posted on Sep, 15 2008 @ 02:04 AM
I've read the fine print. One of the two credit card companies I use can demand payment in full at any time, with no real reason. My home mortgage
can not. The debt itself can be sold to another company, but the contract can not be altered without approval from both parties. And the contract
gives me up to 30 years to pay interest and principal in fixed monthly amounts, with the option to pay down either the interest, the principal or both
- without paying an extra fee; as long as I don't pay off the entire balance in the first three years of the mortgage.
BUT. I shopped around and read every scrap of paper before signing anything. Another thing to watch for is your debt contracts referring to another
statement or contract that the lender doesn't show you. If your contract refers to article whatever, section something; tell them to go get article
whatever, section something so that you know what you're agreeing to.
Be vigilant about anything you sign. For home mortgages, the lender is required to explain everything to you satisfaction. Never take "It's just
legaleze" as a satisfactory explaination. :p