I recently pirchased a home. I'm wondering if the loan was predatory. Here's the deal. I became disabled and was in br - Chap 7 due to bills piling up during my illness.
The lender I went through did the loan. The first quote was for 2% lower than what I am paying. As I was becoming anxious about the close, I trusted everything he said. Yes, that was a mistake. Now, I'm in a situation where I can barely afford food. I don't even think about new clothes too much anymore. That's a fantasy.
The lender asked if I wanted a fixed rate or an adjustable. I had heard that the best way to go was fixed. He said an adjustable would only increase by 1/2% annually. When I insisted on the fixed, he called a few days later and said the loan would have to be 2% higher than originally quoted because it was risky.
To date, I've paid my mortgage and have paid additional to buy equity which is why I'm broke.
This is becoming increasingly difficult with each passing month. Can I get out? How?
2007-02-22
14:16:39
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3 answers
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asked by
TygerLily
4
in
Business & Finance
➔ Renting & Real Estate