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need a solution quickly!!!

  • Thread starter Thread starter ahotmess
  • Start date Start date

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A

ahotmess

Guest
What is the name of your state?What is the name of your state?NC
I'm in a fix and need advice. We refinanced our home in 2000 to make improvements to our home and it appears that I have unwittedly become a victim of predatory lending. I received a letter from my lender stating that in addition to my regular monthly payment I also owe an amount of nearly 80% which will be applied to fees. Confused about this, I reviewed the original terms of the loan and I am now realizing that the interest on our loan is calculated on an actual/365 basis. Not knowing what this meant, I went to the net and found out that we agreed to a simple interest loan. :eek: Admittedly, I was not as involved in the loan agreement as I should have been, the broker worked primarily with my husband and glossed over a number of very important points. I now have two questions:
1. How difficult will it be for us to renegotiate or refinance this current loan for more reasonable terms?
2. Is there any legal remedy for predatory lending in my state?
This is a very bad situation for us. Our ignorance and excitement of finally getting the capital we needed to make long hoped for changes to our home may in fact cost us our home. I need as much advice is I can get right now.
 


M

MortgageGuru

Member
Just do a rate and term refinance of your mortgage. Make sure that there is no pre-payment penalty on your current note otherwise you will be paying that as well. Yiou can get your note refinanced within 2 weeks. The longest part is waiting on the appraisal. If you want, you can call me at (800) 618-8362 ext. 181 and we can discuss your options.
 
H

HomeGuru

Senior Member
ahotmess said:
What is the name of your state?What is the name of your state?NC
I'm in a fix and need advice. We refinanced our home in 2000 to make improvements to our home and it appears that I have unwittedly become a victim of predatory lending. I received a letter from my lender stating that in addition to my regular monthly payment I also owe an amount of nearly 80% which will be applied to fees. Confused about this, I reviewed the original terms of the loan and I am now realizing that the interest on our loan is calculated on an actual/365 basis. Not knowing what this meant, I went to the net and found out that we agreed to a simple interest loan. :eek: Admittedly, I was not as involved in the loan agreement as I should have been, the broker worked primarily with my husband and glossed over a number of very important points. I now have two questions:
1. How difficult will it be for us to renegotiate or refinance this current loan for more reasonable terms?
2. Is there any legal remedy for predatory lending in my state?
This is a very bad situation for us. Our ignorance and excitement of finally getting the capital we needed to make long hoped for changes to our home may in fact cost us our home. I need as much advice is I can get right now.
Click to expand...

**A: go and take all your papers to a mortgage broker for analysis.
 
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