fraud morgt lending causing forclosure

[dscurlock]

The other day, i was looking at the news, and they were talking about mortg fraud...I think it was on the 80/20 plans giving out loans to consumers that may have shakey credit/income, then when the 2 years comes about, thats when payments shoot up the point where you can not afford it any longer, then i was thinking about my own morgt, I knew when i signed, I asked for a fixed rate, and was told "no problem" never in a million years did it cross my mind that my lender would stick me with an adustable rate...so i called my mortg about my loan, and sure enough, I dont have a fixed rate, when my 2 years is up, im going to get screwed just like everyone else... it was 10pm, and we had over 100 papers to sign...you know, most people do not really take the time to read their lending contract...its my fault for taking someones word that we were going to get a fixed rate, but in my opinion, he did commit fraud, my wife and I are sitting here thinking "I knew we asked for a fixed rate" only a fool and his fake gold would signup for an adjustable rate, I would never knowingly in a million years accepted an adjustable rate...this lender has just caused
me unnessarcy financial loss when my two years comes to term.

not only that, my rate will jump from 7% to 10% and every
6 months, it will go up another 1%

to those getting ready to buy...make sure it is a fixed rate,
and that you do not get piped into an adjustable rate...

I can clearly see why so many of these types of deals
are going into forcloseure after their 2 years.

[B12]

Did you use a lawyer or title company to close the loan? Even though most people do not read every single doc page, the lawyer or closer will go over the loan with you and explain the rate you have chosen before you sign.

There is nothing wrong with an adjustable rate if you know you are relocating or selling the home during the term you have chosen. These ARMs can be excellent products for some.

The bulk of fraud in mortgages is overstating income in a no doc or stated income loan.

[dscurlock]

Did you use a lawyer or title company to close the loan? Even though most people do not read every single doc page, the lawyer or closer will go over the loan with you and explain the rate you have chosen before you sign.

There is nothing wrong with an adjustable rate if you know you are relocating or selling the home during the term you have chosen. These ARMs can be excellent products for some.

The bulk of fraud in mortgages is overstating income in a no doc or stated income loan.

it was a title company. I was under the impression
the smaller loan would be adustable, and I would have
been fine with that, I did not know the large loan
was adjustable also.

I do not care what the excues are on why people should choose an ARM, im not a risk taker, and that is just something
I would never do, I was not in it for the short term for a quick sale later, I asked for a fixed rate right off the bat, and was told i could refinaince two years later, well two years is almost up, and here i find out that i got an Adjustable, and Im being turned down for refinancing....

I think they were just one of those grab and go loan brokers, give it to them now, we dont care what happens to them in two years, this is why people are in this crapper now.

You should know about that, they have been on the
news quite a bit lately... smash and grab, and in
two years the family is in financial ruin, this was our
first house also...

home loan compaines that took risks two years ago,
are no longer taking risks today.