Posted: Tue Jan 03, 2006 3:30 am Post subject: Refinance without prepayment penalty
I took a refinance fixed rate loan where my interest rate was lowered from 7% to 5.75% and I was told that there is no prepayment penalty. but when I ended up i realised that it was a variable option loan and there was penalty involved. I was not given the copies of the documents I signed as the lender was in a hurry after i signed the clsoing document. i asked for copies but never received them, and when i received the first installment on the loan, I found that the loan had 4 payment options. I remember I had not signed a document requiring such payment options. the lender and broker both did not turn up on my request and now after 2 months, the escrow company sends me papaers with signatures that are not mine. The bank refuses to discuss the issue and the rate keeps going higher every month. pls advise what should I do? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Tue Jan 03, 2006 3:40 am Post subject: RE:
Hi,
Sorry to say but I think you have been a victim of fraud.You should immediately contact your state agency which regulates the mortgage business in your state. Most state mortgage regulators belong to the American Association of Residential Mortgage Regulators. You will be finding the address of your state agency from their own site, 'www.aarmr.org'.
You must be having the copy of the aggrement. That aggrement copy will act as a sheild who can protect you. It should contain all the information about the loan. I think you need to talk to the attorney immediately and try to explain him the situation in detail.
Posted: Tue Jan 03, 2006 4:39 am Post subject: RE:
Hi Della,
I think apart from approaching your state mortgage regulator, you should also contact your lender again by mail. Send a letter to the bank's President and Chairman along with a copy of the agreement which can really save you, as Demoac has rightly said.
Also send a letter to the bank stating that you will be informing the bank's regulator about its lack of response to your request to look into your problem. I guess then only the bank will might try to help you out. You may send a letter to the federal regulator of the bank as well so that the concerned authorities can take necessary actions.
jerry
