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Tuesday, March 11, 2008

Mortgages Woes

Someone just told me about her real life experience with Mortgages. And let me I tell you it was one scary one.

This person has got one mortgage on her house. She missed out on a few payments now and then but never really made it to bad credit status or anything like that. Now her kids needed money to set up a business and the only asset that is worth anything is her house. So to help her children, she agreed to put up her house for a second mortgage. Not really knowing how much she have repaid or not paid up, they approached another bank that did all the paperwork for the transfers and thought that they would walk away with around RM100,000 in cash. What happened next was a real shocker to all of them.

It seems now, not only are they NOT walking away with the money, their repayment each month is now a whopping $7,000! They initially blamed the lawyers because they thought the lawyers have cheated them by charging a exorbitant lawyers fee but after further clarification from the bank, they understood that whatever they made was paid up to the other bank for default in some of the back payments.

Talk about shocked to the core. So moral of the story here.. get in control of your finances or else you pay the price when you least expect it!

Cheerio...

2 comments:

  1. Hello. This post is likeable, and your blog is very interesting, congratulations :-). I will add in my blogroll =). If possible gives a last there on my site, it is about the CresceNet, I hope you enjoy. The address is http://www.provedorcrescenet.com . A hug.

    ReplyDelete
  2. Hi Crescenet

    Welcome to my blog and glad you liked the post.

    I will surely check out your blog soon ya.. do come again :)

    Cheerio
    LadyJava

    ReplyDelete

Thank you for your comments and enjoy your stay :-)

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