Posted by River City on September 09, 2008 at 06:58:13:
In Reply to: Appraisal value extremely low posted by Myriam on September 08, 2008 at 11:58:25:
This is a sad story that is being told across the nation. Home values are dropping more and more every day. This is a gamble every home purchaser takes, even when times are good.
The Note you signed should have reflected an adjustable rate mortgage. The FNMA and FHLMC Notes all say Fixed Rate or Adjustable Rate in huge lettering on the top of the 1st page. It is impossible to miss. The details regarding rate adjustment are probably on the 2nd page.
The Note would have indicated an increase in payments and also the security the rate was based on (1-Year Treasury Rate, etc). If it is not stated in the Note, see if the last page of the Note reflects a rider. You would have signed a Truth in Lending that reflected an adjustable rate mortgage (this is a federal requirement). These documents are required to be signed by you. People do not take the time necessary to read documents before they sign them, and this is a bad thing. When you do not read documents before signing them, you cannot put the blame on everyone else. When you read and do not understand what you are reading, closing agents will answer your questions, but only if you ask them. You should review the documents you signed to see if they reflected an adjustable rate mortgage. If so, it was your error. If not, then you should ask the lender who their regulator is and contact their regulator. They will want the complaint in writing.
If you know you will have problems making your payments, you should contact your lender immediately and see if they will work with you to possibly prevent your home from going into foreclosure.
Don't ever be afraid to walk away if at a closing the terms are not what you were told they would be.
- Re: Appraisal value extremely low Myriam 07:58:35 09/09/08 (2)
- Never trust someone else with your money Rich-CA 12:44:52 09/09/08 (1)
- Re: Never trust someone else with your money Myriam 12:52:05 09/09/08 (0)