My Mother and Step Father owned their house free & clear. A Rep from BofA showed up on their doorstep and offered them $100,000, to fix up their house. Adjustable rate, starting low and ending high. They are old and senile.
They have spent $66,000 in less than 2 years. They have an income of $1100 a month. Their payment is now $485. They missed two payments and the Bank froze the remainder of the loan and sent a notice of impending forclosure. My wife and I paid the past due payments. My parents are confused and we told the bank of this and they said we were not on the loan so we can't help you.
Predatory Lending is lending money, knowing they can't make the payment with intent to forclose at first chance. Help, Greg
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