Posted by CentralNY on 1/23/13 10:38am
Msg #451679

Virginia Notaries

has anyone heard of a lender in va named Guidance Residential, LLC. tia

Reply by Sandra Clark on 1/23/13 11:18am
Msg #451687

I haven't. Have you googled the name?

Reply by ToniK on 1/23/13 11:21am
Msg #451689

Nope n/m

Reply by Linda_H/FL on 1/23/13 11:26am
Msg #451692

Interesting - lending under Islamic transaction law. n/m

Reply by Angela Lambert on 1/23/13 11:31am
Msg #451694

Re: Interesting - lending under Islamic transaction law.

Never heard of them either.

Reply by ToniK on 1/23/13 11:36am
Msg #451697

Re: Interesting - lending under Islamic transaction law.

Ive done alot of loans from the University Islamic Financial Corp.

Reply by ReneeK_MI on 1/23/13 11:33am
Msg #451695

I've done quite a few of those

I found it all very interesting. In all my experiences, the signers were most kind as I attempted to revise my language from 'borrowing' to Sharia non-borrowing-borrowing (out of respect). All in all, the documents are very similar but play a game of semantics. We say "interest" - they say "user fee" or something to that effect.

Reply by Sylvia_FL on 1/23/13 11:36am
Msg #451698

Interesting

http://www.bloomberg.com/news/2010-10-13/shariah-mortgages-left-to-guidance-lariba-in-u-s-market-islamic-finance.html

Reply by CentralNY on 1/23/13 12:04pm
Msg #451707

Thanks all

I feel better now. i had no idea... so it is to make lending more fair in the islamic market? i hadn't a clue. i remember in the early 2000's i did a lot of bosnians that had very low rates and they said Clinton did that. again, thanks everyone.

Reply by SheilaSJCA on 1/23/13 7:22pm
Msg #451788

non-loans

Muslems are not supposed to borrow money, or pay interest, so they have a program, that works just like a loan, they just don't call it that. I have seen these types "transactions" from time to time.

Reply by HisHughness on 1/24/13 4:55am
Msg #451826

Re: Thanks all

The Koran prohibits Muslims from charging interest. That's a non-starter for any contemporary financial system. So they twist themselves into semantic knots to do what is necessary to keep finance humming and at the same time comply with the dictates of their faith.

Reply by Eve/VA on 1/23/13 2:07pm
Msg #451731

No ... kind of late, I know : ) n/m

Reply by CentralNY on 1/24/13 6:49am
Msg #451833

I did not know any of the above.....

the paper work was more than voluminous and it took 2 hours to sign. they were absolutely lovely peeps but commented that their current payment was too high for today's rates. they went from a 7.2 to a 4.1 and they said the process took forever. anyway all is well.