Mortgage Forum

Mike

We purchases our home through a mortgage broker who I feel grossly misled us. Our arm is going to adjust and we can't afford it. I have been pouring over our loan documents and I have a couple of questions since all the documents seem to bee in Greek.

What is the three day letter to rescind and will it be called exactly that. We also never saw our loan documents until signing, our broker conveniently called while we were on our way to signing and said she couldn't make it (imagine that).

We were never told of our prepayment penalty, we were told that our house payment would never go above 2000.00 because within a year and a half she would have us refinanced because we would be at 80% and have our credit better because we would be making our mortgage payments. We thought we were dealing with professionals because we went through century21 and a broker whom we never even actually met.

At our signing we sat down with a notary who blew through everything and we were seeing some of this, such as the prepayment Ryder for the first time. We also found out that there is a balloon payment we weren't aware of about six months later. Our first loan of 252,000.00 was a 2 yr fixed then turns to an arm.

Our piggyback loan was for 62,000.00 but at a whopping 11.5% we never knew. At the end of our 30 year arm we have a ballon payment of 231,000.000 meaning we pay on this house for 30 years and only have managed to pay down roughly 80,000.00 dollars and our loan payments are a total of 2275.00 a month.

We feel really taken advantage of and are looking for advice. Our arm will adjust shortly and we are stuck. Thanks for any help. My husband and I have five kids and thought we were finally doing okay, I am heartsick over this whole business.