Thread Starter: Anonymous
Title: Re: Papers signed-found out borrower was fired
|
I apprecaite your answer rlcarey, but in this environment where the consumer is protected and the big bad bank is always out to get them, this approach is problematic. We let him sign the papers...what are we going to say?
Nine time out of ten is that language pointed out during a regular closing? Probably not. COuld the borrower go into court and show a few different ways where we weren't "fair" to them if we just terminate the loan at this point? Probably.
But then, conversley, now we have opened ourselves up, litigation-wise to not being able to prove ATR?
I just don't think it is as easy as cancelling the transaction...perhaps I am reading into it to much?
|
|
|
|
