MY real esate agent told me home would appreciate and I could refinance. Well now I find out my ARM has reset and my monthly payment has gone way up. Now I find out my house is worth less than I paid for it..I feel ripped off...I am very angry..Who wants to take it to the streets with me.?
2007-03-12 13:04:46 · 8 answers · asked by estaeslamejormota 2 in Business & Finance ➔ Renting & Real Estate
well not a street person myself but there is currently a flood of litigation regarding your issue you are not alone out there plenty other folks got misled. Here are some links you should find interesting
National Home Recovery Program for foreclosures http://www.nhrp.com/
FTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
Department of Justice Press Releases on legal actions
http://www.usdoj.gov/03press/03_1_1.html
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/seniors_initiative/advforcl.shtml
Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/ForeclosureReportFinal.pdf
Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
FDIC Emerging issues in Banking: http://www.fdic.gov/bank/analytical/fyi/2003/091703fyi.html
Mortgage Loan Fraud a report http://www.fincen.gov/MortgageLoanFraud.pdf
FDIC Consumers links for real estate and other information http://www.fdic.gov/quicklinks/consumers.html
Consumer Credit Protection US Federal Laws: http://uscode.law.cornell.edu/uscode/html/uscode15/usc_sup_01_15_10_41.html
Federal Statutes Laws having to do with Banking, from Cornell University: http://uscode.law.cornell.edu/uscode/html/uscode12
Federal Code Laws having to do with Banking from Cornell University: http://www.law.cornell.edu/cfr/cfr.php?title=12
Decomposition of Property Rights (Alienation of Property) http://encyclo.findlaw.com/1300book.pdf
Lots of information but if you feel you've been had by failure of disclosures or any other illegal means you need to get a legal begal
Free legal aid search for all states: http://www.lawhelp.org/
Buena Suerte
2007-03-12 13:16:09 · answer #1 · answered by newmexicorealestateforms 6 · 2⤊ 0⤋
A tough one. ARM's are a dangerous loan to be avoided. But since that is water under the bridge, we need to focus on moving you forward. I would recommend seeing if you can refinance to a 15 or 30 year fixed rate loan. For example, fixed rate loans are anywhere from 6-6.5% right now, but ARM's, once they go up, can go as high as 12%. Unbelievable!
And pass on the knowledge of your experience so nobody else gets burned.
2007-03-12 20:13:13 · answer #2 · answered by TJL 2 · 2⤊ 0⤋
Unfortunately you fall into the trick of the ARM. Looks so good at the start and hard to avoid but it does not take long for it to go up. Fixed rates are so much easier to understand; they are locked in.
Most loan companies will try to work with you, as the worse thing that can happen, as far as they are concerned also, is they foreclose. They lose money, they lose a client, and they have to sell at a loss. skip your Realtor, they got what they wanted and you did sign the paperwork, so its not their problem anymore. It might cost you more money to get set up, but it is better than costing you your home.
2007-03-12 20:11:20 · answer #3 · answered by Randy W 3 · 2⤊ 0⤋
All these people telling the dude to refinance--what if his loan amount is more than the property is presently worth??
You might try to sell the place and work out a short sale with your lender (you'll need to be delinquent on a few payments for the lender to want to cooperate).
2007-03-12 21:06:02 · answer #4 · answered by SndChaser 5 · 2⤊ 1⤋
Go to a mortgage broker. They will help you get the best rate and the lowest payments.
Mine didn't just check banks when I bought my house, because they got my mortgage through a Gov. program.
2007-03-12 20:08:50 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You are the victim of creative financing.... new century financial made a statement last week saying they would issue no new loans for that very reason....
2007-03-12 20:07:42 · answer #6 · answered by flaming_soul26 2 · 2⤊ 0⤋
i know how you feel. how about refinancing for a lower monthly mortgage payment? if you stay there long enough the value will go up eventually.
2007-03-12 20:08:02 · answer #7 · answered by anonymous 6 · 0⤊ 1⤋
Q. How do you know when your real estate agent's lying?
A. When their lips move.
2007-03-12 20:08:03 · answer #8 · answered by jacquie 6 · 1⤊ 1⤋