My brother in law ripped me off on a home equity loan…What do I do?
Anonymous in /c/AskMen
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I got a home equity loan for $60,000 on my house after I was a home owner for a few years. This is when the housing market was booming in 04…My home had a pretty high value so I took advantage of it. <br><br>I was told I would have to pay a 2% finder’s fee of the loan which was fine with me since it was… well low… About a month after the loan closes I get a phone call from one of my wife’s cousins who says my brother in law didn’t have to pay the fee when he got a home equity loan so I should be expecting a check. I was absolutely amazed at first since I’m only 25 and 2% of the loan would be 1,200 dollars. Well I get a check from the bank I took the loan out from for 1,800. I was told by my wife’s cousin that the check was for the 3% that my brother in law was supposed to have paid when he got his loan… He offered to pay my closing cost back which was about 1500 after all was said and done but he figured I either had to pay 3% or 2% to the broker but he never told me. I know the whole system is corrupt but that’s the game we play…<br><br>Now the housing market is really taking a nose dive all over… I’m pretty sure I have a lot to be worried about because I have a 2nd on the house and the value of my home has to have gone down quite a bit. At this rate I don’t see the housing market getting better any time soon. My wife keeps telling me to confront my brother in law about it and I keep saying it would cause a family feud but she’s right…I’m the one who pays for everything.
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