Posted on: 16th Jul, 2010 08:02 am
I have a 12% intrest only mortgae is that legal?
It must be legal, Dean. You apparently qualified for it, received it, etc. Frankly, someone with legal expertise would be the best to seek an answer from. Take your documentation for that mortgage to a local lawyer, or call the local bar association if you don't know a lawyer; or even contact your state's attorney general's office to see if you can get some sort of reasonable estimate of what you have in terms of legality.
"I have a 12% intrest only mortgae is that legal?"
This is generally a good question to ask before signing; not after.
This is generally a good question to ask before signing; not after.
You're 100% correct, Greg, but it's not very helpful.
"You're 100% correct, Greg, but it's not very helpful."
It was no more or less helpful than your answer. The way I choose to educate a borrower may be different than yours. I don't see that you offered any answer to the question ... apparently you have never heard of "the teachable moment" as a valuable means of education. You opted to send them away to find answers, I chose to do otherwise.
What was truly not helpful was your last post telling me mine was not.
Have a great day.
It was no more or less helpful than your answer. The way I choose to educate a borrower may be different than yours. I don't see that you offered any answer to the question ... apparently you have never heard of "the teachable moment" as a valuable means of education. You opted to send them away to find answers, I chose to do otherwise.
What was truly not helpful was your last post telling me mine was not.
Have a great day.
My "sending away" for answers of a legal nature demonstrate the fact that I am not a lawyer, don't pretend to be one, and won't give out legal advice that I can't stand behind. That's all.
"My "sending away" for answers of a legal nature demonstrate the fact that I am not a lawyer, don't pretend to be one, and won't give out legal advice that I can't stand behind. That's all."
And I agree that is a good policy, which is why I opted to avoid giving legal advice as well and answered the question in the manner I saw fitting. As you would not appreciate someone scrutinizing your decision to answer the way you did ... well I'm sure you can fill in the rest.
I'm sure you have far more important matters to concern yourself with today than my perfectly acceptable 12 word answer from 3 days ago.
Regards.
And I agree that is a good policy, which is why I opted to avoid giving legal advice as well and answered the question in the manner I saw fitting. As you would not appreciate someone scrutinizing your decision to answer the way you did ... well I'm sure you can fill in the rest.
I'm sure you have far more important matters to concern yourself with today than my perfectly acceptable 12 word answer from 3 days ago.
Regards.