Mislead on loan ARM HELP

[plymouth10]

What is the name of your state? Colorado, Are loan person when we re-did are home loan never told us we were locked into it for 3 years!, We re-did the loan for health reasons, with an intetion to re-do the loan to a fixed rate after about a year or so, which is now, we had a morgage company read are loan paperwork just to tell us we have to pay 5 % of loan ammount to get out of this loan, which is over 8,000 that we do not have, i know it is hard to believe this was not told to us, which it was not, yes we did sign and close, and should have read all the dreaded paperwork , is there anyway to get out of this loan with out the 5 %? It is one of those interest only types HELP... Mike Sylvester. plymouth10@aol.com

 

[seniorjudge]

What is the name of your state? Colorado, Are loan person when we re-did are home loan never told us we were locked into it for 3 years!, We re-did the loan for health reasons, with an intetion to re-do the loan to a fixed rate after about a year or so, which is now, we had a morgage company read are loan paperwork just to tell us we have to pay 5 % of loan ammount to get out of this loan, which is over 8,000 that we do not have, i know it is hard to believe this was not told to us, which it was not, yes we did sign and close, and should have read all the dreaded paperwork , is there anyway to get out of this loan with out the 5 %? It is one of those interest only types HELP... Mike Sylvester. plymouth10@aol.com

Are loan person when we re-did are home loan never told us we were locked into it for 3 years!

If your loan papers said that in writing, then when you signed the loan papers, that meant that you agreed with it.

What someone one tells you verbally doesn't mean anything in a real estate transaction.

 

[plymouth10]

Darn

Yes we did sign it along witht he other 100 or so papers, it just makes us sad our morgage person did not disclose that to us, we trusted her, we do not know much about these kind of loans, She told us a few things that turned out not to be true, we were also told this loan was based on the libor that "never goes up" it has gone up every 6 weeks, if she would have said your locked into this loan for 3 years, and it will increase most every 6 weeks, there is no way we would have signed, as that is why we re-did loan in the first place for a lower payment not higher. i guess we really messed up this time ot good for us right now.. thanks. Mike.