Captain's Log Posted July 30, 2003 Report Posted July 30, 2003 Point is, if you play the system you can live like a king and never have to pay anything back. You just need friends/relatives to transfer the money to and play a shell game with the stupid lenders. And ultimately the money never gets paid back, some gets written off and the rest surfaces as new debt. You don't care what the interest rate is, if you never really intend to pay back the loan anyway. Words to think about. I remember another Stollie having similar post about a BK person doing something similar. That person was also an accountant (or equivalant so called financially responsible position) to boot ! Nevermind : I am sure they will have their comeup'ance.
phatbubble Posted July 30, 2003 Report Posted July 30, 2003 Point is, if you play the system you can live like a king and never have to pay anything back. You just need friends/relatives to transfer the money to and play a shell game with the stupid lenders. And ultimately the money never gets paid back, some gets written off and the rest surfaces as new debt. You don't care what the interest rate is, if you never really intend to pay back the loan anyway. Words to think about. I remember another Stollie having similar post about a BK person doing something similar. That person was also an accountant (or equivalant so called financially responsible position) to boot ! Nevermind : I am sure they will have their comeup'ance. exactly. the borrower may not care, but the universe is an impressive reflecting device. sometimes it just takes awhile between sow and reap.
Pee Brain Posted July 30, 2003 Report Posted July 30, 2003 here is a good one from today. my partners made a $10,000 principal reduction payment at their bank and i was to make a $10k reduction today at my local WAMU branch. they also were to make the august payment, plus a little more prinicpal, to even-out our positions. their check totalled like $11,216 or so. the base payment is like $1,100 with like $750 going to principal. guess what happened? WAMU treated it as 3 or 4 payments and a smaller principal reduction payment which meant they got "paid" 3 months (or 4) of interest (2 or 3 in advance) and the overall principal reduction was less than $9K... so i go on-line to check and i see this crap, head for the branch and they put me on a phone - the rep says it will take 7-10 days to reverse. i make my payment and make sure its a principal reduction only. BTW, the manager was having a very POINTED phone conversation with a refi borrower who was wondering why he hadnt closed, and he wanted to make sure his rate was safe.... squeeky wheel gets grease. she almost got a freaking F-BOMB from me for the crap they pulled. see the following: this is how they chopped-up the $10,000 PRINCIPAL REDUCTION - AFTER THE FRIGGIN REGULAR PAYMENT HAD BEEN MADE. NOTE THE INTEREST CHARGES AND FEES/OTHER!!!! this is right from the website!!!!! Principal $760.67 Additional Principal $7,642.32 Interest $418.17 Escrow $0.00 Fees/Other $-1,178.84 Total $7,642.32 so, by just being observent, i saved us some good dough. some advice... 1. i always use a separate check for the reduction payments - easier to track - also, some posting clerk somewhere is liable to post an aggregate check just as the regular payment amount. 2. make sure the branch can post the payment directly and does not send it along to a posting center. this insures you get it treated as a principal reduction. 3. i make them post the principal reduction first, just in case they post the payment as having been made on the 1st of the month. im not sure this works, but i know that unless i specify this, that the principal reduction payment is always booked by the bank after the regular payment - never BEFORE, so i want it the other way 'cause i dont trust these pukes. 4. remember that the only time a bank makes an error in your favor is in community chest portion of Parker Bros' Monopoly PeeB
constantpated Posted July 30, 2003 Report Posted July 30, 2003 More denial. Only slight discomfort, Peter Graves.
martialcomp Posted July 31, 2003 Report Posted July 31, 2003 I am actually starting to think that the cratering of the bond market is GOOD for the Sheeple... People are forced to re-think their spending habits. Saving for the future is always important but has been completely ignored for several years here in the US. Needs will be re-evaluated. Does everyone need a Hummer just to go down to the mall or grocery store? Do they really need that Tahitian vacation? 2 karat diamond ring? Guess jeans, Polo shorts, marble table, plasma tv? They can no longer go back to the refi-trough every 6 months. The mortgage brokers who have been RAPING the public for at least the last 2 years or so are going to get hurt. What they have been doing to the general public is apalling. To take thousands in fees from a person already in debt up their ears is simply nasty.
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