I work in banking... a short while ago, a young newlywed couple came to me asking about obtaining a loan. Based on the amount they wanted to borrow, I suggested a loan, using their house as collateral (a gift from his parents - nice). They discussed improvements they wanted to make and i explained the difference between a home improvement loan and a home equity loan (with a home improvement, you need exact quotes and descriptions of the work to be done... home equity, you just get the amount requested and do not have to explain your expenditures - important distinction for this story).
Anyhow, I guess I gave these kids a little too much information. When they returned 2 weeks later, they had a thick folder. The first pages were the loan application. Amount requested: $36,000.00... Purpose: home improvements, breast enhancements and tattoo removal. What followed were doctor's reports, computer generated "before & after" pictures for the enhancements, polaroid pictures of someone's derrierre with a few tattoos and someone's attractive, normal sized breasts as well as bids from housing contractors.
I stood up, walked behind them and closed my office door, removed the application and contractor's bids and handed them back the rest of the folder. I then explained they wanted a home EQUITY loan as there was no way a court would allow a bank to file a "T & A" lien... They both blushed but I told them I would not breath a word (Great Googlie Mooglie!!! What if they're board members???).
In any event, they left my office... on the way out, the young lady began whipping the snot out of her mate, yelling at him, "you &*%@^#$ !!! I told you we should have asked for a home equity loan!!!"
Here endeth the tale
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{Next time I send some damned fool, I'll go myself...}