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Moral of the story

"If you're too lazy or stupid to read the loan documents, don't sign them." I'll believe the first report of PREDATORY lending as soon as someone shows me a case where a buyer was held at gunpoint and forced to sign the loan document. BTW, by law, any amount obtained at sale of the foreclosed property in excess of the amount of the note (and the additional expenses related to foreclosure) must be credited to the original owner who defaulted. However, if your daughter is upside down, i.e., liable for a note the amount of which exceeds the value of the home at resale, there IS no equity to lose.


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