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need some advise on a mortgage?
Posted on March 2nd, 2010 3 comments
Alan S asked:
I have been in mytownhome for 3.5 years bough it for 194k. My mortgage was a2`year ARM. My mortgage company approached me 2 years ago for a 2nd loan, they told me that my townhome is worth 275k. I had a 45k medical bill for my son and at that time the payment were killing me, i went a head and did it brining the loan to 55k, that paid that off and closing fees. Well now i am tring to refinance and finding out my townhome is worth 195k, i owe now 252k on the home. My payments are killing me the ARM is now at 10.25%. I was talking to my neighbor Bud who lives in my community bought his townhome at the same time they wrote my 2nd loan, he paid 200k. I had a realitor friend investage and found no town home ever sold above 205k. I doug out all of my paper work and found false #. 1, they put down my home was worth 275k, no townhomes ever sold over 205k. Second my monthly income was doubled. I called my mortgage company to see if they could help, i got laughed at?
AnitaRenting & Real Estate Bough, Bud, Medical Bill, Mortgage Company, Mytownhome, Neighbor, Townhome, Townhomes3 responses to “need some advise on a mortgage?”
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you can talk to a lawyer but what you would try is a fraud action against the bank and the appraiser, not a easily proved, plus cost of the lawyer, and maybe not even have a complaint
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DannoREA March 4th, 2010 at 02:22
Contact the department of banking in your state (presuming you are in the US) and file a complaint against the lender.
You have a responsibility to read and comprehend all documents to which you attach your signature. To that end, if your income was doubled on the application, it was up to you to point that out to the lender.
As far as the bad appraisal, you will probably get them in trouble for that, which is good.
Bear it in mind that you have some responsibility for your actions here, but you were acting in good faith on the advice of an “expert” so you might have a case against them.
Have you sought the advice of a local attorney on this? Most will do a free consultation to assess your case.
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healthspot_2000 March 4th, 2010 at 09:17
I am sure you are not the only one in this situation. I am terribly sorry.
You need to call banking & finance of your state. You also need to call the FTC. I am not sure how much good this will do, but I would definitely start there if I were you.
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goz1111 March 2nd, 2010 at 08:48