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Trust and due diligence 6/22/2009 1:16:50 PM
Blind trust substituting for due diligence By: Whispering Seas
It may have been my wish to grow up like the hometown queen waving from on top of the stagecoach; or the horses that appeared to shimmer with the ripple of their muscles pulling the carriage down the Memorial Day parade route. In either case, since then I have held in high esteem the bank that advertised its services on the side of the stagecoach.
Many life adventures later, and because of a loan from the same bank, I managed to claim my independence with the purchase of my first home. I hope you can see why, with full trust, I went to the same bank to refinance the mortgage and consolidate my bills.
As good as I am in running the credit card tab; I am bad in reviewing financial details. When I signed the refinance papers, I placed full trust on the venerated bank. I took the loan thinking it provided for my best financial option.
I am sure you can guess where this story is going (I wish you could tell me how it would end). A few months after the refinance, I learned my trust had been misplaced. Because of the exorbitant interest rate and the added fees, the refinance loan is too costly for me to afford a retirement.
