Posted on: 04th Aug, 2009 08:37 am
i re-fied 4 yrs back with new century,my credit was bad at the time and they sold me on being able to do it.so i did as i had credit card company garnishing my wages.anyway,the second mortgage they wrote is 15yr with a 30yr amoritization,i have just found out i will owe about 95% of that when it matures in 11 yrs.my question is if anyone has also had this&any legal recourse that anyone has had luck with.
JOEBOB5586
Did you check thsi when you signed the documents
Good luck and feel free to ask
Did you check thsi when you signed the documents
Good luck and feel free to ask
if you havesigned, it is contractual agrrement between you & lender
joe bob, i'm sorry nobody has answered your question.
when you signed the promissory note, you agreed to the deal, which allowed you to make lower monthly payments throughout the term of the loan. consequently, even though it was not a deal that was favorable to you, i think you'll find that there is no recourse here. not to mention that new century is no longer.
you've only had this loan for 4 years, so you do have the next 11 years to accelerate your payments, which will bring your balance down substantially if you can afford to do it. at the end of your 15 year term, if you have a balance due, you're going to have to find a new lender willing to refinance that loan, of course.
when you signed the promissory note, you agreed to the deal, which allowed you to make lower monthly payments throughout the term of the loan. consequently, even though it was not a deal that was favorable to you, i think you'll find that there is no recourse here. not to mention that new century is no longer.
you've only had this loan for 4 years, so you do have the next 11 years to accelerate your payments, which will bring your balance down substantially if you can afford to do it. at the end of your 15 year term, if you have a balance due, you're going to have to find a new lender willing to refinance that loan, of course.
