this is the type of mentality......or lack of it I don't understand.....you needed money....they where the only place that you could get it....
the basturds actually wanted some collateral and you say fugg them...….you should probably be thankful…..you now own a small tool shop...bob
I put up a house valued well over 100 grand that I owned free and clear to borrow 20 grand, a little more than "some collateral " , yes f~ck them !
It sounds like your house was the only thing you owned that could be used at collateral, it doesn't matter if it was worth $500k when it's your only possession to use as collateral.
You could've gotten an unsecured business loan but your interest rate would've been a lot higher, as it should be on a high risk loan.
You could've always gotten a loan from a private investor if you hate banks so much.
Would you loan someone $20k with zero mechanism to recoup your money if they stopped paying?
no he got fugged straight up......I see that now...they should have kissed his ass....given him money out of the goodness of their heart.
hes probably a good ole boy whose word is his bond...and he dosent suffer fools...bla bla bla…..bob
And after a couple of years payments , the value of my home went up my debt went down , yet I was still on hand to lose over a 100 grand on a debt of less than 10 grand , by the third year of the 5 year note I had paid them in full. I owed them nothing Zero , yet because of a little clause on one of the dozens of pages of the loan guarantee, they still held my home until the full 60 month term of the loan was up , a full two years after being paid in full. Their answer to this was that I could always borrow more money from them, and they knew that my extra effort to pay them early, simply prevented me from shopping for a better bank. This was National City bank, who not surprisingly is now bankrupt and out of business, once again F~ck them !
