Compare Mortgage Quotes

crappiekrazy · Joined: 08 Oct 2009 Posts: 1 1.40 Dollars($)

My payment to the bank is 1050 a month on a 120,000 house, I am on a variable interest for 5 years, They will not refinance me. I am on disabililty and my wife works with computers. We make together less then 25k a year, I never miss any payments, and my credit score is what they say is stellar, which is very good. Should I miss some payments to get some help or what?

savior70 · Posted: Thu Oct 08, 2009 6:54 am Post subject:

Hi,

Guest

The home was purchased for my daughter, However I told the banker I wanted a fixed interest, He did a variable, I found this out after signing papers, and was in a board room where I handed over thousands of my money to the seller with the banker there. I was in kinda you signed it now you owe it thing. Oh yes the banker said that I needed no collateral but I took my deed down to him on my small farm in case, He said just leave it with him, Later he called my wife and told her to pick up the deed he did not need it. This week I find that they do have my farm as collateral and this is 2 years after the loan. The banker told me in a couple of years just have the kids come down and get a loan in their names and that will take me off the loan note. Just tell them they are making the payments on time. I was told I do not qualify for lower interest and I will have to wait to 2012 because I got a variable interest rate that is frozen for 5 years. then it takes effect then either up or down.
I was wanting to go down and get the loan fixed at the low interest rate they have now, So I told my wife we need to do this soon, Low and behold the bank called us this past week and they thought they might be able to do something for us, No they cannot as it turned out. I am just thinking that the people who pay get the raw end of the deal. I see where people are missing payments to get quailified for these govt loans. How come we cannot get a better deal will we have to wait until 2012 or can something be done now. Funny thing I still have the deed to our land how come the bank did not keep it for the loan. And the new banker seems to think this is a complicated type loan, Another question Why did they call us to help us, Did this loan officer do something wrong

jenkin7 · Posted: Fri Oct 09, 2009 3:51 am Post subject:

Hi crappie,

It does look like a complicated loan. The lender told you they do not need collateral, gave you back the deed to the farm and now after 2 years, you find the farm collateralized! It sounds complicated indeed. It is also strange that all on a sudden they called you to offer 'help'. I fail to understand what sort of help they wanted to offer you and what ultimately stopped them from helping you!

Anyway, now you need to check your mortgage documents thoroughly and see if it includes any clause that prevents you from refinancing the loan before 2012. If there are no such clauses in the mortgage agreement, which they made you sign, you can surely go for the refinance. You can also get the agreement reviewed by an experienced attorney. He should be able to tell you if the lender has violated any lending rules while giving you the loan. In case, it is found they have not followed the rules while offering the loan, you can take legal action against them or at least force them to let you refinance the mortgage.

eric1 · Posted: Fri Oct 09, 2009 7:34 am Post subject:

crappie

If you have a good faith estimate which shows a fixed rate program, then you may have a leg to stand on. If you signed the good faith and it said variable rate, then you have nobody to blame but yourself.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

As Eric said, you should have paid attention and in the future make sure to pay attention what you are signing

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

refinance I cannot