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,

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.