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

[Guest]

> 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

[Author]

Posts