Re: Considering foreclosure on my property

Posted by Carla on September 22, 2007 at 08:04:11:

In Reply to: Re: Considering foreclosure on my property posted by OC Andy on September 21, 2007 at 16:47:07:

Thanks so much for the response. I am going to look into short sale or
maybe a lease option with the possible tennants payng the fulll amount
of neg am.

The problem is, the mortgage brokers knew I couldnt afford the full
pymt. When we started the process they were putting figures in front of
me that were lower than what the full cost of the Neg Am is now, and I
couldnt afford it. I cant afford $2800 a month. When they showed the
pymt I'm making now, i could afford that. They never fully explained
the loan to me or the consequences, and I asked-- how much this
would cost me per month? They said " a few hundred a month", not
$1300 a month. I asked can I re-fi at the end of the arm? they said
'yes". Not, "well only if you pay the $2800 a month, otherwie you will
be seriously upside down and unable to re-fi" If they would of
answered my questions throughly and honestly, I wouldnt even have
taken the house.

This is where my frustration lies...I did ask questions, and I thought
they were good, info seeking questions, and I trusted my realtor and
my mortage broker. I talked to a lender the other day, feeling stupid
becasue I dont know the lending business. he said to me, "it took me a
year to learn this business and I was purposely learning it. how are
you, joe blow consumer, suppose to know everything about what we
do? Thats why you come to us, if yo knew the biz, you'd do your damn
loan." Boy, I'm learning now...

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