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Frank Boettcher

On Wed, 15 Oct 2008 11:35:07 -0700 (PDT), wrote:

What I mean is that the while the "terms of the contract" were not
changed (cough cough), the amount of money owed somehow was different
than originally agreed to.

Dave wrote:
You're talking in circles here. One of the most important "terms of the
contract" is the amount the borrower is obligated to pay. That can't be
changed without the borrower's agreement.

When the contract is the size of a Russian novel, much of which is in
legalese, it's hard to say exactly what one has agreed to. That is why
one hires a lawyer in the first place!

As one who has purchased five houses over a forty year period and sold
houses as a liscenced agent for part of that time, the one thing that
stands out is that the requirement for full disclosure has increased
exponentially. I think you just about have to be retarded to leave a
closing and not know what your obligation is, principle, interest, and
term.

About 15 or so of my own circle of friends & closer acquaintances,
with whom I have had several frank & detailed conversations on fiscal
matters, have related that when their mortgages changed hands (either
sold by bank, or bank bought up by another), they found themselves
required to make higher payments. I believe the NC Attorney General
was involved in some similar cases. In any event, the contract may not
be changed but one either pays or hires another lawyer to forstall
losing ones home.

A similar case is the ubiquitous change in terms of credit-card
contracts.

Certainly not the same, the lender, as part of the terms has the right
to increase rates more or less at will. And you have the right to
change that balance to a more competitive card at will. I believe a
new rate can only be applied to new balances, however, I can't say for
sure, I've never carried a balance. But to compare that to a mortage
contract is ludicrous.

This mortgage switch has never been played on us but I doubt my
friends were lying.

Regards- Doug King