Fannie Mae to mom's coworker: pay loan in full NOW

I saw this thread the other day.

I thought it was interesting, but I never expected to hear about it from other sources. My mom's (technically my aunt, but I call her mom)co-worker helped her daughter get through school by taking out a loan through Fannie Mae. She's been paying back the loan faithfully, but she got a letter the other day saying that they wanted the remainder of the loan in full within the next month.

My question is this: is there really any clearer indication that this house-of-cards is crumbling at the speed of light?

Sounds like she may not have worry about the loan. Then again if they are going under they may start trying to take their money before they eventually fade to black. The way things are now though who knows what they could do, it seems like Big Companies have more rights than the people they feed off of.

reply to post by AnIntellectualRedneck


If she has been keeping up with the payments and if the contract says monthly payment, I would tell the bank where to stick it. And in no certain terms either. I am not sure they can do anything about it with an account in good standing.

If there was no breach of contract by the recipient of the loan, how can they change the terms of what I am assuming was a legal, documented loan?

I don't think they can unless it is somehow written into the loan. Your mom/aunt should tell them to stuff it. (hopefully she isn't abiding by ATS T&C and can be a little more colorful.)

reply to post by TinkerHaus


That is what I am thinking.
If the bank comes and says they want the full amount, would that not be also a breach of contract?

There is a contract - it has to be broken by one side or the other. Your outrage is based on not knowing the story at all. That is just the way it is.

reply to post by spyder550


Fannie Mae is government backed; they can do whatever they want. They're financial giants, they can try to intimidate people to make money if they want. That's just the way it is.

As for "outrage", you clearly didn't read my post and/or are trolling. I laid out the story and then had my say on what I get from it and what Bank of America is pulling. And that is that the financial giants are clearly starting to buckle.

I remember reading the "terms and conditions" of a credit card I had one time, and it did say that, at the bank's discretion, they could ask for the full amount at any time, for any reason, and I would be required to pay it or be in default.

Was the loan gotten with collateral (such as a house or car), or it is one based on no collateral other than the good credit of the borrower?

Your mom better read the fine print. If it was a mortgage loan where the equity of her house was put up as collateral, there may be a clause where they can call the loan or she loses the house.

Making a deal with a financial institution is like making a deal with the devil himself. I despise and loathe them, and deal with them as little as possible.

I am thinking without reading the loan contract I do not know whether there was an early collections clause or not. If in deed it does, they have every right to do so. Does it make it morally right? No Morally, I feel it sick that in one moment of greed for what ever reason a persons life can be destroyed legally.

I saw a bumper sticker one time that said "My Lawyer Can Beat Up Your Lawyer". After the elites maybe the BAR should be next.

reply to post by AnIntellectualRedneck

If I was the recipient of the letter I would find out if it was really sent by Fannie and not some type of scam. Any one can print a letter and put fannie mae on it. Of the 1000's of fore closures Iv done for FM this is a first that iv herd of. And might want to check the fine print and see if there is a clause for the loan to be called in. I dont deal with contracts.

One only has to realize that this is what preceded the Great Depression of the 1930's which was when the banks began "Calling in Their Loans"....which does signal an imminent collapse of the system..

Not a good sign....it could signal exactly what Gerald Celente was referring to with the beginning of 2012 and the collapse of the banks.


Peace

The ability of the financial institution to “Call the loan” is spelled out in the contract.

Most large financial institutional contracts do included an option for “Calling the Loan”.

The “Call” is not dependent on if the account is current or not.

Over the past years these options are rarely used, however the borrower is on the “hook” when they enter in to an agreement like this.

This is why it is so very important to READ the contract before signing.

I had an incident similar to this three years ago when I was purchasing a large piece of equipment. The first loan offer came from Wells Fargo and did included a “Call” clause.

I refused this offer, the equipment salesmen tried his best to talk me in to the agreement. No way was I going to place my business on the hook like that.

It took another month before I received a financing offer that did not included a “Call”.

I must agree with the other posters that if Fannie Mae is “calling loans” this is very serious, and is a real indication that bankruptcy is just around the bend.

reply to post by AnIntellectualRedneck


I see the crumbling and I want to inform anyOne here who is not yet aware that We can get rid of the need for money, eliminate poverty, hunger, war, the power elite's control of Us...and loan defaults (by either side).

(If I annoy any with this post, don't read it. It is for those who have not yet seen this (yes, I am driven to spread the information).)

For more information: www.abovetopsecret.com...

reply to post by AnIntellectualRedneck


Tell her not to pay.

If they are going under it wont make any difference wether she pays or not as if she pays she will still loose her money. Can she refinance with another bank to keep here credit rating?

She needs to call a decent lawyer asap.. I remember a bank doing this to a friend a long time ago.. In that case, the bank had records recorded wrong about the payments being made and in fact the person was in good standing with all payment receipts...

But because the bank erroneously demanded the full balance, he got a lawyer and they sued the bank and the end result was the bank had to forfeit the balance and send him the deed paid in full... This was for breach of contract against the bank..

The only for sure way of protecting one self from junk like this is having a lawyer...if you don't get a lawyer, the bank will attempt to rip you off in a no holds barred fashion...

Originally posted by AnIntellectualRedneck
reply to post by spyder550

 

Fannie Mae is government backed; they can do whatever they want. They're financial giants, they can try to intimidate people to make money if they want. That's just the way it is.

As for "outrage", you clearly didn't read my post and/or are trolling. I laid out the story and then had my say on what I get from it and what Bank of America is pulling. And that is that the financial giants are clearly starting to buckle.

The story you are siting is bogus as stated -- the outrage is faux. Fannie Mae is not BOA.

A contract states two things this is what we BOTH understand is what is to happen - This is what happens if ONE party violates that agreement. That is what happens when you sign on the dotted line. You are telling me that the banks are just winging it. Not saying that there are not bad deals but to whine when you sign without understanding then you just have to walk away, you are not the victim -- Ironically you and I are both kinda in agreement in this.