Posted on: 27th Apr, 2007 04:08 am
hi , need advice from this community. i asked for refinance loan so that i could stay out of the negative amortization loan. i required a fixed rate as i was converting my home into rental. during the refinance, the agent never returned our calls, however, he said that i was on a fixed payment program for the next year and i just wanted to get rid of the neg amortization loan. so i signed the documents and after 4 months the payment suddenly changed into negative amortization loan. i tried to contact the agent and he said there was some mistake in the transaction. he promised to call me after making the changes and keeping the loan as fixed, things would be settled before my next payment as he said. but he never returned a call or emailed me. i am still stuck with the loan program that i went for so that i could get out of higher loan balance. what to do???
Did you get any documentation of what your agent said that you are on a fixed payment program? and it turned into negative amortization after 4 months?and who is this agent?
Travelfreak, your question is certainly not very clear. You have stated that you proceeded to get your mortgage refinanced into a fixed rate one. Did the refinance go through? Your agent told you that the fixed payment program would be for just 1 year? I am not aware of any 1 year fixed rate program..
"so I signed the documents and after 4 months the payment suddenly changed into negative amortization loan."
Which documents did you sign?
If you can give some more information then we all would be able to analyze your problem better and give you suitable reply.
Miller
"so I signed the documents and after 4 months the payment suddenly changed into negative amortization loan."
Which documents did you sign?
If you can give some more information then we all would be able to analyze your problem better and give you suitable reply.
Miller
i did the refinance and that is why i signed all relevant documents which countrywide provided. The agent made some mistake and my loan turned into neg amortization from fixed rate. So he said he would look into it but there hasn't been any kind of response from him since then. My question is how do I get out of this loan??
Hi travelfreak,
I'll suggest that you refinance again, though it may cost you a lot as far as the settlement costs are concerned. But then if you are staying in the property for a considerable period of time, then you can recoup the costs. At least it will be a better choice than making payments on the negative amortization loan.
You should certainly file a complaint with the Federal Trade Commission so that the authorities can look into this matter.
Take Care
I'll suggest that you refinance again, though it may cost you a lot as far as the settlement costs are concerned. But then if you are staying in the property for a considerable period of time, then you can recoup the costs. At least it will be a better choice than making payments on the negative amortization loan.
You should certainly file a complaint with the Federal Trade Commission so that the authorities can look into this matter.
Take Care
I'm not trying to rain on your parade but apparently you didn't read your closing docs......on any ARM including a neg am loan which is an ARM there are 4-8 sets of disclosures in the loan package that clearly describe what you are signing is an ARM.......the note at the very top of the page says ADJUSTABLE RATE NOTE........the FTC has nothing to do with this and your only choice is to refi the note.
I will advice you to immediately go to the Lender office and check out their ARM disclosure or whatever product you are on right now, if the product is assumable and convertible get that done immediately.
By the way can u tell us what are the product features may be I can check and tell you whether you can get it converted to a fixed product.
By the way can u tell us what are the product features may be I can check and tell you whether you can get it converted to a fixed product.