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Nope. No promise or guarantee of any job/income level is ever included in loan documents. Both parties are only bound to whatever is included in the contract.
by jazzyk 11y ago
Nope. No promise or guarantee of any job/income level is ever included in loan documents. Both parties are only bound to whatever is included in the contract.
Have you ever heard the term 'caveat emptor'?
- toomuchtodo 11y ago> Have you ever heard the term 'caveat emptor'? Which is exactly why these borrowers should default. The risk of default is priced into the interest rate. Tough love time for lenders.
- ChuckFrank 11y agoAgain, great point.