Quote:
Originally Posted by strandinthewind
It was not just 20% - they lost likely thousands in interest. And, I think everyone who owes you money in the future should pay you at 80% and with no interest they contracted to pay and on which you base your income. Better yet, your employer should pay you 80% of your contracted wage. Let's see how you like that 
Having said that, I am sorry your friend went through this. And, I suggest contacting the credit reporting agencies and disputing the items -- then provide them with a copy of the dischage. That should remedy it.
Also, if he gets a credit card (even one requiring a deposit) and charges a little on it every month and pays it off each month -- maybe leave a balanace every other month, his credit will begin rebuilding itself. I know people two or so years out of a seven or 13 who get mortgages at market rates, especially if they have a good income. The trick is to shop around. |
80% is 4X 20% so I dont feel sorry for any creditor. And if someone owed me money and the best I could get was 80%, you betcha, I'd go for it.
As for the other, he is in the process of doing just that. He knows he can dispute this stuff and that is what he plans to do.
As for personal responsibility, you show me a typical housebuyer who takes the time to read the fine print or even if they do, who UNDERSTANDS it!
get real Jason!
As Paula's article points out, falling house values coupled with penalties prevent many people from even being able to find a way out. Lets face it, these documents are NOT written in a consumer's best interests, but rather to benefit the BANKS and by extension, the Mortgage Brokers. Who cares is thousands of people get fleeced eh Jason?