Predatory Loan?

Question

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?

Answer 1

First, quit paying the extra each month. No sense in having money in the house you can't get when you can't pay for food. But the real problem is that you didn't back out when they told you the loan would be higher than you were originally told. No matter how much you wanted the house, if you know you can't afford the payments and still have enough to live on, you shouldn't buy it.

Answer 2

how long ago was this, you can refinance to get a better loan if you know you can do better. Often Reps give low quotes to hook you and then jerk you around once you have submitted a loan. This is my experience as a mortgage broker, so I am always hesitant to give a quote too quickly based on insufficient information.

Answer 3

maybe, for a little bit decrease the amount you pay for equity. can you refinance again. that's the only way to get out. that i know of.