Letters to the Editor

Re: 'Home loan refinance goes terribly wrong' (Jan. 18)

Dear Editor:

Another borrower who did not take the time to at least ask to have the lender review the terms of his loan -- the three-day right to rescind gave him time to review his documents after signing and cancel the transaction.

This sounds more like a lazy borrower who wanted someone else to do his work for him and then blame someone else for his own bad decision. From the letter, we do not know for sure what the lender/broker did or did not tell this borrower during their conversations. We also don't know if there was an attempt to review the documents at the closing. The borrower also had three days after the closing to cancel the transaction if he had reviewed his loan documents after closing.

I would not jump to the conclusion that this was predatory lending. The borrower asked for a specific loan payment and that is what he got. He knew it was an interest-only loan, so that implies some discussion about what that meant. If not, why didn't he ask? This is another person trying to blame someone else for his own lack of due diligence and his own bad decision.

Peter Contostavlos
Chantilly, Va.

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