Posted on: 10th Nov, 2010 11:00 am
I was the jr. lienholder and took title to the property by a "Quitclaim in Lieu of Foreclosure." I told the loan officer that I wanted to assume the 1st and was told that was not an option. Countrywide (holder of the 1st TD) would not even talk to me.
I found out recently that, in fact, I could have assumed the 1st (Garn St. Germain 1982). I was forced to take a new loan at a much higher interest rate and am now about to lose the property because I can't afford the payments.
I want to know if I have any recourse over being forced to take a new loan. It seems to me that if Garn St. Germain 1982 is the law that changed the real estate industry then shouldn't either the funding company or the original lender been aware of it? Why was I told I could not assume the 1st? Was is because someone wouldn't make a commission? They made a lot of money off my loan...Please advise.
I found out recently that, in fact, I could have assumed the 1st (Garn St. Germain 1982). I was forced to take a new loan at a much higher interest rate and am now about to lose the property because I can't afford the payments.
I want to know if I have any recourse over being forced to take a new loan. It seems to me that if Garn St. Germain 1982 is the law that changed the real estate industry then shouldn't either the funding company or the original lender been aware of it? Why was I told I could not assume the 1st? Was is because someone wouldn't make a commission? They made a lot of money off my loan...Please advise.
Hi vbarkemeyer!
Welcome to forums!
If you feel that you were forced to take out a mortgage and the first lender has scammed you, then you should contact an attorney and check out what type of legal steps you can take against the lender. The attorney will go through your situation and let you know what you need to do in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you feel that you were forced to take out a mortgage and the first lender has scammed you, then you should contact an attorney and check out what type of legal steps you can take against the lender. The attorney will go through your situation and let you know what you need to do in this regard.
Feel free to ask if you've further queries.
Sussane