OK, waaayyy off topic, but this is my rant for the week/month, etc...
So I own my own home. Well half of it anyway. 5 years ago we refinanced to a 15 year loan at a very low interest rate and took out some money for a remodel. At the same time we got a line of credit in case the remodel went over budget. It didn't and we only drew a small amount of cash on the second (for something simple I cannot remember now), but it is totally paid off.
We have NEVER paid any bills late. Not even by a day. Our credit score is at the top end of the scale. We pay more on our mortgage than we have to just to pay it down early.
So I find out yesterday that our mortgage company was sold to another larger company (big surprise ) and in that notice was a comment about how our credit rating is going to affect our ability to keep our line of credit!?!?! This was not a blank form letter, but one specifically targeted to us. I call our loan rep and he calls me back (while I was driving home so I did not get the message) and tells me that yes our first loan AND our line of credit is going to be affected by this merger/sale.
WTF!?!?! How can they change the terms of our first loan? I know that due to the credit and housing issues that some lines of credit are being affected, but why should WE have to pay for other peoples mistakes? Now we are in the process of starting a kitchen remodel and may not have the funds available to accomplish the task.
Sheesh, people over extend themselves while we are careful to live within our means and take strides to NOT have outstanding bills and WE get screwed over? The new company should HAVE to abide by the terms of the original contract. I have a call in to our lawyer to see if they can legally change the terms of our original loan agreement (which I doubt). I am also going to ask if they can change or cancel the line of credit since we have 5 more years on the draw... No where in the contract do I see any way for them to change anything without our agreement.
To hell with all those people writing bad loans. To hell with all those people whining about losing their homes when they KNEW that they could not afford it but bought it anyway. I should not have to pay for their bad decisions! If you were scammed into buying a house you couldn't afford I am sorry, but make the loan writers pay NOT ME!
/rant off