rppearso
Contributing Member
Cash: $ 9.05
Posts: 42
Joined: 22 Feb 2006
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| refinance costs |
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I was wondering how banks and/or credit unions are still able to charge outragoius closing costs and other random fees for refinancing. Are the Nov elections really that important that we need to squeeze the banks into submission in order to get fair treatment.
I just wanted to get my ex off of my loan note (did not want a lower interest rate or take money out) and they told me that I would have to pay all the costs associated with a refiance. I have the quit claim deed and the divorce papers and they are still strong arming me.
Maybe we need legislation to cap bank profits at 10% period, the legislation would take 1-2 pages.
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Tue Aug 17, 2010 5:06 pm |
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oldguy
Senior Member
Cash: $ 275.70
Posts: 1316
Joined: 21 May 2006
Location: arizona
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quote:
I just wanted to get my ex off of my loan note
Ummm - you don't just "get your ex off of the note". Right now your lender has two names on the loan, so he has two people to hold responsible if the payments stop coming - ie, two people that can be sued so that the lender can recover his principal. Hopefully, he isn't dumb enough to double his risk and delete one name for free, After all, Bankers are responsible for their depositor's savings accounts (including mine).
If you want a loan in your name only, you must qualify for it, you must get new title insurance to prove that your ex doesn't have a lein against it that you weren't aware of.
quote:
Maybe we need legislation to cap bank profits at 10% period
Ha, you want that because price controls have always worked so well in the past? (So far in the history of the US, all of them have resulted in market distortion, unintended consequences, and they failed.)
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Tue Aug 17, 2010 6:10 pm |
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rppearso
Contributing Member
Cash: $ 9.05
Posts: 42
Joined: 22 Feb 2006
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quote:
Originally posted by oldguy
quote:
I just wanted to get my ex off of my loan note
Ummm - you don't just "get your ex off of the note". Right now your lender has two names on the loan, so he has two people to hold responsible if the payments stop coming - ie, two people that can be sued so that the lender can recover his principal. Hopefully, he isn't dumb enough to double his risk and delete one name for free, After all, Bankers are responsible for their depositor's savings accounts (including mine).
If you want a loan in your name only, you must qualify for it, you must get new title insurance to prove that your ex doesn't have a lein against it that you weren't aware of.
quote:
Maybe we need legislation to cap bank profits at 10% period
Ha, you want that because price controls have always worked so well in the past? (So far in the history of the US, all of them have resulted in market distortion, unintended consequences, and they failed.)
I would say thats because the legislation has always been to convoluded and has allowed for to many loop holes, anti trust laws seemed to work pretty good for a long time. Its not until the last 10 years that corporations have been able to buy washington to this extent. The laws work as long as no loop holes are writen in.
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Tue Aug 17, 2010 6:24 pm |
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stockomni
Member
Cash: $ 4.20
Posts: 20
Joined: 20 Aug 2010
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Refinancing costs must happen because of the squeeze banks do -- as said above, the nov deal is going to be extremely important for the stock and real estate trade platforms
NEXT Financial Group
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Mon Aug 23, 2010 2:35 pm |
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buzinesspro
Member
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Joined: 02 Sep 2010
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| refinance costs |
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Refinancing refers to the replacement of an existing debt obligation with a debt obligation under different terms. The most common consumer refinancing is for a home mortgage
Instant Loan Cash Loan Cash Advance
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Fri Sep 03, 2010 10:33 am |
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Jammy
Full Member
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Joined: 15 Sep 2010
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If we really have legislation that caps bank profits at about 10% period, it wouldn't make much sense to be honest. I mean who would it benefit?
payday loan
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Fri Sep 17, 2010 5:41 am |
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