Results 1 to 2 of 2
  1. #1
    Monica
    Guest

    Default Mortgage rate question WAS Re: Budget101.com : Long Term Goals(Long)


    > The $ 120,000 is for our house
    > that I explained the situation for in a previous post & I am not
    > paying that back to anyone just because some new mortgage
    company
    > decided to jack our mortgage up to a price they knew we couldn't
    > afford.
    >

    May I ask (and feel free to say its none of my beezwax) how that is
    legal? Did you have an adjustable rate mortgage or something like
    that instead of a fixed rate? I used to be in the mtg biz, and my
    MIL still is, and even an adjustable rate mtg usually spells out how
    high they can raise your rate and payments. There is a cap listed.
    Your Note is your Note no matter who buys the loan and is the
    binding agreement. If there is some loop hole that a shady company
    can get away with, I truly wish you would share what it is so that
    no one else gets the carpet pulled out from under them like you
    have. I have never heard of something like that and I would
    certainly like to know what to look for.



    Are you able to refinance to a decent fixed rate/payment mortgage to
    bring the payments back down?

    Monica


  2. #2
    China
    Guest

    Default Mortgage rate question WAS Re: Budget101.com : Long Term Goals(Long)


    > May I ask (and feel free to say its none of my beezwax) how that is
    > legal? Did you have an adjustable rate mortgage or something like
    > that instead of a fixed rate? I used to be in the mtg biz, and my
    > MIL still is, and even an adjustable rate mtg usually spells out
    how
    > high they can raise your rate and payments. There is a cap
    listed.
    > Your Note is your Note no matter who buys the loan and is the
    > binding agreement. If there is some loop hole that a shady company
    > can get away with, I truly wish you would share what it is so that
    > no one else gets the carpet pulled out from under them like you
    > have. I have never heard of something like that and I would
    > certainly like to know what to look for.
    >
    >
    > Are you able to refinance to a decent fixed rate/payment mortgage
    to
    > bring the payments back down?
    >
    > Monica

    I've spoken with several attorneys & they all say some how this is
    legal. The attorney we are filing bankruptcy through said this
    specific company has many lawsuits against them because of doing
    this. Also, he said we never should have gotten approved for even $
    700 a month because at the time I wasn't working & dh was only making
    $ 10 an hour & they approved us for this $ 120,000 house & the
    company that approved us has suits against them also for approving
    people they knew couldn't afford it. We had no problem until it was
    raised so high. I'm supposed to bring all the info I have on it &
    will be filing & suit against them. He said we may be able to get
    the house fully paid for. I loved the house & that would be great.
    I would be happy for just the money we put into it.

    China


 

 

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •