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

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> 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

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