment on any loan.
In my opinion, there should be no special assistance for loans for people with lower incomes (or based on race, gender, etc.). Either you can get the loan based on the same rules as everyone else or you don't get the loan.
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They're doing 95% loans (and actually 100% loans in some circumstances). Plus, not a bank, so way less evil.
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It sucks that they changed the terms on you. If you have a contract that says that they only require 5% down and now they are demanding 10%, then they are in breach of contract and you can either try to hold them to it, take them to court and force them to stick by it, or cancel the contract based on their breech and use a different lender. If you didn't have a contract, use a different lender. Remember that, not too long ago, it was standard procedure to require a 20% down payment on any loan.
In my opinion, there should be no special assistance for loans for people with lower incomes (or based on race, gender, etc.). Either you can get the loan based on the same rules as everyone else or you don't get the loan.
Reply
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