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Used to run a stable and live on a farm, now I am back into banking for awhile. Still have horses and love animals.  

Thursday, July 26, 2012

Day 6 Holy Crap

I just came face to face with predatory lending practices that are under the wire of federal regulatory compliance and it was scary. I've been looking for a place to lease purchase again but this time I am not letting my optimism and heart guide my decisions, I've been talking to an investor and a nice property came up except he buys them at a low price, lease/options them at a much higher price than market value, takes your down payment, and your lease payment. At the end of such an arrangement  you would have zero equity built up and he would receive the full loan amount of the value of the property plus all of the lease payments and down payment. The idea is if you can't qualify for tradition financing you are at the mercy of these situations.

People who are victimized again by these situations will be put into houses and payments they can't afford in most cases all over again. As I said, it is under the wire of regulation.

With this place the price was high but I felt in the end it would be worth it, my optimism led me to believe I'd have other income as with dog kenneling and grooming. I looked for work and did some jobs but I really had to get back into a salary position. October is when things started to really turn bad and I interviewed and tried to find what I have now it just took too long.

I think the seller here is asking too much and not reasonable but it is still better than what I just described. People go to investors like this to save their families and they are in a hard spot and most likely have lost everything, a perfect target to really take advantage of.

Okay, no new place yet. I called for Mare Girl and one place is a boarding barn that won't come down on board and the owner of Mare can only afford so much as she is on a fixed income. I talked to a rescue and the most they can do is put her on a network that might find her a new private owner. I would have to screen the applicants. I'm okay with all of that even though I am over whelmed right now except there is no guarantee of time frame to get her a home.

I will work on it over the weekend and see what I can do for Mare but I must take time to get ready for a move and to find a place for us. It's exhausting trying to look for the right place and then try to negotiate. This is like being in a war or something that causes great trauma, it has been so since October.

I don't think some people realize just how devastating this is or that I'm in a severe crisis mentality. It's hard to maintain my emotions and think rationally sometimes. My job gives me some sense of normalcy but this situation is never not on my mind.


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