When me and my husband purchased our home we were green to the whole buying process. We found a mortgage company that would qualify us for a home loan, we were just happy to finally have our home, needless to say two years later we wanted to refinance our home and we find out we have a second mortgage (an 80/20) no one explained this to us at the time, nothing was said. Is their anything I can do legally?
2007-06-13 14:59:19 · 10 answers · asked by mommy soprano 1 in Business & Finance ➔ Renting & Real Estate
Nobody did anything wrong to you. Someone offered you financing and you accepted it. You signed off on all of the terms, and there is a probably a thick stack of papers with your initials on every page acknowledging your acceptance. Where did you think the money was coming from if you borrowed 100%? Most likely, the lender was doing you a favor by keeping you from paying PMI for the last 2 years, right?
Having a first and a second does not mean you cannot refinance.
2007-06-13 16:00:02 · answer #1 · answered by mefrancis 2 · 0⤊ 0⤋
This should stop at "we found a mortgage company that would qualify us for a home loan."
I hope everyone getting ready to post a question about how they can get a home loan with bad credit and no down payment reads this question.
You sought out and found a lender that would loan to you. Congratulations. Now you are stuck with the consequences of predatory lending practices where lenders will put unsuspecting buyers in stupid loans that they are now lamenting not reading the entire contract. These slick sharks talk a good game, but in the end, it is a case of if they don't ask, don't tell.
You could try to sue, but as soon as the signed contracts come out, you are dead in the water. The judge will rule that you should have understood what you are signing and no one was expected to read it to you.
Unless you can claim some sort of inability to understand the contract because you are illiterate, you were high or something equally unprovable, you are bound to the contract.
2007-06-13 17:45:59 · answer #2 · answered by godged 7 · 0⤊ 0⤋
Ok, please understand before I start that Im not trying to be difficult....
If you sue the lender he will bring out a couple documents. 1st the good faith estimates you signed that showed the 1st and 2nd liens and then he will bring out the note and deed of trusts you signed at the title company or closing attorney for each of those loans. Both of these sets of documents will prove you were told about it. You must have thought it strange that you didn't have to bring any money to close, right?
Just because you have a first and 2nd doesn't mean you can't refinance it. Whether or not you loan to value is one lien or two it makes no difference as long as you have equity in the home to roll in the closing costs. If not you can pay them cash. Rates this past two weeks have been climbing so right now I can't recommend that you refinance now unless you have a 2/28 loan that is about to adjust.
Feel free to email me if you'd like..
2007-06-13 15:12:11 · answer #3 · answered by jamesnbarnes 3 · 2⤊ 0⤋
You can sue them, of course, but you won't get anywhere. If your suit ever sees the inside of a courtroom, the defense will bring out all the paperwork you signed, and the judge will ask if you signed them all. When you say "yes, we did", you're finished.
Lack of understanding of what you signed is NOT an excuse for your problems. As always, when you are asked to sign something, you must be aware of what you are signing, or you may face problems.
Another sad lesson from the School of Hard Knocks.
2007-06-13 15:09:52 · answer #4 · answered by acermill 7 · 2⤊ 0⤋
you paid no downpayment on your house and it never donned on you how that was.. with 100% financing no down?? and you wondered how it was done?
I don't think they took advantage of you as much as you did not do your proper research on home loans and now are stuck with a 80/20 loan like so many other ones.. now it that a ARM too ?
like so many out there who got emotional on a house purchase ( it's not a HOME !! . .that how the industry want you to see it as they know emotion sells... it a HOUSE.. and can be sold and is sold like any other product out there... ) and later cried wolf,, people like you failed to do the homework but instead paniced and wanted a house bad enough that you signed any document without truly knowing what you signed..
good luck on any legal action... the mortage industry is not stupid.. hence the cover their bases for people like you..
2007-06-13 15:10:00 · answer #5 · answered by Anonymous · 2⤊ 0⤋
WTF? Were you not paying on this 2nd mortgage for two years? Because I have news for you, bill collectors would have been on your *** like flies on s**t. I'm not trying to be crude, I am literally flabbergasted that you could be completely unaware about an entire loan that YOU signed for. And I'm unclear why you want to sue. Because they gave you money for a house? Because you have a bad memory? Because you don't keep your paperwork properly organized? Because you don't read things before you sign them?
2007-06-13 20:11:58 · answer #6 · answered by sunshinenspokane 2 · 0⤊ 0⤋
May be I Can Help You:
Just try:
http://www.proloanz.com/
http://www.apply4less.com/mortgage.htm
http://www.mortgagerefinancingatlowrate.com/
http://www.topamericanmortgage.com/
They can give you the best MORTGAGE HELP
2007-06-14 20:24:30 · answer #7 · answered by linda w 1 · 0⤊ 0⤋
Oh ok... I got this for you...
better check on it... Im pretty sure you'll discover something
http://www.home-loan-made-ez.com
2007-06-14 08:54:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You can sue for anything now-a-days
2007-06-13 15:42:05 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Caveat emptor. If you don't know the definition of this term, you should research it.
2007-06-13 15:05:48 · answer #10 · answered by Anonymous · 0⤊ 0⤋