Is it “legal” for a Variable Rate Nondisclosable Revolving Line of Credit Loan to charge all this garbage?
A $202k loan was never used but like $2,400.00 still has to be paid for their jacked up “other charges” and “Financed Prepaid Finance Charges”.
It seems very excessive and abusive to me.
Undisbursed Funds: $199,775.00
Other Charges Financed: $725.00
$30.00 Credit Report
$125.00 UCC Search/Record
$17.00 Flood Certificate
$53.00 DOT Recording
$150.00 Environmental Report
$300.00 Collateral Review
$50.00 DOT Modification Recording
Total Financed Prepaid Financed Charges:
$1,500.00 Loan Fee
Note Principal: $202,000.00
Plus:
Charge 6% interest
And require 80 acre farm as collateral
And:
The loan is totally due (needs to be paid in full) in 12 months?
Facts:
No funds were ever used.
All of their charges were drawn against (put into) the line of credit itself.
Is this still “legal” with all of the mortgage law changes today?
Is there any way to get out of it? It doesn’t “seem” legal to me and it definitely isn’t “right”… IMO.
HI ,my names is Lizzy Jones.i saw your question in Yahoo Answer .i decide to referred any body who is in need of loan to this God fearing man because i have been SCAMMED twice by this fake lenders.when i have bad credit is this man that gave me{ $80,000] .you can get to him via Email diamondfinancecompany@yahoo.com.or diamond.finance@live.com tell him Lizzy Jones referred you to him who he gave a loan to.Good luck thanks,Lizzy Jones
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