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My Lender Sent Notice that I Agreed to a Loan Reset

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Forums » For Mortgage Professionals » General Mortgage Discussion » My Lender Sent Notice that I Agreed to a Loan Reset
 

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Latest post Thu, May 28 2009 7:56 PM by Andy Newbold. 1 replies. Viewed 227 times.
Page 1 of 1 (2 items)

  • Thu, May 28 2009 10:49 AM                

    • Anonymous

    My lender sent me a notice that I agreed to a loan reset 5 years into a 30 year note. The reset is due in March 2010. I have the option of paying off the balance (balloon) or resetting the loan. The reset will include fees and a new APR. I would never have agreed to this had they disclosed it at the closing. My rate is currently 5%. I already asked about refinancing with them. They told me I had to have at least 20% equity in my house or I can't be approved. This nightmare keeps getting worse. Questions: 1) What are my rights? 2) Is the HOEPA Law an opportunity to fight this? 3) Should I write a letter explaining my situation? 4) Or hire a lawyer? 5) What are the chances the rate in 3/2010 will be lower than my current rate. Would they be obligated to give me the best rate? Thanks,

  • Thu, May 28 2009 7:56 PM                 In reply to

    |Contact

    Do you still have the paper work from your initial loan?

     

    That seems like a pretty big component of the loan to not know while signing your paper work.

     

    Re-read the paper work then your best bet is to get a lawyer.  Banks/lender are so overwhelmed with the current market conditions they won't talk to you unless your get an attorney involved.
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