The terms: Its a 80/20. Locked in at 6.5% on first and arm on the second.
The problem is my closing costs were $7550 which is extremely high. I backed out of deal at closing..but my 3k in escrow would have been lost if I backed out. I was screwed! I want to get EVEN with the broker who screwed me. Now im stuck with 2 INTEREST ONLY mortgages and lost $7500 at closing.
I have been trying to sell my condo the day I bought it and I have received no hits. Can you help me get out from underneath this cash hog condo?
Also my car was stolen last week. 1998 honda civic and I didnt have full coverage insurance and the theives burned the car, I lost 6k cause thats how much car was worth.
Lately im ready to jump off a bridge or get even with everyone who has screwed me. I need advice.
2006-11-16 15:47:25 · 7 answers · asked by usa_jcrew68 1 in Business & Finance ➔ Renting & Real Estate
That sucks, sorry to hear that. Dont jump off a bridge..lol.. getting even would be fun, but would put you in prison (trust me ive thought it over) haha.. theres always an old saying.. it always gets worse before it gets better... itll get better just give it time
2006-11-16 15:55:39 · answer #1 · answered by red77chevy350 4 · 0⤊ 0⤋
You didn't say how much your condo cost, but anything over $200K could easily run $7550 in closing costs. Especially since you are probably treating your escrow account, per diem interest, HOA dues, etc... as closing costs.
If you had a good-faith estimate prior to closing that was anywhere near $7550, you didn't get screwed. You had your chance to negotiate and didn't.
Interest-only loans are only a problem if you make them a problem. If you want to pay principal, do it. No one is stopping you.
If your good-faith estimate was dramatically lower (at least $1500-2000 lower) than what your settlement statement was, you may have some recourse with the agency who licenses mortgages in your state. But ultimately, it is your responsibility to know what you are getting before you sit down at the closing table.
6.5% on a 30 year fixed interest-only loan is not a bad rate at all. In fact it's pretty decent in the market, especially for an 80/20.
No sympathy on the car, you made the choice not to insure it fully. Penny-wise, pound foolish, as they say.
I get the impression you think everyone is out screwing you, when ultimately you only have yourself to blame. Wake up, pay attention, and stop feeling so damn sorry for yourself.
2006-11-17 05:06:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nick I know how you feel I have had that kind of luck. Really there's nothing you can do but hope this luck will pass and soon. As for the condo it sounds like you already took a loss and you will get hit again. Lower the price and get rid of it. Oh as for the bridge thing. Don't do it. Your luck sucks. You'll jump and live with major injuries.
2006-11-16 15:56:32 · answer #3 · answered by ascendent2 4 · 0⤊ 0⤋
If you kept your mortgage paperwork, check to see if your good faith estimate was even in the ballpark of what your HUD 1 settlement statement. If you suspect fraud, or perhaps predatory lending or another prohibited practice, contact the agency in your state that regulates mortgage brokers.
2006-11-17 01:50:01 · answer #4 · answered by Wango138 3 · 0⤊ 0⤋
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2016-12-10 10:37:35 · answer #5 · answered by ? 4 · 0⤊ 0⤋
don't jump off a bridge!...life is unfair...but just withstand it!...i'm sure your patience would pay off....
2006-11-16 16:05:27 · answer #6 · answered by 0 2 · 0⤊ 0⤋