Readers Speak Out On Foreclosures, Lenders And Careers
Attorney Pray dealing with consumer cases focusing on bankruptcy opines that after having read an article on foreclosures he is at one with the columnist Paul Wenske (MoneyWise September 16th). If it becomes absolutely impossible to keep the house then the homeowner must open talks with lenders and negotiate about selling it via a realtor or a homebuyer professional like himself. The realtor may be able to fetch a better price but if that road too gets blocked then the investor is the next best bet
Some of his clients are running around with cheques to different loan offices just to keep up with interests. These offices are franchises run by ill trained personnel blatantly flouting consumer protection laws and bullying clients to believe that bankruptcy clause would not help them – rather they would be criminally prosecuted for bad cheques!
In the article mention was made of a suit (Quik Payday Inc v Stork) in which consumers of Kansas were given extra protection. But how to enforce it taking into account the type of borrowers? The statistics of these loans speak volumes. One lender during 45 months lent $967,550. It meant that the company pocketed $485.165 as financing fees. It is little wonder that with this ratio of returns for investments made makes the running of the show attractive.
During the Carter presidency certain lending practices were reined in after the famous Bert Lance case. But with the latter’s discontinuation as per federal regulations, the people began to use credit cards at random. When this reached a saturation point the licensed loan predators began to move in for the kill. Pray does not have the specific answer to the question that arises – something should be done so that reasonable loans are available while the business of providing these continues to continue.
Another writer compliments the columnist on an article about secrets to a successful career and behind the scenes action to meet up ends – MoneyWise Kids & Money – 9th September. The writer asked his 7-year-old daughter about her future plans. The child vacillated between an artist who would exhibit her creations in a museum to being a nurse like her mother. The writer wishes his parents had in their turn spoken about choice and options. Today’s child can be given the push by setting the right talk and example.
Related Posts
