From: "Joe" 
Newsgroups: misc.invest.real-estate
Subject: Re: Predatory Lending Question
Date: Fri, 10 Dec 2004 07:22:37 -0600

Bottom line..I am moving in 6 months..I want to at least break even on this 
loan by the sale of my house..my lawyer said someone to settle on it..they 
knock off a few thousand..just didn't know if he was just blowing smoke or 
not.

"Don Zimmerman"  wrote in message 
news:jV2ud.36555$6f6.3148@edtnps89...
> "Brian"  wrote in message
> news:31rmv8F3ethf7U1@individual.net...
>>
>> Is there anything that can be done legally and without hurting credit to
> get
>> out or have some of the balance reduced of a 2nd mortgage that is a
>> predatory loan? Wanted to take legal action based upon how they "tricked"
> us
>> uninformed (at the time) borrowers and how now they refuse to let me
>> refinance after 5 years and $21,000+ dollars paid with less then $2000.00
>> toward principle.
>>
>> I have excellent credit and I've even been approved for a new, more
>> expensive home but I am afraid I may not be able to get out of my current
>> home or that I may have to transfer remaining balance to a credit card
> upon
>> sale of home...
>>
>>  I am not wanting to have it written off but I owe more in my two
> mortgages
>> than what the home is worth.
>>
>> Suggestions?
>
> You need to provide more details before it can be concluded that the loan 
> is
> predatory. More money in the early years goes to payment of interest 
> rather
> than reduction of principal if the loan is amortized. But when they say
> "refuse to let me refinance," that sounds suspicious. Why not refinance 
> with
> a different lender?
>
>